Metro Phoenix Bank, Inc. Reports Unaudited Earnings Results for Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge Offs for the Second Quarter of 2018
For the six months, the company's interest income was $5,194,000 compared to $3,688,000 a year ago. Net Interest Income was $4,739,000 compared to $3,451,000 a year ago. Income before income taxes was $2,101,000 compared to $2,767,000 a year ago. Net Income was $1,557,000 compared to $1,700,000 a year ago. Earnings $0.46 per share compared to $0.50 per share a year ago. Return on average shareholders' equity (annualized) was 11.07% compared to 18.72% a year ago. Return on average assets (annualized) was 1.74% compared to 2.31% a year ago.
For the second quarter of 2018 the company reported net charge offs of $1,000 compared to $1,000 a year ago.