MetroCorp Bancshares Inc. (MCBI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Metrocorp Bancshares Inc. has a market cap of $36.46 million; its shares were traded at around $2.97 with and P/S ratio of 0.38.
Total assets were $1.57 billion at September 30, 2010, a decrease of $22.1 million or 1.4% from $1.59 billion at December 31, 2009. Available-for-sale investment securities at September 30, 2010 were $156.4 million, an increase of $58.0 million or 59.0% from $98.4 million at December 31, 2009. Net loans at September 30, 2010 were $1.14 billion, a decrease of $105.7 million or 8.5% from $1.24 billion at December 31, 2009. Total deposits at September 30, 2010 were $1.30 billion, a decrease of $64.2 million or 4.7% from $1.36 billion at December 31, 2009. Other borrowings at September 30, 2010 were $56.2 million, an increase of $30.7 million or 120.3% from $25.5 million at December 31, 2009. The Company s return on average assets (“ROAA”) for the three months ended September 30, 2010 and 2009 was 0.16% and 0.28%, respectively. The Company s return on average equity (“ROAE”) for the three months ended September 30, 2010 and 2009 was 1.60% and 2.74%, respectively. The Company s ROAA for the nine months ended September 30, 2010 and 2009 was (0.22)% and 0.02%, respectively. The Company s ROAE for the nine months ended September 30, 2010 and 2009 was (2.25)% and 0.21%, respectively. Shareholders equity at September 30, 2010 was $159.8 million compared to $155.3 million at December 31, 2009, an increase of $4.5 million or 2.9%. Details of the changes in the various balance sheet items are further discussed below.
Net Interest Income and Net Interest Margin. For the three months ended September 30, 2010, net interest income, before the provision for loan losses, was $14.2 million, a decrease of $366,000 or 2.5% compared with $14.6 million for the same period in 2009, primarily due to a decline in average total loans, partially offset by lower deposit costs. Average interest-earning assets for the three months ended September 30, 2010 were $1.50 billion, a decrease of $118,000 or 0.0% compared with $1.50 billion for the same period in 2009, primarily due to lower loan volume, partially offset by growth in federal funds sold. The weighted average yield on interest-earning assets for the third quarter of 2010 was 5.08%, a decrease of 69 basis points compared with 5.77% for the same quarter in 2009. Average interest-bearing liabilities for the three months ended September 30, 2010 were $1.23 billion, an increase of $6.7 million or 0.6% compared with $1.22 billion for the same period in 2009, primarily due to growth in savings and money market accounts and other borrowings, partially offset by a decrease in time deposits. The weighted average interest rate paid on interest-bearing liabilities for the third quarter 2010 was 1.61%, a decrease of 74 basis points compared with 2.35% for the same quarter in 2009.
For the nine months ended September 30, 2010, net interest income, before the provision for loan losses, was $43.0 million, an increase of $1.9 million or 4.6% compared with $41.1 million for the same period in 2009, primarily due to lower deposit cost. Average interest-earning assets for the nine months ended September 30, 2010 were $1.50 billion, a decrease of $12.0 million or 0.8% compared with $1.51 billion for the same period in 2009, primarily due to lower loan volume, partially offset by growth in federal funds sold. The weighted average yield on interest-earning assets for the nine months ended September 30, 2010 was 5.26%, down 53 basis points compared with 5.79% for the same period in 2009. Average interest-bearing liabilities for the nine months ended September 30, 2010 were $1.24 billion, an increase of $7.6 million or 0.6% compared with $1.23 billion for the same period in 2009, primarily due to an increase in savings and money market accounts and other borrowings, partially offset by a decrease in time deposits. The weighted average rate paid on interest-bearing liabilities for the nine months ended September 30, 2010 was 1.75%, down 92 basis points compared with 2.67% for the same period in 2009.
Interest Income from Loans. Interest income from loans for the three months ended September 30, 2010 was $18.0 million, a decrease of $2.7 million or 13.0% compared with $20.7 million for the same quarter in 2009. Average total loans for the three months ended September 30, 2010 were $1.20 billion compared to $1.32 billion for the same period in 2009, a decrease of $117.6 million or 8.9%. For the third quarter of 2010, the average yield on loans was 5.92%, a decrease of 28 basis points compared to 6.20% for the same quarter in 2009. Interest income from loans for the nine months ended September 30, 2010 was $55.7 million, a decrease of $6.1 million or 9.8% compared with $61.8 million for the same period in 2009. The decrease for the three and nine months ended September 30, 2010 was the result of lower loan volume and yields. Average total loans for the nine months ended September 30, 2010 were $1.24 billion, a decrease of $88.4 million or 6.7% compared with average total loans for the same period in 2009 of $1.33 billion. For the nine months ended September 30, 2010, the yield on average total loans was 6.01%, down 21 basis points compared with 6.22% for the same period in 2009.
Interest Expense on Other Borrowings. Interest expense on other borrowings for the three months ended September 30, 2010 was $287,000, an increase of $47,000 compared to $240,000 for the same period in 2009. Interest expense on other borrowed funds for the nine months ended September 30, 2010 was $798,000, an increase of $30,000 compared with $768,000 for the same period in 2009. Average borrowed funds, consisting primarily of security repurchase agreements and borrowings from the Federal Home Loan Bank (“FHLB”), for the three months ended September 30, 2010 were $56.8 million an increase of $28.0 million compared to $28.8 million for the same period in 2009. Other borrowings increased primarily due to FHLB San Francisco advances obtained for liquidity purposes. The average interest rate paid on borrowed funds for the third quarter of 2010 was 2.00% compared to 3.31% for the same quarter in 2009. The average interest rate decreased as a result of an increase in lower cost short-term FHLB borrowings, which were partially offset by existing higher cost long-term borrowings. Average borrowed funds for the nine months ended September 30, 2010 were $43.8 million, an increase of $3.6 million compared to $40.2 million for the same period in 2009. Other borrowings increased primarily due to an increase in FHLB borrowings. The average interest rate paid on borrowed funds for the nine months ended September 30, 2010 was 2.44% compared to 2.55% for the same period in 2009.
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Metrocorp Bancshares Inc. has a market cap of $36.46 million; its shares were traded at around $2.97 with and P/S ratio of 0.38.
Highlight of Business Operations:
The Company recorded net income of $637,000 for the three months ended September 30, 2010, a decrease of $501,000 compared with the same quarter in 2009. The Company s diluted earnings per common share for the three months ended September 30, 2010 was $0.00, a decrease of $0.05 per diluted common share compared with diluted earnings per common share of $0.05 for the same quarter in 2009. Diluted earnings (loss) per common share is computed by dividing net income (after deducting dividends and accretion of discount on preferred stock) by the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Preferred stock dividends accrued and discount accreted were $605,000 or $0.05 per diluted share, and $599,000 or $0.05 per diluted share for the three months ended September 30, 2010 and 2009, respectively. The Company recorded a net loss of $2.7 million for the nine months ended September 30, 2010, a decrease of $2.9 million compared with the same period in 2009. The Company s diluted loss per common share for the nine months ended September 30, 2010 was ($0.38), a decrease of $0.25 per diluted share compared with diluted loss per common share of ($0.13) for the same period in 2009. Preferred stock dividends accrued and discount accreted were $1.8 million or $0.15 per diluted share and $1.7 million or $0.16 per diluted shared for the nine months ended September 30, 2010 and 2009, respectively. Details of the changes in the various components of net income are further discussed below.Total assets were $1.57 billion at September 30, 2010, a decrease of $22.1 million or 1.4% from $1.59 billion at December 31, 2009. Available-for-sale investment securities at September 30, 2010 were $156.4 million, an increase of $58.0 million or 59.0% from $98.4 million at December 31, 2009. Net loans at September 30, 2010 were $1.14 billion, a decrease of $105.7 million or 8.5% from $1.24 billion at December 31, 2009. Total deposits at September 30, 2010 were $1.30 billion, a decrease of $64.2 million or 4.7% from $1.36 billion at December 31, 2009. Other borrowings at September 30, 2010 were $56.2 million, an increase of $30.7 million or 120.3% from $25.5 million at December 31, 2009. The Company s return on average assets (“ROAA”) for the three months ended September 30, 2010 and 2009 was 0.16% and 0.28%, respectively. The Company s return on average equity (“ROAE”) for the three months ended September 30, 2010 and 2009 was 1.60% and 2.74%, respectively. The Company s ROAA for the nine months ended September 30, 2010 and 2009 was (0.22)% and 0.02%, respectively. The Company s ROAE for the nine months ended September 30, 2010 and 2009 was (2.25)% and 0.21%, respectively. Shareholders equity at September 30, 2010 was $159.8 million compared to $155.3 million at December 31, 2009, an increase of $4.5 million or 2.9%. Details of the changes in the various balance sheet items are further discussed below.
Net Interest Income and Net Interest Margin. For the three months ended September 30, 2010, net interest income, before the provision for loan losses, was $14.2 million, a decrease of $366,000 or 2.5% compared with $14.6 million for the same period in 2009, primarily due to a decline in average total loans, partially offset by lower deposit costs. Average interest-earning assets for the three months ended September 30, 2010 were $1.50 billion, a decrease of $118,000 or 0.0% compared with $1.50 billion for the same period in 2009, primarily due to lower loan volume, partially offset by growth in federal funds sold. The weighted average yield on interest-earning assets for the third quarter of 2010 was 5.08%, a decrease of 69 basis points compared with 5.77% for the same quarter in 2009. Average interest-bearing liabilities for the three months ended September 30, 2010 were $1.23 billion, an increase of $6.7 million or 0.6% compared with $1.22 billion for the same period in 2009, primarily due to growth in savings and money market accounts and other borrowings, partially offset by a decrease in time deposits. The weighted average interest rate paid on interest-bearing liabilities for the third quarter 2010 was 1.61%, a decrease of 74 basis points compared with 2.35% for the same quarter in 2009.
For the nine months ended September 30, 2010, net interest income, before the provision for loan losses, was $43.0 million, an increase of $1.9 million or 4.6% compared with $41.1 million for the same period in 2009, primarily due to lower deposit cost. Average interest-earning assets for the nine months ended September 30, 2010 were $1.50 billion, a decrease of $12.0 million or 0.8% compared with $1.51 billion for the same period in 2009, primarily due to lower loan volume, partially offset by growth in federal funds sold. The weighted average yield on interest-earning assets for the nine months ended September 30, 2010 was 5.26%, down 53 basis points compared with 5.79% for the same period in 2009. Average interest-bearing liabilities for the nine months ended September 30, 2010 were $1.24 billion, an increase of $7.6 million or 0.6% compared with $1.23 billion for the same period in 2009, primarily due to an increase in savings and money market accounts and other borrowings, partially offset by a decrease in time deposits. The weighted average rate paid on interest-bearing liabilities for the nine months ended September 30, 2010 was 1.75%, down 92 basis points compared with 2.67% for the same period in 2009.
Interest Income from Loans. Interest income from loans for the three months ended September 30, 2010 was $18.0 million, a decrease of $2.7 million or 13.0% compared with $20.7 million for the same quarter in 2009. Average total loans for the three months ended September 30, 2010 were $1.20 billion compared to $1.32 billion for the same period in 2009, a decrease of $117.6 million or 8.9%. For the third quarter of 2010, the average yield on loans was 5.92%, a decrease of 28 basis points compared to 6.20% for the same quarter in 2009. Interest income from loans for the nine months ended September 30, 2010 was $55.7 million, a decrease of $6.1 million or 9.8% compared with $61.8 million for the same period in 2009. The decrease for the three and nine months ended September 30, 2010 was the result of lower loan volume and yields. Average total loans for the nine months ended September 30, 2010 were $1.24 billion, a decrease of $88.4 million or 6.7% compared with average total loans for the same period in 2009 of $1.33 billion. For the nine months ended September 30, 2010, the yield on average total loans was 6.01%, down 21 basis points compared with 6.22% for the same period in 2009.
Interest Expense on Other Borrowings. Interest expense on other borrowings for the three months ended September 30, 2010 was $287,000, an increase of $47,000 compared to $240,000 for the same period in 2009. Interest expense on other borrowed funds for the nine months ended September 30, 2010 was $798,000, an increase of $30,000 compared with $768,000 for the same period in 2009. Average borrowed funds, consisting primarily of security repurchase agreements and borrowings from the Federal Home Loan Bank (“FHLB”), for the three months ended September 30, 2010 were $56.8 million an increase of $28.0 million compared to $28.8 million for the same period in 2009. Other borrowings increased primarily due to FHLB San Francisco advances obtained for liquidity purposes. The average interest rate paid on borrowed funds for the third quarter of 2010 was 2.00% compared to 3.31% for the same quarter in 2009. The average interest rate decreased as a result of an increase in lower cost short-term FHLB borrowings, which were partially offset by existing higher cost long-term borrowings. Average borrowed funds for the nine months ended September 30, 2010 were $43.8 million, an increase of $3.6 million compared to $40.2 million for the same period in 2009. Other borrowings increased primarily due to an increase in FHLB borrowings. The average interest rate paid on borrowed funds for the nine months ended September 30, 2010 was 2.44% compared to 2.55% for the same period in 2009.
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