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MetroCorp Bancshares, Inc. Announces 2013 Third Quarter Results; Net Income Increased 19.7% to $3.4 Million or $0.18 per Diluted



 MetroCorp Bancshares, Inc. Announces 2013 Third Quarter Results; Net Income
          Increased 19.7% to $3.4 Million or $0.18 per Diluted Share

PR Newswire

HOUSTON, Oct. 18, 2013

HOUSTON, Oct. 18, 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 its operating results for the third
quarter of 2013. 

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

Financial Highlights

  o Net income of $3.4 million for the third quarter of 2013 improved 19.7%
    from $2.9 million for the third quarter of 2012.
  o Earnings per diluted share for the third quarter of 2013 were $0.18
    compared with $0.15 for the third quarter of 2012.
  o Total loans grew $84.5 million or 7.7% to $1.18 billion at September 30,
    2013 compared with $1.10 billion at December 31, 2012.
  o Total deposits grew $85.4 million or 6.7% to $1.35 billion at September
    30, 2013 compared with $1.27 million at December 31, 2012.
  o Total nonperforming assets at September 30, 2013 declined $2.7 million or
    8.1% on a linked-quarter basis to $24.8 million compared with $27.5
    million at June 30, 2013, and declined $16.7 million or 40.3% compared
    with $41.5 million at December 31, 2012.
  o The ratio of nonperforming assets to total assets declined to 1.52% at
    September 30, 2013 compared with 1.74% at June 30, 2013 and 2.73% at
    December 31, 2012.
  o Net charge-offs of $377,000 for the third quarter of 2013 were 0.03% of
    total loans, compared with $975,000 for the second of quarter 2013, and
    $1.5 million for the third quarter of 2012. 
  o Provision for loan losses was a reversal of ($655,000) for the third
    quarter of 2013 compared with a reversal of ($25,000) for the second
    quarter of 2013, and a reversal of ($300,000) for the third quarter of
    2012.
  o The ratio of the allowance for loan losses to total loans at September 30,
    2013 was 1.76% compared with 2.23% at December 31, 2012 and 2.33% at
    September 30, 2012.
  o Net interest margin was 3.57% for the third quarter of 2013 compared with
    3.50% for the second quarter of 2013, and 3.84% for the third quarter of
    2012.
  o Total risk-based capital ratio was 17.22% at September 30, 2013 compared
    with 17.95% at December 31, 2012.

George M. Lee, Co-Chairman, President and CEO of MetroCorp Bancshares, Inc.
("MetroCorp"), stated, "The third quarter 2013 performance continues to be on
track with management's expectations. We are encouraged by the Company's solid
earnings of $3.4 million for the third quarter of 2013 compared with $2.9
million for the same quarter in 2012. The net interest margin improved to
3.57% compared with 3.50% on a linked-quarter basis between the third and
second quarters of 2013.  Nonperforming assets decreased by $2.7 million to
1.52% of total loans from 1.74% at the end of the second quarter of 2013 and
is on pace to surpass management's year-end asset quality target.  Our
balanced growth strategy on loans and deposits, together with a strong capital
base, and a 1.76% ratio of allowance for loan losses to total loans were all
positive signs of the Company's solid business and operating platforms."

CEO Lee continued, "With the announced merger between MetroCorp and East West
Bancorp, Inc. expected to take place during the first quarter of 2014, we are
pleased with the positive momentum of our third quarter performance. We
believe that the current operating platform can serve as a solid spring board
for exciting growth opportunities ahead."

Interest income and expense 
Net interest income for the three months ended September 30, 2013 was $13.7
million, an increase of $43,000 or 0.3% compared with $13.6 million for the
same period in 2012. The increase in net interest income for the three months
ended September 30, 2013 was due to loan growth and lower cost of deposits
partially offset by declines in the yields on loans and securities and an
increase in the volume of borrowings. Net interest income for the nine months
ended September 30, 2013 was $39.5 million, a decrease of $1.4 million or 3.5%
compared with $40.9 million for the same period in 2012.  The decrease in net
interest income for the nine months ended September 30, 2013 was primarily due
to declines in the yields on loans and securities, partially offset by an
increase in the volume of loans and lower cost of deposits.  On a
linked-quarter basis, net interest income increased $710,000 compared with the
three months ended June 30, 2013. 

The net interest margin for the three months ended September 30, 2013 was
3.57%, a decrease of 27 basis points compared with 3.84% for the same period
in 2012. The yield on average earning assets decreased 32 basis points, and
the cost of average earning assets decreased five basis points for the same
periods.  However, on a linked-quarter basis, the net interest margin for the
three months ended September 30, 2013 increased seven basis points compared
with 3.50% for the three months ended June 30, 2013. The yield on average
earning assets increased seven basis points, and the cost of average earning
assets remained level with June 30, 2013.

The net interest margin for the nine months ended September 30, 2013 was
3.56%, a decrease of 31 basis points compared with 3.87% for the same period
in 2012. The yield on average earning assets decreased 41 basis points, and
the cost of average earning assets decreased 10 basis points for the same
periods.

Interest income for the three months ended September 30, 2013 was $16.1
million, an increase of $32,000 or 0.2% compared with $16.0 million for the
same period in 2012, primarily due to increases in the volume of loans and
securities, offset by decreases in the yield on earning assets. On a
linked-quarter basis, interest income increased $786,000 or 5.1% from $15.3
million compared with the second quarter of 2013. Average earning assets
increased $107.4 million or 7.6% to $1.52 billion for the third quarter of
2013, compared with $1.41 billion for the same period in 2012.  Average total
loans increased $108.9 million or 10.2% to $1.18 billion for the third quarter
of 2013 compared with $1.07 billion for the third quarter of 2012. The yield
on average earning assets for the third quarter of 2013 was 4.19% compared
with 4.51% for the third quarter of 2012.

Interest income for the nine months ended September 30, 2013 was $46.4
million, down $2.3 million or 4.6% compared with $48.6 million for the same
period in 2012, primarily due to lower yield on loans and securities,
partially offset by an increase in the volume of loans.  Average earning
assets increased $68.0 million or 4.8% to $1.48 billion for the nine months
ended September 30, 2013, compared with $1.41 billion for the same period in
2012.  Average total loans increased $79.8 million or 7.5% to $1.14 billion
for the nine months ended September 30, 2013 compared with $1.06 billion for
the same period in 2012. The yield on average earning assets for the nine
months ended September 30, 2013 was 4.18% compared with 4.59% for the nine
months ended September 30, 2012.

Interest expense for the three months ended September 30, 2013 was $2.4
million, down $11,000 or 0.5% compared with $2.4 million for the same period
in 2012, primarily due to lower cost on both deposits and other borrowings,
partially offset by an increase in other borrowings and time deposits. Average
interest-bearing deposits were $1.0 billion for the third quarter of 2013, an
increase of $22.4 million or 2.3% compared with $977.8 million for the same
period of 2012. The cost of interest-bearing deposits for the third quarter of
2013 was 0.69% compared with 0.73% for the third quarter of 2012.  Average
other borrowings, excluding junior subordinated debentures, were $46.0 million
for the third quarter of 2013, an increase of $20.0 million compared with
$26.0 million for the third quarter of 2012.  The cost of other borrowings,
excluding junior subordinated debentures, for the third quarter of 2013 was
2.63% compared with 3.78% for the third quarter of 2012.

Interest expense for the nine months ended September 30, 2013 was $6.9
million, down $812,000 or 10.6% compared with $7.7 million for the same period
in 2012, primarily due to lower cost on both deposits and other borrowings,
partially offset by an increase in other borrowings. Average interest-bearing
deposits were $988.7 million for the nine months ended September 30, 2013, a
decrease of $5.2 million or 0.5% compared with $994.0 million for the same
period of 2012. The cost of interest-bearing deposits for the nine months
ended September 30, 2013 was 0.69% compared with 0.80% for the nine months
ended September 30, 2012.  Average other borrowings, excluding junior
subordinated debentures, were $36.8 million for the nine months ended
September 30, 2013, an increase of $10.8 million compared with $26.0 million
for the nine months ended September 30, 2012.  The cost of other borrowings,
excluding junior subordinated debentures, for the nine months ended September
30, 2013 was 2.90% compared with 3.81% for the nine months ended September 30,
2012.

Noninterest income and expense
Noninterest income for the three months ended September 30, 2013 was $2.1
million, an increase of $217,000 or 11.6% compared with $1.9 million for the
same period in 2012. The increase for the three months ended September 30,
2013 was primarily due to gains on sales of  SBA loans, partially offset by
decreases in all other noninterest income categories.  Noninterest income for
the nine months ended September 30, 2013 was $5.7 million, an increase of
$248,000 or 4.6% compared with $5.4 million for the same period in 2012,
primarily due to gains on sales of SBA loans and an increase in other
noninterest income, partially offset by a decrease in service fees. Other
noninterest income for the nine months ended September 30, 2013 increased due
to gains in foreign currency transactions and the fair value of derivatives,
which were partially offset by declines in ORE rental income and in the fair
value of the BOLI investment.

Noninterest expense for the three months ended September 30, 2013 was $11.5
million, a decrease of $51,000 or 0.4% compared with $11.5 million for the
same period in 2012.  The decrease was mainly the result of a decline in ORE
expenses of $243,000 and occupancy and equipment expense of $143,000,
partially offset by an increase in other noninterest expense of $328,000. 
Other noninterest expense increased primarily due to an increase in data
processing expenses as a result of outsourcing the core processing system,
partially offset by a decline in operational losses.  Noninterest expense for
the nine months ended September 30, 2013 was $32.5 million, a decrease of $1.3
million or 3.8% compared with $33.8 million for the same period in 2012.  The
decrease was mainly the result of a decline in other ORE expenses, partially
offset by increases in other noninterest expense.  Other noninterest expense
increased primarily due to a rise in data processing expenses but partially
offset by decreases in other loan expenses and legal fees.

Salaries and employee benefits expense for the three months ended September
30, 2013 and 2012 was $6.0 million. Salaries and employee benefits expense for
the nine months ended September 30, 2013 was $18.2 million, an increase of
$308,000 or 1.7% compared with $17.9 million for the same period in 2012,
primarily as a result of merit increases.

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

                          September 30,  June 30,    March 31,   September 30,
                          2013           2013        2013        2012
                          (dollars in thousands)
Allowance for Loan
Losses
Balance at beginning of   $              $           $           $          
quarter                   21,832         22,832      24,592      27,311
(Reduction in) provision
for loan losses for       (655)          (25)        (450)       (300)
quarter
Net charge-offs for       (377)          (975)       (1,310)     (1,469)
quarter
Balance at end of         $              $           $           $          
quarter                   20,800         21,832      22,832      25,542
Total loans               $              $           $           $    
                           1,184,824      1,178,288   1,124,716   1,096,855
Allowance for loan        1.76%          1.85%       2.03%       2.33%
losses to total  loans
Net charge-offs to        (0.03)%        (0.08)%     (0.12)%     (0.13)%
total  loans

The provision for loan losses for the three months ended September 30, 2013
was a reversal of ($655,000), an increase in the reversal of $355,000 compared
with a reversal of ($300,000) for the same period in 2012, primarily as a
result of reductions in classified assets and net charge- offs.  The provision
for loan losses for the nine months ended September 30, 2013 was a reversal of
($1.1 million), a decrease of $1.4 million compared with a provision of
$300,000 for the same period in 2012, primarily as a result of reductions in
classified assets and net charge-offs.  On a linked-quarter basis between the
third and second quarters of 2013, the provision for loan losses decreased by
$630,000.

Net charge-offs for the three months ended September 30, 2013 were $377,000 or
0.03% of total loans compared with net charge-offs of $1.5 million or 0.13% of
total loans for the same period in 2012.  The net charge-offs for the third
quarter of 2013 were all related to loans from Texas. Net charge-offs for the
nine months ended September 30, 2013 were $2.7 million or 0.22% of total loans
compared with net charge-offs of $3.1 million or 0.28% of total loans for the
same period in 2012. The net charge-offs for the nine months ended September
30, 2013 consisted of $1.8 million in loans from Texas and $877,000 in loans
from California.

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

                          September 30,   June 30,   December     September
                                                     31,          30,
                            2013            2013       2012
                                                                    2012
                          (dollars in thousands)
Nonperforming Assets
Nonaccrual loans          $       11,640  $          $            $     31,454
                                          12,304     23,568
Troubled debt
restructurings -          387             394        400          4,126
accruing
Troubled debt
restructurings -          3,391           3,871      5,014        4,707
nonaccruing
Other real estate         9,373           10,960     12,555       7,915
("ORE")
Total nonperforming       $       24,791  $          $            $    
assets                                    27,529      41,537       48,202
Total nonperforming       1.52%           1.74%      2.73%        3.16%
assets to total assets
Supplemental information
for the three months
ending:
Writedowns on ORE         $               $          $            $        
                           14                  40    429          598
Losses (gains) on ORE     121             (176)      11           (179)
sales

Total nonperforming assets at September 30, 2013 were $24.8 million ($21.3
million from Texas and $3.5 million from California) compared with $41.5
million at December 31, 2012 ($32.5 million from Texas and $9.0 million from
California), a decrease of $16.7 million or 40.3%. The ratio of total
nonperforming assets to total assets decreased to 1.52% at September 30, 2013
from 2.73% at December 31, 2012.

On a linked-quarter basis, total nonperforming assets decreased by $2.7
million, which consisted of a $2.1 million decrease in Texas and a $651,000
decrease in California.  The decrease in nonperforming assets in Texas
consisted primarily of declines of $640,000 in nonaccrual loans, a $220,000
reduction in nonaccrual troubled debt restructurings ("TDRs") and a net
reduction of $1.2 million in ORE. In Texas, nonaccrual loans including
nonaccrual TDRs decreased primarily due to $994,000 in paydowns on loans,
$508,000 in writedowns on six loans, the transfer of one $259,000 loan to ORE
and $156,000 in loan payoffs, but partially offset by the addition of six
loans totaling approximately $1.1 million. The decline in nonperforming assets
in California primarily consisted of decreases of $24,000 in nonaccrual loans,
$260,000 in nonaccrual TDRs and $360,000 in ORE.  In California, nonaccrual
loans including nonaccrual TDRs decreased primarily due to a loan payoff.

On a linked-quarter basis, ORE at September 30, 2013 decreased $1.6 million
compared with ORE at June 30, 2013 and was primarily the result of the sale of
one property in Texas ($1.4 million) and one property in California
($360,000), partially offset by the addition of one property in Texas. 

Approximately $14.7 million or 95.1% of nonaccrual loans and nonaccruing TDRs
at September 30, 2013, 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, October 21, 2013, the Company will
hold a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss
the third quarter 2013 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 twelve 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 September 30, 2013, the Company had
consolidated assets of $1.6 billion.  For more information, visit the
Company's web site at www.metrobank-na.com.

Forward-Looking Statements

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
MetroCorp's, East West's or the combined 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 MetroCorp's control. In
some cases, you can identify forward-looking statements by words such as
"may," "hope," "will," "should," "expect," "plan,"  "anticipate," "intend,"
"believe," "estimate," "predict," "potential," "continue," "could," "future"
or the negative of those terms or other words of similar meaning. You should
carefully read forward-looking statements, including statements that contain
these words, because they discuss the future expectations or state other
"forward-looking" information about East West, MetroCorp and the combined
company. Such statements involve inherent risks and uncertainties, many of
which are difficult to predict and are generally beyond the control of East
West, MetroCorp and the combined company. Forward-looking statements speak
only as of the date they are made and we assume no duty to update such
statements. 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) increases in the
level of nonperforming assets; (9) changes in the availability of funds which
could increase costs or decrease liquidity or impair the Company's ability to
raise additional capital; (10) 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; (11) changes in accounting principles,
policies or guidelines; (12) a deterioration or downgrade in the credit
quality and credit agency ratings of the securities in the Company's
securities portfolio; (13) the incurrence and possible impairment of goodwill
associated with an acquisition; (14) the timing, impact and other
uncertainties of the Company's ability to enter new markets successfully and
capitalize on growth opportunities; (15) the inability to fully realize the
Company's net deferred tax asset; (16) 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; (17) potential environmental
risk and associated cost on the Company's foreclosed real estate assets; and
(18) 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 2012 Annual Report on
Form 10-K and other reports and other documents filed with the Securities and
Exchange Commission.

Important Information About the Proposed Merger and Where to Find It

Communications in this release do not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote
or approval. In connection with the proposed transaction, East West intends to
file with the SEC a registration statement on Form S-4, which will include a
proxy statement/prospectus with respect to the proposed acquisition of
MetroCorp.  The final proxy statement/prospectus will be mailed to the
shareholders of MetroCorp in advance of a special meeting of shareholders that
will be held to consider the proposed merger.  INVESTORS AND SECURITY HOLDERS
OF METROCORP ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE
PROPOSED MERGER CAREFULLY AND IN ITS ENTIRETY, INCLUDING ANY DOCUMENTS
PREVIOUSLY FILED WITH THE SEC AND INCORPORATED BY REFERENCE INTO THE PROXY
STATEMENT/PROSPECTUS, WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION REGARDING EAST WEST, METROCORP AND THE PROPOSED MERGER. 
Investors will be able to obtain a free copy of the registration statement and
proxy statement/prospectus, as well as other filings containing information
about East West and MetroCorp (including but not limited to their Annual
Reports on Form 10-K, their proxy statements, their Current Reports on Form
8-K and their Quarterly Reports on Form 10-Q), without charge, at the SEC's
website at http://www.sec.gov/.  Investors may also obtain these documents,
without charge, from East West's website at http://www.eastwestbank.com or by
contacting East West's investor relations department at (626) 768-6800 or from
MetroCorp's website at https://www.metrobank-na.com or by contacting
MetroCorp's investor relations department at (713) 776-3876.

Participants in a Solicitation

MetroCorp and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the solicitation
of proxies in respect of the proposed merger. Information about the directors
and executive officers of MetroCorp and their ownership of MetroCorp common
stock is set forth in the Proxy Statement for MetroCorp's 2013 Annual Meeting
of Shareholders as previously filed with the SEC. Additional information
regarding the interests of such participants in the proposed transaction will
be included in the proxy statement/prospectus, when it becomes available.

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

 

 

MetroCorp Bancshares, Inc.
(In thousands, except share amounts)
(Unaudited)
                                                September 30,   December 31,
                                                2013            2012
Consolidated Balance Sheets
Assets
Cash and due from banks                         $               $        
                                                29,963           31,203
Federal funds sold and other short-term         137,527         128,246
investments
 Total cash and cash equivalents                167,490         159,449
Interest-bearing time deposits in banks         $               $        
                                                15,616           15,321
Securities available-for-sale, at fair value    183,657         164,048
Securities held-to-maturity, at cost (fair
value $8,108 at September 30, 2013 and $4,757   7,788           4,046
at December 31, 2012)
Other investments                               5,702           5,592
Loans, net of allowance for loan losses of
$20,800 and $24,592, at September 30, 2013 and  1,163,864       1,075,745
December 31, 2012, respectively
Loans, held-for-sale                            160             -
Accrued interest receivable                     3,753           4,120
Premises and equipment, net                     3,788           4,046
Goodwill                                        14,327          14,327
Core deposit intangibles                        31              59
Deferred tax asset, net                         15,327          13,110
Customers' liability on acceptances             5,828           7,045
Foreclosed assets, net                          9,373           12,555
Cash value of bank owned life insurance         33,721          32,794
Prepaid FDIC assessment                         -               3,439
Other assets                                    4,024           4,116
 Total assets                                   $               $    
                                                 1,634,449      1,519,812
Liabilities and Shareholders' Equity
Deposits:
 Noninterest-bearing                            $               $      
                                                330,067          309,696
 Interest-bearing                               1,022,401       957,334
         Total deposits                         1,352,468       1,267,030
Junior subordinated debentures                  36,083          36,083
Other borrowings                                46,000          25,000
Accrued interest payable                        280             233
Acceptances outstanding                         5,828           7,045
Other liabilities                               13,672          7,390
 Total liabilities                              1,454,331       1,342,781
Commitments and contingencies                   -               -
Shareholders' equity:
 Common stock, $1.00 par value, 50,000,000
 shares authorized; 18,776,765 and 18,766,765
 shares issued and 18,699,638 and 18,746,385    18,777          18,767
 shares outstanding at September 30, 2013 and
 December 31, 2012, respectively
 Additional paid-in-capital                     75,164          74,998
 Retained earnings                              91,403          82,881
 Accumulated other comprehensive (loss) income  (4,466)         567
 Treasury stock, at cost                        (760)           (182)
         Total shareholders' equity             180,118         177,031
         Total liabilities and shareholders'    $               $    
         equity                                  1,634,449      1,519,812
Nonperforming Assets and Asset Quality Ratios
Nonaccrual loans                                $               $        
                                                11,640           23,568
Accruing loans 90 days or more past due         -               -
Troubled debt restructurings - accruing         387             400
Troubled debt restructurings - nonaccruing      3,391           5,014
Other real estate ("ORE")                       9,373           12,555
Total nonperforming assets                      24,791          41,537
Total nonperforming assets to total assets      1.52          % 2.73         %
Total nonperforming assets to total loans and   2.08          % 3.73         %
ORE
Allowance for loan losses to total loans        1.76          % 2.23         %
Allowance for loan losses to total              134.91        % 84.85        %
nonperforming loans
Net year-to-date charge-offs to total loans     0.22          % 0.29         %
Net year-to-date charge-offs                    $               $          
                                                2,662            3,138
Total loans to total deposits                   87.60         % 86.84        %

 

 

MetroCorp Bancshares, Inc.
(In thousands, except per share amounts)
(Unaudited)
                               For the Three Months    For the Nine Months
                               Ended Sept 30,          Ended Sept 30,
                               2013        2012        2013        2012
Average Balance Sheet Data
Total assets                   $           $           $           $
                               1,608,311   1,510,577   1,576,162   1,512,667
Securities                     195,013     172,739     182,863     180,117
Total loans                    1,175,296   1,066,352   1,138,570   1,058,782
Allowance for loan losses      (21,918)    (27,214)    (22,820)    (27,948)
Net loans                      1,153,378   1,039,138   1,115,750   1,030,834
Total interest-earning assets  1,520,098   1,412,727   1,482,722   1,414,710
Total deposits                 1,327,616   1,255,481   1,307,914   1,256,389
Other borrowings and junior    82,083      62,083      72,889      62,085
subordinated debt
Total shareholders' equity     178,609     173,370     179,359     176,143
Income Statement Data
Interest income:
 Loans                         $           $           $           $    
                               14,695      14,593      42,530      44,346
 Securities:
      Taxable                  892         1,020       2,530       3,051
      Tax-exempt               186         145         499         407
 Federal funds sold and other  288         271         794         804
 short-term investments (1)
          Total interest       16,061      16,029      46,353      48,608
          income
Interest expense:
 Time deposits                 1,361       1,288       3,896       4,194
 Demand and savings deposits   376         508         1,192       1,729
 Other borrowings              633         585         1,771       1,748
          Total interest       2,370       2,381       6,859       7,671
          expense
Net interest income            13,691      13,648      39,494      40,937
(Reduction in) provision for   (655)       (300)       (1,130)     300
loan losses
Net interest income after      14,346      13,948      40,624      40,637
provision for loan losses
Noninterest income:
 Service fees                  1,002       1,099       2,913       3,347
 Other loan-related fees       125         139         424         326
 Letters of credit             166         197         540         584
 commissions and fees
 (Loss) gain on securities,    (4)         24          33          108
 net
 Total other-than-temporary
 impairment ("OTTI") on        (36)        (14)        (129)       (101)
 securities
      Less: Noncredit portion  (27)        (7)         (54)        (17)
      of OTTI
          Net impairments on   (9)         (7)         (75)        (84)
          securities
 Gain on sale of loans         487         -           558         -
 Other noninterest income      322         420         1,290       1,154
          Total noninterest    2,089       1,872       5,683       5,435
          income
Noninterest expense:
 Salaries and employee         6,017       6,016       18,242      17,934
 benefits
 Occupancy and equipment       1,649       1,792       4,977       5,224
 Foreclosed assets, net        309         552         (450)       1,915
 FDIC assessment               486         480         1,463       1,362
 Goodwill impairment           -           -           -           -
 Other noninterest expense     3,017       2,689       8,256       7,339
          Total noninterest    11,478      11,529      32,488      33,774
          expense
Income before provision for    4,957       4,291       13,819      12,298
income taxes
Provision for income taxes     1,509       1,410       4,548       4,023
Net income                     $           $           $           $      
                               3,448       2,881       9,271       8,275
Dividends and discount -       -           (20)        -           (1,429)
preferred stock
Adjustment from repurchase of  -           (149)       -           557
preferred stock
Net income applicable to       $           $           $           $      
common shareholders            3,448       2,712       9,271       7,403
Per Share Data
Earnings per share - basic     $           $           $           $      
                                0.19        0.15        0.50        0.47
Earnings per share - diluted   0.18        0.15        0.49        0.47
Weighted average shares
outstanding:
 Basic                         18,417      18,307      18,372      15,666
 Diluted                       18,814      18,648      18,757      15,876
 Dividends per common share    $           $           $           $        
                                0.02         -          0.04         -
Performance Ratio Data
Return on average assets       0.85      % 0.69      % 0.79      % 0.72      %
Return on average              7.66      % 5.62      % 6.91      % 6.11      %
shareholders' equity
Net interest margin            3.57      % 3.84      % 3.56      % 3.87      %
Efficiency ratio (2)           71.54     % 74.24     % 74.12     % 70.59     %
Equity to assets (average)     11.11     % 12.26     % 11.38     % 11.73     %

(1) Includes interest-bearing time deposits in banks.
(2) Calculated by dividing total noninterest expense, excluding loan loss
provisions, goodwill impairment, provisions for unfunded commitments,
writedowns on foreclosed assets and gains and losses on sales of foreclosed
assets by net interest income plus noninterest income, excluding impairment on
securities and gains and losses on securities transactions.

SOURCE MetroCorp Bancshares, Inc.

Website: http://www.metrobank-na.com
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