{"id":478987,"date":"2021-04-20T09:31:14","date_gmt":"2021-04-20T13:31:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/metro-phoenix-bank-reports-earnings-of-1587000-or-0-42-per-diluted-share-in-1q-2021-after-additional-250000-loan-reserve-build-up-deposit-growth-of-17-95-realized-asset-quality-remains-strong\/"},"modified":"2021-04-20T09:31:14","modified_gmt":"2021-04-20T13:31:14","slug":"metro-phoenix-bank-reports-earnings-of-1587000-or-0-42-per-diluted-share-in-1q-2021-after-additional-250000-loan-reserve-build-up-deposit-growth-of-17-95-realized-asset-quality-remains-strong","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/metro-phoenix-bank-reports-earnings-of-1587000-or-0-42-per-diluted-share-in-1q-2021-after-additional-250000-loan-reserve-build-up-deposit-growth-of-17-95-realized-asset-quality-remains-strong\/","title":{"rendered":"Metro Phoenix Bank Reports Earnings of $1,587,000, or $0.42 per Diluted Share in 1Q 2021 after additional $250,000 Loan Reserve Build Up; Deposit Growth of 17.95% realized; Asset Quality remains Strong as Non-Performing Asset Ratio is 0.00%"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n PHOENIX<\/span>, April 20, 2021<\/span> \/PRNewswire\/ —\u00a0Metro Phoenix Bank (OTCPink:MPHX)(“Bank”) announced net income for quarter ending March 31, 2021<\/span> of $1,587,000<\/span>, or $0.42<\/span> per diluted share, up from $1,283,000<\/span>, or $0.34<\/span> per diluted share in fourth quarter 2020. Net income increased 116.51% from $733,000<\/span> in the first quarter of 2020.\u00a0 However, first quarter 2020 was impacted by an outsized provision for loan loss expense due to the onset of COVID-19, which materially reduced net income.<\/p>\n

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\n Stephen P. Haggard<\/span>, Bank President and Chief Executive Officer stated, “After a very uneven 2020 and pandemic uncertainty still lingering into the new year, Metro Phoenix Bank finally shelved the constant market naysayers and assessed the favorable local economic landscape, ‘buckled up’ and executed on its sound business model. \u00a0The first quarter results reflect the benefit of that decision as the Bank’s growth quickly accelerated and we have now settled into a very comfortable pace for the balance of 2021.\u00a0 Although first quarter benefited from pent-up demand that carried over from pre-Covid 2020, we still experienced quality new growth in all facets of the Bank’s operation:\u00a0 conventional lending, SBA lending, Outdoor Media, HOA deposit growth, and Treasury Management.\u00a0 Furthermore, when you include the ‘second round’ of PPP activity on top of our core business model efforts, we believe that first quarter results have materially enhanced the franchise value of Metro Phoenix Bank.\u00a0 Once again, all PPP loan customers were required to bring their business operating accounts to the Bank.\u00a0 This full banking discipline only enhanced the relationships established through our PPP efforts. <\/p>\n

“We remain very pleased with the performance of the Bank’s asset quality.\u00a0 Although ‘one-off’ setbacks have occurred, and will likely continue to occur, it appears that any systemic COVID-19 credit deterioration in the Bank’s loan portfolio is unlikely.\u00a0 Regardless, management has remained cautious and has continued to build up a healthy unallocated reserve in its allowance for loan losses.\u00a0 If positive trends continue in the portfolio and the Arizona<\/span> economic conditions remain strong, this cautious approach may wane in the latter half of 2021.\u00a0 However, we will continue to provide consideration for appropriate loan modifications when necessary. \u00a0We were extremely proactive in working with customers of industries adversely impacted by the pandemic and we are pleased that nearly all of our customers have migrated back to full P&I payments without any setbacks.<\/p>\n

“This is a very exciting time for Metro Phoenix Bank as we are firing on all cylinders in all of our business lines.\u00a0 All our hard work is paying off, as the teams are executing within their respective verticals, technology investments are paying dividends, branding of Metro Phoenix Bank gets stickier by the deal and the Arizona<\/span> market is getting stronger by the day.\u00a0 It is truly a very good time to be a bank in Arizona<\/span>!<\/p>\n

“Keep in mind, the success of first quarter 2021 followed an impressive 2020 national ranking from S&P Global Market Intelligence where Metro Phoenix Bank ranked #30 among 4,287 banks and thrifts less than $3 billion dollars<\/span> in total assets. \u00a0The exceptional team assembled here at Metro Phoenix Bank should be very proud of what they have accomplished.” <\/p>\n

\n First Quarter 2021 Highlights<\/b>\n <\/p>\n