Metro Bancorp (METR) 8-K Common Stock Offering and Reports

Metro Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
	At or for the									At or for the
	Three Months Ended									Nine Months Ended
	September 30,									September 30,
							%									%
(in  thousands,  except  per  share  amounts)	2009			2008			Change			2009			2008			Change
Income Statement Data:
Net interest income	$	18,679		$	19,652			(5	) %	$	57,031		$	57,322			(1	) %
Provision for loan losses		3,725			1,700			119			10,625			4,075			161
Noninterest income		6,853			6,365			8			17,279			18,851			(8	)
Total revenues		25,532			26,017			(2	)		74,310			76,173			(2	)
Noninterest operating expenses		22,799			19,361			18			66,064			57,339			15
Net income (loss)		(490	)		3,433			(114	)		(1,008	)		10,145			(110	)
Per Common Share Data:
Net  income (loss):  Basic	$	(0.08	)	$	0.54			(115	) %	$	(0.16	)	$	1.59			(110	) %
Net  income (loss):  Diluted		(0.08	)		0.52			(115	)		(0.16	)		1.55			(110	)
Book Value										$	15.22		$	17.74			(14	) %
Weighted average shares outstanding:
Basic		6,591			6,358						6,520			6,342
Diluted		6,591			6,531						6,520			6,511
Balance Sheet Data:
Total assets										$	2,086,495		$	2,125,279			(2	) %
Loans (net)											1,456,636			1,369,149			6
Allowance for loan losses											14,618			13,888			5
Investment securities											393,820			551,436			(29	)
Total deposits											1,736,961			1,689,760			3
Core deposits											1,721,859			1,681,250			2
Stockholders' equity											195,722			114,070			72
Capital:
Stockholders' equity to total assets											9.38	%		5.37	%
Leverage ratio											11.21			7.58
Risk based capital ratios:
Tier 1											13.07			9.87
Total Capital											13.89			10.75
Performance Ratios:
Cost of funds		1.15	%		1.71	%					1.19	%		1.85	%
Deposit cost of funds		0.99			1.42						1.04			1.51
Net interest margin		3.79			4.00						3.83			4.05
Return on average assets		(0.09	)		0.66						(0.06	)		0.68
Return on average total stockholders' equity		(1.47	)		11.96						(1.10	)		11.98
Asset Quality:
Net charge-offs (annualized) to average loans outstanding											1.17	%		0.10	%
Nonperforming assets to total period-end assets											1.53			0.57
Allowance for loan losses to total period-end loans											0.99			1.00
Allowance for loan losses to nonperforming loans											58			119
Nonperforming assets to capital and reserves											15			10

Metro Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited)
	Quarter ending,																					Year-to-date,
	September 2009							June 2009							September 2008							September 2009							September 2008
	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	$	458,884	$	4,638		4.04	%	$	474,996	$	4,915		4.14	%	$	567,050	$	6,898		4.87	%	$	486,173	$	15,030		4.12	%	$	585,259	$	21,934		5.00	%
Tax-exempt		1,624		25		6.19			1,623		25		6.19			1,622		25		6.17			1,623		74		6.19			1,622		75		6.17
Total securities		460,508		4,663		4.05			476,619		4,940		4.15			568,672		6,923		4.87			487,796		15,104		4.13			586,881		22,009		5.00
Other earning assets		1,654		0		0.19			620		1		0.50			0		0		0.00			844		1		0.29			0		0		0.00
Loans receivable:
Mortgage and construction		744,218		10,673		5.63			748,766		10,783		5.71			685,816		11,063		6.33			752,625		32,197		5.69			629,356		31,304		6.55
Commercial loans and lines of credit		393,545		4,837		4.82			385,398		4,882		5.04			347,373		5,309		5.98			378,882		14,381		5.03			341,479		16,546		6.37
Consumer		229,160		3,038		5.25			260,417		3,309		5.09			249,658		3,807		6.07			253,068		9,756		5.15			237,500		11,067		6.22
Tax-exempt		109,348		1,705		6.14			102,338		1,600		6.24			87,694		1,442		6.58			102,719		4,841		6.26			72,282		3,654		6.74
Total loans receivable		1,476,271		20,253		5.39			1,496,919		20,574		5.47			1,370,541		21,621		6.21			1,487,294		61,175		5.47			1,280,617		62,571		6.45
Total earning assets	$	1,938,433	$	24,916		5.07	%	$	1,974,158	$	25,515		5.15	%	$	1,939,213	$	28,544		5.82	%	$	1,975,934	$	76,280		5.13	%	$	1,867,498	$	84,580		5.99	%
Sources of Funds
Interest-bearing deposits:
Regular savings	$	329,348	$	464		0.56	%	$	335,795	$	479		0.57	%	$	355,971	$	999		1.12	%	$	336,821	$	1,495		0.59	%	$	347,100	$	3,088		1.19	%
Interest checking and money market		811,911		1,877		0.92			758,617		1,800		0.95			756,066		3,003		1.58			764,587		5,339		0.93			719,092		8,911		1.66
Time deposits		256,835		1,923		2.97			260,091		2,036		3.14			191,451		1,582		3.29			255,461		6,006		3.14			185,587		5,020		3.61
Public funds time		15,606		50		1.28			13,805		77		2.24			9,158		75		3.26			13,259		198		1.99			18,859		535		3.79
Total interest-bearing deposits		1,413,700		4,314		1.21			1,368,308		4,392		1.29			1,312,646		5,659		1.72			1,370,128		13,038		1.27			1,270,638		17,554		1.85
Short-term borrowings		140,009		226		0.63			206,521		324		0.62			268,202		1,497		2.18			217,583		976		0.59			245,386		4,746		2.54
Other borrowed money		38,587		430		4.36			50,000		555		4.39			50,000		561		4.39			46,154		1,532		4.38			50,000		1,669		4.39
Junior subordinated debt		29,400		661		9.00			29,400		661		9.00			29,400		661		8.99			29,400		1,984		9.00			29,400		1,984		9.00
Total interest-bearing liabilities		1,621,696		5,631		1.38			1,654,229		5,932		1.44			1,660,248		8,378		2.00			1,663,265		17,530		1.41			1,595,424		25,953		2.16
Noninterest-bearing funds (net)		316,737							319,929							278,965							312,669							272,074
Total sources to fund earning assets	$	1,938,433	$	5,631		1.15	%	$	1,974,158	$	5,932		1.20	%	$	1,939,213	$	8,378		1.71	%	$	1,975,934	$	17,530		1.19	%	$	1,867,498	$	25,953		1.85	%
Net interest income and margin
on a tax-equivalent basis			$	19,285		3.92	%			$	19,583		3.95	%			$	20,166		4.11	%			$	58,750		3.94	%			$	58,627		4.14	%
Tax-exempt adjustment				606							568							514							1,719							1,305
Net interest income and margin			$	18,679		3.79	%			$	19,015		3.83	%			$	19,652		4.00	%			$	57,031		3.83	%			$	57,322		4.05	%
Other Balances:
Cash and due from banks	$	47,805						$	41,055						$	45,820						$	42,641						$	45,526
Other assets		84,074							80,457							78,488							79,879							83,831
Total assets		2,070,312							2,095,670							2,063,521							2,098,454							1,996,855
Demand deposits (noninterest-bearing)		311,506							312,396							277,592							303,227							277,212
Other liabilities		4,487							11,496							11,528							9,689							11,051
Stockholders' equity		132,623							117,549							114,153							122,273							113,168

Metro Bancorp, Inc. and Subsidiaries
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)
	9/30/2009			9/30/2008			Year-ended			9/30/2009			9/30/2008
(dollar amounts in thousands)	Three Months Ended						12/31/2008			Nine Months Ended
Balance at beginning of period	$	19,337		$	12,210		$	10,742		$	16,719		$	10,742
Provisions charged to operating expense		3,725			1,700			7,475			10,625			4,075
		23,062			13,910			18,217			27,344			14,817
Recoveries on loans charged-off:
Commercial		19			1			145			139			132
Consumer		0			1			25			5			24
Real estate		35			0			0			41			0
Total recoveries		54			2			170			185			156
Loans charged-off:
Commercial		(3,878	)		0			(1,426	)		(6,224	)		(884	)
Consumer		(2	)		(24	)		(173	)		(21	)		(132	)
Real estate		(4,618	)		0			(69	)		(6,666	)		(69	)
Total charged-off		(8,498	)		(24	)		(1,668	)		(12,911	)		(1,085	)
Net charge-offs		(8,444	)		(22	)		(1,498	)		(12,726	)		(929	)
Balance at end of period	$	14,618		$	13,888		$	16,719		$	14,618		$	13,888
Net charge-offs (annualized) as a percentage of
average loans outstanding		2.29	%		0.01	%		0.11	%		1.17	%		0.10	%
Allowance for loan losses as a percentage of
period-end loans		0.99	%		1.00	%		1.16	%		0.99	%		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 September 30, 2009 and for the preceding four quarters
(dollar amounts in thousands).
	September 30,			June 30,			March 31,			December 31,			September 30,
	2009			2009			2009			2008			2008
Nonaccrual loans:
Commercial	$	8,833		$	8,240		$	8,479		$	6,863		$	7,083
Consumer		984			882			724			492			164
Real Estate:
Construction		4,580			6,045			7,870			7,646			731
Real Estate		10,694			16,628			12,348			12,121			3,657
Total nonaccrual loans		25,091			31,795			29,421			27,122			11,635
Loans past due 90 days or more
and still accruing		5			0			0			0			33
Renegotiated loans		0			0			0			0			0
Total nonperforming loans		25,096			31,795			29,421			27,122			11,668
Foreclosed real estate		6,875			1,650			989			743			535
Total nonperforming assets	$	31,971		$	33,445		$	30,410		$	27,865		$	12,203
Nonperforming loans to total loans		1.71	%		2.19	%		2.03	%		1.88	%		0.84	%
Nonperforming assets to total assets		1.53	%		1.61	%		1.44	%		1.30	%		0.57	%
Nonperforming loan coverage		58	%		61	%		55	%		62	%		119	%
Allowance for loan losses as a percentage
of total period-end loans		0.99	%		1.33	%		1.12	%		1.16	%		1.00	%
Nonperforming assets / capital plus allowance for loan losses		15	%		24	%		22	%		21	%		10	%