MetroCorp Bancshares, Inc. Announces Second Quarter 2010 Results, Improved Profitability, Reduction Of Nonperforming Assets And Increased Capital Ratios
HOUSTON, July 22, 2010 (GLOBE NEWSWIRE) -- 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 the operating results for the second quarter of 2010.
Second Quarter Highlights
- Net income of $84,000 for the second quarter of 2010, compared with net income of $1.2 million for the second quarter of 2009 and net loss of $3.4 million for the first quarter of 2010.
- Diluted loss per common share for the second quarter of 2010 of ($0.04), compared with diluted earnings per common share of $0.05 for the second quarter of 2009 and diluted loss per common share of ($0.36) for the first quarter of 2010.
- Total nonperforming assets declined by $18.7 million or 18.9% for the second quarter of 2010 to $79.9 million compared with the first quarter of 2010, and declined $23.0 million or 22.3% compared with December 31, 2009.
- Net interest margin was 3.75% for the second quarter of 2010 compared with 3.58% for the second quarter of 2009 and 3.97% for the first quarter of 2010.
- Net interest income was $14.2 million for the second quarter of 2010 compared with $13.7 million for the second quarter of 2009 and $14.5 million for the first quarter of 2010.
- Provision for loan losses for the second quarter of 2010 was $2.4 million compared with $1.8 million for the second quarter of 2009 and $7.9 million for the first quarter of 2010.
- Allowance for loan losses was 2.94% of total loans at June 30, 2010 compared with 2.31% at December 31, 2009 and 1.84% at June 30, 2009.
- Total risk-based capital ratio increased to 14.57% at June 30, 2010 compared with 13.80% at December 31, 2009.
- Metro United Bank ("MUB") entered into a Stipulation to the Issuance of a Consent Order with the Federal Deposit Insurance Corporation ("FDIC") and the California Department of Financial Institutions ("CDFI") on July 22, 2010.
George M. Lee, Executive Vice Chairman, President and CEO of MetroCorp Bancshares, Inc., stated, "The results of management's focus and efforts were encouraging. On a linked-quarter basis, we are seeing progress and gaining momentum as measured by earnings, asset quality and capital.
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