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.

Jul 19, 2013, 16:15 ET from MetroCorp Bancshares, Inc.

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