Metro Bancorp Inc (METR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Metro Bancorp Inc has a market cap of $166.48 million; its shares were traded at around $12.35 with a P/E ratio of 154.38 and P/S ratio of 1.66. METR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Nonperforming assets and loans past due 90 days at March 31, 2010 totaled $53.5 million, or 2.46%, of total assets, as compared to $45.6 million, or 2.12%, of total assets, at December 31, 2009 and $30.4 million, or 1.44%, of total assets one year ago. The Company s first quarter provision for loan losses totaled $2.4 million compared to $3.2 million recorded in the first quarter of 2009. The allowance for loan losses totaled $15.2 million as of March 31, 2010, a decrease of $1.1 million, or 6%, from the total allowance at March 31, 2009 but an increase compared to $14.4 million at December 31, 2009. The allowance represented 1.08% and 1.12% of gross loans outstanding at March 31, 2010 and 2009, respectively and compared to 1.00% of gross loans at December 31, 2009.
The average balance of total deposits increased $215.1 million, or 13%, for the first quarter of 2010 compared to the first quarter of 2009. This increase was primarily used to reduce the level of borrowed funds. Total interest-bearing deposits averaged $1.50 billion for the first quarter of 2010, compared to $1.33 billion for the first quarter one year ago and average noninterest bearing deposits increased by $39.8 million, or 14%, to $325.4 million. Short-term borrowings, which consists of overnight advances from the Federal Home Loan Bank, averaged $51.2 million for the first quarter of 2010 versus $308.1 million for the same quarter of 2009.
Net interest income, on a fully tax-equivalent basis, for the first quarter of 2010 increased by $174,000, or 1%, over the same period in 2009. This increase resulted from a reduction in interest rates paid on deposits and short-term borrowing sources offset by a decrease in the yield on earning assets, both as discussed in the previous section of this Form 10-Q. Interest income, on a tax-equivalent basis, on interest-earning assets totaled $24.7 million for the first quarter of 2010, a decrease of $1.1 million, or 4%, from 2009. Interest income on loans receivable including loans held for sale, on a tax-equivalent basis, decreased by $1.0 million, or 5%, from the first quarter of 2009. This is primarily the result of approximately an $800,000 decrease in loan interest income due to a lower level of loans receivable outstanding. Also impacting loan interest income for the first quarter of 2010 was the reversal of $201,000 of accrued interest income associated with loans which were reclassified to non-accrual status during the quarter as well as the impact of lower interest rates associated with our floating rate loans and new fixed rate loans generated over the past twelve months. Interest income on the investment securities portfolio decreased by $83,000, or 2%, for the first quarter of 2010 as compared to the same period last year. Although the average balance of the investment portfolio in the first quarter of 2010 increased $45.3 million from the first quarter of 2009, it was not enough to overcome the 39 bps drop in average yield. During the first quarter of 2010, cash flows from the securities portfolio were reinvested back into the portfolio.
Interest expense for the first quarter decreased $1.3 million, or 22%, from $6.0 million in 2009 to $4.7 million in 2010. Interest expense on deposits decreased by $665,000, or 15%, from the first quarter of 2009 while interest expense on short-term borrowings decreased by $360,000, or 85%, for the same period. Interest expense on long-term debt decreased by $280,000, or 51%, as a result of the maturity of a $25 million two-year borrowing from the Federal Home Loan Bank which matured in September 2009.
Management undertakes a rigorous and consistently applied process in order to evaluate the allowance for loan losses and to determine the level of provision for loan losses, as previously stated in the Application of Critical Accounting Policies. We recorded a provision of $2.4 million to the allowance for loan losses for the first quarter of 2010 as compared to $1.8 million for the previous quarter and compared to $3.2 million for the first quarter of 2009. The higher provision for loan losses for the first quarter in the prior year is directly related to the much higher level of net charge-offs incurred during the first three months of 2009 compared to the same period in 2010. Nonperforming loans totaled $46.3 million at March 31, 2010, up from $37.7 million at December 31, 2009 and compared to $29.4 million at March 31, 2009. Total nonperforming assets were $53.5 million at March 31, 2010 compared to $45.6 million as of December 31, 2009 and up from $30.4 million at March 31, 2009. Nonperforming assets as a percentage of total assets increased from 2.12% at December 31, 2009 to 2.46% at March 31, 2010. This same ratio was 1.44% at March 31, 2009. See the
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Metro Bancorp Inc has a market cap of $166.48 million; its shares were traded at around $12.35 with a P/E ratio of 154.38 and P/S ratio of 1.66. METR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Company recorded net income of $6,000, or $0.00 per share, for the first quarter of 2010 versus $837,000, or $0.13 per fully-diluted share, for the same period one year ago. Total revenues for the three months ended March 31, 2010 were $25.4 million, up $543,000, or 2%, over the same period in 2009.Nonperforming assets and loans past due 90 days at March 31, 2010 totaled $53.5 million, or 2.46%, of total assets, as compared to $45.6 million, or 2.12%, of total assets, at December 31, 2009 and $30.4 million, or 1.44%, of total assets one year ago. The Company s first quarter provision for loan losses totaled $2.4 million compared to $3.2 million recorded in the first quarter of 2009. The allowance for loan losses totaled $15.2 million as of March 31, 2010, a decrease of $1.1 million, or 6%, from the total allowance at March 31, 2009 but an increase compared to $14.4 million at December 31, 2009. The allowance represented 1.08% and 1.12% of gross loans outstanding at March 31, 2010 and 2009, respectively and compared to 1.00% of gross loans at December 31, 2009.
The average balance of total deposits increased $215.1 million, or 13%, for the first quarter of 2010 compared to the first quarter of 2009. This increase was primarily used to reduce the level of borrowed funds. Total interest-bearing deposits averaged $1.50 billion for the first quarter of 2010, compared to $1.33 billion for the first quarter one year ago and average noninterest bearing deposits increased by $39.8 million, or 14%, to $325.4 million. Short-term borrowings, which consists of overnight advances from the Federal Home Loan Bank, averaged $51.2 million for the first quarter of 2010 versus $308.1 million for the same quarter of 2009.
Net interest income, on a fully tax-equivalent basis, for the first quarter of 2010 increased by $174,000, or 1%, over the same period in 2009. This increase resulted from a reduction in interest rates paid on deposits and short-term borrowing sources offset by a decrease in the yield on earning assets, both as discussed in the previous section of this Form 10-Q. Interest income, on a tax-equivalent basis, on interest-earning assets totaled $24.7 million for the first quarter of 2010, a decrease of $1.1 million, or 4%, from 2009. Interest income on loans receivable including loans held for sale, on a tax-equivalent basis, decreased by $1.0 million, or 5%, from the first quarter of 2009. This is primarily the result of approximately an $800,000 decrease in loan interest income due to a lower level of loans receivable outstanding. Also impacting loan interest income for the first quarter of 2010 was the reversal of $201,000 of accrued interest income associated with loans which were reclassified to non-accrual status during the quarter as well as the impact of lower interest rates associated with our floating rate loans and new fixed rate loans generated over the past twelve months. Interest income on the investment securities portfolio decreased by $83,000, or 2%, for the first quarter of 2010 as compared to the same period last year. Although the average balance of the investment portfolio in the first quarter of 2010 increased $45.3 million from the first quarter of 2009, it was not enough to overcome the 39 bps drop in average yield. During the first quarter of 2010, cash flows from the securities portfolio were reinvested back into the portfolio.
Interest expense for the first quarter decreased $1.3 million, or 22%, from $6.0 million in 2009 to $4.7 million in 2010. Interest expense on deposits decreased by $665,000, or 15%, from the first quarter of 2009 while interest expense on short-term borrowings decreased by $360,000, or 85%, for the same period. Interest expense on long-term debt decreased by $280,000, or 51%, as a result of the maturity of a $25 million two-year borrowing from the Federal Home Loan Bank which matured in September 2009.
Management undertakes a rigorous and consistently applied process in order to evaluate the allowance for loan losses and to determine the level of provision for loan losses, as previously stated in the Application of Critical Accounting Policies. We recorded a provision of $2.4 million to the allowance for loan losses for the first quarter of 2010 as compared to $1.8 million for the previous quarter and compared to $3.2 million for the first quarter of 2009. The higher provision for loan losses for the first quarter in the prior year is directly related to the much higher level of net charge-offs incurred during the first three months of 2009 compared to the same period in 2010. Nonperforming loans totaled $46.3 million at March 31, 2010, up from $37.7 million at December 31, 2009 and compared to $29.4 million at March 31, 2009. Total nonperforming assets were $53.5 million at March 31, 2010 compared to $45.6 million as of December 31, 2009 and up from $30.4 million at March 31, 2009. Nonperforming assets as a percentage of total assets increased from 2.12% at December 31, 2009 to 2.46% at March 31, 2010. This same ratio was 1.44% at March 31, 2009. See the
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