Metro Bancorp Inc (METR, Financial) filed Quarterly Report for the period ended 2010-06-30.
Metro Bancorp Inc has a market cap of $172.2 million; its shares were traded at around $12.75 with and P/S ratio of 1.7. METR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Nonperforming assets at June 30, 2010 totaled $70.6 million, or 3.22%, of total assets, as compared to $45.6 million, or 2.12%, of total assets, at December 31, 2009 and $33.4 million, or 1.61%, of total assets one year ago. The Company s second quarter provision for loan losses totaled $2.6 million compared to $3.7 million recorded in the second quarter of 2009. The allowance for loan losses totaled $16.2 million as of June 30, 2010, a decrease of $3.2 million, or 16%, from the total allowance at June 30, 2009 but an increase of $1.8 million compared to $14.4 million at December 31, 2009. The allowance represented 1.12% and 1.33% of gross loans outstanding at June 30, 2010 and 2009, respectively and compared to 1.00% of gross loans at December 31, 2009. More detailed discussion of nonperforming assets is provided in the Loan and
Interest-earning assets averaged $2.04 billion for the second quarter of 2010, compared to $1.97 billion for the second quarter in 2009. For the quarter ended June 30, 2010, total loans receivable including loans held for sale, averaged $1.45 billion in 2010 compared to $1.50 billion for the same quarter in 2009. Due to the continued weakness in the global and local economies, the Bank continues to remain cautious and deliberate in its level of new loan originations as compared to the level of originations in previous years. For the same two quarters, total securities averaged $594.3 million and $477.2 million, respectively. The increase is a result of new security purchases partially offset by principal repayments, sales and calls.
The average balance of total deposits increased $154.5 million, or 9%, for the second quarter of 2010 compared to the second quarter of 2009. These funds were primarily used to purchase investment securities as well as to reduce the level of borrowed funds. Total interest-bearing deposits averaged $1.50 billion for the second quarter of 2010, compared to $1.37 billion for the second quarter one year ago and average noninterest-bearing deposits increased by $25.1 million, or 8%, to $337.5 million. Short-term borrowings, which consists of overnight advances from the FHLB, averaged $76.4 million for the second quarter of 2010 versus $206.5 million for the same quarter of 2009.
Interest-earning assets averaged $2.02 billion for the first six months of 2010, compared to $1.99 billion for the same period in 2009. For the same two periods, total loans receivable including loans held for sale, averaged $1.44 billion in 2010 and $1.49 billion in 2009. Total securities averaged $583.3 million and $502.1 million for the first six months of 2010 and 2009, respectively.
Interest expense for the second quarter decreased $1.5 million, or 26%, from $5.9 million in 2009 to $4.4 million in 2010. Interest expense on deposits decreased by $1.0 million, or 24%, from the second quarter of 2009 while interest expense on short-term borrowings decreased by $203,000, or 63%, for the same period. Interest expense on long-term debt decreased by $283,000, or 23%, as a result of the maturity of a $25 million two-year borrowing with a rate of 4.49% from the Federal Home Loan Bank (FHLB) which matured in September 2009.
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Metro Bancorp Inc has a market cap of $172.2 million; its shares were traded at around $12.75 with and P/S ratio of 1.7. METR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
ago. Net income for the six months ended June 30, 2010 was $366,000, or $0.02 per fully-diluted share, compared to a net loss of $518,000, or $(0.09) per share, for the six months ended June 30, 2009. Total revenues for the three months ended June 30, 2010 were $27.2 million, up $3.3 million, or 14%, over the same period in 2009. Total revenues for the six months ended June 30, 2010 were $52.6 million, up $3.8 million, or 8%, over the same period in 2009.Nonperforming assets at June 30, 2010 totaled $70.6 million, or 3.22%, of total assets, as compared to $45.6 million, or 2.12%, of total assets, at December 31, 2009 and $33.4 million, or 1.61%, of total assets one year ago. The Company s second quarter provision for loan losses totaled $2.6 million compared to $3.7 million recorded in the second quarter of 2009. The allowance for loan losses totaled $16.2 million as of June 30, 2010, a decrease of $3.2 million, or 16%, from the total allowance at June 30, 2009 but an increase of $1.8 million compared to $14.4 million at December 31, 2009. The allowance represented 1.12% and 1.33% of gross loans outstanding at June 30, 2010 and 2009, respectively and compared to 1.00% of gross loans at December 31, 2009. More detailed discussion of nonperforming assets is provided in the Loan and
Interest-earning assets averaged $2.04 billion for the second quarter of 2010, compared to $1.97 billion for the second quarter in 2009. For the quarter ended June 30, 2010, total loans receivable including loans held for sale, averaged $1.45 billion in 2010 compared to $1.50 billion for the same quarter in 2009. Due to the continued weakness in the global and local economies, the Bank continues to remain cautious and deliberate in its level of new loan originations as compared to the level of originations in previous years. For the same two quarters, total securities averaged $594.3 million and $477.2 million, respectively. The increase is a result of new security purchases partially offset by principal repayments, sales and calls.
The average balance of total deposits increased $154.5 million, or 9%, for the second quarter of 2010 compared to the second quarter of 2009. These funds were primarily used to purchase investment securities as well as to reduce the level of borrowed funds. Total interest-bearing deposits averaged $1.50 billion for the second quarter of 2010, compared to $1.37 billion for the second quarter one year ago and average noninterest-bearing deposits increased by $25.1 million, or 8%, to $337.5 million. Short-term borrowings, which consists of overnight advances from the FHLB, averaged $76.4 million for the second quarter of 2010 versus $206.5 million for the same quarter of 2009.
Interest-earning assets averaged $2.02 billion for the first six months of 2010, compared to $1.99 billion for the same period in 2009. For the same two periods, total loans receivable including loans held for sale, averaged $1.44 billion in 2010 and $1.49 billion in 2009. Total securities averaged $583.3 million and $502.1 million for the first six months of 2010 and 2009, respectively.
Interest expense for the second quarter decreased $1.5 million, or 26%, from $5.9 million in 2009 to $4.4 million in 2010. Interest expense on deposits decreased by $1.0 million, or 24%, from the second quarter of 2009 while interest expense on short-term borrowings decreased by $203,000, or 63%, for the same period. Interest expense on long-term debt decreased by $283,000, or 23%, as a result of the maturity of a $25 million two-year borrowing with a rate of 4.49% from the Federal Home Loan Bank (FHLB) which matured in September 2009.
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