Metro Bancorp, parent company of Metro Bank (formerly Commerce Bank/Harrisburg), is a regional financial services retailer based in Harrisburg, Pennsylvania. The Bank provides a range of retail and commercial banking services for consumers and small- and mid-sized companies. The Bank's services include seven-day banking, free checking, free instant-issue Visa debit card, free coin-counting machines, free online banking and 24/7 live customer service. The bank also offers commercial banking services including term loans, commercial mortgages, lines of credit and cash management services. Its lending and investment activities are funded principally by retail deposits gathered through its retail store office network. Metro Bancorp Inc has a market cap of $71.7 million; its shares were traded at around $10.98 with a P/E ratio of 15.7 and P/S ratio of 0.7.
Highlight of Business Operations:Total revenues for the three months ended September 30, 2009 were $25.5 million, down $485,000, or 2%, from the same period in 2008. Total revenues for the nine months ended September 30, 2009 were $74.3 million, down $1.9 million, or 2%, from the same period in 2008. Net loss for the nine months ended September 30, 2009 was $1.0 million, or ($0.16) per share compared to net income of $10.1 million, or $1.55 per fully diluted share recorded during the first nine months of 2008.
For the first nine months of 2009, total net loans increased by $33.6 million, or 2%, from $1.42 billion at December 31, 2008 to $1.46 billion at September 30, 2009. Over the past twelve months, total net loans excluding loans held for sale, grew by $87.5 million, or 6%, from $1.37 billion to $1.46 billion. This growth was represented across most loan categories, reflecting a continuing commitment to the credit needs of our customers and our market footprint. Our loan to deposit ratio, which includes loans held for sale, was 85% at September 30, 2009 compared to 90% at December 31, 2008.
Total deposits increased $103.0 million, or 6%, from $1.63 billion at December 31, 2008 to $1.74 billion at September 30, 2009. During the same period, core deposits grew by $96.8 million, or 6%, as well. Over the past twelve months, our total consumer core deposits increased by $158.9 million, or 24%. Total borrowings decreased by $241.5 million from $379.5 million at December 31, 2008 to $138.1 million at September 30, 2009, primarily as a result of our common stock offering, continued deposit growth and principal paydowns on investment securities. Of the total borrowings at September 30, 2009, $83.7 million were short-term and $54.4 million were considered long-term.
Nonperforming assets and loans past due 90 days at September 30, 2009 totaled $32.0 million, or 1.53%, of total assets, as compared to $27.9 million, or 1.30% of total assets, at December 31, 2008 and $12.2 million, or 0.57%, of total assets one year ago. The Company s third quarter provision for loan losses totaled $3.7 million, as compared to $1.7 million recorded in the third quarter of 2008. The increase in the provision for loan losses over the prior year is a result of the Company s gross loan growth (excluding loans held for sale) of $88.2 million over the past twelve months as well as the increase in the level of nonperforming loans from September 30, 2008 to September 30, 2009. The allowance for loan losses totaled $14.6 million as of September 30, 2009, an increase of $730,000, or 5%, over the total allowance at September 30, 2008 and compared to $16.7 million at December 31, 2008. The allowance represented 0.99% and 1.00% of gross loans outstanding at September 30, 2009 and 2008, respectively and compared to 1.16% of gross loans at December 31, 2008.
The average balance of total deposits increased $135.0 million, or 8%, for the third quarter of 2009 compared to the third quarter of 2008. Total interest-bearing deposits averaged $1.41 billion, compared to $1.31 billion for the third quarter one year ago and average noninterest bearing deposits increased by $33.9 million, or 12%. Short-term borrowings, which consists of overnight advances from the Federal Home Loan Bank, securities sold under agreements to repurchase and overnight federal funds lines of credit, averaged $140.0 million for the third quarter of 2009 versus $268.2 million for the same quarter of 2008.
Interest-earning assets averaged $1.98 billion for the first nine months of 2009, compared to $1.87 billion for the same period in 2008. For the same two periods, total loans receivable including loans held for sale, averaged $1.49 billion in 2009 and $1.28 billion in 2008. Total securities averaged $487.8 million and $586.9 million for the first nine months of 2009 and 2008, respectively. The decrease, as previously mentioned with respect to the third quarter, was due to utilizing cash flows from the investment portfolio to fund loan growth and reduce the level of borrowed funds rather than redeploy those dollars back into investment securities.
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