MetroCorp Bancshares, Inc. Announces Net Income of $2.8 Million for Fourth Quarter 2012; EPS of $0.15 per Diluted Share. Net Income Improved 73% for the year 2012 to $11.1 Million while Asset Quality Continued to Improve.

25 Jan, 2013, 16:30 ET from MetroCorp Bancshares

HOUSTON, Jan. 25, 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 the operating results for the fourth quarter and year ended December 31, 2012.    

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

Financial Highlights

  • Net income of $2.8 million for the fourth quarter of 2012 improved from a loss of ($328,000) for the fourth quarter of 2011. Net income of $11.1 million for the year ended December 31, 2012 compared with $6.4 million for the same period in 2011, an increase of 73%.
  • Earnings per diluted share of $0.15 for the fourth quarter of 2012 improved from a net loss per diluted share of ($0.07) for the fourth quarter of 2011. Earnings per diluted share for the year ended December 31, 2012 of $0.62 compared with $0.30 for the same period in 2011, an increase of 103.8%.
  • Total nonperforming assets ("NPA") at December 31, 2012 declined $22.3 million or 34.98% to $41.5 million compared with $63.9 million at December 31, 2011, and declined $6.7 million or 13.83% compared with $48.2 million at September 30, 2012. 
  • The ratio of nonperforming assets to total assets declined to 2.73% at December 31, 2012 compared with 4.27% at December 31, 2011, and 3.16% at September 30, 2012.
  • Net interest margin was 3.78% for the fourth quarter of 2012 compared with 3.87% for the fourth quarter of 2011, and 3.84% for the third quarter of 2012.
  • Net charge-offs of $60,000 for the fourth quarter of 2012 was 0.01% of total loans.  Net charge-offs for the year ended December 31, 2012 was 0.29% of total loans compared with 0.88% for the same period in 2011.
  • The ratio of the allowance for loan losses to total loans at December 31, 2012 was 2.23% compared with 2.71% at December 31, 2011.
  • Common shareholders' equity as a percent of total assets increased to 11.65% at December 31, 2012 compared with 8.04% at December 31, 2011 as a result of new common capital raised and the repayment of TARP during 2012.

George M. Lee, Executive Vice Chairman, President and CEO of MetroCorp Bancshares, Inc. ("the Company") stated, "As reflected by the Company's fourth quarter 2012 financial performance, management was able to deliver what it had set out to accomplish for 2012.  We are especially pleased with the improvements made to the Company's asset quality, with the ratio of nonperforming assets to total assets declining to 2.73%, which was meaningfully below the 3% mark we had targeted for the year.  Net income for the year, net interest margin trend and capital ratios remained stable and were on target or slightly improved.  Net loan growth of $59.5 million or 5.8% for the 12 months ended December 31, 2012 was also encouraging given the fact that during the year of 2012 management was still pursuing an intensive plan to reduce classified assets while balancing the Company's loan concentration.  The $3.5 million growth in total loans during the fourth quarter of 2012 is a positive sign of what we believe will be a healthy loan pipeline going forward.  Our core deposits were stable and grew 4.2% from year-end 2011, but more significantly, noninterest bearing deposits ("DDA") grew $50.3 million or 19.4% from year-end 2011.  DDA now makes up 24.4% of total deposits at year-end 2012 compared with 17.2% two years ago at year-end 2010.

"We believe that the general economy of the markets we serve has been improving steadily, both in Texas and California.  Management is prudently optimistic about 2013 but will remain very focused and will strive to fine tune our business platform, make improvements in key operating areas and grow the Company's asset base." 

Interest income and expense  Net interest income for the three months ended December 31, 2012 was $13.3 million, a decrease of $270,000 or 2.0% compared with $13.6 million for the same period in 2011. The decrease for the three months ended December 31, 2012 was due primarily to a decline in the yield on average total loans, partially offset by lower cost and volume of interesting-bearing deposits. Net interest income for the year ended December 31, 2012 was $54.2 million, an increase of $194,000 or 0.4% compared with $54.0 million for the same period in 2011. The increase for the year ended December 31, 2012 was due primarily to lower cost and volume of interest-bearing deposits, partially offset by a decline in the yield and volume on average total loans.  On a linked-quarter basis, net interest income was $13.3 million for the three months ended December 31, 2012, a decrease of $346,000 compared with $13.6 million for the three months ended September 30, 2012. 

The net interest margin for the three months ended December 31, 2012 was 3.78%, a decrease of nine basis points compared with 3.87% for the same period in 2011. The yield on average earning assets decreased 29 basis points, and the cost of average earning assets decreased 20 basis points for the same periods.  On a linked-quarter basis, the net interest margin for the three months ended December 31, 2012 decreased six basis points compared with 3.84% for the three months ended September 30, 2012. The yield on average earning assets decreased ten basis points mainly due to lower loan yield, while the cost of average earning assets decreased four basis points for the same periods.  

The net interest margin for the year ended December 31, 2012 was 3.84%, an increase of one basis point compared with 3.83% for the same period in 2011. The yield on average earning assets decreased 24 basis points, and the cost of average earning assets decreased 25 basis points for the same periods. 

Interest income for the three months ended December 31, 2012 was $15.5 million, down $977,000 or 5.9% compared with $16.5 million for the same period in 2011, primarily due to lower yields on loans.  Average earning assets increased $9.0 million or 0.6% to $1.40 billion for the fourth quarter of 2012, compared with $1.39 billion for the same period in 2011, due to growth in loans, partially offset by a decrease in federal funds sold and other short-term investments and investment securities.  Average total loans for the fourth quarter of 2012 were $1.07 billion or 1.5% higher than $1.06 billion for the fourth quarter of 2011. The yield on average earning assets for the fourth quarter of 2012 was 4.41% compared with 4.70% for the fourth quarter of 2011.

Interest income for the year ended December 31, 2012 was $64.1 million, down $3.3 million or 4.9% compared with $67.4 million for the same period in 2011, primarily due to lower volume and yield on loans, and a lower yield on securities, partially offset by an increase in the yield of federal funds sold and other short-term investments.  Average earning assets decreased $1.4 million or 0.1% to $1.41 billion for year ended December 31, 2012, compared with $1.41 billion for the same period in 2011.  Average total loans decreased $17.1 million or 1.6% to $1.06 billion for the year ended December 31, 2012 compared with $1.08 billion for the year ended December 31, 2011. The yield on average earning assets for the year ended December 31, 2012 was 4.54% compared with 4.78% for the year ended December 31, 2011.

Interest expense for the three months ended December 31, 2012 was $2.2 million, down $707,000 or 24.2% compared with $2.9 million for the same period in 2011, primarily due to lower deposit cost on savings and money market accounts and lower cost and volume on time deposits. Average interest-bearing deposits were $952.0 million for the fourth quarter of 2012, a decrease of $43.0 million or 4.3% compared with $995.0 million for the same period of 2011. The cost of interest-bearing deposits for the fourth quarter of 2012 was 0.68% compared with 0.93% for the fourth quarter of 2011.  Average other borrowings (excluding junior subordinated debentures) were $25.7 million for the fourth quarter of 2012, a decrease of $3.5 million or 11.8% compared with $29.2 million for the fourth quarter of 2011.  The cost of other borrowings for the fourth quarter of 2012 was 3.88% compared with 3.39% for the fourth quarter of 2011.  The higher cost was primarily due to a reduction of lower cost short-term borrowings.

Interest expense for the year ended December 31, 2012 was $9.9 million, down $3.5 million or 26.3% compared with $13.4 million for the same period in 2011, primarily due to lower deposit cost and lower volume of time deposits and other borrowings. Average interest-bearing deposits were $983.4 million for the year ended December 31, 2012, a decrease of $34.8 million or 3.4% compared with $1.02 billion for the same period of 2011. The cost of interest-bearing deposits for the year ended December 31, 2012 was 0.77% compared with 1.08% for the year ended December 31, 2011.  Average other borrowings (excluding junior subordinated debentures) were $25.9 million for the year ended December 31, 2012, a decrease of $15.1 million or 36.8% compared with $41.0 million for the year ended December 31, 2011.  The cost of other borrowings for the year ended December 31, 2012 was 3.83% compared with 2.56% for the year ended December 31, 2011, and the higher cost was primarily due to a reduction of lower cost short-term borrowings.

Noninterest income and expense Noninterest income for the three months ended December 31, 2012 was $1.9 million, a decrease of $262,000 or 12.1% compared with $2.2 million for the same period in 2011. The decrease was primarily due to decreases in other noninterest income and service fees.  Other noninterest income decreased primarily due to a reduction in ORE rental income.  Noninterest income for the year ended December 31, 2012 was $7.3 million, an increase of $127,000 or 1.8% compared with $7.2 million for the same period in 2011. The increase for the year ended December 31, 2012 was due to a general increase in  most noninterest income line items. 

Noninterest expense for the three months ended December 31, 2012 was $11.9 million, a decrease of $1.6 million or 11.8% compared with $13.5 million for the same period in 2011. The decrease for the three months ended December 31, 2012 was mainly due to declines in goodwill impairment, foreclosed assets expense, and occupancy and equipment expense, partially offset by increases in salaries and employee benefits and other noninterest expenses. Noninterest expense for the year ended December 31, 2012 was $45.7 million, a decrease of $1.0 million or 2.2% compared with $46.7 million for the same period in 2011. The decrease for the year ended December 31, 2012 was mainly due to  the absence of goodwill impairment, and a reduction in foreclosed assets expense, FDIC assessments, and occupancy and equipment expenses, while partially offset by an increase in salaries and employee benefits and other noninterest expenses.    Other noninterest expense increased due to increases in most operational areas with the most significant being an increase in legal fees and other operational losses, partially offset by a decrease in the provision for unfunded commitments. The legal fee increase was primarily related to nonperforming assets resolution.

Salaries and employee benefits expense for the three months ended December 31, 2012 was $5.9 million, an increase of $918,000 or 18.3% compared with $5.0 million for the same period in 2011. Salaries and employee benefits expense for the year ended December 31, 2012 was $23.9 million, an increase of $3.2 million or 15.2% compared with $20.7 million for the same period in 2011. The increase for the three months and year ending December 31, 2012 was primarily due to merit raises, an increase in headcount, increases in bonus accruals and stock based compensation costs.

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

December 31, 2012

September 30, 2012

June 30, 2012

March 31, 2012

December 31, 2011

(dollars in thousands)

(unaudited)

Allowance for Loan Losses

Balance at beginning of quarter

$25,542

$27,311

$28,066

$28,321

$29,969

(Reduction in) provision for loan losses for quarter

(890)

(300)

200

400

1,275

Net charge-offs for quarter

(60)

(1,469)

(955)

(655)

(2,923)

Balance at end of quarter

$24,592

$25,542

$27,311

$28,066

$28,321

Total loans

$1,100,337

$1,096,855

$1,094,233

$1,046,549

$1,044,616

Allowance for loan losses to total  loans

2.23%

2.33%

2.50%

2.68%

2.71%

Net charge-offs to total  loans

0.01%

0.13%

0.09%

0.06%

0.28%

 

 

For the three months ended December 31, 2012, the provision for loan losses had a reversal of ($890,000), which represented a decrease of $2.2 million or 169.8% compared with provision for loan losses of $1.3 million for the same period in 2011.  The provision for loan losses for the year ended December 31, 2012 was a reversal of ($590,000), a decrease of $4.3 million or 115.8% compared with $3.7 million for the same period in 2011.  On a linked-quarter basis, the provision for loan losses reversal of ($890,000) in the fourth quarter of 2012 was $590,000 more when compared with the provision for loan losses reversal of ($300,000) for the third quarter of 2012. The reversal of the provision for loan losses and a reduction in the allowance for loan losses following the assessment of the allowance for loan losses as of December 31, 2012 were primarily the result of a reduction in net charge-offs,  improved asset quality  and a reduction in classified loans.

Net charge-offs for the three months ended December 31, 2012 were $60,000 or 0.01% of total loans compared with net charge-offs of $2.9 million or 0.28% of total loans for the three months ended December 31, 2011. The net charge-offs for the fourth quarter of 2012 primarily consisted of $979,000 of net charge-offs from Texas and $919,000 of net recoveries from California.  The net recoveries from California were primarily the result of a payoff on a nonperforming loan from the sale of the underlying collateral.  Net charge-offs for the year ended December 31, 2012 were $3.1 million or 0.29% of total loans compared with net charge-offs of $9.2 million or 0.88% of total loans for the year ended December 31, 2011. The net charge-offs for the year ended December 31, 2012 primarily consisted of $4.1 million of net charge-offs from Texas and $995,000 of net recoveries from California.

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

December 31, 2012

September 30, 2012

June 30, 2012

December 31, 2011

(dollars in thousands)

(unaudited)

Nonperforming Assets

Nonaccrual loans

$        23,568

$       31,454

$       24,664

$        31,099

Accruing loans 90 days or more past due

-

-

62

-

Troubled debt restructurings - accruing

400

4,126

4,126

-

Troubled debt restructurings -  nonaccruing

5,014

4,707

5,315

13,763

Other real estate ("ORE")

12,555

7,915

14,414

19,018

Total nonperforming assets

41,537

48,202

48,581

63,880

Total nonperforming assets to total assets

2.73%

3.16%

3.13%

4.27%

Total nonperforming assets at December 31, 2012 were $41.5 million ($32.5 million from Texas and $9.0 million from California) compared with $63.9 million at December 31, 2011 ($46.2 million from Texas and $17.7 million from California), a decrease of $22.3 million or 35.0%. The ratio of total nonperforming assets to total assets decreased to 2.73% at December 31, 2012 from 4.27% at December 31, 2011.

On a linked-quarter basis, total nonperforming assets decreased by $6.7 million, which consisted of decreases of $5.6 million in Texas and $1.1 million in California.  The decline in nonperforming assets in Texas consisted primarily of decreases of $7.8 million in nonaccrual loans and $3.0 million in nonaccrual Troubled Debt Restructurings ("TDRs"), partially offset by a net increase of $5.2 million in ORE. Nonaccrual loans and nonaccrual TDR loans in Texas decreased primarily due to $5.6 million in transfers to ORE, $3.1 million in note sales, $2.3 million in principal paydowns and $992,000 in charge-offs, partially offset by $415,000 in reclassifications from performing loans.  The decrease in nonperforming assets in California primarily consisted of $459,000 in paydowns on nonaccrual loans and a $603,000 reduction in ORE as a result of sales and writedowns.

On a linked-quarter basis, ORE at December 31, 2012 increased $4.6 million compared with September 30, 2012, which included an increase of $5.2 million in Texas, partially offset by a $603,000 decrease in California.  The increase in Texas was primarily the result of $5.6 million in transfers from nonaccrual loans on two properties, partially offset by writedowns of $294,000 on two properties and $79,000 in sales of two properties.  The decrease in California was primarily the result of $467,000 in the sales of two properties and $136,000 in writedowns on one property.

Approximately $27.5 million or 96.4% of nonaccrual loans and nonaccruing TDRs at December 31, 2012 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, January 28, 2013, the Company will hold a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss the fourth quarter 2012 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 thirteen 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 December 31, 2012, the Company had consolidated assets of $1.5 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) the effect of compliance, or failure to comply within stated deadlines, with the provisions of the Formal Agreement between MetroBank and the Office of the Comptroller of the Currency; (9) increases in the level of nonperforming assets; (10) changes in the availability of funds which could increase costs or decrease liquidity or impair the Company's ability to raise additional capital; (11) 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; (12) changes in accounting principles, policies or guidelines; (13) a deterioration or downgrade in the credit quality and credit agency ratings of the securities in the Company's securities portfolio; (14) the incurrence and possible impairment of goodwill associated with an acquisition; (15) the timing, impact and other uncertainties of the Company's ability to enter new markets successfully and capitalize on growth opportunities; (16) the inability to fully realize the Company's net deferred tax asset; (17) 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; (18) potential environmental risk and associated cost on the Company's foreclosed real estate assets; and (19) 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 2011 Annual Report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.

MetroCorp Bancshares, Inc.

(In thousands, except share amounts)

(Unaudited)

December 31,

December 31,

2012

2011

Consolidated Balance Sheets

Assets

Cash and due from banks

$          31,203

$          28,798

Federal funds sold and other short-term investments

143,567

164,811

Total cash and cash equivalents

174,770

193,609

Securities available-for-sale, at fair value

164,048

172,389

Securities held-to-maturity, at cost (fair value $4,757 and $4,536 at December 31, 2012 and 2011, respectively)

4,046

4,046

Other investments 

5,592

6,484

Loans, net of allowance for loan losses of $24,952 and $28,321 at December 31, 2012 and 2011, respectively

1,075,745

1,015,095

Loans, held-for-sale

-

1,200

Accrued interest receivable

4,120

4,327

Premises and equipment, net

4,046

4,697

Goodwill

14,327

14,327

Core deposit intangibles

59

115

Deferred tax asset

13,110

14,995

Customers' liability on acceptances

7,045

5,152

Foreclosed assets, net

12,555

19,018

Cash value of bank owned life insurance

32,794

31,427

Prepaid FDIC assessment

3,439

5,204

Other assets

4,116

2,446

Total assets

$     1,519,812

$     1,494,531

Liabilities and Shareholders' Equity

Deposits:

Noninterest-bearing

$        309,696

$        259,397

Interest-bearing

957,334

992,178

Total deposits

1,267,030

1,251,575

Junior subordinated debentures

36,083

36,083

Other borrowings

25,000

26,315

Accrued interest payable

233

310

Acceptances outstanding

7,045

5,152

Other liabilities

7,390

9,913

Total liabilities

1,342,781

1,329,348

Commitments and contingencies

-

-

Shareholders' equity:

Preferred stock, $1,000 par value, 2,000,000 shares authorized; no shares and 45,000 shares issued and outstanding at December 31, 2012 and 2011, respectively

-

45,003

Common stock, $1.00 par value, 50,000,000 shares authorized; 18,766,765 and 13,340,815 shares issued; 18,746,385 and 13,340,815 shares outstanding at December 31, 2012 and 2011, respectively

18,767

13,341

Additional paid-in-capital

74,998

33,816

Retained earnings

82,881

73,188

Accumulated other comprehensive income (loss)

567

(165)

Treasury stock, at cost

(182)

-

Total shareholders' equity

177,031

165,183

Total liabilities and shareholders' equity

$     1,519,812

$     1,494,531

Nonperforming Assets and Asset Quality Ratios

Nonaccrual loans

$          23,568

$          31,099

Accruing loans 90 days or more past due

-

-

Troubled debt restructurings - accrual

400

-

Troubled debt restructurings - nonaccrual

5,014

13,763

Other real estate ("ORE")

12,555

19,018

Total nonperforming assets

41,537

63,880

Total nonperforming assets to total assets

2.73

%

4.27

%

Total nonperforming assets to total loans and ORE

3.73

%

6.01

%

Allowance for loan losses to total loans

2.23

%

2.71

%

Allowance for loan losses to total nonperforming loans

84.85

%

63.13

%

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

0.29

%

0.88

%

Net year-to-date charge-offs

$            3,139

$            9,161

Total loans to total deposits

86.84

%

83.46

%

 

 

 

MetroCorp Bancshares, Inc.

(In thousands, except per share amounts)

(Unaudited)

For the Three Months

For the Twelve Months

Ended December 31,

Ended December 31,

2012

2011

2012

2011

Average Balance Sheet Data

Total assets

$ 1,497,429

$ 1,496,923

$ 1,508,836

$ 1,512,610

Securities

169,210

169,985

177,375

171,964

Total loans

1,073,297

1,057,855

1,062,430

1,079,549

Allowance for loan losses

(25,865)

(29,156)

(27,425)

(31,668)

Net loans

1,047,432

1,028,699

1,035,005

1,047,881

Total interest-earning assets

1,399,928

1,390,921

1,410,994

1,412,443

Total deposits

1,241,747

1,244,681

1,252,708

1,254,595

Other borrowings and junior subordinated debt

61,801

65,250

62,014

77,098

Total shareholders' equity

176,057

167,144

176,121

163,850

Income Statement Data

Interest income:

Loans

$      14,179

$      15,102

$      58,525

$      61,798

Securities:

Taxable

955

1,039

4,006

4,452

Tax-exempt

146

94

553

390

Federal funds sold and other short-term investments

236

258

1,040

809

Total interest income

15,516

16,493

64,124

67,449

Interest expense:

Time deposits

1,176

1,688

5,370

7,745

Demand and savings deposits

456

653

2,185

3,300

Other borrowings

582

580

2,330

2,359

Total interest expense

2,214

2,921

9,885

13,404

Net interest income

13,302

13,572

54,239

54,045

(Reduction in) provision for loan losses

(890)

1,275

(590)

3,725

Net interest income after provision for loan losses

14,192

12,297

54,829

50,320

Noninterest income:

Service fees

1,028

1,122

4,375

4,336

Other loan-related fees

157

86

483

354

Letters of credit commissions and fees

191

200

775

692

Gain on securities, net

100

70

208

199

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

(48)

(27)

(149)

(242)

Less: Noncredit portion of "OTTI"

(10)

(16)

(27)

(36)

Net impairments on securities

(38)

(11)

(122)

(206)

Other noninterest income

468

701

1,622

1,839

Total noninterest income

1,906

2,168

7,341

7,214

Noninterest expense:

Salaries and employee benefits

5,923

5,005

23,857

20,707

Occupancy and equipment

1,653

1,763

6,877

7,308

Foreclosed assets, net

771

1,073

2,686

3,814

FDIC assessment

484

473

1,846

2,489

Goodwill impairment

-

3,000

-

3,000

Other noninterest expense

3,090

2,195

10,429

9,412

Total noninterest expense

11,921

13,509

45,695

46,730

Income before provision for income taxes

4,177

956

16,475

10,804

Provision for income taxes

1,329

1,284

5,352

4,374

Net income (loss)

$        2,848

$         (328)

$      11,123

$        6,430

Dividends and discount - preferred stock

-

(599)

(1,429)

(2,410)

Adjustment from repurchase of preferred stock

-

-

557

-

Net income (loss) applicable to common stock

$        2,848

$         (927)

$      10,251

$        4,020

Per Share Data

Earnings (loss) per share - basic

$          0.16

$        (0.07)

$          0.63

$          0.31

Earnings (loss) per share - diluted

0.15

$        (0.07)

0.62

0.30

Weighted average shares outstanding:

Basic

18,313

13,145

16,331

13,142

Diluted

18,652

13,145

16,551

13,227

 Dividends per common share 

$              -

$              -

$              -

$              -

Performance Ratio Data

Return on average assets

0.76

%

(0.09)

%

0.74

%

0.43

%

Return on average shareholders' equity

6.44

%

(0.78)

%

6.32

%

3.92

%

Net interest margin

3.78

%

3.87

%

3.84

%

3.83

%

Efficiency ratio

75.78

%

65.56

%

72.14

%

67.93

%

Equity to assets (average)

11.76

%

11.17

%

11.67

%

10.83

%

 

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

SOURCE MetroCorp Bancshares



RELATED LINKS

http://www.metrobank-na.com