Attached files
| file | filename |
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| 8-K - METRO BANCORP, INC. FORM 8-K - METRO BANCORP, INC. | a8-kearningsreleaseq22012.htm |
CONTACTS
Gary L. Nalbandian | Mark A. Zody |
Chairman/President | Chief Financial Officer |
(717) 412-6301
METRO BANCORP REPORTS A 39% INCREASE IN
SECOND QUARTER NET INCOME TO
$2.8 MILLION; DEPOSITS GROW 10%
July 23, 2012 - Harrisburg, PA - Metro Bancorp, Inc. (Metro or the Company) (NASDAQ Global Select Market Symbol: METR), parent company of Metro Bank, today reported net income of $2.8 million, or $0.19 per share, for the quarter ended June 30, 2012. The Company also reported an increase in total deposits of $194.5 million, or 10%, over the past twelve months.
Financial Highlights | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
% | % | ||||||||||||||||
06/30/12 | 06/30/11 | Increase | 06/30/12 | 06/30/11 | Increase | ||||||||||||
Total assets | $ | 2,449.8 | $ | 2,387.0 | 3 | % | |||||||||||
Total deposits | 2,085.9 | 1,891.4 | 10 | % | |||||||||||||
Total loans (net) | 1,466.6 | 1,435.0 | 2 | % | |||||||||||||
Total revenues | $ | 29.4 | $ | 29.0 | 2 | % | $ | 58.5 | $ | 56.9 | 3 | % | |||||
Net income | 2.8 | 2.0 | 39 | % | 5.4 | 3.5 | 55 | % | |||||||||
Diluted net income per common share | $ | 0.19 | $ | 0.14 | 36 | % | $ | 0.38 | $ | 0.25 | 52 | % | |||||
1
“We are extremely pleased with our recorded net income of $2.8 million, or $0.19 per share, for the second quarter of 2012, as well as a 10% annual increase in both total and core deposits,” said Gary L. Nalbandian, the Company's Chairman and Chief Executive Officer.
"This represents our third straight quarter of increased profits and is our highest recorded net income in the past fifteen quarters," said Nalbandian.
Highlights for the Second Quarter Ended June 30, 2012
• | The Company recorded net income of $2.8 million, or $0.19 per common share, for the second quarter of 2012 compared to net income of $2.0 million, or $0.14 per common share, for the same period one year ago. Net income for the first six months of 2012 totaled $5.4 million, or $0.38 per common share, up $1.9 million, or $0.13 per common share, over the amount recorded for the first half of 2011. |
• | Total revenues for the second quarter of 2012 were $29.4 million, up $457,000, or 2%, over total revenues of $29.0 million for the same quarter one year ago. Total revenues for the first half of 2012 increased by $1.5 million, or 3%, over the first half of 2011. |
• | The Company's net interest margin on a fully-taxable basis for the second quarter of 2012 was 3.86%, compared to 3.90% recorded in the first quarter of 2012 and compared to 3.87% for the second quarter of 2011. The Company's deposit cost of funds for the second quarter was 0.39%, down from 0.42% for the previous quarter and compared to 0.63% for the same period one year ago. |
• | Noninterest expenses for the second quarter 2012 were $22.7 million, down $1.9 million, or 8%, compared to the second quarter one year ago. Noninterest expenses for the first half of 2012 were down $3.3 million, or 7%, from the first six months of 2011, as the Company was able to reduce expenses in several categories. |
• | Total deposits increased to $2.09 billion, up $194.5 million, or 10%, over the past twelve months. |
• | Core deposits (all deposits excluding public fund time deposits) grew $183.8 million, or 10%, over second quarter 2011. |
• | Net loans grew $18.3 million, or 1%, on a linked quarter basis to $1.47 billion and were also up $31.6 million, or 2%, over the second quarter of 2011. |
• | Our allowance for loan losses totaled $26.2 million, or 1.75%, of total loans at June 30, 2012 as compared to $21.7 million, or 1.49%, of total loans at June 30, 2011. During the past twelve months the nonperforming loan coverage ratio has increased from 48% to 73%. |
• | Nonperforming assets were 1.62% of total assets at June 30, 2012 compared to 2.24% of total assets one year ago. |
• | Metro's capital levels remain strong with a total risk-based capital ratio of 15.59%, a Tier 1 Leverage ratio of 10.02% and a tangible common equity to tangible assets ratio of 9.27%. |
• | Stockholders' equity increased by $11.0 million, or 5%, over the past twelve months to $228.1 million. At June 30, 2012, the Company's book value per share was $16.07. |
2
Income Statement
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||
(dollars in thousands, except per share data) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||||
Total revenues | $ | 29,430 | $ | 28,973 | 2 | % | $ | 58,487 | $ | 56,946 | 3 | % | |||||||
Total noninterest expenses | 22,674 | 24,621 | (8 | ) | 45,605 | 48,928 | (7 | ) | |||||||||||
Net income | 2,762 | 1,992 | 39 | 5,446 | 3,524 | 55 | |||||||||||||
Diluted net income/share | $ | 0.19 | $ | 0.14 | 36 | % | $ | 0.38 | $ | 0.25 | 52 | % | |||||||
Metro recorded net income of $2.8 million, or $0.19 per common share, for the second quarter of 2012 compared to net income of $2.0 million, or $0.14 per common share, for the second quarter of 2011. Net income increased $78,000, or 3%, on a linked quarter basis.
Net income for the first six months of 2012 totaled $5.4 million compared to $3.5 million for the first half of 2011. Earnings per common share for the first half of 2012 were $0.38 compared to $0.25 for the same period last year.
Total revenues (net interest income plus noninterest income) for the second quarter of 2012 were $29.4 million, up $457,000, or 2%, over the second quarter of 2011. Noninterest expenses for the quarter totaled $22.7 million, down $1.9 million, or 8%, compared to the same period in 2011.
Total revenues for the first six months of 2012 were $58.5 million, up $1.5 million, or 3%, over the first half of 2011. Total noninterest expenses for the first half of 2012 were $45.6 million, down $3.3 million, or 7%, from the same period last year.
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2012 totaled $22.0 million, up $1.2 million, or 6%, over the $20.8 million recorded in the second quarter of 2011. For the first six months of 2012, net interest income totaled $43.6 million versus $40.8 million for the same period in 2011, a 7% increase.
Average interest earning assets for the second quarter of 2012 totaled $2.31 billion versus $2.25 billion for the previous quarter and were up $123.1 million, or 6%, over the second quarter of 2011. Average interest bearing deposits totaled $1.63 billion for the second quarter of 2012, up 8%, over the same period of 2011 and average noninterest bearing deposits for the quarter were $420.8 million, up $37.9 million, or 10%, over the second quarter last year. Total interest expense for the quarter was down $1.2 million, or 31%, from the second quarter of 2011 as a result of a 24 basis points ("bps") reduction in the Bank's deposit cost of funds and a 26 bps reduction in the Company's overall total cost of all funds over the past twelve months.
The net interest margin for the second quarter of 2012 was 3.77%, down slightly from the 3.82% recorded for the previous quarter. The net interest margin on a fully-taxable basis for the second quarter of 2012 was 3.86%, down 4 bps from the previous quarter and compared to 3.87% for the second quarter of 2011.
The Bank's deposit cost of funds for the second quarter of 2012 was 0.39%, down from 0.42% the previous quarter, and down 24 bps from 0.63% recorded in the second quarter one year ago.
3
Change in Net Interest Income and Rate/Volume Analysis
As shown in the following table, the increase in net interest income on a fully tax-equivalent basis for the second quarter and the first six months of 2012 over the same periods of 2011 was due to an increase in the level of interest-earning assets combined with a reduction in the Company's cost of funds, both of which were partially offset by lower yields on the Company's earning assets.
(dollars in thousands) | Tax Equivalent Net Interest Income | |||||
2012 vs. 2011 | Volume Change | Rate Change | Total Increase | % Increase | ||
2nd Quarter | $1,483 | $(332) | $1,151 | 5% | ||
Six Months | $2,817 | $(113) | $2,704 | 6% | ||
Noninterest Income
Noninterest income for the second quarter of 2012 totaled $7.5 million, down $696,000, or 9%, from $8.2 million recorded in the second quarter one year ago.
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(dollars in thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||
Service charges, fees and other income | $ | 7,076 | $ | 7,025 | 1 | % | $ | 13,953 | $ | 13,749 | 1 | % | |||||
Gains on sales of loans | 372 | 1,137 | (67 | ) | 601 | 2,335 | (74 | ) | |||||||||
Gains on sales of securities | 12 | 309 | (96 | ) | 996 | 343 | 190 | ||||||||||
Credit impairment losses on investment securities | — | (315 | ) | (100 | ) | (649 | ) | (315 | ) | 106 | |||||||
Total noninterest income | $ | 7,460 | $ | 8,156 | (9 | )% | $ | 14,901 | $ | 16,112 | (8 | )% | |||||
Service charges, fees and other income increased by $51,000, or 1%, over the second quarter of 2011. Gains on the sale of loans totaled $372,000 for the second quarter of 2012 versus $1.1 million for the same period in 2011. This decrease is primarily attributable to no sales of Small Business Administration (SBA) loans during the second quarter of 2012 compared to $943,000 of gains recorded in the same period last year on the sale of SBA loans.
Noninterest income for the first six months of 2012 totaled $14.9 million, down $1.2 million, or 8%, compared to the first half of 2011. Service charges, fees and other income increased by $204,000, or 1%, for the first six months of 2012 over the same period in 2011. Gains on the sales of loans totaled $601,000 for the first half of 2012 compared to $2.3 million for the same period in 2011. Similar to the second quarter, Metro did not record any gains on the sale of SBA loans during the first six months of 2012 compared to $1.9 million of gains on such sales in the first half of 2011.
Noninterest Expenses
Noninterest expenses for the second quarter of 2012 were $22.7 million, down $1.9 million, or 8%, compared to $24.6 million recorded in the second quarter one year ago. For the first six months of 2012, noninterest expenses totaled $45.6 million, down $3.3 million, or 7%, from $48.9 million recorded for the first half of 2011.
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The breakdown of noninterest expenses for the second quarter and for the first six months of 2012 and 2011, respectively, are shown in the following table:
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(dollars in thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||
Salaries and employee benefits | $ | 10,166 | $ | 10,254 | (1 | )% | $ | 20,704 | $ | 20,633 | — | % | |||||
Occupancy and equipment | 3,288 | 3,755 | (12 | ) | 6,637 | 7,552 | (12 | ) | |||||||||
Advertising and marketing | 381 | 350 | 9 | 801 | 749 | 7 | |||||||||||
Data processing | 3,281 | 3,832 | (14 | ) | 6,663 | 7,227 | (8 | ) | |||||||||
Regulatory assessments and related fees | 849 | 856 | (1 | ) | 1,675 | 1,941 | (14 | ) | |||||||||
Foreclosed real estate | 781 | 18 | n.m. | 1,144 | 1,070 | 7 | |||||||||||
Other expenses | 3,928 | 5,556 | (29 | ) | 7,981 | 9,756 | (18 | ) | |||||||||
Total noninterest expenses | $ | 22,674 | $ | 24,621 | (8 | )% | $ | 45,605 | $ | 48,928 | (7 | )% | |||||
The Company experienced a lower level of noninterest expenses in most major categories during the second quarter of 2012 compared to the same quarter last year. The increased costs associated with foreclosed real estate for the second quarter of 2012 are the result of a $640,000 pre-tax loss incurred on the sale of a large foreclosed asset property. The large decrease in the other expenses line item for the second quarter of 2012 was related to the Company expensing $1.7 million during the second quarter of 2011 associated with modifications to its logos and with overall brand enhancement.
Balance Sheet
As of June 30, | ||||||||
(dollars in thousands) | 2012 | 2011 | % Increase | |||||
Total assets | $ | 2,449,801 | $ | 2,387,006 | 3 | % | ||
Total loans (net) | 1,466,597 | 1,434,965 | 2 | % | ||||
Total deposits | 2,085,915 | 1,891,376 | 10 | % | ||||
Total core deposits | 2,026,177 | 1,842,366 | 10 | % | ||||
Total stockholders' equity | 228,101 | 217,062 | 5 | % | ||||
Deposits
The Company's deposit balances continued to grow with total deposits at June 30, 2012 reaching $2.09 billion, a $194.5 million, or 10%, increase over total deposits of $1.89 billion one year ago. Core deposits also increased 10% over the past twelve months by $183.8 million to $2.03 billion.
5
Core Deposits
Change in core deposits by type of account is as follows:
As of June 30, | ||||||||||||
(dollars in thousands) | 2012 | 2011 | % Change | 2nd Quarter 2012 Cost of Funds | ||||||||
Demand noninterest-bearing | $ | 438,947 | $ | 389,992 | 13% | 0.00% | ||||||
Demand interest-bearing | 1,003,663 | 916,413 | 10 | 0.39 | ||||||||
Savings | 424,244 | 327,218 | 30 | 0.37 | ||||||||
Subtotal | 1,866,854 | 1,633,623 | 14 | 0.30 | ||||||||
Time | 159,323 | 208,743 | (24) | 1.46 | ||||||||
Total core deposits | $ | 2,026,177 | $ | 1,842,366 | 10% | 0.39% | ||||||
Total core demand noninterest bearing deposits increased by $49.0 million, or 13%, over the past twelve months to $438.9 million while core interest-bearing demand deposits grew by $87.3 million, or 10%. Likewise, core saving deposits increased by $97.0 million, or 30%, over the same period. Total core demand and savings deposit growth over the past twelve months was $233.2 million, or 14%. The total cost of core deposits, excluding time deposits, during the second quarter of 2012 was 0.30% compared to 0.31% for the previous quarter and down 15 bps from the second quarter one year ago. The cost of total core deposits for the second quarter of 2012 was 0.39%, down 3 bps on a linked quarter basis and down 24 basis points from the same period in 2011.
Change in core deposits by type of customer is as follows:
June 30, | % of | June 30, | % of | % | |||||||||||
(dollars in thousands) | 2012 | Total | 2011 | Total | Increase | ||||||||||
Consumer | $ | 965,134 | 48 | % | $ | 927,985 | 51 | % | 4 | % | |||||
Commercial | 664,926 | 33 | 597,879 | 32 | 11 | ||||||||||
Government | 396,117 | 19 | 316,502 | 17 | 25 | ||||||||||
Total | $ | 2,026,177 | 100 | % | $ | 1,842,366 | 100 | % | 10 | % | |||||
Total consumer core deposits increased by $37.1 million, or 4%, and total commercial core deposits grew by $67.0 million, or 11%, during the past 12 months while government deposits increased by $79.6 million, or 25%.
6
Lending
Gross loans totaled $1.49 billion at June 30, 2012, an increase of $36.1 million, or 2%, compared to June 30, 2011. The composition of the Company's loan portfolio at June 30, 2012 and June 30, 2011 was as follows:
(dollars in thousands) | June 30, 2012 | % of Total | June 30, 2011 | % of Total | $ Change | % Change | ||||||||||||
Commercial and industrial | $ | 356,743 | 24 | % | $ | 357,652 | 24 | % | $ | (909 | ) | — | % | |||||
Commercial tax-exempt | 84,616 | 6 | 83,711 | 6 | 905 | 1 | ||||||||||||
Owner occupied real estate | 274,504 | 18 | 269,637 | 19 | 4,867 | 2 | ||||||||||||
Commercial construction and land development | 108,019 | 7 | 122,308 | 8 | (14,289 | ) | (12 | ) | ||||||||||
Commercial real estate | 377,248 | 25 | 341,961 | 23 | 35,287 | 10 | ||||||||||||
Residential | 84,380 | 6 | 80,481 | 6 | 3,899 | 5 | ||||||||||||
Consumer | 207,245 | 14 | 200,938 | 14 | 6,307 | 3 | ||||||||||||
Gross loans | $ | 1,492,755 | 100 | % | $ | 1,456,688 | 100 | % | $ | 36,067 | 2 | % | ||||||
Asset Quality
The Company's asset quality ratios are highlighted below:
Quarters Ended | |||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | |||||||
Nonperforming assets/total assets | 1.62 | % | 1.58 | % | 2.24 | % | |||
Net loan charge-offs (annualized)/average total loans | 0.15 | % | 0.10 | % | 0.50 | % | |||
Loan loss allowance/total loans | 1.75 | % | 1.61 | % | 1.49 | % | |||
Nonperforming loan coverage | 73 | % | 73 | % | 48 | % | |||
Nonperforming assets/capital and reserves | 16 | % | 16 | % | 22 | % | |||
Nonperforming assets increased slightly for the quarter by $478,000 to $39.6 million, or 1.62%, of total assets at June 30, 2012, from $39.1 million, or 1.58%, of total assets at March 31, 2012 but were down $13.9 million, or 26%, from $53.5 million, or 2.24%, of total assets one year ago. The change for the quarter was the result of an increase in nonperforming loan balances of $3.1 million during the second quarter of 2012, offset by a decrease in total foreclosed asset balances of $2.6 million. The increase in nonperforming loan balances resulted from the reclassification of two relationships to nonaccrual status, partially offset by the removal of three other relationships from nonaccrual. Total delinquent loans, including all nonaccrual loans, as a percentage of total gross loans outstanding, were 2.57% at June 30, 2012, down from 2.98% at the previous quarter end and 3.48% at June 30, 2011. Accruing restructured loans at June 30, 2012 totaled $17.8 million compared to $15.9 million for the previous quarter-end.
The Company recorded a provision for loan losses of $3.0 million for the second quarter of 2012 as compared to $2.5 million for the previous quarter and to $1.7 million recorded in the second quarter of 2011. The allowance for loan losses totaled $26.2 million as of June 30, 2012 as compared to $23.8 million at March 31, 2012 and to $21.7 million at June 30, 2011. The allowance represented 1.75% of gross loans outstanding at June 30, 2012, compared to 1.61% at March 31, 2012 and 1.49% at June 30, 2011.
Total net charge-offs for the second quarter of 2012 were $551,000, versus $361,000 for the previous quarter and compared to $1.8 million for the second quarter of 2011.
7
Investments
At June 30, 2012, the Company's investment portfolio totaled $796.3 million. Detailed below is information regarding the composition and characteristics of the portfolio at June 30, 2012:
Product Description | Available for Sale | Held to Maturity | Total | |||||||||
(dollars in thousands) | ||||||||||||
U.S. Government agencies/other | $ | 10,001 | $ | 110,982 | $ | 120,983 | ||||||
Mortgage-backed securities: | ||||||||||||
Federal government agencies pass through certificates | 71,600 | 29,351 | 100,951 | |||||||||
Agency collateralized mortgage obligations | 477,496 | 34,890 | 512,386 | |||||||||
Private-label collateralized mortgage obligations | 6,004 | — | 6,004 | |||||||||
Corporate debt securities | 19,266 | 15,000 | 34,266 | |||||||||
Municipal securities | 20,573 | 1,105 | 21,678 | |||||||||
Total | $ | 604,940 | $ | 191,328 | $ | 796,268 | ||||||
Duration (in years) | 3.1 | 1.7 | 2.8 | |||||||||
Average life (in years) | 3.5 | 2.2 | 3.2 | |||||||||
Quarterly average yield (annualized) | 2.64 | % | 3.18 | % | 2.77 | % | ||||||
At June 30, 2012, after-tax unrealized gains on the Bank's available for sale portfolio were $6.0 million, as compared to $29,000 at June 30, 2011.
Capital
Stockholders' equity at June 30, 2012 totaled $228.1 million, an increase of $11.0 million, or 5%, over stockholders' equity of $217.1 million at June 30, 2011. Return on average stockholders' equity (ROE) for the second quarters of 2012 and 2011, was 4.88% and 3.74%, respectively.
The Company's capital ratios at June 30, 2012 and 2011 were as follows:
6/30/2012 | 6/30/2011 | Regulatory Guidelines “Well Capitalized” | ||||
Leverage ratio | 10.02 | % | 10.47 | % | 5.00 | % |
Tier 1 | 14.34 | 14.19 | 6.00 | |||
Total capital | 15.59 | 15.44 | 10.00 | |||
Both the Company and its subsidiary bank continue to maintain strong capital ratios and are well capitalized under various regulatory capital guidelines as required by federal banking agencies.
At June 30, 2012, the Company's book value per common share was $16.07.
8
Forward-Looking Statements
This document contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act and Section 21E of the Securities Exchange Act of 1934, which we refer to as the Exchange Act, with respect to the financial condition, liquidity, results of operations, future performance and business of Metro Bancorp, Inc. These forward-looking statements are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control). The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements.
While we believe our plans, objectives, goals, expectations, anticipations, estimates and intentions as reflected in these forward-looking statements are reasonable, we can give no assurance that any of them will be achieved. You should understand that various factors, in addition to those discussed elsewhere in this document, could affect our future results and could cause results to differ materially from those expressed in these forward-looking statements, including:
• | the effects of and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System; |
• | general economic or business conditions, either nationally, regionally or in the communities in which we do business, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and loan performance or a reduced demand for credit; |
• | continued effects of the aftermath of recessionary conditions and the impacts on the economy in general and our customers in particular, including adverse impacts on loan utilization rates as well as delinquencies, defaults and customers' ability to meet credit obligations; |
• | our ability to manage current elevated levels of impaired assets; |
• | the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other changes in financial services’ laws and regulations (including laws concerning taxes, banking, securities and insurance); |
• | changes resulting from legislative and regulatory actions with respect to the current economic and financial industry environment; |
• | changes in the Federal Deposit Insurance Corporation (FDIC) deposit fund and the associated premiums that banks pay to the fund; |
• | interest rate, market and monetary fluctuations; |
• | the results of the regulatory examination and supervision process; |
• | unanticipated regulatory or legal proceedings and liabilities and other costs; |
• | compliance with laws and regulatory requirements of federal, state and local agencies; |
• | our ability to continue to grow our business internally and through acquisitions and successful integration of new or acquired entities while controlling costs; |
• | continued levels of loan volume origination; |
• | the adequacy of the allowance for loan losses; |
• | deposit flows; |
• | the willingness of customers to substitute competitors’ products and services for our products and services and vice versa, based on price, quality, relationship or otherwise; |
• | changes in consumer spending and saving habits relative to the financial services we provide; |
9
• | the ability to hedge certain risks economically; |
• | the loss of certain key officers; |
• | changes in accounting principles, policies and guidelines; |
• | the timely development of competitive new products and services by us and the acceptance of such products and services by customers; |
• | rapidly changing technology; |
• | continued relationships with major customers; |
• | effect of terrorist attacks and threats of actual war; |
• | continued compliance with the April 29, 2010 FDIC consent order may result in increased noninterest expenses; |
• | expenses associated with modifications we are making to our logos in response to the Members 1st litigation and dismissal order; |
• | other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services; and |
• | our success at managing the risks involved in the foregoing. |
Because such forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. The foregoing list of important factors is not exclusive and you are cautioned not to place undue reliance on these factors or any of our forward-looking statements, which speak only as of the date of this document or, in the case of documents incorporated by reference, the dates of those documents. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of us except as required by applicable law.
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Metro Bancorp, Inc. | ||||||||||||||||||||||||||||
Selected Consolidated Financial Data | ||||||||||||||||||||||||||||
At or for the | At or for the | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, | March 31, | % | June 30, | % | June 30, | June 30, | % | |||||||||||||||||||||
(in thousands, except per share amounts) | 2012 | 2012 | Change | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||||||
Net interest income | $ | 21,970 | $ | 21,616 | 2 | % | $ | 20,817 | 6 | % | $ | 43,586 | $ | 40,834 | 7 | % | ||||||||||||
Provision for loan losses | 2,950 | 2,500 | 18 | 1,700 | 74 | 5,450 | 3,492 | 56 | ||||||||||||||||||||
Noninterest income | 7,460 | 7,441 | — | 8,156 | (9 | ) | 14,901 | 16,112 | (8 | ) | ||||||||||||||||||
Total revenues | 29,430 | 29,057 | 1 | 28,973 | 2 | 58,487 | 56,946 | 3 | ||||||||||||||||||||
Noninterest operating expenses | 22,674 | 22,931 | (1 | ) | 24,621 | (8 | ) | 45,605 | 48,928 | (7 | ) | |||||||||||||||||
Net income | 2,762 | 2,684 | 3 | 1,992 | 39 | 5,446 | 3,524 | 55 | ||||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||||
Net income per common share: | ||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.19 | — | % | $ | 0.14 | 36 | % | $ | 0.38 | $ | 0.25 | 52 | % | ||||||||||||
Diluted | 0.19 | 0.19 | — | 0.14 | 36 | 0.38 | 0.25 | 52 | ||||||||||||||||||||
Book Value | $ | 15.93 | $ | 16.07 | $ | 15.51 | 4 | % | ||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||
Basic | 14,128 | 14,126 | 13,860 | 14,127 | 13,820 | |||||||||||||||||||||||
Diluted | 14,128 | 14,126 | 13,860 | 14,127 | 13,820 | |||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||
Total assets | $ | 2,449,801 | $ | 2,470,559 | (1 | )% | $ | 2,449,801 | $ | 2,387,006 | 3 | % | ||||||||||||||||
Loans (net) | 1,466,597 | 1,448,279 | 1 | 1,466,597 | 1,434,965 | 2 | ||||||||||||||||||||||
Allowance for loan losses | 26,158 | 23,759 | 10 | 26,158 | 21,723 | 20 | ||||||||||||||||||||||
Investment securities | 796,268 | 832,739 | (4 | ) | 796,268 | 713,644 | 12 | |||||||||||||||||||||
Total deposits | 2,085,915 | 2,086,791 | — | 2,085,915 | 1,891,376 | 10 | ||||||||||||||||||||||
Core deposits | 2,026,177 | 2,033,283 | — | 2,026,177 | 1,842,366 | 10 | ||||||||||||||||||||||
Stockholders' equity | 228,101 | 226,034 | 1 | 228,101 | 217,062 | 5 | ||||||||||||||||||||||
Capital: | ||||||||||||||||||||||||||||
Total stockholders' equity to assets | 9.15 | % | 9.31 | % | 9.09 | % | ||||||||||||||||||||||
Leverage ratio | 10.16 | 10.02 | 10.47 | |||||||||||||||||||||||||
Risk based capital ratios: | ||||||||||||||||||||||||||||
Tier 1 | 14.00 | 14.34 | 14.19 | |||||||||||||||||||||||||
Total Capital | 15.25 | 15.59 | 15.44 | |||||||||||||||||||||||||
Performance Ratios: | ||||||||||||||||||||||||||||
Cost of funds | 0.48 | % | 0.51 | % | 0.73 | % | 0.49 | % | 0.75 | % | ||||||||||||||||||
Deposit cost of funds | 0.39 | 0.42 | 0.63 | 0.41 | 0.65 | |||||||||||||||||||||||
Net interest margin | 3.77 | 3.82 | 3.77 | 3.80 | 3.77 | |||||||||||||||||||||||
Return on average assets | 0.45 | 0.45 | 0.34 | 0.45 | 0.31 | |||||||||||||||||||||||
Return on total stockholders' average equity | 4.88 | 4.83 | 3.74 | 4.85 | 3.38 | |||||||||||||||||||||||
Asset Quality: | ||||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans outstanding | 0.15 | % | 0.10 | % | 0.50 | % | 0.13 | % | 0.48 | % | ||||||||||||||||||
Nonperforming assets to total period-end assets | 1.62 | 1.58 | 1.62 | 2.24 | ||||||||||||||||||||||||
Allowance for loan losses to total period-end loans | 1.75 | 1.61 | 1.75 | 1.49 | ||||||||||||||||||||||||
Allowance for loan losses to period-end nonperforming loans | 73 | 73 | 73 | 48 | ||||||||||||||||||||||||
Nonperforming assets to capital and allowance | 16 | 16 | 16 | 22 | ||||||||||||||||||||||||
11
Metro Bancorp, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets (Unaudited) | |||||||
June 30, | December 31, | ||||||
(in thousands, except share and per share amounts) | 2012 | 2011 | |||||
Assets | |||||||
Cash and due from banks | $ | 48,246 | $ | 46,998 | |||
Federal funds sold | — | 8,075 | |||||
Cash and cash equivalents | 48,246 | 55,073 | |||||
Securities, available for sale at fair value | 604,940 | 613,459 | |||||
Securities, held to maturity at cost (fair value 2012: $195,209; 2011: $199,857 ) | 191,328 | 196,635 | |||||
Loans, held for sale | 14,179 | 9,359 | |||||
Loans receivable, net of allowance for loan losses (allowance 2012: $26,158; 2011: $21,620) | 1,466,597 | 1,415,048 | |||||
Restricted investments in bank stock | 15,170 | 16,802 | |||||
Premises and equipment, net | 81,794 | 82,114 | |||||
Other assets | 27,547 | 32,729 | |||||
Total assets | $ | 2,449,801 | $ | 2,421,219 | |||
Liabilities and Stockholders' Equity | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 438,947 | $ | 397,251 | |||
Interest-bearing | 1,646,968 | 1,674,323 | |||||
Total deposits | 2,085,915 | 2,071,574 | |||||
Short-term borrowings | 72,250 | 65,000 | |||||
Long-term debt | 49,200 | 49,200 | |||||
Other liabilities | 14,335 | 15,425 | |||||
Total liabilities | 2,221,700 | 2,201,199 | |||||
Stockholders' Equity: | |||||||
Preferred stock - Series A noncumulative; $10.00 par value; $1,000,000 liquidation preference; | |||||||
(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 2012: 14,128,466; 2011: 14,125,346) | 14,128 | 14,125 | |||||
Surplus | 156,639 | 156,184 | |||||
Retained earnings | 50,903 | 45,497 | |||||
Accumulated other comprehensive income | 6,031 | 3,814 | |||||
Total stockholders' equity | 228,101 | 220,020 | |||||
Total liabilities and stockholders' equity | $ | 2,449,801 | $ | 2,421,219 | |||
12
Metro Bancorp, Inc. and Subsidiaries | |||||||||||||||
Consolidated Statements of Operations (unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Interest Income | |||||||||||||||
Loans receivable, including fees: | |||||||||||||||
Taxable | $ | 18,075 | $ | 18,070 | $ | 35,835 | $ | 35,583 | |||||||
Tax-exempt | 897 | 989 | 1,764 | 1,975 | |||||||||||
Securities: | |||||||||||||||
Taxable | 5,567 | 5,599 | 11,238 | 10,994 | |||||||||||
Tax-exempt | 86 | — | 119 | — | |||||||||||
Federal funds sold | — | 1 | 1 | 2 | |||||||||||
Total interest income | 24,625 | 24,659 | 48,957 | 48,554 | |||||||||||
Interest Expense | |||||||||||||||
Deposits | 2,000 | 2,990 | 4,082 | 5,987 | |||||||||||
Short-term borrowings | 74 | 127 | 127 | 337 | |||||||||||
Long-term debt | 581 | 725 | 1,162 | 1,396 | |||||||||||
Total interest expense | 2,655 | 3,842 | 5,371 | 7,720 | |||||||||||
Net interest income | 21,970 | 20,817 | 43,586 | 40,834 | |||||||||||
Provision for loan losses | 2,950 | 1,700 | 5,450 | 3,492 | |||||||||||
Net interest income after provision for loan losses | 19,020 | 19,117 | 38,136 | 37,342 | |||||||||||
Noninterest Income | |||||||||||||||
Service charges, fees and other operating income | 7,076 | 7,025 | 13,953 | 13,749 | |||||||||||
Gains on sales of loans | 372 | 1,137 | 601 | 2,335 | |||||||||||
Total fees and other income | 7,448 | 8,162 | 14,554 | 16,084 | |||||||||||
Net impairment loss on investment securities | — | (315 | ) | (649 | ) | (315 | ) | ||||||||
Net gains on sales of securities | 12 | 309 | 996 | 343 | |||||||||||
Total noninterest income | 7,460 | 8,156 | 14,901 | 16,112 | |||||||||||
Noninterest Expenses | |||||||||||||||
Salaries and employee benefits | 10,166 | 10,254 | 20,704 | 20,633 | |||||||||||
Occupancy and equipment | 3,288 | 3,755 | 6,637 | 7,552 | |||||||||||
Advertising and marketing | 381 | 350 | 801 | 749 | |||||||||||
Data processing | 3,281 | 3,832 | 6,663 | 7,227 | |||||||||||
Regulatory assessments and related costs | 849 | 856 | 1,675 | 1,941 | |||||||||||
Foreclosed real estate | 781 | 18 | 1,144 | 1,070 | |||||||||||
Other | 3,928 | 5,556 | 7,981 | 9,756 | |||||||||||
Total noninterest expenses | 22,674 | 24,621 | 45,605 | 48,928 | |||||||||||
Income before taxes | 3,806 | 2,652 | 7,432 | 4,526 | |||||||||||
Provision for federal income taxes | 1,044 | 660 | 1,986 | 1,002 | |||||||||||
Net income | $ | 2,762 | $ | 1,992 | $ | 5,446 | $ | 3,524 | |||||||
Net Income per Common Share | |||||||||||||||
Basic | $ | 0.19 | $ | 0.14 | $ | 0.38 | $ | 0.25 | |||||||
Diluted | 0.19 | 0.14 | 0.38 | 0.25 | |||||||||||
Average Common and Common Equivalent Shares Outstanding | |||||||||||||||
Basic | 14,128 | 13,860 | 14,127 | 13,820 | |||||||||||
Diluted | 14,128 | 13,860 | 14,127 | 13,820 | |||||||||||
13
Metro Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||
Quarter ended, | Year-to-date, | |||||||||||||||||||||||||||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | ||||||||||||||||||||||||||||||||||||
Average | Avg. | Average | Avg. | Average | Avg. | Average | Avg. | Average | Avg. | |||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 809,219 | $ | 5,567 | 2.75 | % | $ | 788,264 | $ | 5,671 | 2.88 | % | $ | 717,315 | $ | 5,599 | 3.12 | % | $ | 798,741 | $ | 11,238 | 2.81 | % | $ | 707,924 | $ | 10,994 | 3.11 | % | ||||||||||
Tax-exempt | 13,696 | 131 | 3.80 | 4,474 | 50 | 4.45 | — | — | — | 9,085 | 180 | 3.96 | — | — | — | |||||||||||||||||||||||||
Total securities | 822,915 | 5,698 | 2.77 | 792,738 | 5,721 | 2.89 | 717,315 | 5,599 | 3.12 | 807,826 | 11,418 | 2.83 | 707,924 | 10,994 | 3.11 | |||||||||||||||||||||||||
Federal funds sold | — | — | — | 10,843 | 1 | 0.05 | 5,441 | 1 | 0.09 | 5,421 | 1 | 0.05 | 4,265 | 2 | 0.10 | |||||||||||||||||||||||||
Total loans receivable | 1,492,052 | 19,436 | 5.17 | 1,441,471 | 19,071 | 5.25 | 1,469,086 | 19,570 | 5.29 | 1,466,762 | 38,508 | 5.21 | 1,447,121 | 38,576 | 5.32 | |||||||||||||||||||||||||
Total earning assets | $ | 2,314,967 | $ | 25,134 | 4.32 | % | $ | 2,245,052 | $ | 24,793 | 4.39 | % | $ | 2,191,842 | $ | 25,170 | 4.57 | % | $ | 2,280,009 | $ | 49,927 | 4.35 | % | $ | 2,159,310 | $ | 49,572 | 4.58 | % | ||||||||||
Sources of Funds | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||
Regular savings | $ | 398,407 | $ | 371 | 0.37 | % | $ | 378,227 | $ | 351 | 0.37 | % | $ | 334,035 | $ | 370 | 0.44 | % | $ | 388,317 | $ | 722 | 0.37 | % | $ | 327,228 | $ | 728 | 0.45 | % | ||||||||||
Interest checking and money market | 1,015,165 | 984 | 0.39 | 1,012,270 | 1,031 | 0.41 | 918,908 | 1,447 | 0.63 | 1,013,717 | 2,015 | 0.40 | 910,065 | 2,875 | 0.64 | |||||||||||||||||||||||||
Time deposits | 162,437 | 588 | 1.46 | 169,571 | 641 | 1.52 | 212,913 | 1,113 | 2.10 | 166,004 | 1,229 | 1.49 | 211,489 | 2,256 | 2.15 | |||||||||||||||||||||||||
Public funds time | 52,089 | 57 | 0.44 | 48,888 | 59 | 0.48 | 45,245 | 60 | 0.54 | 50,489 | 116 | 0.46 | 48,545 | 128 | 0.53 | |||||||||||||||||||||||||
Total interest-bearing deposits | 1,628,098 | 2,000 | 0.49 | 1,608,956 | 2,082 | 0.52 | 1,511,101 | 2,990 | 0.79 | 1,618,527 | 4,082 | 0.51 | 1,497,327 | 5,987 | 0.81 | |||||||||||||||||||||||||
Short-term borrowings | 116,620 | 74 | 0.25 | 99,746 | 53 | 0.21 | 158,061 | 127 | 0.32 | 108,183 | 127 | 0.23 | 163,929 | 337 | 0.41 | |||||||||||||||||||||||||
Long-term debt | 49,200 | 581 | 4.72 | 49,200 | 581 | 4.72 | 54,400 | 725 | 5.33 | 49,200 | 1,162 | 4.72 | 44,041 | 1,396 | 6.34 | |||||||||||||||||||||||||
Total interest-bearing liabilities | 1,793,918 | 2,655 | 0.59 | 1,757,902 | 2,716 | 0.62 | 1,723,562 | 3,842 | 0.89 | 1,775,910 | 5,371 | 0.61 | 1,705,297 | 7,720 | 0.91 | |||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 420,807 | 393,759 | 382,951 | 407,283 | 371,367 | |||||||||||||||||||||||||||||||||||
Sources to fund earning assets | 2,214,725 | 2,655 | 0.48 | 2,151,661 | 2,716 | 0.51 | 2,106,513 | 3,842 | 0.73 | 2,183,193 | 5,371 | 0.49 | 2,076,664 | 7,720 | 0.75 | |||||||||||||||||||||||||
Noninterest-bearing funds (net) | 100,242 | 93,391 | 85,329 | 96,816 | 82,646 | |||||||||||||||||||||||||||||||||||
Total sources to fund earning assets | $ | 2,314,967 | $ | 2,655 | 0.46 | % | $ | 2,245,052 | $ | 2,716 | 0.49 | % | $ | 2,191,842 | $ | 3,842 | 0.70 | % | $ | 2,280,009 | $ | 5,371 | 0.47 | % | $ | 2,159,310 | $ | 7,720 | 0.72 | % | ||||||||||
Net interest income and margin on a tax- equivalent basis | $ | 22,479 | 3.86 | % | $ | 22,077 | 3.90 | % | $ | 21,328 | 3.87 | % | $ | 44,556 | 3.88 | % | $ | 41,852 | 3.86 | % | ||||||||||||||||||||
Tax-exempt adjustment | 509 | 461 | 511 | 970 | 1,018 | |||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 21,970 | 3.77 | % | $ | 21,616 | 3.82 | % | $ | 20,817 | 3.77 | % | $ | 43,586 | 3.80 | % | $ | 40,834 | 3.77 | % | ||||||||||||||||||||
Other Balances: | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 42,507 | $ | 42,885 | $ | 44,164 | $ | 42,696 | $ | 43,609 | ||||||||||||||||||||||||||||||
Other assets | 98,686 | 102,594 | 101,111 | 100,641 | 103,354 | |||||||||||||||||||||||||||||||||||
Total assets | 2,456,160 | 2,390,531 | 2,337,117 | 2,423,346 | 2,306,273 | |||||||||||||||||||||||||||||||||||
Other liabilities | 13,754 | 15,290 | 16,807 | 14,522 | 19,177 | |||||||||||||||||||||||||||||||||||
Stockholders' equity | 227,681 | 223,580 | 213,797 | 225,631 | 210,432 | |||||||||||||||||||||||||||||||||||
14
Metro Bancorp, Inc. and Subsidiaries | |||||||||||||||
Summary of Allowance for Loan Losses and Other Related Data | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Year Ended | Six Months Ended | |||||||||||||
June 30, | December 31, | June 30, | |||||||||||||
(dollars in thousands) | 2012 | 2011 | 2011 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 23,759 | $ | 21,850 | $ | 21,618 | $ | 21,620 | $ | 21,618 | |||||
Provisions charged to operating expenses | 2,950 | 1,700 | 20,592 | 5,450 | 3,492 | ||||||||||
26,709 | 23,550 | 42,210 | 27,070 | 25,110 | |||||||||||
Recoveries of loans previously charged-off: | |||||||||||||||
Commercial and industrial | 180 | 15 | 156 | 201 | 53 | ||||||||||
Commercial tax-exempt | — | — | — | — | — | ||||||||||
Owner occupied real estate | 4 | — | 60 | 7 | — | ||||||||||
Commercial construction and land development | 15 | — | 11 | 450 | — | ||||||||||
Commercial real estate | 27 | 2 | 15 | 30 | 8 | ||||||||||
Residential | — | 29 | 68 | 1 | 29 | ||||||||||
Consumer | 21 | 32 | 135 | 45 | 34 | ||||||||||
Total recoveries | 247 | 78 | 445 | 734 | 124 | ||||||||||
Loans charged-off: | |||||||||||||||
Commercial and industrial | (337 | ) | (659 | ) | (7,945 | ) | (460 | ) | (913 | ) | |||||
Commercial tax-exempt | — | — | — | — | — | ||||||||||
Owner occupied real estate | (49 | ) | — | (254 | ) | (92 | ) | (2 | ) | ||||||
Commercial construction and land development | (210 | ) | (1,000 | ) | (10,629 | ) | (598 | ) | (1,382 | ) | |||||
Commercial real estate | (106 | ) | (42 | ) | (852 | ) | (272 | ) | (478 | ) | |||||
Residential | (10 | ) | — | (188 | ) | (65 | ) | (101 | ) | ||||||
Consumer | (86 | ) | (204 | ) | (1,167 | ) | (159 | ) | (635 | ) | |||||
Total charged-off | (798 | ) | (1,905 | ) | (21,035 | ) | (1,646 | ) | (3,511 | ) | |||||
Net charge-offs | (551 | ) | (1,827 | ) | (20,590 | ) | (912 | ) | (3,387 | ) | |||||
Balance at end of period | $ | 26,158 | $ | 21,723 | $ | 21,620 | $ | 26,158 | $ | 21,723 | |||||
Net charge-offs (annualized) as a percentage of average loans outstanding | 0.15 | % | 0.50 | % | 1.43 | % | 0.13 | % | 0.48 | % | |||||
Allowance for loan losses as a percentage of period-end loans | 1.75 | % | 1.49 | % | 1.50 | % | 1.75 | % | 1.49 | % | |||||
15
Metro Bancorp, Inc. and Subsidiaries | |||||||||||||||
Summary of Nonperforming Loans and Assets | |||||||||||||||
(unaudited) | |||||||||||||||
The following table presents information regarding nonperforming loans and assets as of June 30, 2012 and for the preceding four quarters (dollar amounts in thousands). | |||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
2012 | 2012 | 2011 | 2011 | 2011 | |||||||||||
Nonperforming Assets | |||||||||||||||
Nonaccrual loans: | |||||||||||||||
Commercial and industrial | $ | 16,631 | $ | 9,689 | $ | 10,162 | $ | 12,175 | $ | 19,312 | |||||
Commercial tax-exempt | — | — | — | — | — | ||||||||||
Owner occupied real estate | 3,275 | 2,920 | 2,895 | 3,482 | 2,450 | ||||||||||
Commercial construction and land development | 4,002 | 6,623 | 8,511 | 6,309 | 12,629 | ||||||||||
Commercial real estate | 6,174 | 7,771 | 7,820 | 10,400 | 5,125 | ||||||||||
Residential | 3,233 | 3,412 | 2,912 | 3,125 | 3,663 | ||||||||||
Consumer | 2,123 | 2,055 | 1,829 | 2,009 | 2,310 | ||||||||||
Total nonaccrual loans | 35,438 | 32,470 | 34,129 | 37,500 | 45,489 | ||||||||||
Loans past due 90 days or more and still accruing | 154 | 8 | 692 | 567 | — | ||||||||||
Total nonperforming loans | 35,592 | 32,478 | 34,821 | 38,067 | 45,489 | ||||||||||
Foreclosed assets | 4,032 | 6,668 | 7,072 | 7,431 | 8,048 | ||||||||||
Total nonperforming assets | $ | 39,624 | $ | 39,146 | $ | 41,893 | $ | 45,498 | $ | 53,537 | |||||
Troubled Debt Restructurings (TDRs) | |||||||||||||||
Nonaccruing TDRs | $ | 7,924 | $ | 10,295 | $ | 10,075 | $ | 10,129 | $ | 10,054 | |||||
Accruing TDRs | 17,818 | 15,899 | 12,835 | 14,979 | — | ||||||||||
Total TDRs | $ | 25,742 | $ | 26,194 | $ | 22,910 | $ | 25,108 | $ | 10,054 | |||||
Nonperforming loans to total loans | 2.38 | % | 2.21 | % | 2.42 | % | 2.64 | % | 3.12 | % | |||||
Nonperforming assets to total assets | 1.62 | % | 1.58 | % | 1.73 | % | 1.87 | % | 2.24 | % | |||||
Nonperforming loan coverage | 73 | % | 73 | % | 62 | % | 61 | % | 48 | % | |||||
Allowance for loan losses as a percentage of total period-end loans | 1.75 | % | 1.61 | % | 1.50 | % | 1.61 | % | 1.49 | % | |||||
Nonperforming assets / capital plus allowance for loan losses | 16 | % | 16 | % | 17 | % | 19 | % | 22 | % | |||||
16