Metro Bancorp (METR) 8-K Results of Operations and Financial Condition

Pennsylvania Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
	At or for the									At or for the
	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
							%									%
(in  thousands,  except  per  share  amounts)	2007			2006			Change			2007			2006			Change
Income Statement Data:
Net interest income	$	16,820		$	12,990			29	%	$	59,492		$	52,791			13	%
Provision for loan losses		245			225			9			1,762			1,634			8
Noninterest income		6,132			5,200			18			22,823			18,752			22
Total revenues		22,952			18,190			26			82,315			71,543			15
Noninterest operating expenses		19,171			16,010			20			70,807			59,294			19
Net income		2,467			1,522			62			7,001			7,254			(3	)
Per Common Share Data:
Net  income:  Basic	$	0.39		$	0.24			63	%	$	1.11		$	1.18			(6	) %
Net  income:  Diluted		0.38			0.24			58			1.07			1.12			(4	)
Book Value										$	17.63		$	16.27			8	%
Weighted average shares outstanding:
Basic		6,299			6,138						6,237			6,099
Diluted		6,517			6,360						6,480			6,381
Balance Sheet Data:
Total assets										$	1,979,011		$	1,866,483			6	%
Loans (net)											1,146,629			973,033			18
Allowance for loan losses											10,742			9,685			11
Investment securities											644,633			711,686			(9	)
Total deposits											1,560,896			1,616,777			(3	)
Core deposits											1,548,611			1,578,316			(2	)
Stockholders' equity											112,335			101,108			11
Capital:
Stockholders' equity to total assets											5.68	%		5.42	%
Leverage ratio											7.26			7.31
Risk based capital ratios:
Tier 1											10.03			10.00
Total Capital											10.78			10.72
Performance Ratios:
Cost of funds		2.80	%		3.36	%					3.16	%		3.14	%
Deposit cost of funds		2.02			2.85						2.37			2.42
Net interest margin		3.60			3.03						3.30			3.18
Return on average assets		0.49			0.33						0.36			0.41
Return on average total stockholders' equity		8.83			6.00						6.59			7.58
Asset Quality:
Net charge-offs to average loans outstanding											0.07	%		0.13	%
Nonperforming assets to total period-end assets											0.17			0.19
Allowance for loan losses to total period-end loans											0.93			0.99
Allowance for loan losses to nonperforming loans											366			287
Nonperforming assets to capital and reserves											3	%		3	%

Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited)
	Quarter ending,																					Year-to-date,
	December 2007							September 2007							December 2006							December 2007							December 2006
	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	$	704,586		9,419		5.35	%	$	682,415	$	9,154		5.37	%	$	724,879	$	9,651		5.33	%	$	694,575	$	37,060		5.34	%	$	733,990	$	38,845		5.29	%
Tax-exempt		1,621		25		6.17			1,620		25		6.17			1,619		25		6.18			1,620		99		6.11			1,985		130		6.55
Total securities		706,207		9,444		5.35			684,035		9,179		5.37			726,498		9,676		5.33			696,195		37,159		5.34			735,975		38,975		5.30
Federal funds sold		0		0		0.00			0		0		0.00			0		0		0.00			0		0		0.00			0		0		0.00
Loans receivable
Mortgage and construction		551,255		10,088		7.19			539,964		10,030		7.29			467,844		8,465		7.11			525,063		38,287		7.21			452,781		32,267		7.05
Commercial loans and lines of credit		314,229		6,006		7.48			301,787		6,083		7.89			281,668		5,709		7.93			307,540		24,425		7.83			259,280		20,914		7.96
Consumer		219,970		3,764		6.79			210,156		3,620		6.83			184,760		3,150		6.76			206,459		14,040		6.80			170,535		11,412		6.69
Tax-exempt		52,612		897		6.82			48,025		828		6.90			29,952		507		6.77			46,840		3,196		6.82			23,788		1,582		6.65
Total loans receivable		1,138,066		20,755		7.17			1,099,932		20,561		7.35			964,224		17,831		7.27			1,085,902		79,948		7.29			906,384		66,175		7.23
Total earning assets	$	1,844,273	$	30,199		6.47	%	$	1,783,967	$	29,740		6.59	%	$	1,690,722	$	27,507		6.44	%	$	1,782,097	$	117,107		6.53	%	$	1,642,359	$	105,150		6.36	%
Sources of Funds
Interest-bearing deposits
Regular savings	$	366,190	$	1,876		2.03	%	$	373,663	$	2,266		2.41	%	$	383,600	$	2,571		2.66	%	$	373,209	$	8,997		2.41	%	$	363,515	$	8,533		2.35	%
Interest checking and money market		769,826		5,657		2.92			704,352		6,091		3.43			712,341		7,162		3.99			712,418		24,738		3.47			605,043		22,282		3.68
Time deposits		160,271		1,662		4.11			173,084		1,817		4.16			196,628		2,064		4.16			181,080		7,604		4.20			194,611		7,541		3.87
Public funds time		14,167		173		4.84			18,290		230		4.99			28,256		328		4.61			17,464		858		4.91			32,873		1,406		4.28
Total interest-bearing deposits		1,310,454		9,368		2.84			1,269,389		10,404		3.25			1,320,825		12,125		3.64			1,284,171		42,197		3.29			1,196,042		39,762		3.32
Short-term borrowings		210,947		2,475		4.59			217,130		2,906		5.24			112,868		1,544		5.35			208,112		10,804		5.12			199,742		10,267		5.07
Other borrowed money		50,000		561		4.39			25,815		289		4.38			0		0		0.00			19,110		849		4.38			0		0		0.00
Junior subordinated debt		29,400		661		8.99			29,400		661		8.99			29,400		661		8.99			29,400		2,645		9.00			17,669		1,731		9.80
Total interest-bearing liabilities		1,600,801		13,065		3.23			1,541,734		14,260		3.66			1,463,093		14,330		3.88			1,540,793		56,495		3.66			1,413,453		51,760		3.65
Noninterest-bearing funds (net)		243,472							242,233							227,629							241,304							228,906
Total sources to fund earning assets	$	1,844,273	$	13,065		2.80		$	1,783,967	$	14,260		3.16		$	1,690,722	$	14,330		3.36		$	1,782,097	$	56,495		3.16		$	1,642,359	$	51,760		3.14
Net interest income and margin
on a tax-equivalent basis			$	17,134		3.67	%			$	15,480		3.43	%			$	13,177		3.08	%			$	60,612		3.37	%			$	53,390		3.22	%
Tax-exempt adjustment				314							290							186							1,120							599
Net interest income and margin			$	16,820		3.60	%			$	15,190		3.36	%			$	12,991		3.03	%			$	59,492		3.30	%			$	52,791		3.18	%
Other Balances:
Cash and due from banks	$	52,086						$	55,115						$	49,778						$	51,874						$	49,210
Other assets		90,652							90,536							86,285							90,437							79,815
Total assets		1,987,011							1,929,618							1,826,785							1,924,408							1,771,384
Demand deposits (noninterest-bearing)		266,407							274,089							255,903							269,353							253,671
Other liabilities		8,918							7,591							7,162							8,035							8,558
Stockholders' equity		110,885							106,204							100,627							106,227							95,702

Pennsylvania Commerce Bancorp, Inc. and Subsidiaries
Summary of Non-Performing Loans and Assets
(unaudited)
		December 31,			September 30,			June 30,			March 31,			December 31,
		2007			2007			2007			2007			2006
Nonaccrual loans:
	Commercial	$	534		$	997		$	1,362		$	945		$	984
	Consumer		57			57			54			19			19
	Mortgage:
	Construction		385			529			520			394			247
	Mortgage		1,959			1,767			1,784			2,207			2,129
	Total nonaccrual loans		2,935			3,350			3,720			3,565			3,379
Loans past due 90 days or more
	and still accruing		0			0			0			0			2
Renegotiated loans:			0			0			0			0			0
	Total non-performing loans		2,935			3,350			3,720			3,565			3,381
Foreclosed real estate			489			390			300			300			159
Total non-performing assets		$	3,424		$	3,740		$	4,020		$	3,865		$	3,540
Non-performing loans to total loans			0.25	%		0.30	%		0.34	%		0.34	%		0.34	%
Non-performing assets to total assets			0.17	%		0.19	%		0.21	%		0.20	%		0.19	%
Non-performing loan coverage			366	%		319	%		278	%		280	%		287	%
Allowance for loan losses as a percentage
	of total period-end loans		0.93	%		0.96	%		0.96	%		0.95	%		0.99	%
Non-performing assets / capital reserves			3	%		3	%		3	%		3	%		3	%

Pennsylvania Commerce Bancorp, Inc. and Subsidiaries
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)
	12/31/2007			12/31/2006			Year-ended			12/31/2007			12/31/2006
(dollar amounts in thousands)	Three Months Ended						12/31/2006			Twelve Months Ended
Balance at beginning of period	$	10,673		$	9,635		$	9,231		$	9,685		$	9,231
Provisions charged to operating expense		245			225			1,634			1,762			1,634
		10,918			9,860			10,865			11,447			10,865
Recoveries on loans charged-off:
Commercial		7			(28	)		34			11			34
Consumer		30			31			71			53			71
Real estate		0			0			0			8			0
Total recoveries		37			3			105			72			105
Loans charged-off:
Commercial		(165	)		(145	)		(895	)		(634	)		(895	)
Consumer		0			(33	)		(390	)		(69	)		(390	)
Real estate		(48	)		0			0			(74	)		0
Total charged-off		(213	)		(178	)		(1,285	)		(777	)		(1,285	)
Net charge-offs		(176	)		(175	)		(1,180	)		(705	)		(1,180	)
Balance at end of period	$	10,742		$	9,685		$	9,685		$	10,742		$	9,685
Net charge-offs as a percentage of
average loans outstanding		0.02	%		0.02	%		0.13	%		0.07	%		0.13	%
Allowance for loan losses as a percentage of
period-end loans		0.93	%		0.99	%		0.99	%		0.93	%		0.99	%

CONTACT:  Pennsylvania Commerce Bancorp, Inc.

                        Gary L. Nalbandian, 717-412-6301

Chairman/President

or

                Mark A. Zody, 717-412-6301

     Chief Financial Officer

SOURCE: Pennsylvania Commerce Bancorp, Inc.