-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Iqq1tuKzPm3F04/vuIi86rLBOyxxLhgj4jHQ647zEWDjRnnS8D+DtEJd1xXSzadN p+XJUE7WMcb2NEFTVv/OKw== 0001171843-10-000396.txt : 20100311 0001171843-10-000396.hdr.sgml : 20100311 20100310182322 ACCESSION NUMBER: 0001171843-10-000396 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100311 DATE AS OF CHANGE: 20100310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROCORP BANCSHARES INC CENTRAL INDEX KEY: 0001068300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 760579161 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25141 FILM NUMBER: 10671820 BUSINESS ADDRESS: STREET 1: 9600 BELLAIRE BLVD SUITE 152 CITY: HOUSTON STATE: TX ZIP: 77036 BUSINESS PHONE: 7137763876 8-K/A 1 f8ka_031010.htm FORM 8-K/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K/A
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  January 30, 2010

METROCORP BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Texas
000-25141
76-0579161
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
9600 Bellaire Boulevard, Suite 252
Houston, Texas 77036
(Address of principal executive offices including zip code)
 
Registrant's telephone number, including area code:  (713) 776-3876
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]           Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
EXPLANATORY NOTE
 
This Amendment to Form 8-K is furnished by MetroCorp Bancshares, Inc. (the "Company") to amend the contents of the current report on Form 8-K originally furnished to the Securities and Exchange Commission on February 1, 2010 in order to reflect revised financial results due to an increase in the Company's provision for loan losses for the fourth quarter and year ended December 31, 2009.
 
Item 2.02
Results of Operations and Financial Condition.
 
On March 10, 2010, the Company publicly disseminated a press release announcing revised financial results for the fourth quarter and year ended December 31, 2009.  For the fourth quarter ended December 31, 2009, the Company recorded an increase in its provision for loan losses of $2.2 million, due to grade changes on certain loans in Texas and a write down of two loans in California.  The Company also recorded an adjustment of $2.0 million to write down the specific reserve portion of certain nonperforming loans in Texas that are deemed collateral dependent pursuant to regulatory guidelines.  The adjustment, which did not impact earnings, increased net charge-offs by $3.0 million to $20.5 million and decreased net nonperforming assets by $3.0 million to $100.7 million as of December 31, 2009.
 
As a result of the increased provision and the adjustment to the allowance for loan losses, revised net loss for the fourth quarter ended December 31, 2009 was $7.3 million, or $0.72 loss per basic and diluted share, compared with the $5.9 million net loss, or $0.59 loss per basic and diluted share previously reported for the period.  For the year ended December 31, 2009, revised net loss was $7.1 million, or $0.85 loss per basic and diluted share, compared with net loss of $5.7 million, or $0.72 loss per basic and diluted share previously reported.
 
A copy of the press release announcing the Company's revised financial results for the fourth quarter and year ended December 31, 2009 is attached hereto as Exhibit 99.1 and incorporated by reference herein.
 
As provided in General Instruction B.2 to Form 8-K, the information furnished in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01                      Financial Statements and Exhibits.
 
(d)  Exhibits.  The following is furnished as an exhibit to this Current Report on Form 8-K:
 
Exhibit
Number                                Description of Exhibit
 
 
99.1
Press Release issued by MetroCorp Bancshares, Inc. dated March 10, 2010.
 
 
 
 
SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
METROCORP BANCSHARES, INC.
(Registrant)

 
Dated:  March 10, 2010                                                    By:  /s/ George M. Lee
George M. Lee
Executive Vice Chairman, President and
Chief Executive Officer

 

 
 
 
 
EXHIBIT INDEX

 
Exhibit
Number                                Description of Exhibit

99.1
Press Release issued by MetroCorp Bancshares, Inc. dated March 10, 2010.
 

 
 EX-99 2 exh_991.htm EXHIBIT 99.1

EXHIBIT 99.1

MetroCorp Bancshares, Inc. Announces Revised Fourth Quarter 2009 Earnings

HOUSTON, March 10, 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 revised earnings for the three and twelve months ended December 31, 2009 to reflect an increase in its provision for loan losses and the effects of the adjustment.   

Revised net loss for fourth quarter ended December 31, 2009 was $7.3 million, or $0.72 loss per basic and diluted share, compared with the $5.9 million net loss, or $0.59 loss per basic and diluted share previously reported for this period.  Revised net loss for the year ended December 31, 2009 was $7.1 million, or $0.85 loss per basic and diluted share, compared with the net loss of $5.7 million, or $0.72 loss per basic and diluted share, previously reported for this period.

Subsequent to the Company's earnings release on January 30, 2010, the Company recorded an additional $2.2 million of provisions for loan losses for the fourth quarter of 2009.  Of the total, $1.2 million was related to grade changes on loans in Texas, where updated December 31, 2009 financial information received subsequent to the earnings release indicated weaknesses with these loans. The new information resulted in the downgrade of these performing loans to special mention or substandard, and impacted the reserve for loans in these categories resulting in the $1.2 million increase. The remaining $1.0 million increase in the provision was related to two commercial real estate loans in California. Subsequent to the earnings release, Metro United Bank, received updated appraisals on real estate properties securing the two nonperforming loans that reflected deterioration in the market value of the collateral. The bank wrote down the two loans to the fair market value of the collateral and incre ased its provision for fourth quarter 2009.  As a result of the adjustments, total provisions for loan losses for the fourth quarter 2009 increased from $10.8 million to $13.0 million, and for the year increased from $23.5 million to $25.7 million.

The Company also recorded an adjustment of $2.0 million to write down the specific reserve portion of certain nonperforming loans in Texas that are deemed collateral dependent. Regulatory guidelines require that collateral dependent loans should be written down to collateral value instead of carrying a specific reserve.  The Bank wrote down the loans by the amounts that were previously included in the allowance for loan losses ("ALLL"). This adjustment, which had no impact on earnings, increased total charge-offs for the fourth quarter and year ended 2009, and reduced nonperforming loans and ALLL as of December 31, 2009 by the same amount. 

As a result of the adjustments, net charge-offs for the year ended December 31, 2009 increased $3.0 million from $17.6 million to $20.5 million, while net nonperforming assets decreased by $3.0 million to $100.7 million. As of December 31, 2009, the ratio of net NPA to total assets decreased from 6.51% to 6.34%, while ALLL decreased $753,000 from $30.2 million to $29.4 million and the ratio of ALLL to total loans declined from 2.36% to 2.31%. 

MetroCorp Bancshares, Inc., provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has thirteen full-service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. As of December 31, 2009, the Company had consolidated assets of $1.6 billion. For more information, visit the Company's web site at www.metrobank-na.com.

The MetroCorp Bancshares Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2894

The statements contained in this release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) general business and economic conditions in the markets the Company serves may be less favorable than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate environment which could reduce the Company's net interest margin; (3) the failure of or changes in management's assumptions regarding the adequacy of the al lowance for loan losses; (4) an adverse change in the real estate market in the Company's primary market areas; (5) legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial securities industry; (6) the effect of compliance, or failure to comply within stated deadlines of the provisions of the formal agreement between MetroBank and the Office of the Comptroller of the Currency; (7) changes in the availability of funds which could increase costs or decrease liquidity; (8) the effects of competition from other financial institutions operating in the Company's market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; (9) changes in accounting principles, policies or guidelines; (10) a deterioration or downgrade in the credit quality and credit agency ra tings of the securities in the Company's securities portfolio; (11) the incurrence and possible impairment of goodwill associated with an acquisition; and (12) the Company's ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace. All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. These and other risks and factors are further described from time to time in the Company's 2008 annual report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.
 

CONTACT:  MetroCorp Bancshares, Inc., Houston
          George Lee, Executive Vice Chairman, President & CEO
            (713) 776-3876
          David Choi, EVP/Chief Financial Officer
            (713) 776-3876
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