METRO BANCORP, INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - METRO BANCORP, INC. FORM 8-K - METRO BANCORP, INC.	metrobank8k.htm
EX-99.1 - EXHIBIT 99.1 - METRO BANCORP, INC.	ex99-1.htm

Exhibit 99.2

Metro Bancorp, Inc.
Selected Consolidated Financial Data

	At or for the															At or for the
	Three Months Ended															Twelve Months Ended

	December 31,			September 30,			%			December 31,			%			December 31,			December 31,			%
(in thousands, except per share amounts)	2010			2010			Change			2009			Change			2010			2009			Change

Income Statement Data:

Net interest income	$	20,446		$	19,987			2	%	$	18,575			10	%	$	79,850		$	75,606			6	%
Provision for loan losses		2,600			13,400			(81	)		1,800			44			21,000			12,425			69
Noninterest income		8,535			7,640			12			7,178			19			29,380			24,457			20
Total revenues		28,981			27,627			5			25,753			13			109,230			100,063			9
Noninterest operating expenses		24,548			24,159			2			25,646			(4	)		97,103			91,710			6
Net income (loss)		1,457			(6,160	)					(890	)					(4,337	)		(1,898	)


Per Common Share Data:

Net income (loss): Basic	$	0.10		$	(0.46	)				$	(0.07	)				$	(0.33	)	$	(0.24	)
Net income (loss): Diluted		0.10			(0.46	)					(0.07	)					(0.33	)		(0.24	)

Book Value																$	14.86		$	14.80

Weighted average shares outstanding:
Basic		13,690			13,581						13,348						13,563			8,241
Diluted		13,690			13,581						13,348						13,563			8,241


Balance Sheet Data:

Total assets	$	2,234,472		$	2,232,021			0	%							$	2,234,472		$	2,147,759			4	%
Loans (net)		1,357,587			1,374,743			(1	)								1,357,587			1,429,392			(5	)
Allowance for loan losses		21,618			21,169			2									21,618			14,391			50
Investment securities		665,588			635,930			5									665,588			506,651			31
Total deposits		1,832,179			1,928,684			(5	)								1,832,179			1,814,733			1
Core deposits		1,770,201			1,885,510			(6	)								1,770,201			1,783,319			(1	)
Stockholders' equity		205,351			209,796			(2	)								205,351			200,022			3


Capital:

Stockholders' equity to total assets					9.40	%											9.19	%		9.31	%
Leverage ratio					10.76												10.68			11.31
Risk based capital ratios:
Tier 1					14.00												14.58			13.88
Total Capital					15.25												15.83			14.71


Performance Ratios:

Cost of funds		0.78	%		0.83	%					1.06	%					0.85	%		1.16	%
Deposit cost of funds		0.66			0.70						0.94						0.72			1.02
Net interest margin		3.89			3.86						3.75						3.89			3.80
Return on average assets		0.26			(1.11	)					(0.17	)					(0.20	)		(0.09	)
Return on average total stockholders' equity		2.75			(11.54	)					(1.76	)					(2.09	)		(1.34	)


Asset Quality:

Net charge-offs (annualized) to average loans outstanding					2.35	%											0.98	%		1.02	%
Nonperforming assets to total period-end assets					2.83												2.68			2.12
Allowance for loan losses to total period-end loans					1.52												1.57			1.00
Allowance for loan losses to nonperforming loans					38												41			38
Nonperforming assets to capital and reserves					27												26			21

Metro Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)


		December 31,			December 31,
	( dollars in thousands, except share and per share amounts)	2010			2009
Assets	Cash and cash equivalents	$	32,858		$	40,264
	Federal funds sold		-			-
	Cash and cash equivalents		32,858			40,264
	Securities, available for sale at fair value		438,012			388,836
	Securities, held to maturity at cost
	(fair value 2010: $224,202; 2009: $119,926 )		227,576			117,815
	Loans, held for sale		18,605			12,712
	Loans receivable, net of allowance for loan losses
	(allowance 2010: $21,618 & 2009: $14,391)		1,357,587			1,429,392
	Restricted investments in bank stock		20,614			21,630
	Premises and equipment, net		88,162			93,780
	Other assets		51,058			43,330
	Total assets	$	2,234,472		$	2,147,759

Liabilities	Deposits:
	Noninterest-bearing	$	340,956		$	319,850
	Interest-bearing		1,491,223			1,494,883
	Total deposits		1,832,179			1,814,733
	Short-term borrowings and repurchase agreements		140,475			51,075
	Long-term debt		29,400			54,400
	Other liabilities		27,067			27,529
	Total liabilities		2,029,121			1,947,737

Stockholders'	Preferred stock - Series A noncumulative; $10.00 par value
Equity	1,000,000 shares authorized; 40,000 shares issued and outstanding		400			400
	Common stock - $1.00 par value; 25,000,000 shares authorized;
	issued and outstanding shares - 2010: 13,748,384 & 2009: 13,448,447		13,748			13,448
	Surplus		151,545			147,340
	Retained earnings		45,288			49,705
	Accumulated other comprehensive loss		(5,630	)		(10,871	)
	Total stockholders' equity		205,351			200,022
	Total liabilities and stockholders' equity	$	2,234,472		$	2,147,759

Metro Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)


			Three Months						Twelve Months
			Ended December 31,						Ended December 31,
	(in thousands, except per share amounts)		2010			2009			2010			2009

Interest	Loans receivable, including fees :
Income	Taxable		$	17,585		$	17,779		$	70,423		$	74,113
	Tax - exempt			1,015			1,198			4,521			4,345
	Securities :
	Taxable			5,905			4,827			22,275			19,858
	Tax - exempt			0			16			14			65
	Federal funds sold			3			2			14			2

	Total interest income			24,508			23,822			97,247			98,383

Interest	Deposits			3,171			4,249			13,467			17,287
Expense	Short-term borrowings			75			62			317			1,038
	Long-term debt			816			936			3,613			4,452

	Total interest expense			4,062			5,247			17,397			22,777
	Net interest income			20,446			18,575			79,850			75,606
	Provision for loan losses			2,600			1,800			21,000			12,425
	Net interest income after provision for loan losses			17,846			16,775			58,850			63,181

Noninterest	Service charges, fees and other operating income			7,015			6,941			26,681			24,681
Income	Gains on sales of loans			1,329			252			2,434			546
	Total fees and other income			8,344			7,193			29,115			25,227
	Other-than-temporary impairment losses			(542	)		120			(2,005	)		(4,793	)
	Portion of loss recognized in other comprehensive income (before taxes)			542			(136	)		1,043			2,452
	Net impairment loss on investment securities			0			(16	)		(962	)		(2,341	)
	Gains on sales/call of securities (net)			1,765			1			2,801			1,571
	Debt prepayment charge			(1,574	)		0			(1,574	)		0
	Total noninterest income			8,535			7,178			29,380			24,457

Noninterest	Salaries and employee benefits			10,397			11,485			41,494			43,426
Expenses	Occupancy			1,953			2,207			8,429			8,166
	Furniture and equipment			1,179			1,350			5,134			4,766
	Advertising and marketing			827			876			2,967			2,751
	Data processing			3,251			2,416			13,121			9,155
	Postage and supplies			257			713			920			2,278
	Regulatory assessments and related fees			1,193			736			4,598			3,992
	Telephone			882			1,147			3,492			4,134
	Loan expense			481			430			1,658			1,581
	Foreclosed real estate			11			289			1,380			578
	Core system conversion/branding (net)			0			1,440			0			917
	Mergers/acquisition			0			110			17			765
	Consulting fees			1,841			420			4,508			762
	Other			2,276			2,027			9,385			8,439
	Total noninterest expenses			24,548			25,646			97,103			91,710
	Income (loss) before taxes			1,833			(1,693	)		(8,873	)		(4,072	)
	Provision (benefit) for federal income taxes			376			(803	)		(4,536	)		(2,174	)
	Net income (loss)		$	1,457		$	(890	)	$	(4,337	)	$	(1,898	)
	Net income (loss) per common share :
		Basic	$	0.10		$	(0.07	)	$	(0.33	)	$	(0.24	)
		Diluted		0.10			(0.07	)		(0.33	)		(0.24	)
	Average Common and Common Equivalent Shares Outstanding:
		Basic		13,690			13,348			13,563			8,241
		Diluted		13,690			13,348			13,563			8,241

Metro Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited)
	Quarter ending,																					Year-to-date,

	December 2010							September 2010							December 2009							December 2010							December 2009
	Average				Average			Average				Average			Average				Average			Average				Average			Average				Average
	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
(dollars in thousands)
Earning Assets
Investment securities:
Taxable	$	675,262	$	5,905		3.50	%	$	571,177	$	5,320		3.73	%	$	493,960	$	4,827		3.91	%	$	595,378	$	22,275		3.74	%	$	488,415	$	19,858		4.07	%
Tax-exempt		-		-		-			-		-		-			1,624		25		6.07			334		20		6.09			1,624		100		6.16
Total securities		675,262		5,905		3.50			571,177		5,320		3.73			495,584		4,852		3.92			595,712		22,295		3.74			490,039		19,958		4.07
Federal funds sold		6,066		3		0.13			32,518		10		0.13			5,457		2		0			11,106		14		0.12			1,375		2		0
Loans receivable:
Mortgage and construction		754,968		10,559		5.49			742,825		10,362		5.47			730,255		10,305		5.54			736,724		41,295		5.54			744,007		42,502		5.65
Commercial loans and lines of credit		323,945		4,260		5.15			363,524		4,582		4.94			379,724		4,494		4.64			363,574		17,995		4.89			382,074		18,875		4.87
Consumer		213,158		2,766		5.14			212,168		2,768		5.17			219,349		2,980		5.38			213,134		11,133		5.22			244,569		12,736		5.20
Tax-exempt		100,884		1,538		6.02			119,778		1,827		6.02			118,006		1,845		6.15			112,793		6,851		6.02			106,572		6,683		6.23
Total loans receivable		1,392,955		19,123		5.39			1,438,295		19,539		5.34			1,447,334		19,624		5.33			1,426,225		77,274		5.36			1,477,222		80,796		5.41
Total earning assets	$	2,074,283	$	25,031		4.76	%	$	2,041,990	$	24,869		4.80	%	$	1,948,375	$	24,478		4.95	%	$	2,033,043	$	99,583		4.86	%	$	1,968,636	$	100,756		5.08	%

Sources of Funds
Interest-bearing deposits:
Regular savings	$	319,000	$	356		0.44	%	$	316,626	$	367		0.46	%	$	308,961	$	435		0.56	%	$	324,698	$	1,514		0.47	%	$	329,799	$	1,930		0.59	%
Interest checking and money market		991,108		1,516		0.61			960,166		1,570		0.65			888,560		2,003		0.89			946,982		6,501		0.69			795,835		7,342		0.92
Time deposits		211,339		1,218		2.29			212,490		1,259		2.35			250,009		1,744		2.77			216,434		5,189		2.40			254,086		7,750		3.05
Public funds time		62,061		81		0.52			44,743		75		0.67			30,310		67		0.88			41,608		263		0.63			17,557		265		1.51
Total interest-bearing deposits		1,583,508		3,171		0.79			1,534,025		3,271		0.85			1,477,840		4,249		1.14			1,529,722		13,467		0.88			1,397,277		17,287		1.24
Short-term borrowings		47,036		75		0.63			34,262		55		0.63			40,192		62		0.60			52,170		317		0.60			172,870		1,038		0.59
Other borrowed money		14,130		155		4.29			25,000		274		4.29			25,000		275		4.29			22,260		968		4.29			40,822		1,807		4.37
Junior subordinated debt		29,400		661		9.00			29,400		661		9.00			29,400		661		9.00			29,400		2,645		9.00			29,400		2,645		9.00
Total interest-bearing liabilities		1,674,074		4,062		0.96			1,622,687		4,261		1.04			1,572,432		5,247		1.32			1,633,552		17,397		1.06			1,640,369		22,777		1.39
Demand deposits (noninterest-bearing)		333,499							331,925							306,146							332,099							303,963
Sources to fund earning assets		2,007,573		4,062		0.80			1,954,612		4,261		0.86			1,878,578		5,247		1.11			1,965,651		17,397		0.88			1,944,332		22,777		1.17
Noninterest-bearing funds (net)		66,710							87,378							69,797							67,392							24,304
Total sources to fund earning assets	$	2,074,283	$	4,062		0.78	%	$	2,041,990	$	4,261		0.83	%	$	1,948,375	$	5,247		1.06	%	$	2,033,043	$	17,397		0.85	%	$	1,968,636	$	22,777		1.16	%
Net interest income and margin
on a tax-equivalent basis			$	20,969		3.98	%			$	20,608		3.98	%			$	19,231		3.89	%			$	82,186		4.00	%			$	77,979		3.92	%
Tax-exempt adjustment				523							621							656							2,336							2,373
Net interest income and margin			$	20,446		3.89	%			$	19,987		3.86	%			$	18,575		3.75	%			$	79,850		3.89	%			$	75,606		3.80	%



Other Balances:
Cash and due from banks	$	46,052						$	44,695						$	46,702						$	44,583						$	43,665
Other assets		119,821							106,814							104,304							113,172							86,456
Total assets		2,240,156							2,193,499							2,099,381							2,190,798							2,098,757
Other liabilities		22,020							27,062							19,649							17,695							12,270
Stockholders' equity		210,563							211,825							201,154							207,452							142,155

Metro Bancorp, Inc. and Subsidiaries
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)




	Three Months Ended						Twelve Months Ended
(dollar amounts in thousands)	12/31/2010			12/31/2009			12/31/2010			12/31/2009

Balance at beginning of period	$	21,169		$	14,618		$	14,391		$	16,719
Provisions charged to operating expense		2,600			1,800			21,000			12,425
		23,769			16,418			35,391			29,144

Recoveries on loans charged-off:
Commercial		23			(47	)		414			92
Consumer		1			1			8			6
Real estate		60			169			100			210
Total recoveries		84			123			522			308

Loans charged-off:
Commercial		(587	)		(1,181	)		(6,127	)		(7,405	)
Consumer		(22	)		0			(139	)		(21	)
Real estate		(1,626	)		(969	)		(8,029	)		(7,635	)

Total charged-off		(2,235	)		(2,150	)		(14,295	)		(15,061	)

Net charge-offs		(2,151	)		(2,027	)		(13,773	)		(14,753	)

Balance at end of period	$	21,618		$	14,391		$	21,618		$	14,391

Net charge-offs (annualized) as a percentage of
average loans outstanding		0.62	%		0.56	%		0.98	%		1.02	%

Allowance for loan losses as a percentage of
period-end loans		1.57	%		1.00	%		1.57	%		1.00	%

Metro Bancorp, Inc. and Subsidiaries
Summary of Nonperforming Loans and Assets
(unaudited)

The following table presents information regarding nonperforming loans and assets as of December 31, 2010 and for the preceding four quarters
(dollar amounts in thousands).

	December 31,			September 30,			June 30,			March 31,			December 31,
	2010			2010			2010			2010			2009
Nonaccrual loans:
Commercial	$	23,103		$	21,536		$	25,327		$	13,142		$	14,254
Consumer		1,579			1,871			1,437			1,064			654
Real Estate:
Construction		14,155			15,120			17,879			17,424			11,771
Mortgage		13,351			17,021			17,723			14,419			11,066
Total nonaccrual loans		52,188			55,548			62,366			46,049			37,745
Loans past due 90 days or more
and still accruing		650			628			687			249			0
Renegotiated loans		177			178			171			0			0
Total nonperforming loans		53,015			56,354			63,224			46,298			37,745

Foreclosed real estate		6,768			6,815			7,367			7,154			7,821

Total nonperforming assets	$	59,783		$	63,169		$	70,591		$	53,452		$	45,566


Nonperforming loans to total loans		3.84	%		4.04	%		4.39	%		3.28	%		2.61	%

Nonperforming assets to total assets		2.68	%		2.83	%		3.22	%		2.46	%		2.12	%

Nonperforming loan coverage		41	%		38	%		26	%		33	%		38	%

Allowance for loan losses as a percentage
of total period-end loans		1.57	%		1.52	%		1.12	%		1.08	%		1.00	%

Nonperforming assets / capital plus allowance for loan losses		26	%		27	%		31	%		24	%		21	%

Attached files

METRO BANCORP, INC. Reports

Also read

METRO BANCORP, INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 27, 2011

Attached files

METRO BANCORP, INC. Reports

Also read