MetroCorp Bancshares, Inc. Announces 2013 Second Quarter Results: Net Income Increased 6.5% to $2.8 Million. Loans Grew 4.8% and Nonperforming Assets Continue to Decline.

HOUSTON, July 19, 2013 /PRNewswire/ -- MetroCorp Bancshares, Inc. (Nasdaq: MCBI), a Texas corporation, which provides community banking services through its subsidiaries, MetroBank, N.A., serving Texas, and Metro United Bank, serving California, today announced its operating results for the second quarter of 2013.

(Logo: http://photos.prnewswire.com/prnh/20110119/MM32884LOGO)

Financial Highlights

  • Net income of $2.8 million for the second quarter of 2013 improved 6.5% from $2.6 million for the second quarter of 2012.
  • Earnings per diluted share for the second quarter of 2013 was $0.15 (on 18.7 million diluted shares) compared with $0.16 (on 15.8 million diluted shares) for the second quarter of 2012.
  • Total loans grew $78.0 million or 7.1% to $1.18 billion at June 30, 2013 compared with $1.10 billion at December 31, 2012, or $53.6 million or 4.8% on a linked quarter basis compared with March 31, 2013.
  • Total nonperforming assets ("NPA") at June 30, 2013 declined $6.2 million or 18.4% on a linked quarter basis to $27.5 million compared with $33.8 million at March 31, 2013, or declined $14.0 million or 33.7% compared with $41.5 million at December 31, 2012.
  • The ratio of nonperforming assets to total assets declined to 1.74% at June 30, 2013 compared with 2.13% at March 31, 2013 and 2.73% at December 31, 2012.
  • Net charge-offs of $975,000 for the second quarter of 2013 were 0.08% of total loans, compared with $1.3 million for the first quarter of 2013, and $955,000 for the second quarter of 2012.
  • Provision for loan losses was a reversal of ($25,000) for the second quarter of 2013 compared with a reversal of ($450,000) for the first quarter of 2013, and a provision of $200,000 for the second quarter of 2012.
  • The ratio of the allowance for loan losses to total loans at June 30, 2013 was 1.85% compared with 2.23% at December 31, 2012 and 2.50% at June 30, 2012.
  • Net interest margin was 3.50% for the second quarter of 2013 compared with 3.61% for the first quarter of 2013, and 3.82% for the second quarter of 2012.
  • Total risk-based capital ratio was 17.10% at June 30, 2013 compared with 17.95% at December 31, 2012.

George M. Lee, Co-Chairman, President and CEO of MetroCorp Bancshares, Inc. stated, "The second quarter 2013 financial performance for MetroCorp Bancshares provided another set of data to reaffirm the Company's progress and momentum. Meaningful gross loan growth of $54 million or 4.8% was achieved between linked first and second quarters of 2013 under stringent credit underwriting guidelines. Asset quality continues to improve in terms of the nonperforming assets to total assets ratio, which declined from 2.13% at March 31, 2013 to 1.74% at June 30, 2013 indicating that we are closing in on our goal of below 1.5% by the end of 2013. The Company's earnings, capital, loan loss allowance and liquidity positions remained sturdy and stable."

CEO Lee continued, "The Board of Directors made the decision during the second quarter to re-establish its quarterly dividend payments as a step toward its plan to optimize our shareholders' short-term and long-term return for their investments. Management is pleased with the overall performance for the first half of 2013 and believes that the trend will continue to be carried through for the second half."

Interest income and expense
Net interest income for the three months ended June 30, 2013 was $13.0 million, a decrease of $664,000 or 4.9% compared with $13.6 million for the same period in 2012. Net interest income for the six months ended June 30, 2013 was $25.8 million, a decrease of $1.5 million or 5.4% compared with $27.3 million for the same period in 2012. The decreases in net interest income for the three and six months ended June 30, 2013 were primarily due to declines in the yields on loans, partially offset by lower cost of deposits. On a linked-quarter basis, net interest income increased $159,000 compared with the three months ended March 31, 2013.

The net interest margin for the three months ended June 30, 2013 was 3.50%, a decrease of 32 basis points compared with 3.82% for the same period in 2012. The yield on average earning assets decreased 41 basis points, and the cost of average earning assets decreased nine basis points for the same periods. On a linked-quarter basis, the net interest margin for the three months ended June 30, 2013 decreased 11 basis points compared with 3.61% for the three months ended March 31, 2013. The yield on average earning assets decreased 11 basis points, and the cost of average earning assets remained level with March 31, 2013.

The net interest margin for the six months ended June 30, 2013 was 3.55%, a decrease of 32 basis points compared with 3.87% for the same period in 2012. The yield on average earning assets decreased 46 basis points, and the cost of average earning assets decreased 14 basis points for the same periods.

Interest income for the three months ended June 30, 2013 was $15.3 million, down $906,000 or 5.6% compared with $16.2 million for the same period in 2012, primarily due to lower yield on loans and securities, partially offset by an increase in the volume of loans. On a linked quarter basis, interest income increased $258,000 or 1.7% from $15.0 million at March 31, 2013. Average earning assets increased $50.0 million or 3.5% to $1.49 billion for the second quarter of 2013, compared with $1.44 billion for the same period in 2012. Average total loans increased $83.0 million or 7.8% to $1.14 billion for the second quarter of 2013 compared with $1.06 billion for the second quarter of 2012. The yield on average earning assets for the second quarter of 2013 was 4.12% compared with 4.53% for the second quarter of 2012.

Interest income for the six months ended June 30, 2013 was $30.3 million, down $2.3 million or 7.0% compared with $32.6 million for the same period in 2012, primarily due to lower yield on loans and securities, partially offset by an increase in the volume of loans. Average earning assets increased $47.4 million or 3.3% to $1.46 billion for the six months ended June 30, 2013, compared with $1.42 billion for the same period in 2012. Average total loans increased $64.9 million or 6.2% to $1.12 billion for the six months ended June 30, 2013 compared with $1.05 billion for the same period of 2012. The yield on average earning assets for the six months ended June 30, 2013 was 4.17% compared with 4.63% for the six months ended June 30, 2012.

Interest expense for the three months ended June 30, 2013 was $2.3 million, down $242,000 or 9.5% compared with $2.5 million for the same period in 2012, primarily due to lower cost on both deposits and other borrowings, partially offset by an increase in other borrowings and time deposits. Average interest-bearing deposits were $991.3 million for the second quarter of 2013, a decrease of $12.1 million or 1.2% compared with $1.00 billion for the same period of 2012. The cost of interest-bearing deposits for the second quarter of 2013 was 0.69% compared with 0.78% for the second quarter of 2012. Average other borrowings, excluding junior subordinated debentures, were $35.4 million for the second quarter of 2013, an increase of $9.4 million or 36.1% compared with $26.0 million for the second quarter of 2012. The cost of other borrowings, excluding junior subordinated debentures, for the second quarter of 2013 was 2.95% compared with 3.82% for the second quarter of 2012.

Interest expense for the six months ended June 30, 2013 was $4.5 million, down $801,000 or 15.1% compared with $5.3 million for the same period in 2012, primarily due to lower cost on both deposits and other borrowings, partially offset by an increase in other borrowings. Average interest-bearing deposits were $982.9 million for the six months ended June 30, 2013, a decrease of $19.2 million or 1.9% compared with $1.00 billion for the same period of 2012. The cost of interest-bearing deposits for the six months ended June 30, 2013 was 0.69% compared with 0.83% for the six months ended June 30, 2012. Average other borrowings, excluding junior subordinated debentures, were $32.1 million for the six months ended June 30, 2013, an increase of $6.1 million or 23.6% compared with $26.0 million for the six months ended June 30, 2012. The cost of other borrowings, excluding junior subordinated debentures, for the six months ended June 30, 2013 was 3.09% compared with 3.82% for the six months ended June 30, 2012.

Noninterest income and expense
Noninterest income for the three months ended June 30, 2013 was $1.9 million, an increase of $184,000 or 10.5% compared with $1.8 million for the same period in 2012. The increase for the three months ended June 30, 2013 was primarily due to an increase in other noninterest income, partially offset by a decrease in service fees. Other noninterest income for the three months ended June 30, 2013 increased as a result of gains in foreign currency transactions, partially offset by a decline in ORE rental income. Noninterest income for the six months ended June 30, 2013 and 2012 was $3.6 million and was held steady by increases in other noninterest income and other loan-related fees, primarily offset by a decline in service fees. Similar to the three months results, other noninterest income for the six months ended June 30, 2013 increased due to gains in foreign currency transactions, which were partially offset by a decline in ORE rental income.

Noninterest expense for the three months ended June 30, 2013 was $10.7 million, a decrease of $604,000 or 5.3% compared with $11.3 million for the same period in 2012. The decrease was mainly the result of a decline in ORE expenses and in other noninterest expense. Other noninterest expense declined primarily due to decreases in the provision for unfunded commitments, professional fees (due to fees associated with the 2012 public offering), and other loan expenses. These items were partially offset by an increase in data processing expenses as a result of a core processing system conversion. Noninterest expense for the six months ended June 30, 2013 was $21.0 million, a decrease of $1.2 million or 5.6% compared with $22.2 million for the same period in 2012. The decrease was mainly the result of a $1.2 million net gain on sales of ORE properties and a decline in other ORE expenses. These reductions were partially offset by increases in other noninterest expense and salaries and employee benefits. Other noninterest expense increased primarily due to a rise in data processing expenses and operational losses but partially offset by decreases in the provision for unfunded commitments, professional fees, and other loan expenses.

Salaries and employee benefits expense for the three months ended June 30, 2013 was $5.9 million, a decrease of $64,000 or 1.1% compared with $6.0 million for the same period in 2012. Salaries and employee benefits expense for the six months ended June 30, 2013 was $12.2 million, an increase of $307,000 or 2.6% compared with $11.9 million for the same period in 2012, primarily as a result of merit increases.

Provision for loan losses
The following table summarizes the provision for loan losses and net charge-offs as of and for the quarters indicated:



June 30, 2013


March 31, 2013


December 31, 2012


June 30, 2012



(dollars in thousands)

Allowance for Loan Losses

Balance at beginning of quarter


$ 22,832


$ 24,592


$ 25,542


$ 28,066

(Reduction in) provision for loan losses for quarter


(25)


(450)


(890)


200

Net charge-offs for quarter


(975)


(1,310)


(60)


(955)

Balance at end of quarter


$ 21,832


$ 22,832


$ 24,592


$ 27,311










Total loans


$ 1,178,288


$ 1,124,716


$ 1,100,337


$ 1,094,233










Allowance for loan losses to total loans


1.85%


2.03%


2.23%


2.50%

Net charge-offs to total loans


(0.08)%


(0.12)%


(0.01)%


(0.09)%

 

The provision for loan losses for the three months ended June 30, 2013 was a reversal of ($25,000), a decrease of $225,000 compared with a provision of $200,000 for the same period in 2012, primarily as a result of a reduction in classified assets. The provision for loan losses for the six months ended June 30, 2013 was a reversal of ($475,000), a decrease of $1.1 million compared with a provision of $600,000 for the same period in 2012, primarily as a result of a reduction in classified assets. On a linked-quarter basis between the second and first quarters of 2013, the reduction in the provision for loan losses decreased by $425,000.

Net charge-offs for the three months ended June 30, 2013 were $975,000 or 0.08% of total loans compared with net charge-offs of $955,000 or 0.09% of total loans for the same period in 2012. The net charge-offs for the second quarter of 2013 consisted of $487,000 in loans from Texas and $488,000 in loans from California. Net charge-offs for the six months ended June 30, 2013 were $2.3 million or 0.19% of total loans compared with net charge-offs of $1.6 million or 0.15% of total loans for the same period in 2012. The net charge-offs for the six months ended June 30, 2013 consisted of $1.4 million in loans from Texas and $877,000 in loans from California.

Asset quality
The following table summarizes nonperforming assets as of the dates indicated:



June 30, 2013


March 31, 2013


December 31, 2012


June 30, 2012



(dollars in thousands)

Nonperforming Assets









Nonaccrual loans


$ 12,304


$ 17,501


$ 23,568


$ 24,664

Accruing loans 90 days or more past due


-


-


-


62

Troubled debt restructurings - accruing


394


-


400


4,126

Troubled debt restructurings - nonaccruing


3,871


4,098


5,014


5,315

Other real estate ("ORE")


10,960


12,152


12,555


14,414

Total nonperforming assets


$ 27,529


$ 33,751


$ 41,537


$ 48,581










Total nonperforming assets to total assets


1.74%


2.13%


2.73%


3.13%










Supplemental information









Writedowns on ORE


$ 40


$ 64


$ 429


$ 845

(Gains) losses on ORE sales


(176)


(974)


11


(1,102)

 

Total nonperforming assets at June 30, 2013 were $27.5 million ($23.4 million from Texas and $4.1 million from California) compared with $41.5 million at December 31, 2012 ($32.5 million from Texas and $9.0 million from California), a decrease of $14.0 million or 33.7%. The ratio of total nonperforming assets to total assets decreased to 1.74% at June 30, 2013 from 2.73% at December 31, 2012.

On a linked-quarter basis, total nonperforming assets decreased by $6.2 million, which consisted of a $2.4 million decrease in Texas and a $3.8 million decrease in California. The decrease in nonperforming assets in Texas consisted primarily of declines of $1.9 million in nonaccrual loans and a net reduction of $1.2 million in ORE, partially offset by an increase of $659,000 in nonaccrual troubled debt restructurings ("TDRs"). In Texas, nonaccrual loans including nonaccrual TDRs decreased primarily due to $2.7 million in paydowns on loans and a $1.4 million note sale but partially offset by the addition of four loans totaling approximately $2.9 million. The decline in nonperforming assets in California primarily consisted of decreases of $3.3 million in nonaccrual loans and $886,000 in nonaccrual TDRs, partially offset by an increase of $394,000 in accruing TDRs. In California, nonaccrual loans including nonaccrual TDRs decreased primarily due to a $3.6 million loan being returned to accrual status and a $2.7 million paydown on a loan, partially offset by the transfer of three loans in the amount of $2.2 million to nonaccrual status.

On a linked-quarter basis, ORE at June 30, 2013 decreased $1.2 million compared with March 31, 2013 and was primarily the result of the sale of two properties in Texas.

Approximately $15.9 million or 98.6% of nonaccrual loans and nonaccruing TDRs at June 30, 2013, are collateralized by real estate. Management is closely monitoring the loan portfolio and actively working on problem loan resolutions; however, uncertain economic conditions could further impact the loan portfolio.

Management conference call. On Monday, July 22, 2013, the Company will hold a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss the second quarter 2013 results. A brief management presentation will be followed by a question and answer period. To participate by phone, U.S. callers may dial 1.877.407.8291 (International callers may dial 1.201.689.8345) and ask for the MetroCorp conference. The call will be webcast by Shareholder.com and can be accessed at MetroCorp's web site at www.metrobank-na.com. An audio archive of the call will be available approximately one hour after the call and will be accessible at www.metrobank-na.com in the Investor Relations section.

MetroCorp Bancshares, Inc. provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has twelve full-service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. As of June 30, 2013, the Company had consolidated assets of $1.6 billion. For more information, visit the Company's web site at www.metrobank-na.com.

The statements contained in this release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) general business and economic conditions in the markets the Company serves may be less favorable than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate environment which could reduce the Company's net interest margin or result in increased loan prepayments; (3) the failure of or changes in management's assumptions regarding the adequacy of the allowance for loan losses; (4) an adverse change in the real estate market in the Company's primary market areas; (5) increased credit risk in the Company's assets and increased operating risk caused by a material change in commercial, consumer and/or real estate loans as a percentage of the total loan portfolio; (6) increased asset levels and changes in the composition of assets and the resulting impact on the Company's capital levels and regulatory capital ratios; (7) legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry, or possible noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statues and regulations; (8) increases in the level of nonperforming assets; (9) changes in the availability of funds which could increase costs or decrease liquidity or impair the Company's ability to raise additional capital; (10) the effects of competition from other financial institutions operating in the Company's market areas and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; (11) changes in accounting principles, policies or guidelines; (12) a deterioration or downgrade in the credit quality and credit agency ratings of the securities in the Company's securities portfolio; (13) the incurrence and possible impairment of goodwill associated with an acquisition; (14) the timing, impact and other uncertainties of the Company's ability to enter new markets successfully and capitalize on growth opportunities; (15) the inability to fully realize the Company's net deferred tax asset; (16) the Company's ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace, or potential interruptions or breaches in security of the Company's information systems; (17) potential environmental risk and associated cost on the Company's foreclosed real estate assets; and (18) the loss of senior management or operating personnel and the potential inability to hire qualified personnel at reasonable compensation levels. All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. These and other risks and factors are further described from time to time in the Company's 2012 Annual Report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.

For more information contact:
MetroCorp Bancshares, Inc., Houston
George Lee, Co-Chairman, President & CEO, (713) 776-3876, or
David Choi, Executive Vice President & CFO, (713) 776-3876

 

MetroCorp Bancshares, Inc.

(In thousands, except share amounts)

(Unaudited)













June 30,


December 31,






2013


2012


Consolidated Balance Sheets





Assets





Cash and due from banks

$      21,237


$          31,203


Federal funds sold and other short-term investments

105,331


128,246




Total cash and cash equivalents

126,568


159,449


Interest-bearing time deposits in banks

15,501


15,321


Securities available-for-sale, at fair value

183,564


164,048


Securities held-to-maturity, at cost (fair value $4,445 at June 30, 2013 and $4,757 at December 31, 2012)

4,047


4,046


Other investments 

6,001


5,592


Loans, net of allowance for loan losses of $21,832 and $24,952 at June 30, 2013 and December 31, 2012, respectively

1,156,456


1,075,745


Accrued interest receivable

4,316


4,120


Premises and equipment, net

3,878


4,046


Goodwill

14,327


14,327


Deferred tax asset

15,089


13,110


Customers' liability on acceptances

7,797


7,045


Foreclosed assets, net

10,960


12,555


Cash value of bank owned life insurance

33,431


32,794


Prepaid FDIC assessment

-


3,439


Other assets

3,851


4,175



Total assets

$ 1,585,786


$     1,519,812










Liabilities and Shareholders' Equity





Deposits:






Noninterest-bearing

$    322,504


$        309,696



Interest-bearing

983,659


957,334




Total deposits

1,306,163


1,267,030


Junior subordinated debentures

36,083


36,083


Other borrowings

46,000


25,000


Accrued interest payable

283


233


Acceptances outstanding

7,797


7,045


Other liabilities

11,740


7,390



Total liabilities

1,408,066


1,342,781


Commitments and contingencies

-


-


Shareholders' equity:






Common stock, $1.00 par value, 50,000,000 shares authorized; 18,776,765 and 18,766,765 shares issued; 18,713,530 and 18,746,385 shares outstanding at June 30, 2013 and December 31, 2012, respectively

18,777


18,767



Additional paid-in-capital

75,140


74,998



Retained earnings

88,330


82,881



Accumulated other comprehensive (loss) income 

(3,915)


567



Treasury stock, at cost

(612)


(182)




Total shareholders' equity

177,720


177,031




Total liabilities and shareholders' equity

$ 1,585,786


$     1,519,812






-


-


Nonperforming Assets and Asset Quality Ratios





Nonaccrual loans

$      12,304


$          23,568


Accruing loans 90 days or more past due

-


-


Troubled debt restructurings - accrual

394


400


Troubled debt restructurings - nonaccrual

3,871


5,014


Other real estate ("ORE")

10,960


12,555


Total nonperforming assets

27,529


41,537










Total nonperforming assets to total assets

1.74

%

2.73

%

Total nonperforming assets to total loans and ORE

2.31

%

3.73

%

Allowance for loan losses to total loans

1.85

%

2.23

%

Allowance for loan losses to total nonperforming loans

131.76

%

84.85

%

Net year-to-date charge-offs to total loans 

0.19

%

0.29

%

Net year-to-date charge-offs

$        2,285


$            3,138


Total loans to total deposits

90.21

%

86.84

%

 

 


MetroCorp Bancshares, Inc.

(In thousands, except per share amounts)

(Unaudited)



















For the Three Months


For the Six Months







Ended June 30,


Ended June 30,







2013


2012


2013


2012


Average Balance Sheet Data








Total assets


$ 1,582,313


$ 1,534,033


$ 1,559,821


$ 1,513,723


Securities


186,244


184,397


176,687


184,465


Total loans


1,144,151


1,061,193


1,119,903


1,054,955


Allowance for loan losses


(22,308)


(27,932)


(23,279)


(28,320)


Net loans


1,121,843


1,033,261


1,096,624


1,026,635


Total interest-earning assets


1,487,318


1,437,331


1,463,725


1,416,331


Total deposits


1,315,055


1,265,817


1,297,899


1,256,848


Other borrowings and junior subordinated debt


71,479


62,083


68,216


62,086


Total shareholders' equity


180,946


188,059


179,741


177,544















Income Statement Data








Interest income:











Loans


$     14,006


$     14,754


$     27,835


$     29,753



Securities:












Taxable


847


1,004


1,638


2,031




Tax-exempt


166


145


313


262



Federal funds sold and other short-term investments

256


278


506


533





Total interest income


15,275


16,181


30,292


32,579


Interest expense:











Time deposits


1,316


1,370


2,535


2,906



Demand and savings deposits


389


586


816


1,221



Other borrowings


589


580


1,138


1,163





Total interest expense


2,294


2,536


4,489


5,290


Net interest income


12,981


13,645


25,803


27,289


(Reduction in) provision for loan losses


(25)


200


(475)


600


Net interest income after provision for loan losses

13,006


13,445


26,278


26,689


Noninterest income:











Service fees


1,002


1,131


1,911


2,248



Other loan-related fees


169


117


299


187



Letters of credit commissions and fees


175


190


374


387



Gain on securities, net


23


72


37


84
















Total other-than-temporary impairment ("OTTI") on securities


(53)


(48)


(93)


(87)




Less: Noncredit portion of "OTTI"


(14)


(10)


(27)


(10)





Net impairments on securities


(39)


(38)


(66)


(77)




Gain on sale of loans


71


-


71


-



Other noninterest income


543


288


968


734





Total noninterest income


1,944


1,760


3,594


3,563


Noninterest expense:











Salaries and employee benefits


5,933


5,997


12,225


11,918



Occupancy and equipment


1,678


1,743


3,328


3,432



Foreclosed assets, net


82


362


(759)


1,363



FDIC assessment


517


485


977


882



Other noninterest expense


2,498


2,725


5,239


4,650





Total noninterest expense


10,708


11,312


21,010


22,245


Income before provision for income taxes


4,242


3,893


8,862


8,007


Provision for income taxes


1,446


1,267


3,039


2,613


Net income 


$       2,796


$       2,626


$       5,823


$       5,394















Dividends and discount - preferred stock


-


(811)


-


(1,409)


Adjustment from repurchase of preferred stock


-


706


-


706


Net income applicable to common stock


$       2,796


$       2,521


$       5,823


$       4,691















Per Share Data










Earnings per share - basic


$        0.15


$        0.16


$        0.32


$        0.33


Earnings per share - diluted


0.15


0.16


0.31


0.32


Weighted average shares outstanding:











Basic


18,366


15,493


18,349


14,331



Diluted


18,713


15,753


18,713


14,497


 Dividends per common share 


$        0.02


$           -


$        0.02


$           -















Performance Ratio Data








Return on average assets


0.71

%

0.69

%

0.75

%

0.72

%

Return on average shareholders' equity


6.20

%

5.62

%

6.53

%

6.11

%

Net interest margin


3.50

%

3.82

%

3.55

%

3.87

%

Efficiency ratio (1)


73.58

%

74.24

%

75.51

%

70.59

%

Equity to assets (average)


11.44

%

12.26

%

11.52

%

11.73

%

 

(1) The efficiency ratio is calculated by dividing total noninterest expense, excluding loan loss provisions, goodwill impairment, provisions for unfunded commitments, writedowns on foreclosed assets and gains and losses on sales of foreclosed assets, by net interest income plus noninterest income, excluding impairment on securities.

SOURCE MetroCorp Bancshares, Inc.



RELATED LINKS
http://www.metrobank-na.com

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