MetroCorp Bancshares, Inc. Announces Third Quarter 2010 Net Income Of $637,000
HOUSTON, Oct. 28, 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 third quarter of 2010.
Third Quarter Highlights
- Net income of $637,000 for the third quarter of 2010, compared with net income of $1.1 million for the third quarter of 2009 and $84,000 for the second quarter of 2010.
- Total nonperforming assets declined $17.3 million or 16.8% compared with December 31, 2009, but increased $5.7 million or 7.1% for the third quarter of 2010 to $85.6 million compared with the second quarter of 2010.
- Net interest margin was 3.77% for the third quarter of 2010 compared with 3.86% for the third quarter of 2009 and 3.75% for the second quarter of 2010.
- Net interest income was $14.2 million for the third quarter of 2010 compared with $14.6 million for the third quarter of 2009 and $14.2 million for the second quarter of 2010.
- Provision for loan losses for the third quarter of 2010 was $4.7 million compared with $3.6 million for the third quarter of 2009 and $2.4 million for the second quarter of 2010.
- Allowance for loan losses was 2.95% of total loans at September 30, 2010 compared with 2.31% at December 31, 2009, and 2.94% at June 30, 2010.
- Total risk-based capital ratio increased to 15.14% at September 30, 2010 compared with 13.80% at December 31, 2009, and 14.55% at June 30, 2010.
George M. Lee, Executive Vice Chairman, President and CEO of MetroCorp Bancshares, Inc. stated, "Management was encouraged by the company's net income of $637,000 for third quarter compared with the second quarter net income of $84,000, in spite of a higher loan loss provision of $4.7 million for third quarter compared with $2.4 million for second quarter 2010. The company's capital ratios also improved as a result of the issuance of $2.9 million in common stock in a private placement in September. Total risk-based capital ratio, Tier-1 capital ratio and the leverage ratio as of September 30, 2010 were 15.14%, 13.87% and 10.96%, respectively, representing an improvement from their levels as of June 30, 2010 of 14.55%, 13.28% and 10.68%, respectively. Nonperforming assets as of September 30, 2010 increased by $5.7 million compared with their level at June 30, 2010; however, subsequent to September 30, 2010, nonperforming assets were reduced by approximately $1.8 million due to the sale of two ORE commercial properties and the payoff of one nonaccrual loan.
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