0001445305-11-000440.txt : 20110316 0001445305-11-000440.hdr.sgml : 20110316 20110316170931 ACCESSION NUMBER: 0001445305-11-000440 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110316 DATE AS OF CHANGE: 20110316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METRO BANCORP, INC. CENTRAL INDEX KEY: 0001085706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251834776 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50961 FILM NUMBER: 11692702 BUSINESS ADDRESS: STREET 1: 3801 PAXTON STREET CITY: HARRISBURG STATE: PA ZIP: 17111 BUSINESS PHONE: 7174126301 MAIL ADDRESS: STREET 1: 3801 PAXTON STREET CITY: HARRISBURG STATE: PA ZIP: 17111 FORMER COMPANY: FORMER CONFORMED NAME: PENNSYLVANIA COMMERCE BANCORP INC DATE OF NAME CHANGE: 19990504 10-K 1 a2010q410k.htm WebFilings | EDGAR view
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[ X ]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2010
 or
[    ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the transition period from                     to                    .
Commission file number   000-50961
METRO BANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
 
25-1834776
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
3801 Paxton Street, P.O. Box 4999, Harrisburg, PA
 
17111-0999
(Address of principal executive offices)
 
(Zip Code)
 Registrant’s telephone number, including area code: (800) 653-6104
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Name of each exchange on which registered
Common Stock, $1.00 par value
 
NASDAQ Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:  None
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of Section 15(d) of the Act. Yes o No x
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer x
Non-accelerated filer o
Smaller reporting company o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The aggregate market value of voting stock held by non-affiliates of the registrant as of the last business day of the Company’s most recently completed second fiscal quarter, June 30, 2010, was $151,513,013.
The number of shares of the registrant’s common stock, par value $1.00 per share, outstanding as of February 28, 2011 was 13,800,813.
 

DOCUMENTS INCORPORATED BY REFERENCE:
 
Part II incorporates certain information by reference to the registrant’s Annual Report to Shareholders for the fiscal year ended December 31, 2010 (the “Annual Report”). Part III incorporates certain information by reference to the registrant’s Proxy Statement for the 2011 Annual Meeting of Stockholders, which the Company plans to file no later than April 30, 2011.
 
 

METRO BANCORP, INC.
FORM 10-K CROSS-REFERENCE INDEX 
Part I.
 
Page
 
 
 
Item 1.
Business
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 1B.
Unresolved Staff Comments
 
 
 
Item 2.
Properties
 
 
 
Item 3.
Legal Proceedings
 
 
 
Item 4.
(Removed and Reserved)
 
 
 
Part II.
 
 
 
 
 
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 
 
 
Item 6.
Selected Financial Data
 
 
 
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
(The information required by this item is incorporated by reference to the Company's 2010 Annual Report.)
 
 
 
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
 
 
(The information required by this item is incorporated by reference to the Company's 2010 Annual Report.)
 
 
 
Item 8.
Financial Statements and Supplementary Data
 
 
(The information required by this item is incorporated by reference to the Company's 2010 Annual Report.)
 
 
 
Item 9.
Changes In and Disagreements with Accountants on Accounting and Financial Disclosure (This item is omitted since it is not applicable.)
 
 
 
Item 9A.
Controls and Procedures
 
 
 
Item 9B.
Other Information
 
 
 
Part III.
 
 
 
 
 
Item 10.
Directors, Executive Officers and Corporate Governance
 
 
 
Item 11.
Executive Compensation
 
 
 
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 
 
 
Item 13.
Certain Relationships and Related Transactions, and Director Independence
 
 
 
Item 14.
Principal Accounting Fees and Services
 
 
 
Part IV.
 
 
 
 
 
Item 15.
Exhibits, Financial Statement Schedules
 
 
 
 
Signatures
 
 
 

Part I.
 
Item 1. Business
 
Forward-Looking Statements
 
This Form 10-K and the documents incorporated by reference contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act and Section 21E of the Securities Exchange Act of 1934, which we refer to as the Exchange Act, with respect to the financial condition, liquidity, results of operations, future performance and business of Metro Bancorp, Inc. (the Company). These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control).   The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” and similar expressions are intended to identify forward-looking statements.
 
While we believe our plans, objectives, goals, expectations, anticipations, estimates and intentions as reflected in these forward-looking statements are reasonable, we can give no assurance that any of them will be achieved.  You should understand that various factors, in addition to those discussed elsewhere in this Form 10-K, could affect our future results and could cause results to differ materially from those expressed in these forward-looking statements, including:
 
•    
the effects of and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System;
•    
general economic or business conditions, either nationally, regionally or in the communities in which we do business, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and loan performance or a reduced demand for credit;
•    
the impact of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other changes in financial services’ laws and regulations (including laws concerning taxes, banking, securities and insurance);
•    
the Federal Deposit Insurance Corporation (FDIC) deposit fund is continually being used due to increased bank failures and existing financial institutions are being  assessed higher premiums in order to replenish the fund;
•    
interest rate, market and monetary fluctuations;
•    
unanticipated regulatory or judicial proceedings and liabilities and other costs;
•    
compliance with laws and regulatory requirements of federal, state and local agencies;
•    
our ability to continue to grow our business internally and through acquisition and successful integration of new or acquired entities while controlling costs;
•    
continued levels of loan quality and volume origination;
•    
the adequacy of the allowance for loan losses;
•    
deposit flows;
•    
the willingness of customers to substitute competitors’ products and services for our products and services and vice versa, based on price, quality, relationship or otherwise;
•    
changes in consumer spending and saving habits relative to the financial services we provide;
•    
the ability to hedge certain risks economically;
•    
the loss of certain key officers;
•    
changes in accounting principles, policies and guidelines;
•    
the timely development of competitive new products and services by us and the acceptance of such products and services by customers;
•    
rapidly changing technology;
•    
continued relationships with major customers;

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•    
effect of terrorist attacks and threats of actual war;
•    
compliance with the April 29, 2010 consent order may result in continued increased noninterest expenses;
•    
expenses associated with modifications we intend to make to our logos in response to the Members 1st litigation and dismissal order;
•    
other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services; and
•    
our success at managing the risks involved in the foregoing.
 
Because such forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements.  The foregoing list of important factors is not exclusive and you are cautioned not to place undue reliance on these factors or any of our forward-looking statements, which speak only as of the date of this document or, in the case of documents incorporated by reference, the dates of those documents. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of us except as required by applicable law.
 
The Company may, from time to time, make written or oral “forward-looking statements”, including statements contained in the Company’s filings with the Securities and Exchange Commission (SEC) (including the annual report on Form 10-K and the exhibits thereto), in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
 
General
 
Metro Bancorp, Inc. is a Pennsylvania business corporation, which is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended.  The Company was incorporated on April 23, 1999 and became an active bank holding company on July 1, 1999 through the acquisition of 100% of the outstanding shares of Commerce Bank/Harrisburg, N.A.  The Company is a one-bank holding company head­quartered in Harrisburg, Pennsylvania and provides full banking services through its subsidiary, Metro Bank (The Bank).
 
During the second quarter of 2009, Pennsylvania Commerce Bancorp, Inc. changed its name to Metro Bancorp, Inc. and its subsidiary bank, Commerce Bank/Harrisburg changed its name to Metro Bank.  The entire Company was rebranded to Metro Bank.  A Transition Agreement with TD Bank, N.A. and Commerce Bancorp LLC (formerly Commerce Bancorp, Inc.) required the Company to discontinue using the name “Commerce Bank” and, subject to certain limitations, the red “C” logo.  Also pursuant to the agreement, the Company transitioned certain services that had been provided under a Master Service Agreement with TD Bank to a master agreement with Fiserv Solutions, Inc. (Fiserv).
 
On June 15, 2000, the Company issued $5 million of 11.00% Trust Capital Securities through Commerce Harrisburg Capital Trust I, a newly formed Delaware business trust subsidiary of the Company.  Proceeds of this offering were invested in the Bank and all $5 million of the Trust Capital Securities qualifies as Tier 1 capital for regulatory capital purposes. On September 28, 2001, the Company issued $8 million of 10.00% Trust Capital Securities through Commerce Harrisburg Capital Trust II (Trust II), a newly formed Delaware business trust subsidiary of the Company.  Proceeds of this offering were invested in the Bank and all $8 million of the Trust Capital Securities qualifies as Tier 1 capital for regulatory capital purposes.  On September 29, 2006, the Company issued $15 million of 7.75% Trust Capital Securities through Commerce Harrisburg Capital Trust III (Trust III), a newly formed Delaware business trust subsidiary of the Company.  Proceeds of this offering were invested in the Bank and all $15 million of the Trust Capital securities qualifies as Tier 1 Capital for regulatory capital purposes.
 
Also in 2009, upon the Bank’s acquisition of a 15% ownership interest in a local commercial property due to a foreclosure on a non-recourse loan, the Company created a new entity, MB Harrisburg Holdings, LLC. to hold this property.  The only asset held by this nonbanking subsidiary is the Company's percentage ownership in this property which had a fair market value of approximately $4.0 million as of December 31, 2010.
 
In 2009, the Company completed a common stock offering of 6.88 million shares for net new capital proceeds of $77.8 million. The majority of the proceeds of this offering were invested in the Bank.
 
As of December 31, 2010, the Company had approximately $2.23 billion in assets, $1.83 billion in deposits, $1.38 billion in total net loans (including loans held for sale) and $205.4 million in stockholders’ equity. Substantially all of the Bank’s deposits are insured up to applicable limits by the Deposit Insurance Fund (DIF) of the FDIC to the fullest extent permitted by law.  The Company’s total revenues (net interest income plus noninterest income) were $109.2 million and the Company recorded a net loss

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of $4.3 million for the year ended December 31, 2010.
 
The Company’s principal executive offices are located at 3801 Paxton Street, Harrisburg, Pennsylvania 17111, and its telephone number is (800) 653-6104. The Company’s internet address is www.mymetrobank.com.
 
As of December 31, 2010, the Company had 959 employees, of which 724 were full-time employees. Management believes the Company’s relationship with its employees is good.
 
On March 15, 2010, the Company and Republic First Bancorp, Inc. (Republic First), parent company of Republic First Bank, terminated their November 7, 2008 Agreement and Plan of Merger (Merger Agreement).  The Merger Agreement would have merged Republic First into the Company.  Except for a few select provisions, such as the continued confidentiality of certain shared information, the provisions of the Merger Agreement are now void and of no effect. See the Company's Current Report on Form 8-K dated March 15, 2010 and filed with the SEC on March 15, 2010 announcing the termination of the Merger Agreement.
 
Metro Bank
 
The Company has one reportable segment, consisting of Metro Bank, as described in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2010 included at Item 8 of this Report.
 
On July 13, 1984, the Bank filed an application to establish a state-chartered banking institution with the Pennsylvania Department of Banking. On September 7, 1984, the Bank was granted preliminary approval of its application and on September 11, 1984, was incorporated as a Pennsylvania state-chartered banking institution under the laws of the Commonwealth of Pennsylvania. The Bank opened for business on June 1, 1985.
 
On October 7, 1994, the Bank was converted from a Pennsylvania state-chartered banking institution to a national banking association under the laws of the United States of America and changed its name to “Commerce Bank/Harrisburg, National Association.”
 
On June 3, 2008, Metro Bank filed an application to convert from a national charter to a state-chartered banking institution with the Pennsylvania Department of Banking. On November 7, 2008, the Pennsylvania Department of Banking approved the application to convert from a national bank charter to a state bank charter. As a result of the conversion to a state chartered bank, the Bank is supervised jointly by the Pennsylvania Department of Banking and the FDIC. The Company is supervised by the Federal Reserve Bank (FRB), which supervises all bank holding companies.
 
The Bank provides a full range of retail and commercial banking services for consumers and small and mid-sized companies. The Bank’s lending and investment activities are funded principally by retail deposits gathered through its retail store office network.
 
Service Area
 
The Bank offers its lending and depository services from its main store in Lemoyne, Pennsylvania, and its thirty-two other full-service stores located in Cumberland, Dauphin, York, Berks, Lancaster and Lebanon Counties, Pennsylvania.
 
Retail and Commercial Banking Activities
 
The Bank provides a broad range of retail banking services and products including free personal checking accounts and business checking accounts (subject to a minimum balance), regular savings accounts, money market accounts, interest checking accounts, fixed rate certificates of deposit (CDs), individual retirement accounts, club accounts, debit card services, online banking including Pay Anyone, safe deposit facilities and automated teller facilities. Its services also include a full range of lending activities including commercial and industrial, owner occupied real estate, commercial construction and land development and commercial real estate loans, consumer loan programs (including installment loans for home improvement and the purchase of consumer goods and automobiles), home equity, overdraft checking protection, consumer credit cards. The Bank also offers construction loans and permanent mortgages for homes. The Bank is a participant in the Small Business Administration (SBA) Loan Program and is an approved lender for qualified applicants.
 
The Bank directs its commercial lending principally toward businesses that require funds within the Bank’s legal lending limit, as determined from time to time and that otherwise do business and/or are depositors with the Bank. The Bank also participates in inter-bank credit arrangements in order to take part in loans for amounts that are in excess of its lending limit or to limit the concentration of lending to any individual. The Company is not dependent on any one or more major customers and its business is not seasonal.

3
 

 
The Company has focused its strategy for growth, primarily on the further development of its community-based retail-banking network. The objective of this corporate strategy is to build earnings growth potential for the future as the retail store network matures. The Company’s store concept uses a prototype or standardized store office building, convenient locations and active marketing, all designed to attract retail deposits. While the Company has not yet announced plans to open any new stores in 2011 it does intend to continue to open multiple stores over the next several years, subject to regulatory approval. It has been the Company’s experience that most newly opened store offices incur operating losses during the first 18 to 24 months of operations and become profitable thereafter. The Company’s retail approach to banking emphasizes a combination of long-term customer relationships, quick responses to customer needs, active marketing, convenient locations, free checking for customers maintaining certain minimum balances and extended hours of operation.
 
Competitive Business Conditions / Competitive Position
 
The Company’s current primary service area, the South Central Pennsylvania area, including portions of Cumberland, Dauphin, York, Berks, Lancaster and Lebanon Counties, is characterized by significant competition for banking business. The Bank competes with local commercial banks as well as numerous regionally based commercial banks, some of which have assets, capital and lending limits larger than that of the Bank. The Bank competes with respect to its lending activities as well as in attracting demand, savings and time deposits with other commercial banks, savings banks, insurance companies, regulated small loan companies, credit unions and with issuers of commercial paper and other securities such as shares in money market funds. Among those institutions, the Bank has a share of approximately 5% of the bank deposits in its market area.
 
Other institutions may have the ability to finance wide-ranging advertising campaigns and to allocate investment assets to regions of highest yield and demand. Many institutions offer services, such as trust services and international banking, which the Bank does not offer. Several institutions, by virtue of their greater total capital, have substantially higher lending limits than the Bank.
 
In order to compete with other financial institutions the Bank uses, to the fullest extent possible, the flexibility which independent status permits. This includes an emphasis on specialized services for the small businessperson and professional contacts by the Bank’s officers, directors and employees and the greatest possible efforts to understand fully the financial situation of relatively small borrowers. The size of such borrowers, in management’s opinion, often inhibits close attention to their needs by larger institutions. The Bank may seek to participate in loans with other financial institutions for amounts not to exceed the Bank’s legal lending limit (approximately $34.6 million as of December 31, 2010). As of the end of 2010, all participations totaled approximately $41.7 million.  Participations are used to more fully service customers whose loan demands exceed the Bank’s lending limit.
 
In consumer transactions, the Bank believes it is able to compete on a substantially equal basis with larger financial institutions because it offers longer hours of operation, more personalized service and competitive interest rates on savings and time accounts with low minimum deposit requirements.
 
The Bank endeavors to be competitive with all competing financial institutions with respect to interest rates paid on time and savings deposits, its overdraft charges on deposit accounts and interest rates charged on loans.
 
Supervision and Regulation
 
The following discussion sets forth certain of the material elements of the regulatory framework applicable to bank holding companies and their subsidiaries and provides certain specific information relevant to the Company. The regulatory framework is intended primarily for the protection of depositors, other customers and the Federal Deposit Insurance Funds and not for the protection of security holders. To the extent that the following information describes statutory and regulatory provisions, it is qualified in its entirety by reference to the particular statutory and regulatory provisions. A change in applicable statutes, regulations or regulatory policy may have a material effect on the business of the Company.
 
The Company
 
The Company is subject to the jurisdiction of the SEC and of state securities commissions for matters relating to the offering and sale of its securities and is subject to the SEC’s rules and regulations relating to periodic reporting, reporting to shareholders, proxy solicitation and insider trading.
 
The Sarbanes-Oxley Act of 2002 implemented a broad range of corporate governance, accounting and reporting measures for companies that have securities registered under the Securities Exchange Act of 1934, such as the Company. Specifically, the Sarbanes-Oxley Act and the various regulations promulgated thereunder, established, among other things: (i) new requirements for audit committees, including independence, expertise and responsibilities; (ii) additional responsibilities regarding financial

4
 

statements for the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the reporting company; (iii) new standards for auditors and the regulation of audits, including independence provisions that restrict non-audit services that accountants may provide to their audit clients; (iv) increased disclosure and reporting obligations for the reporting company and their directors and executive officers, including accelerated reporting of stock transactions and a prohibition on trading during pension blackout periods; (v) a prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions on non-preferential terms and in compliance with other bank regulatory requirements; and (vi) a range of new and increased civil and criminal penalties for fraud and other violations of the securities laws. The Company has addressed the requirements imposed by regulations relating to the Sarbanes-Oxley Act, including forming a Nominating and Corporate Governance Committee (and establishing its charter), adopting a Code of Ethics applicable to the Company’s CEO, CFO and principal accounting officer (in addition to the Code of Conduct already in place for all employees and Board Members of the Company) and meeting NASDAQ’s and the SEC’s procedural and disclosure requirements.
 
In 1999, the Gramm-Leach-Bliley Act (better known as the Financial Services Modernization Act of 1999) became law. The law permits bank holding companies to become financial holding companies and thereby affiliate with securities firms and insurance companies and engage in other activities that are financial in nature. A bank holding company may become a financial holding company if each of its subsidiary banks is well-capitalized, is well managed and has at least a satisfactory rating under the Community Reinvestment Act, by filing a declaration that the bank holding company wishes to become a financial holding company. Also, no regulatory approval is required for a financial holding company to acquire a company, other than a bank or savings association, engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined by the Federal Reserve Board. The Financial Services Modernization Act defines "financial in nature" to include: securities underwriting, dealing and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; merchant banking activities; and activities that the Federal Reserve Board has determined to be closely related to banking. A national bank also may engage, subject to limitations on investment, in activities that are financial in nature, other than insurance underwriting, insurance company portfolio investment, real estate development and real estate investment, through a financial subsidiary of the bank, if the bank is well-capitalized, well-managed and has at least a satisfactory Community Reinvestment Act rating. Banks chartered under the Pennsylvania Banking Code are generally permitted to engage in the same types of activities that are permissible for national banks. We believe the Act and its implementing regulations have had a general effect of increasing competitive pressure in the banking industry and have had a greater impact on large regional and national institutions than on community-based institutions engaged principally in traditional banking activities, such as the Company.  Because the legislation permits bank holding companies to engage in activities previously prohibited altogether or severely restricted because of the risks they posed to the banking system, implementing regulations impose strict and detailed procedural safeguards on affiliations among banking and nonbanking companies in a holding company organization.
 
The Company is subject to the provisions of the Bank Holding Company Act of 1956, as amended and to supervision and examination by the FRB. Under the Bank Holding Company Act, the Company must secure the prior approval of the FRB before it may own or control, directly or indirectly, more than 5% of the voting shares or substantially all of the assets of any institution, including another bank (unless it already owns a majority of the voting stock of the bank).
 
Satisfactory financial condition, particularly with regard to capital adequacy and satisfactory Community Reinvestment Act ratings are generally prerequisites to obtaining federal regulatory approval to make acquisitions. The Bank is currently rated “satisfactory” under the Community Reinvestment Act. The Company and the Bank are both subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Management believes, as of December 31, 2010, that the Company and the Bank meet all capital adequacy requirements to which they are subject. Also, at December 31, 2010, the consolidated capital levels of the Company and of the Bank met the definition of a “well-capitalized” financial institution. For further discussion regarding capital adequacy, please refer to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as Note 15 of Notes to Consolidated Financial Statements for the year ended December 31, 2010 included in Item 8 in this annual report on Form 10-K.
 
The Company is required to file an annual report with the Federal Reserve Board and any additional information that the Federal Reserve Board may require pursuant to the Bank Holding Company Act. The Federal Reserve Board may also make examinations of the Company and any or all of its subsidiaries. Further, a bank holding company and its subsidiaries are prohibited from engaging in certain tying arrangements in connection with the extension of credit or provision for any property or service. Thus, an affiliate of the Company, such as the Bank, may not condition the extension of credit, the lease or sale of property or furnishing of any services on (i) the customer’s obtaining or providing some additional credit, property or services from or to the Bank or other subsidiaries of the Company, or (ii) the customer’s refraining from doing business with a competitor of the Bank, the Company or of its subsidiaries.  The Company or the Bank may impose conditions to the extent necessary to reasonably assure the soundness of credit extended.

5
 

 
Subsidiary banks of a bank holding company are subject to certain restrictions imposed by the Federal Reserve Act on (i) any extension of credit to the bank holding company or any of its subsidiaries, (ii) investments in the stock or other securities of the bank holding company and (iii) taking the stock or securities of the bank holding company as collateral for loans to any borrower.
 
The Dodd-Frank Act, became law on July 21, 2010 and will implement significant changes to the U.S. financial system. Much of this new law is subject to rulemaking by various agencies, including the Federal Reserve Board, the FDIC and the SEC and will take effect over the next several months and years. Among other things, the Dodd-Frank Act:
 
•    
Creates a Financial Stability Oversight Council to monitor the financial markets in order to identify systemic risks throughout the financial system, promote market discipline and respond promptly to any emerging market threats.
•    
Creates the Bureau of Consumer Financial Protection to ensure compliance with federal consumer protection laws and to adopt rules against unfair, deceptive or abusive practices in the consumer financial services industry. This will be an independent bureau within the Federal Reserve System with broad authority.  It will have exclusive authority through rulemaking, orders, policy statements, guidance and enforcement actions to administer and enforce federal consumer financial laws.  These laws are currently administered by different federal agencies, including the FDIC and the Federal Reserve, current federal regulators of the Bank and Company, respectively.
•    
Requires the FDIC to increase the deposit insurance fund reserve ratio to 1.35% by 2020, with offsets for the effect on banks, such as Metro, that have less than $10 billion in assets.
•    
Changes the calculation of each bank's FDIC insurance assessment to base the assessment on the difference between average assets and average tangible equity instead of deposits, effective April 1, 2011. It is estimated that during 2011 the Company will realize a decrease in expense of approximately $850,000.
•    
Makes permanent the federal deposit insurance limit of $250,000 which was instituted at the height of the U.S. financial crisis. Unlimited federal deposit insurance is provided until January 1, 2013 for noninterest-bearing accounts.
•    
Permits interest-bearing demand deposit accounts for businesses.
•    
Provides for enhanced supervision of the Company and permits direct examination of the Bank (a non-member bank) by the Federal Reserve Board.
•    
Increases the restrictions on interstate bank acquisitions and the purchase of assets from insiders.
•    
Contains provisions requiring minimum capital levels for bank holding companies that are the same as those required for insured depository institutions, with exceptions for bank holding companies with less than $15 billion in assets as of December 31, 2009.   The exceptions will permit the Company's existing trust preferred securities to continue to be treated as Tier 1 capital.
•    
Requires federal regulators, including the FDIC and SEC, to issue rules prohibiting depository institutions, depository institution holding companies and other financial institutions, as the federal regulators deem appropriate, from providing: (i) executive officers, employees, directors or principal shareholders with excessive compensation, fees, or benefits; or (ii) compensation that could lead to a material financial loss to the covered financial institution.
•    
Implements several corporate governance requirements applicable to publicly traded companies, including (i) non-binding, advisory shareholder votes on executive compensation and the frequency at which shareholders will vote on such compensation; (ii) a separate non-binding, advisory shareholder vote on compensation payments (“golden parachutes”) to executives when a company seeks shareholder approval of an acquisition, merger, or proposed sale when such payments are triggered by the transaction; (iii) authorization for the SEC rules requiring public companies to include in a company's proxy statement certain shareholders' nominations for the board of directors; (iv) new independence requirements for a company's compensation committee; (v) requirements that a public company adopt a policy mandating recovery of incentive compensation from a current or former executive in the event a restatement of the financial statement is required due to material noncompliance with the SEC's financial reporting requirements; and (vi) enhanced disclosure of the compensation paid to a chief executive officer to include such compensation relative to the company's performance and to the median employee compensation.
 
As the various provisions of the Dodd-Frank Act become effective, the Company will adopt the necessary policies and procedures to assure it is in compliance.
 
 
 

6
 

The Bank
 
The Bank became a state-chartered bank on November 7, 2008, following approval by the Pennsylvania Department of Banking of the Bank’s application to convert from a national bank charter to a state bank charter. As a nationally chartered bank, the Bank had been subject to regulation, supervision and examination by the Office of the Comptroller of the Currency. The Bank is now supervised jointly by the Pennsylvania Department of Banking and the FDIC. The Bank’s deposits are insured by the FDIC up to applicable legal limits. Some of the aspects of the lending and deposit business of the Bank that are regulated by these agencies include personal lending, mortgage lending and reserve requirements. The Bank is also subject to numerous federal, state and local laws and regulations which set forth specific restrictions and procedural requirements with respect to the payment of dividends to the Company, extension of credit, credit practices, the disclosure of credit terms and discrimination in credit transactions.  The approval of these agencies is required for the establishment of additional store offices.
 
Under the Federal Deposit Insurance Act, subject to certain exceptions, no person may acquire control of the Bank without giving at least sixty days’ prior written notice to the FDIC. Under this Act and its regulations, control of the Bank is generally presumed to be the power to vote ten percent (10%) or more of the common stock. The FDIC is empowered to disapprove any such acquisition of control.
 
The amount of funds that the Bank may lend to a single borrower is limited generally under the Pennsylvania Banking Code of 1965 to 15% of the aggregate of its capital, surplus and undivided profits and capital securities (all as defined by statute and regulation).
 
The FDIC has authority under the Financial Institutions Supervisory Act to prohibit state banks from engaging in any activity, which, in the FDIC’s opinion, constitutes an unsafe or unsound practice in conducting their businesses. The Federal Reserve Board has similar authority with respect to the Company.
 
As a consequence of the extensive regulation of commercial banking activities in the United States, the Company’s business is particularly susceptible to the effects of federal and state legislation and regulations, which may affect the cost of doing business.
 
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act) imposes additional obligations on U.S. financial institutions, including banks, to implement policies, procedures and controls, which are reasonably designed to detect and report instances of money laundering and the financing of terrorism. In addition, provisions of the USA Patriot Act require the federal financial institution regulatory agencies to consider the effectiveness of a financial institution's anti-money laundering activities when reviewing bank applications.
 
The Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008, authorized the Secretary of the U.S. Department of the Treasury (Treasury) to establish the Troubled Assets Relief Program (TARP) to purchase “troubled assets.”  Troubled assets are broadly defined to include residential or commercial mortgages and any securities, obligations or other instruments that are based on, or related to, such mortgages; also included are financial instruments the Treasury determined to purchase in order to promote financial market stability.  Pursuant to the TARP, the Treasury established the Capital Purchase Program (CPP) through which it made capital investments in banking institutions in order to strengthen and stabilize U.S. financial institutions. The Bank did not participate in the TARP or the CPP in 2008, 2009 or 2010.
 
Also in October 2008, the FDIC announced the Temporary Liquidity Guaranty Program, a guarantee program designed to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts and certain holding companies and by providing full coverage of noninterest-bearing deposit transaction accounts, regardless of dollar amount. The Bank participated in a component of the FDIC's Temporary Liquidity Guaranty Program called the Transaction Account Guarantee Program (TAGP). Under that program, all noninterest-bearing transaction accounts were fully guaranteed by the FDIC for the entire amount in the account through December 31, 2010. The Dodd-Frank Act extended this full deposit guarantee until January 1, 2013. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
 
National Monetary Policy
 
In addition to being affected by general economic conditions, the earnings and growth of the Company are affected by the policies of regulatory authorities, including the Pennsylvania Department of Banking, the FRB and the FDIC. An important function of the FRB is to regulate the money supply and credit conditions. Among the instruments used to implement these objectives are open market operations in U.S. Government securities, setting the discount rate and changes in reserve requirements against bank deposits. These instruments are used in varying combinations to influence overall growth and distribution of credit, bank loans, investments and deposits and their use may also affect interest rates charged on loans or paid on deposits.

7
 

 
The monetary policies and regulations of the FRB have had a significant effect on the operating results of commercial banks in the past and are expected to continue to do so in the future. The effects of such policies upon the future business, earnings and growth of the Company cannot be predicted.
 
Environmental Laws
 
The costs and effects of compliance with environmental laws, federal, state and local, on the Company are minimal.
 
Available Information
 
The Company makes available free of charge under the Investor Relations link on the Company’s website, www.mymetrobank.com, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after the Company electronically files such material with, or furnishes to, the SEC.  Additionally, the SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at the web address, www.sec.gov.
 
Item 1A. Risk Factors
 
The Company’s financial results are subject to a number of risks. The factors discussed below highlight risks that management believes are most relevant to the Company’s current operations. This list does not capture all risks associated with the Company’s business. Additional risks, including those that generally affect the banking and financial services industries and those that management currently believes are immaterial may also negatively impact the Company’s liquidity, financial position, or results of operations.
 
We may be required to make further increases in our provisions for loan losses and to charge off additional loans in the future, which could materially adversely affect us.
 
There is no precise method of predicting loan losses.  We can give no assurance that our allowance for loan losses is or will be sufficient to absorb actual loan losses. We maintain an allowance for loan losses, which is a reserve established through a provision for loan losses charged to expense, that represents management’s best estimate of probable incurred losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The level of the allowance reflects management’s continuing evaluation of specific credit risks; loan loss experience; current loan portfolio quality; present economic, political and regulatory conditions; industry concentrations and other unidentified losses inherent in the current loan portfolio. The determination of the appropriate level of the allowance for loan losses inherently involves a high degree of subjectivity and judgment and requires us to make significant estimates of current credit risks and future trends, all of which may undergo material changes. Changes in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require us to increase our allowance for loan losses. Increases in nonperforming loans have a significant impact on our allowance for loan losses. If current trends in the real estate markets continue, we could continue to experience increased delinquencies and credit losses, particularly with respect to real estate construction loans, land acquisition and development loans and one-to-four family residential mortgage loans. Moreover, we expect that the current recession may continue to negatively impact economic conditions in our market areas and that we could experience significantly higher delinquencies and credit losses. 
 
In addition, bank regulatory agencies periodically review our allowance for loan losses and may require us to increase the provision for loan losses or to recognize further loan charge-offs, based on judgments that differ from those of management. If loan charge-offs in future periods exceed our allowance for loan losses, we will need to record additional provisions to increase our allowance for loan losses. Furthermore, growth in our loan portfolio would generally lead to an increase in the provision for loan losses. Any increases in our allowance for loan losses will result in a decrease in net income and capital and may have a material adverse effect on our financial condition, results of operations and cash flows. 
 
Changes in the credit risk of our borrowers could negatively affect our results of operations and financial condition.
 
Our results of operations and financial condition are affected by the ability of our borrowers to repay their loans.  Lending money is an essential part of the banking business.  However, borrowers do not always repay their loans.  The risk of non-payment is affected by changes in economic conditions, the credit risks of a particular borrower, the duration of the loan and in the case of a collateralized loan, uncertainties as to the future value of the collateral and other factors.
 

8
 

Consumer loan collections are dependent on the borrower’s continuing financial stability and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans.
 
While we intend to maintain a prudent approach to extending credit by undertaking due diligence and credit scoring to determine the risk of each credit application, there can be no guarantee that these measures will be sufficient to mitigate our exposure to credit risk.  If we fail to adequately manage our credit risk, we could be materially and adversely affected. 
 
Our high percentage of commercial loans presents a great risk of non-payment.
 
Generally, commercial and industrial, commercial construction and land development and commercial real estate loans present a greater risk of non-payment by a borrower than other types of loans. These loans comprised 25%, 8% and 22%, respectively, of our loan portfolio at December 31, 2010.  The market value of real estate, particularly real estate held for investment, can fluctuate significantly in a relatively short period of time.  In addition, the economic downturn has caused several businesses to close.  If the value of the real estate or other business assets serving as collateral for our loan portfolio were to decline materially, a significant part of our loan portfolio could become under-collateralized, resulting in a material adverse effect on our provision for loan losses and on our operating results.
 
Our earnings and financial condition may be negatively impacted by a continued downturn in the economy of South Central Pennsylvania.
 
Metro’s business is concentrated in South Central Pennsylvania.  Our earnings and financial condition are dependent upon the growth in businesses, population, income, deposits and housing in this geographic area.  In the previous twelve months, South Central Pennsylvania has seen the opening of few businesses, the closing of manufacturing properties and offices and continued layoffs of personnel.  Because of the concentration of our business in this region, we are unable to spread the risks of the slow economy over a large geographic area.  While we experienced a 1% growth in our total deposits in 2010, a continued slowdown in the economy could slow that growth in 2011 and otherwise adversely affect our earnings and financial condition.
 
We plan to continue to grow rapidly and there are risks associated with rapid growth.
 
Prior to 2009, we experienced significant growth in net income, assets, loans and deposits.  In 2010, we experienced a 1% increase in total deposits. Our growth has been achieved through organic growth. We intend to continue to expand our business and operations in our existing Central Pennsylvania footprint as well as open new stores in Metro Philadelphia. 
 
Subject to regulatory approvals, we are targeting to open approximately 12 new stores over the next five years. We anticipate the cost to construct and furnish a new store will be approximately $3.1 million, excluding the cost to lease or purchase the land on which the store is located. Our ability to manage growth successfully will depend on our ability to attract qualified personnel and maintain cost controls and asset quality while attracting additional loans and deposits on favorable terms, as well as on factors beyond our control, such as economic conditions and competition. If we grow too quickly and are not able to attract qualified personnel, control costs and maintain asset quality, this continued rapid growth could materially adversely affect us. 
 
Our results of operations may be materially and adversely affected by other-than-temporary impairment charges relating to our investment portfolio.
 
We may be required to record future impairment charges on our investment securities if they suffer declines in value that we determine are other-than-temporary. Numerous factors, including the lack of liquidity for resales of certain investment securities, the absence of reliable pricing information for investment securities, adverse changes in the business climate, adverse regulatory actions or unanticipated changes in the competitive environment, could have a negative effect on our investment portfolio in future periods. If an impairment charge is significant enough, it could affect the ability of the Bank to pay dividends to us, which could materially adversely affect us and our ability to pay dividends to shareholders. Significant impairment charges could also negatively impact our regulatory capital ratios and result in us not being classified as “well-capitalized” for regulatory purposes. 
 
Growth may require us to raise additional capital in the future, but that capital may not be available when it is needed.
 
We anticipate that our existing capital will satisfy our capital requirements for the foreseeable future. In September 2009, we completed a successful common stock offering which raised nearly $78 million. This additional capital provides the foundation for aggressive store growth, both de novo and through acquisitions of existing banks. However, we may at some point need to raise additional capital to support continued growth.  Our ability to raise additional capital, if needed, will depend on various matters, including our financial condition, liquidity and results of operations, as well as on conditions in the capital markets at

9
 

that time, which are outside of our control. The current financial crisis affecting the banking system and financial markets, which has resulted in a tightening in the credit markets, could have an adverse effect on our ability to raise additional capital.  Accordingly, we cannot assure you of our ability to raise additional capital, if needed, on favorable terms, or at all. If we cannot raise additional capital when needed, our ability to further expand our operations through internal growth, branching and/or acquisitions could be materially impaired. 
 
Unfavorable economic and market conditions due to the current global financial crisis may materially and adversely affect us.
 
Economic and market conditions in the United States and around the world have deteriorated significantly and may remain depressed for the foreseeable future.  Conditions such as slowing or negative growth and the sub-prime debt devaluation crisis have resulted in a low level of liquidity in many financial markets and extreme volatility in credit, equity and fixed income markets.  These economic developments could have various effects on us, including insolvency of major customers and a negative impact on the investment income we are able to earn on our investment portfolio. The potential effects of the current global financial crisis are difficult to forecast and mitigate.  As a consequence, our operating results for a particular period are difficult to predict.  Distress in the credit markets and issues relating to liquidity among financial institutions have resulted in the failure of some financial institutions around the world and others have been forced to seek acquisition partners. The United States and other governments have taken unprecedented steps in efforts to stabilize the financial system, including investing in financial institutions. There can be no assurance that these efforts will succeed.  We could be materially adversely affected by: (1) continued or accelerated disruption and volatility in financial markets; (2) continued capital and liquidity concerns regarding financial institutions; (3) limitations resulting from further governmental action in an effort to continue the stabilization or provide additional regulation of the financial system; or (4) recessionary conditions that are deeper or longer lasting than currently anticipated.  We cannot assure you that any governmental action would benefit us. 
 
We must continue to attract and retain qualified personnel and maintain cost controls and asset quality.
 
Our ability to manage growth successfully will depend on our ability to continue to attract and retain management experienced in banking and financial services and familiar with the communities in our market area.  As we grow, we must be able to attract and retain qualified additional management and loan officers with the appropriate level of experience and knowledge about our market areas to implement our operating strategy.  The unexpected loss of services of any key management personnel, or the inability to recruit and retain qualified personnel in the future, could materially adversely affect us.  If we grow too quickly and are not able to attract qualified personnel and maintain cost controls and asset quality, this continued rapid growth could materially adversely affect us. 
 
We may be adversely affected by lawsuits alleging trademark infringement.
 
On or about June 15, 2009, we changed our name and the name of the Bank and began using the red “M” logo.  Several companies in the United States, including companies in the banking and financial services industries, use variations of the word “Metro” and the letter “M” as part of a trademark or trade name.  As such, we face potential objections to our use of these marks.
 
On or about June 19, 2009, Members 1st Federal Credit Union, or “Members 1st,” filed a complaint in the United States District Court for the Middle District of Pennsylvania against Metro Bancorp, Inc., Metro Bank, Republic First and Republic First Bank.  Members 1st claimed federal trademark infringement, federal unfair competition and common law trademark infringement and unfair competition by Metro in Metro’s use of a red letter “M” alone, or in conjunction with its trade name “Metro” Members 1st alleged that such use infringes Members 1st’s federally registered and common law trademark for the mark M1ST (stylized).   On February 25, 2011, the parties to this lawsuit executed and filed with the court a Stipulation and Proposed Order of Dismissal under which the complaint against Metro and the Bank was dismissed without prejudice. While Metro intends to make certain modifications to its logos in the near future, we can provide no assurance that the Members 1st lawsuit will not be reinstituted at a later time or that other trademark infringement actions will not be brought against us.
 
Changes in interest rates could reduce our net income and liquidity.
 
Our operating income, net income and liquidity depend to a great extent on our net interest margin, i.e., the difference between the interest yields we receive on loans, securities and other interest-earning assets and the interest rates we pay on interest-bearing deposits, borrowings and other liabilities. These rates are highly sensitive to many factors beyond our control, including competition, general economic conditions and monetary and fiscal policies of various governmental and regulatory authorities, including the Board of Governors of the Federal Reserve System. If the rate of interest we pay on our interest-bearing deposits, borrowings and other liabilities increases more than the rate of interest we receive on loans, securities and other interest-earning assets, our net interest income and therefore our earnings and liquidity could be materially adversely affected.  Our earnings and liquidity could

10
 

also be materially adversely affected if the rates on our loans, securities and other investments fall more quickly than those on our deposits, borrowings and other liabilities.  Our operations are subject to risks and uncertainties surrounding our exposure to change in interest rate environment.
 
Competition from other banks and financial institutions in originating loans, attracting deposits and providing various financial services may adversely affect our profitability and liquidity.
 
We have substantial competition in originating loans, both commercial and consumer in our market area.  This competition comes principally from other banks, savings institutions, mortgage banking companies and other lenders.  Several of our competitors enjoy advantages, including greater financial resources and access to capital, stronger regulatory ratios and higher lending limits, a wider geographic presence, more accessible branch office locations, more aggressive marketing campaigns, better brand recognition, the ability to offer a wider array of services or more favorable pricing alternatives, as well as lower origination and operating costs. This competition could reduce our net income and liquidity by decreasing the number and size of loans that the Bank originates and the interest rates we may charge on these loans. 
 
The same competitor advantages listed above exist in attempting to attract business and consumer deposits.  The Bank faces substantial competition from other insured depository institutions such as banks, savings institutions and credit unions, as well as institutions offering uninsured investment alternatives, including money market funds. These competitors may offer higher interest rates than the Bank, which could decrease the deposits that the Bank attracts or require the Bank to increase its rates to retain existing deposits or attract new deposits. Increased deposit competition could materially adversely affect our ability to generate the funds necessary for lending operations. As a result, we may need to seek other sources of funds that may be more expensive to obtain and could increase our cost of funds. 
 
Our share price may fluctuate.
 
The market price of our common stock could be subject to significant fluctuations in response to many factors, including, but not limited to: 
 
•    
actual or anticipated variations in our results of operations, liquidity or financial condition;
•    
changes in our earnings estimates or those of analysts;
•    
our failure to pay dividends on common stock;
•    
publication of research reports about us or the banking industry generally;
•    
changes in market valuations of similar companies;
•    
the effects of and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System;
•    
general economic or business conditions, either nationally, regionally or in the communities in which either we do business, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and loan performance or a reduced demand for credit;
•    
the impact of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other changes in financial services’ laws and regulations (including laws concerning taxes, banking, securities and insurance);
•    
interest rate, market and monetary fluctuations;
•    
unanticipated regulatory or judicial proceedings and liabilities and other costs;
•    
compliance with laws and regulatory requirements of federal, state and local agencies;
•    
our ability to continue to grow our business internally and through acquisition and successful integration of new or acquired entities while controlling costs;
•    
continued levels of loan quality and volume origination;
•    
the adequacy of the allowance for loan losses;
•    
deposit flows;
•    
the willingness of customers to substitute competitors’ products and services for our products and services and vice versa, based on price, quality, relationship or otherwise;

11
 

•    
changes in consumer spending and saving habits relative to the financial services we provide;
•    
the ability to hedge certain risks economically;
•    
the loss of certain key officers;
•    
changes in accounting principles, policies and guidelines;
•    
the timely development of competitive new products and services by us and the acceptance of such products and services by customers;
•    
rapidly changing technology;
•    
continued relationships with major customers;
•    
effect of terrorist attacks and threats of actual war;
•    
other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services; and
•    
our success at managing the risks involved in the foregoing.
 
Stock markets, in general, have experienced over the past year and continue to experience, significant price and volume volatility and the market price of our common stock may continue to be subject to similar market fluctuations that may be unrelated to our operating performance or prospects. Increased market volatility could result in a substantial decline in the market price of our common stock.
 
Our common stock is not insured by any governmental entity and, therefore, an investment in our common stock involves risk.
 
Our common stock is not a deposit account or other obligation of any bank and is not insured by the FDIC or any other governmental entity and is subject to investment risk, including possible loss.
 
There may be future sales of our common stock, which may materially and adversely affect the market price of our common stock.
 
We issued 6.88 million shares of our common stock in a public offering in September 2009.  We are not restricted from issuing additional shares of our common stock, including securities that are convertible into or exchangeable or exercisable for shares of our common stock.
 
Additionally, the sale of substantial amounts of our common stock or securities convertible into or exchangeable or exercisable for our common stock, whether directly by us or by existing common stockholders in the secondary market, the perception that such sales could occur or the availability for future sale of shares of our common stock or securities convertible into or exchangeable or exercisable for our common stock could, in turn, materially and adversely affect the market price of our common stock and our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue other equity securities that are senior to our common stock in the future for a number of reasons, including, without limitation, to support operations and growth, to maintain our capital ratios and to comply with any future changes in regulatory standards. 
 
Our common stock is currently traded on the NASDAQ Global Select Market. During the twelve months ended December 31, 2010, the average daily trading volume for our common stock was approximately 59,000 shares.  As a result, sales of our common stock may place significant downward pressure on the market price of our common stock. Furthermore, it may be difficult for holders to resell their shares at prices they find attractive, or at all. 
 
Our common stock is subordinate to our existing and future indebtedness and preferred stock and effectively subordinated to all indebtedness and preferred equity claims against our subsidiaries.
 
Shares of our common stock are common equity interests in us and, as such, will rank junior to all of our existing and future indebtedness and other liabilities. Additionally, holders of our common stock are subject to the prior dividend and liquidation rights of holders of our outstanding preferred stock. Our board of directors is authorized to issue additional classes or series of preferred stock without any action on the part of the holders of our common stock. Furthermore, our right to participate in a distribution of assets upon any of our subsidiaries’ liquidation or reorganization is subject to the prior claims of that subsidiary’s creditors and preferred stockholders.
 

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Our ability to pay dividends depends upon the results of operations of our subsidiaries.
 
Neither the Company nor the Bank has declared or paid cash dividends on its common stock since the Bank began operations in June 1985.  Our Board of Directors intends to follow a policy of retaining earnings for the purpose of increasing the Company’s and the Bank’s capital for the foreseeable future.  Although the Board of Directors anticipates establishing a cash dividend policy in the future, no assurance can be given that cash dividends will be paid. 
 
Holders of our common stock are entitled to receive dividends if, as and when declared from time to time by our board of directors in its sole discretion out of funds legally available for that purpose, after debt service payments and payments of dividends required to be paid on our outstanding preferred stock, if any.  
 
While we are not subject to certain restrictions on dividends applicable to a bank, our ability to pay dividends to the holders of our common stock will depend to a large extent upon the amount of dividends paid by the Bank to us. Regulatory authorities restrict the amount of cash dividends the Bank can declare and pay without prior regulatory approval. Presently, the Bank cannot declare or pay dividends in any one year in excess of retained earnings for that year subject to risk based capital requirements. 
 
 “Anti-takeover” provisions may make it more difficult for a third party to acquire control of us, even if the change in control would be beneficial to our shareholders.
 
We are a Pennsylvania corporation. Anti-takeover provisions in Pennsylvania law and our articles of incorporation and bylaws could make it more difficult for a third party to acquire control of us. These provisions could adversely affect the market price of our common stock and could reduce the amount that shareholders might receive if we are sold. For example, our articles of incorporation provide that our Board of Directors may issue up to 960,000 shares of preferred stock without shareholder approval, subject to the rights of the outstanding shares of preferred stock. In addition, “anti-takeover” provisions in our articles of incorporation and federal and state laws, including Pennsylvania law, may restrict a third party’s ability to obtain control of the Company and may prevent shareholders from receiving a premium for their shares of our common stock. 
 
Our executive officers, directors and other five percent or greater shareholders own a significant percentage of our Company and could influence matters requiring approval by our shareholders.
 
As of December 31, 2010, our executive officers and directors as a group owned and had the right to vote approximately 12.2% of our outstanding stock and other five percent or greater shareholders owned and had the right to vote approximately 25.1% of our outstanding common stock. These shareholders, acting together, would be able to influence matters requiring approval by our shareholders, including the election of directors. This concentration of ownership might also have the effect of delaying or preventing a change of control of Metro. 
 
We operate in a highly regulated environment; changes in laws and regulations and accounting principles may materially adversely affect us.
 
We are subject to extensive regulation, supervision and legislation which govern almost all aspects of our operations. The laws and regulations applicable to the banking industry could change at any time and are primarily intended for the protection of customers, depositors and the deposit insurance funds. Any changes to these laws, regulations or any applicable accounting principles may materially adversely affect us. The Dodd-Frank Act became law on July 21, 2010 and will implement significant changes to the U.S. financial system.  Information concerning this law is incorporated by reference to the discussion in this report under "Item 1. Business-Supervision and Regulation." Among the key provisions of the Dodd-Frank Act is the creation of the Bureau of Consumer Financial Protection (Bureau), which will be an independent bureau within the Federal Reserve System with broad authority in the consumer finance industry. The Bureau will have exclusive authority through rulemaking, orders, policy statements, guidance and enforcement actions to administer and enforce federal consumer financial laws. These laws are currently administered by different federal agencies, including the FDIC and the Federal Reserve, current federal regulators of the Bank and Company, respectively. The impact of the Dodd-Frank Act on the Company's financial position cannot be estimated at this time. As the required regulations are adopted by the applicable federal agencies and the various provisions of the new law are implemented, the Company will adopt the necessary policies and procedures to assure its compliance.
 
Compliance with the Consent Order May Result in Significant Noninterest Expenses
 
On April 29, 2010, the Bank consented and agreed to the issuance of a Consent Order (Order) by the FDIC, the Bank's federal banking regulator and a substantially similar consent order by the Pennsylvania Department of Banking.  Following issuance of the orders and the Bank's implementation of compliance measures, the Company believes this factor should be considered as possibly having a negative impact on the Company's liquidity, financial position, or results of operations.

13
 

 
The Order requires the Bank to take all necessary steps, consistent with the Order and sound banking practices, to correct and prevent certain unsafe or unsound banking practices and violations of law or regulation alleged by the FDIC to have been committed by the Bank.  Among other things, the Order requires certain analyses and assessments, including an analysis and assessment of the Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) staffing needs and qualifications and an analysis and assessment of the independence and performance of the Bank's directors and senior executive officers. It also requires the development, adoption and implementation of a system of internal controls designed to ensure full compliance with BSA and OFAC provisions; training programs to ensure that all appropriate personnel are aware of and can comply with applicable requirements of BSA and OFAC provisions; periodic reviews by internal and external auditors of compliance with BSA and OFAC provisions; and a review by an independent third party of the Bank's compliance with the Order.  As the Bank proceeds with efforts to comply with the Order, it has retained consultants and advisors for assistance and has incurred significant consulting and legal fees in the necessary review, analysis and remediation.
 
 
Item 1B. Unresolved Staff Comments
 
None.
 
Item 2. Properties
 
As of December 31, 2010, the Company owned 18 properties and leased 27 other properties. The properties owned are not subject to any material liens, encumbrances, or collateral assignments. The properties primarily represent current stores, future store sites, loan production offices, or other operational support locations. The principal executive office of the Company is owned and is located at 3801 Paxton Street, Harrisburg, Pennsylvania, 17111. The Bank presently has 33 stores located in the following Pennsylvania counties: Cumberland, Dauphin, York, Berks, Lancaster and Lebanon.
 
Item 3. Legal Proceedings
 
Information concerning the trademark infringement action against us instituted on or about June 19, 2009 by Members 1st Federal Credit Union and dismissed without prejudice by mutual consent of the parties on February 25, 2011, is incorporated herein by reference to the discussion in this report under “Item 1A. Risk Factors - We may be adversely affected by lawsuits alleging trademark infringement.” Metro and Members 1st consented to the entry of the dismissal order without either party admitting to any factual or legal claim or defense.
 
The Company is subject to certain legal proceedings and claims arising in the ordinary course of business. It is management’s opinion that the ultimate resolution of these claims will not have a material adverse effect on the Company’s financial position and results of operations. The Company is not required to make any disclosures pursuant to Section 6707A(e) of the Internal Revenue Code.
 
Item 4.     (Removed and Reserved)
 

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Part II.
 
Item 5.     Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 
Metro Bancorp, Inc. common stock currently trades on the NASDAQ Global Select Market under the symbol METR.  The table below sets forth the prices on the NASDAQ Global Select Market known to us for the period beginning January 1, 2009 through December 31, 2010.  As of December 31, 2010, there were approximately 4,000 holders of record of the Company’s common stock.
 
Sales Price
Quarter Ended:
High
 
Low
December 31, 2010
$
11.33
 
 
$
9.30
 
September 30, 2010
13.45
 
 
9.05
 
June 30, 2010
14.76
 
 
11.72
 
March 31, 2010
14.22
 
 
10.82
 
December 31, 2009
$
13.16
 
 
$
10.31
 
September 30, 2009
19.99
 
 
11.50
 
June 30, 2009
22.95
 
 
17.60
 
March 31, 2009
27.48
 
 
11.00
 
 
Dividends and Dividend History
 
The Company distributed to common stockholders 5% common stock dividends in December 1992 and annually from February 1994 through February 2004. The Company also distributed to common stockholders a two-for-one stock split (payable in the form of a 100% stock dividend) on August 7, 1995 and again on February 25, 2005.  Neither the Company nor the Bank has declared or paid cash dividends on its common stock since the Bank began operations in June 1985.  The Board of Directors intends to follow a policy of retaining earnings for the purpose of increasing the Company’s and the Bank’s capital for the foreseeable future.  Although the Board of Directors anticipates establishing a cash dividend policy in the future, no assurance can be given that cash dividends will be paid.
 
The holders of common stock of the Company are entitled to receive dividends as may be declared by the Board of Directors with respect to the common stock out of funds of the Company. While the Company is not subject to certain restrictions on dividends and stock redemptions applicable to a bank, the ability of the Company to pay dividends to the holders of its common stock will depend to a large extent upon the amount of dividends paid by the Bank to the Company.  Regulatory authorities restrict the amount of cash dividends the Bank can declare without prior regulatory approval. Presently, the Bank cannot declare dividends in one year in excess of retained earnings, subject to risk-based capital requirements.
 
The ability of the Company to pay dividends on its common stock in the future will depend on the earnings and the financial condition of the Bank and the Company. The Company’s ability to pay dividends will be subject to the prior payment by the Company of principal and interest on any debt obligations it may incur in the future as well as other factors that may exist at the time.
 
Information concerning securities authorized for issuance under equity compensation plans is set forth in Note 14 to the Consolidated Financial Statements included in the Company’s 2010 Annual Report attached to this Form 10-K as Exhibit 13 and is incorporated herein by reference. Additional information concerning equity compensation plans is included in Part III of this Form 10-K. The Company has prepared a graph comparing the cumulative shareholder return on the Company’s common stock as compared to the NASDAQ Bank Index and the NASDAQ Composite Market Index for the years ended December 31, 2006 to December 31, 2010. This graph is included in the Company’s 2010 Annual Report to Shareholders after Table 13 in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 

15
 

Item 6. Selected Financial Data
 
Metro Bancorp, Inc.
Selected Consolidated Financial Data
 
 
 
At or For the Year Ended December 31,
(dollars in thousands, except per share data)
 
2010
 
2009
 
2008
 
2007
 
2006
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
 
$
2,234,472
 
 
$
2,147,759
 
 
$
2,140,527
 
 
$
1,979,011
 
 
$
1,866,483
 
Loans held for sale
 
 
18,605
 
 
12,712
 
 
41,148
 
 
14,143
 
 
15,346
 
Loans receivable (net)
 
 
1,357,587
 
 
1,429,392
 
 
1,423,064
 
 
1,146,629
 
 
973,033
 
Securities available for sale
 
 
438,012
 
 
388,836
 
 
341,656
 
 
387,166
 
 
392,058
 
Securities held to maturity
 
 
227,576
 
 
117,815
 
 
152,587
 
 
257,467
 
 
319,628
 
Deposits
 
 
1,832,179
 
 
1,814,733
 
 
1,633,985
 
 
1,560,896
 
 
1,616,777
 
Short-term borrowings and long-term debt
 
169,875
 
 
105,475
 
 
379,525
 
 
296,735
 
 
142,200
 
Stockholders' equity
 
 
205,351
 
 
200,022
 
 
114,470
 
 
112,335
 
 
101,108
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Statement Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
79,850
 
 
$
75,606
 
 
$
78,705
 
 
$
59,492
 
 
$
52,791
 
Provision for loan losses
 
 
21,000
 
 
12,425
 
 
7,475
 
 
1,762
 
 
1,634
 
Noninterest income
 
 
29,380
 
 
24,457
 
 
25,433
 
 
22,823
 
 
18,752
 
Noninterest operating expenses
 
 
97,103
 
 
91,710
 
 
77,909
 
 
70,807
 
 
59,294
 
Income (loss) before income taxes
 
 
(8,873
)
 
(4,072
)
 
18,754
 
 
9,746
 
 
10,615
 
Net income (loss)
 
 
(4,337
)
 
(1,898
)
 
12,901
 
 
7,001
 
 
7,254
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share:
Basic
 
$
(0.33
)
 
$
(0.24
)
 
$
2.02
 
 
$
1.11
 
 
$
1.18
 
 
Diluted
 
(0.33
)
 
(0.24
)
 
1.97
 
 
1.07
 
 
1.12
 
Book value per share
 
 
14.86
 
 
14.80
 
 
17.60
 
 
17.63
 
 
16.27
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
(0.20
)%
 
(0.09
)%
 
0.64
%
 
0.36
%
 
0.41
%
Return on average stockholders' equity
 
(2.09
)
 
(1.34
)
 
11.42
 
 
6.59
 
 
7.58
 
Net interest margin
 
 
3.89
 
 
3.80
 
 
4.09
 
 
3.30
 
 
3.18
 
 
 
 
 
 
 
 
 
 
 
 
 
Liquidity and Capital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average loans to average deposits
 
76.60
 %
 
86.83
 %
 
85.07
%
 
69.90
%
 
62.52
%
Average stockholders' equity to average
  total assets
 
9.47
 
 
6.77
 
 
5.57
 
 
5.52
 
 
5.40
 
Risk-based capital:
Total
 
15.83
 
 
14.71
 
 
10.68
 
 
10.78
 
 
10.72
 
 
Tier 1
 
14.58
 
 
13.88
 
 
9.67
 
 
10.03
 
 
10.00
 
Leverage ratio
 
 
10.68
 
 
11.31
 
 
7.44
 
 
7.24
 
 
7.29
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs to average loans
  outstanding
 
0.98
 %
 
1.02
 %
 
0.11
%
 
0.07
%
 
0.13
%
Nonperforming loans to total year-end loans
 
3.84
 
 
2.61
 
 
1.88
 
 
0.25
 
 
0.34
 
Nonperforming assets to total year-end
  assets
 
2.68
 
 
2.12
 
 
1.30
 
 
0.17
 
 
0.19
 
Allowance for loan losses to total year-end
  loans
 
1.57
 
 
1.00
 
 
1.16
 
 
0.93
 
 
0.99
 
Allowance for loan losses to nonperforming
  loans
 
41
 
 
38
 
 
62
 
 
366
 
 
287
 

16
 

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
The information required by this item is incorporated by reference to the Company’s 2010 Annual Report, which is attached to this Form 10-K as Exhibit 13.
 
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
 
The information required by this item is incorporated by reference to the Company’s 2010 Annual Report, which is attached to this Form 10-K as Exhibit 13.
 
Item 8.    Financial Statements and Supplementary Data
 
The information required by this item is incorporated by reference to the Company’s 2010 Annual Report, which is attached to this Form 10-K as Exhibit 13.
 
Item  9.     Changes and Disagreements with Accountants on Accounting and Financial Disclosure
 
None.
 
Item 9A. Controls and Procedures
 
The Company, under supervision and with the participation of its management, including its principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934 (Exchange Act). Based on this evaluation, the principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are adequate and effective as of December 31, 2010 to ensure that material information relating to the Company and its consolidated subsidiaries is made known to them by others within those entities, particularly during the period in which this report was prepared.
 
During the most recent fiscal quarter, there have been no changes in the Company’s internal control over financial reporting that have materially affected or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Report on Management’s Assessment of Internal Control Over Financial Reporting is provided in the next section.
 
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. The Company conducts periodic evaluations to enhance, where necessary, its procedures and controls.
 

17
 

Report on Management’s Assessment of Internal Control over Financial Reporting
 
Metro Bancorp, Inc. is responsible for the preparation, integrity and fair presentation of the consolidated financial statements included in this annual report.  The consolidated financial statements and notes included in this annual report have been prepared in conformity with United States generally accepted accounting principles and necessarily include some amounts that are based on management’s best estimates and judgments.
 
We, as management of Metro Bancorp, Inc., are responsible for establishing and maintaining effective internal control over financial reporting that is designed to produce reliable financial statements in conformity with United States generally accepted accounting principles.  Internal control over financial reporting includes those policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of the assets of the Company; provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, that receipts and expenditures of the Company are only being made in accordance with authorizations of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.  The system of internal control over financial reporting as it relates to the financial statements is evaluated for effectiveness by management and tested for liability through a program of internal audits.  Actions are taken to correct potential deficiencies as they are identified.
 
Any system of internal control, no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden and misstatements due to error or fraud may occur and not be detected.  Also, because of changes in conditions, internal control effectiveness may vary over time.  Accordingly, even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation.
 
Management assessed the Company’s system of internal control over financial reporting as of December 31, 2010, in relation to criteria for effective internal control over financial reporting as described in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on this assessment, management concludes that, as of December 31, 2010, its system of internal control over financial reporting is effective and meets the criteria of Internal Control – Integrated Framework.
 
ParenteBeard LLC, an independent registered public accounting firm, has audited the consolidated  financial  statements of  the Company for the year ended December 31, 2010, appearing elsewhere in this annual report and has issued an audit report on the effectiveness of  the Company's internal control over financial reporting as of December 31, 2010, as stated in their report, which is included herein.
 
      
/s/ Gary L. Nalbandian
 
Gary L. Nalbandian
 
Chairman, President and Chief Executive Officer
 
(Principal Executive Officer)
 
 
 
      
/s/ Mark A. Zody         
 
Mark A. Zody
 
Executive Vice President and Chief Financial Officer
 
(Principal Financial and Accounting Officer)
 
 
 
March 16, 2011
 
 
 

18
 

Item 9B. Other Information
 
None.
 
 

19
 

Part III.
 
Item 10 . Directors, Executive Officers and Corporate Governance
 
Information responsive to this item is incorporated by reference to the Company’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, which we plan to file with the SEC on or before April 30, 2011.
 
In addition to a Code of Business Conduct and Ethics applicable to all employees and the Board of Directors, the Company has adopted a Code of Ethics for Senior Financial Officers that is specifically applicable to its CEO, CFO and Principal Accounting Officer.  Both of these codes are posted under the Investor Relations link on the Company’s website, www.mymetrobank.com.
 
Item 11. Executive Compensation
 
Information responsive to this item is incorporated by reference to the Company’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, which we plan to file with the SEC on or before April 30, 2011.
 
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 
Information responsive to this item is incorporated by reference to the Company’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, which we plan to file with the SEC on or before April 30, 2011.
 
Item 13. Certain Relationships and Related Transactions and Director Independence
 
Information responsive to this item is incorporated by reference to the Company’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, which we plan to file with the SEC on or before April 30, 2011.
 
Item 14. Principal Accounting Fees and Services
 
Information responsive to this item is incorporated by reference to the Company’s definitive proxy statement for the 2011 Annual Meeting of Shareholders, which we plan to file with the SEC on or before April 30, 2011.
 

20
 

Part IV.
 
Item 15. Exhibits, Financial Statement Schedules
 
(a)(1)
The following financial statements are incorporated by reference in Part II, Item 8 hereof:
 
Consolidated Balance Sheets as of December 31, 2010 and 2009
 
Consolidated Statements of Operations for the years ended December 31, 2010, 2009 and 2008
 
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2010, 2009 and 2008
 
Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008
 
Notes to Consolidated Financial Statements
 
Reports of Independent Registered Public Accounting Firm
(a)(2)
Financial Statement Schedules (This item is omitted since information required is either not applicable or is included in the footnotes to the Annual Financial Statements.)
(a)(3)
List of Exhibits:
3.1
 
Articles of Incorporation of Metro Bancorp, Inc. (incorporated by reference to Exhibit 3(i) to the Company’s Current Report on Form 8-K, filed with the SEC on June 15, 2009)
3.2
 
Amended and Restated Bylaws of Pennsylvania Commerce Bancorp, Inc. (now Metro Bancorp, Inc., incorporated by reference to Exhibit 3(ii) to the Company’s Current Report on Form 8-K, filed with the SEC on December 20, 2007)
4.1
 
Description of the Metro Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan, as amended (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3, Registration Statement No. 333-169683, filed with the SEC on September 30, 2010)
10.1
 
Master Agreement dated as of November 7, 2008 between Fiserv Solutions, Inc. and Commerce Bank/Harrisburg, N.A. (now Metro Bank, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 13, 2008)
10.2
 
Transition Agreement by and between TD Bank, N.A. and Commerce Bancorp LLC on the one hand and Commerce Bank/Harrisburg and Pennsylvania Commerce Bancorp, Inc., on the other hand, effective as of December 30, 2008 (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K filed with the SEC on March 16, 2009)
10.3
 
Merger Termination Agreement dated as of March 15, 2010 between Metro Bancorp, Inc. and Republic First Bancorp, Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on March 15, 2010)
10.4
 
Consent Order dated April 29, 2010, issued by the FDIC to Metro Bank (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed with the SEC on August 9, 2010)
10.5
 
Stipulation and Consent to the Issuance of a Consent Order dated April 29, 2010 between the FDIC and Metro Bank (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed with the SEC on August 9, 2010)
10.6
 
The Company’s 1996 Employee Stock Option Plan, as amended November 21, 2008 (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2009)*
10.7
 
The Company’s 2001 Directors Stock Option Plan, as amended October 15, 2010*
10.8
 
The Company's 2011 Directors Stock Option Plan, as amended October 15, 2010*
10.9
 
Description of base salaries for 2011 and bonuses and discretionary option awards to the Company's named executive officers for the year ended December 31, 2010 is incorporated by reference to Item 5.02 of the Company's Current Report on Form 8-K, filed with the SEC on February 24, 2011*
 
10.10
 
The Company's 2006 Employee Stock Option and Restricted Stock Plan, as amended and restated (incorporated by reference to Appendix B to the Company's 2010 Proxy Statement, filed with the SEC on June 7, 2010)*
 
10.11
 
Amended and Restated Employment Agreement effective December 17, 2010 with Gary L. Nalbandian*
10.12
 
Amended and Restated Employment Agreement effective December 17, 2010 with Mark A. Zody*
10.13
 
Form of Amended and Restated Employment Agreement effective December 17, 2010 with Messrs. Mark A. Ritter, and James R. Ridd*
11
 
Calculation of EPS
 
(The information required by this item appears in Note 13 of the Consolidated Financial Statements of the Company’s 2010 Annual Report to Stockholders and is incorporated by reference herein.)
13
 
Metro Bancorp, Inc. 2010 Annual Report to Shareholders
21
 
Subsidiaries of the Company
23
 
Consent of ParenteBeard LLC.

21
 

24.1
 
Powers of Attorney executed by the Company’s Directors (included on Signature Page of this Annual Report on Form 10-K)
31.1
 
Certification of CEO, required by SEC Rule 13a-14(a)/15d-14(a)
31.2
 
Certification of CFO, required by SEC Rule 13a-14(a)/15d-14(a)
32
 
Section 1350 Certification by CEO and CFO
99
 
Agreement to Furnish Debt Instruments
(b)
Exhibits – The exhibits required to be filed as part of this report are submitted as a separate section of this report.
(c)
Financial Statement Schedules – None required.
 
* Denotes a compensatory plan or arrangement
 

22
 

Signatures
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Metro Bancorp, Inc. (Registrant)
 
 
 
 
 
Date:
March 16, 2011
By
/s/ Gary L. Nalbandian
 
                                                                                                                           
 
Gary L. Nalbandian
 
                                                                                                  
 
Chairman and President
 
 
 
 
 
Date:
March 16, 2011
By
/s/ Mark A. Zody
 
                                                                                                                                    
 
Mark A. Zody
 
                                                                                                         
 
Chief Financial Officer
 
                                                                                                               
 
(Principal Accounting Officer)
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
KNOW ALL MEN BY THESE PRESENTS, that each Director whose signature appears below constitutes and appoints Gary L. Nalbandian, Chairman, President and Chief Executive Officer and Mark A. Zody, Chief Financial Officer and Treasurer and each of them, his true and lawful attorney-in-fact, as agent with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Metro Bancorp, Inc. Annual Report on Form 10-K for the year ending December 31, 2010, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully and to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
 

23
 

Signature
 
Title
Date
 
 
 
 
/s/ Gary L. Nalbandian
 
Chairman of the Board, President and Director
(Principal Executive Officer)
March 16, 2011
Gary L. Nalbandian
 
 
 
 
 
/s/ Mark A. Zody
 
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
March 16, 2011
Mark A. Zody
 
 
 
 
 
/s/ James R. Adair
 
Director
March 16, 2011
James R. Adair
 
 
 
 
 
/s/ John J. Cardello
 
Director
March 16, 2011
John J. Cardello
 
 
 
 
 
/s/ Douglas S. Gelder
 
Director
March 16, 2011
Douglas S. Gelder
 
 
 
 
 
/s/ Alan R. Hassman
 
Director
March 16, 2011
Alan R. Hassman
 
 
 
 
 
/s/ Howell C. Mette
 
Director
March 16, 2011
Howell C. Mette
 
 
 
 
 
/s/ Michael A. Serluco
 
Director
March 16, 2011
Michael A. Serluco
 
 
 
 
 
/s/ Samir J. Srouji, M.D.
 
Director
March 16, 2011
Samir J. Srouji, M.D.
 
 

24
 EX-10.7 2 ex107201010k.htm WebFilings | EDGAR view
 

 
 
 
 
Exhibit 10.7
 
AMENDED 2001 DIRECTORS STOCK OPTION PLAN
METRO BANCORP, INC.
 
 
1.    Purpose of Plan
 
The purpose of this Plan is to enable Metro Bancorp, Inc. (hereinafter referred to as the “Company”) to continue to attract and retain the services of non-employee directors, directors emeritus, advisory directors, consultants and others with outstanding abilities by making it possible for them to purchase shares of the Company's Common Stock on terms which will give them a direct and continuing interest in the future success of the Company's business.
 
2.    Definitions
 
“Company” means Metro Bancorp, Inc., a Pennsylvania business corporation.
 
“Committee of the Board” means a committee established by the Board consisting of three or more members of the Board. The Compensation Committee may be this committee.
 
“Director” for purposes of this Plan means a director of the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank
 
“Eligible Participant”  for purposes of this Plan means a Director, advisory director, director emeritus, consultant, or other individual the Board deems beneficial to the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank
 
“Shares” means shares of Common Stock of the Company.
 
“Board” means the Board of Directors of the Company.
 
“Optionee” means a person to whom an option has been granted under this Plan which has not expired or been fully exercised or surrendered.
 
3.    Limits on Options
 
The total number of shares for which options may be granted under this Plan shall not exceed in the aggregate 100,000 shares. This number shall be appropriately adjusted if the number of issued shares shall be increased or reduced by change in par value, combination, or split-up, reclassification, distribution of a dividend payable in stock, or the like.  The number of shares previously optioned and not theretofore delivered and the option prices therefor shall likewise be appropriately adjusted whenever the number of issued shares shall be increased or reduced by any such procedure after the date or dates on which such shares were optioned.  Shares covered by options which have expired or which have been surrendered may again be optioned under this Plan.
 
4.    Adjustment of Options
 
The number of shares optioned from time to time to individual Optionees under the Plan, and the option prices therefor, shall be appropriately adjusted to reflect any changes in par value, combination, split-up, reclassification, distribution of dividend payable in stock, or the like.
 
 
5.    Granting of Options
 
The Board, or if the Board so determines, the Committee of the Board, is authorized to grant options to Eligible Participants pursuant to this Plan during the calendar year 2001 and in any calendar year thereafter to December 31, 2010, but not

 
 

thereafter.  The number of shares, if any, optioned in each year, the Optionees to whom options are granted, and the number of shares optioned to each Optionee selected shall be wholly within the discretion of the Board or the Committee of the Board.  If the Board acts, however, it shall do so only upon the advice and recommendation of the Committee of the Board upon all matters relating to the granting of options and the administration of this Plan, including determination of the rights and obligations of the Optionees.  Any options granted in a given year shall be granted in February of that year.
 
6.    Terms of Stock Options
 
The terms of stock options granted under this Plan shall be as follows:
 
(a)  The option price shall be fixed by the Board or the Committee of the Board but shall in no event be less than 100% of the fair market value of the shares subject to the option on the date the option is granted.  The fair market value of the shares shall be the average of the high and low sale prices of the Common Stock as reported on the NASDAQ Global Select Market System on the trading day immediately preceding the date of grant or the closest preceding date if there are no high and low sale prices available on that date.
 
(b)  Options shall not be transferable otherwise than by will or by the laws of descent and distribution.  No option shall be subject, in whole or in part, to attachment, execution or levy of any kind.
 
(c)  Each option shall expire and all rights thereunder shall end ten (10) years after the date on which it was granted, subject in all cases to earlier expiration as provided in paragraphs (d), (e) and (f) of this Section 6 in the event an Optionee ceases to serve in the capacity to which he has been appointed or dies.
 
(d)  During the lifetime of an Optionee, his/her option shall be exercisable only by him/her and (i) while serving in that capacity to which he/she has been appointed; (ii) following retirement from the Board of Directors; or (iii) subject to paragraph (f) of this Section 6, within three months after he/she has otherwise ceased to serve in the capacity to which he/she has been appointed (but in any event not later than the end of the period specified in paragraph (c) of this Section 6).
 
(e)  If an Optionee dies within a period during which his/her option could have been exercised by him, his/her option may be exercised within three months after his/her death (but not later than the end of the period specified in paragraph (c) of this Section 6) by those entitled under his/her will or the laws of descent and distribution, but only if and to the extent the option was exercisable by him/her immediately prior to his/her death.
 
(f)  If an Optionee is removed as a Director for any of the reasons specified in Section 1726(b) of the Pennsylvania Business Corporation Law of 1988 (“BCL”), or from any other position to which he has been appointed for reasons similar to the reasons specified in Section 1726(b) of the BCL, all options theretofore granted to the Optionee preceding such removal shall be forfeited by Optionee and rendered unexercisable.
 
(g)  Subject to the foregoing terms and to such additional or different terms regarding the exercise of the options as the Board or the Committee of the Board may fix at the time of grant, options may be exercised in whole or in part from time to time.
 
7.    Vesting of Options
 
Upon retirement of a Director, all options granted to such Director that have not yet vested shall become immediately vested. Except as provided herein with respect to retirement of a Director, (i) no option granted under this Plan after January 1, 2005 may be exercised within one year from the date of the grant of the  option and options  held more than one year may be exercised based upon the option holding period, pursuant to the following schedule:
 
Option Holding Period
 
 
Percent Vested
 
 
 
 
Less than 1 year
 
 
—
%
More than 1 year and less than 2 years
 
 
25
 
More than 2 years and less than 3 years
 
 
50
 
More than 3 years and less than 4 years
 
 
75
 
More than 4 years
 
 
100
 
 
 

 
 

8.    Exercise of Options
 
No option granted under this Plan may be exercised before the first to occur of (i) retirement of a Director; (ii) one year from the date of option grant, or (iii) a Change in Control of the Company.  Thereafter, options may be exercised in whole, or from time to time in part, for up to the total number of shares then subject to the option, less the number of shares previously purchased by exercise of the option.
 
9.    Change in Control
 
For the purposes of this Agreement, a Change in Control with respect to any Optionee shall be deemed to have occurred when any of the following events shall have occurred without the prior written consent of such Optionee:
 
(a) A change in identity of at least four (4) members of the Board of Directors or the addition of four (4) or more new members to the Board of Directors, or any combination of the foregoing, within any two (2) consecutive calendar year periods.
 
(b) A person or group acting in concert as described in Section 13(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) proposes to hold or acquire beneficial ownership within the meaning of Rule 13(d)(3) promulgated under the Exchange Act of a number of voting shares of the Company which constitutes either more than 50%, of the shares which voted in the election of Directors of the Company at the Shareholder's Meeting immediately preceding such determination, or (ii) more than 50% of the Company's outstanding voting shares.  The term “proposes to hold or acquire” shall mean the right of a person or group to acquire or merge (whether such right is exercisable immediately or only after the passage of time, or upon the receipt of such regulatory approvals as are required by applicable law) pursuant to an agreement, arrangement or understanding (whether or not in writing) or upon the exercise or conversion of rights, exchange rights, warrants or options, or otherwise.
 
(c) A person or group acting in concert as described in Section 13(d)(2) of the Exchange Act has commenced a tender or exchange offer with respect to the voting shares of the Company or securities convertible or exchangeable into voting shares of the Company.
 
(d) A person or group acting in concert as described in Section 13(d)(2) of the Exchange Act has the right to vote shares of the Company pursuant to any agreement, arrangement or understanding (whether or not in writing), either (i) more than 50% of the shares which voted in the election of Directors of the Company at the Shareholder's Meeting immediately preceding such determination, or (ii) more than 50% of the Company's outstanding voting shares; provided, however, that such person or group acting in concert, shall not be deemed to have acquired such shares if the agreement, arrangement or understanding to vote such securities rises solely from a revocable proxy given in response to a Proxy Solicitation by management of the Company in connection with the Annual Meeting of the Shareholders of the Company.
 
10.    Reorganization of the Company
 
In the event that the Company is succeeded by another corporation or company in a reorganization, merger, consolidation, acquisition of property or stock, separation or liquidation, the successor corporation or company shall assume the outstanding options granted under this Plan or shall substitute new options for them.
 
11.    Delivery of Shares
 
No shares shall be delivered upon the exercise of an option until the option price has been paid in full in cash or, at the discretion of the Board or the Committee of the Board, in whole or in part in the Company's Common Stock owned by the Optionee valued at fair market value on the date of exercise. If required by the Board, no shares will be delivered upon the exercise of an option until the Optionee has given the Company a satisfactory written statement that he/she is purchasing the shares for investment and not with a view to the sale or distribution of any such shares.
 
12.    Administration
 
The Board or the Committee of the Board may make such rules and regulations and establish such procedures, as it deems appropriate for the administration of this Plan.  In the event of a disagreement as to the interpretation of this Plan or any amendment thereto or any rule, regulation or procedure thereunder or as to any right or obligation arising from or related to this Plan, the decision of the Board or the Committee of the Board (excluding, however, any Optionee(s) affected by such dispute or disagreement) shall be final and binding upon all persons in interest, including the Company and its shareholders.
 

 
 

13.    Reservation of Shares
 
Shares delivered upon the exercise of an option shall, in the discretion of the Board or the Committee of the Board, be either shares heretofore or hereafter authorized and then unissued, or previously issued shares heretofore or hereafter acquired through purchase in the open market or otherwise, or some of each. The Company shall be under no obligation to reserve or to retain in its treasury any particular number of shares at any time, and no particular shares, whether unissued or held as treasury shares, shall be identified as those optioned under this Plan.
 
14.    Amendment of Plan
 
The Board may amend this Plan from time to time as it deems desirable, however, no amendment shall (i) reduce the option price below 100% of the fair market value of the shares subject to the option on the date the option is granted or (ii) extend the option exercise period beyond the period set forth in paragraph (c) of Section 6.
 
15.    Termination of the Plan
 
The Board may, in its discretion, terminate this Plan at any time prior to December 31, 2010, but no such termination shall deprive Optionees of their rights under their options.
 
16.    Effective Date
 
This Plan shall become effective on January 1, 2001, and options hereunder may be granted at any time on or after that date.
 

 
 EX-10.8 3 ex108201010k.htm WebFilings | EDGAR view
 

 
 
 
 
Exhibit 10.8
 
2011 DIRECTORS STOCK OPTION PLAN
METRO BANCORP, INC.
 
 
1.         Purpose of Plan
 
The purpose of this Plan is to enable Metro Bancorp, Inc. (hereinafter referred to as the “Company”) to continue to attract and retain the services of non-employee Directors, directors emeritus, advisory directors, consultants and others with outstanding abilities by making it possible for them to purchase shares of the Company's Common Stock on terms which will give them a direct and continuing interest in the future success of the Company's business.
 
2.         Definitions
 
“Company” means Metro Bancorp, Inc., a Pennsylvania business corporation.
 
“Committee of the Board” means a committee established by the Board consisting of three or more members of the Board. The Compensation Committee may be this committee.
 
“Director” for purposes of this Plan means a director of the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
 
“Eligible Participant”  for purposes of this Plan means a Director, advisory director, director emeritus, consultant, or other individual the Board deems beneficial to the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
 
“Shares” means shares of Common Stock of the Company.
 
“Board” means the Board of Directors of the Company.
 
“Optionee” means a person to whom an option has been granted under this Plan which has not expired or been fully exercised or surrendered.
 
3.         Limits on Options
 
The total number of shares for which options may be granted under this Plan shall not exceed in the aggregate 200,000 shares. This number shall be appropriately adjusted if the number of issued shares shall be increased or reduced by change in par value, combination, or split-up, reclassification, distribution of a dividend payable in stock, or the like.  The number of shares previously optioned and not theretofore delivered and the option prices therefor shall likewise be appropriately adjusted whenever the number of issued shares shall be increased or reduced by any such procedure after the date or dates on which such shares were optioned.  Shares covered by options which have expired or which have been surrendered may again be optioned under this Plan.
 
4.         Adjustment of Options
 
The number of shares optioned from time to time to individual Optionees under the Plan, and the option prices therefor, shall be appropriately adjusted to reflect any changes in par value, combination, split-up, reclassification, distribution of dividend payable in stock, or the like.
 
5.         Granting of Options
 
The Board, or if the Board so determines, a Committee of the Board, is authorized to grant options to Eligible Participants pursuant to this Plan during the calendar year 2011 and in any calendar year thereafter to December 31, 2020, but not thereafter.  The number of shares, if any, optioned in each year, the Optionees to whom options are granted, and the number of

 
 

shares optioned to each Optionee selected shall be wholly within the discretion of the Board or the Committee of the Board.  If the Board acts, however, it shall do so only upon the advice and recommendation of the Committee of the Board upon all matters relating to the granting of options and the administration of this Plan, including determination of the rights and obligations of the Optionees.  Any options granted in a given year shall be granted in February of that year.
 
6.         Terms of Stock Options
 
The terms of stock options granted under this Plan shall be as follows:
 
 
(a)
The option price shall be fixed by the Board or the Committee of the Board but shall in no event be less than 100% of the fair market value of the shares subject to the option on the date the option is granted.  The fair market value of the shares shall be the average of the high and low sale prices of the Common Stock as reported on the NASDAQ Global Select Market System on the trading day immediately preceding the date of grant or the closest preceding date if there are no high and low sale prices available on that date.
 
 
(b)
Options shall not be transferable otherwise than by will or by the laws of descent and distribution.  No option shall be subject, in whole or in part, to attachment, execution or levy of any kind.
 
 
(c)
Each option shall expire and all rights thereunder shall end ten (10) years after the date on which it was granted, subject in all cases to earlier expiration as provided in paragraphs (d), (e) and (f) of this Section 6 in the event an Optionee ceases to serve in the capacity to which he has been appointed or dies.
 
 
(d)
During the lifetime of an Optionee, his/her options shall be exercisable only by him/her and (i) while serving in that capacity to which he/she has been appointed; (ii) following retirement from the Board of Directors; or (iii) subject to paragraph (f) of this Section 6, within three months after he/she has otherwise ceased to serve in the capacity to which he/she has been appointed (but in any event not later than the end of the period specified in paragraph (c) of this Section 6).
 
 
(e)
If an Optionee dies within a period during which he/she could have exercised an option, his/her option may be exercised within three months after his/her death (but not later than the end of the period specified in paragraph (c) of this Section 6) by those entitled under his/her will or the laws of descent and distribution, but only if and to the extent the option was exercisable by him/her immediately prior to his/her death.
 
 
(f)
If an Optionee is removed as a Director for any of the reasons specified in Section 1726(b) of the Pennsylvania Business Corporation Law of 1988, as amended (“BCL”), or from any other position to which he has been appointed for reasons similar to the reasons specified in Section 1726(b) of the BCL, all options theretofore granted to the Optionee preceding such removal shall be forfeited by the Optionee and rendered unexercisable.
 
 
(g)
Subject to the foregoing terms and to such additional or different terms regarding the exercise of the options as the Board or the Committee of the Board may fix at the time of grant, options may be exercised in whole or in part from time to time.
 
7.         Vesting of Options
 
Upon retirement of a Director, all options granted to such Director that have not yet vested shall become immediately vested. Except as provided herein with respect to retirement of a Director, (i) no option granted under this Plan may be exercised within one year from the date of the grant of the option and (ii) options held more than one year may be exercised based upon the option holding period, pursuant to the following schedule:
 

 
 

Option Holding Period
Percent Vested
 
 
 
Less than 1 year
—
 
%
More than 1 year and less than 2 years
25
 
 
More than 2 years and less than 3 years
50
 
 
More than 3 years and less than 4 years
75
 
 
More than 4 years
100
 
 
 
8.         Exercise of Options
 
No option granted under this Plan may be exercised before the first to occur of (i) retirement of a Director; (ii) one year from the date of option grant; or (iii) a Change in Control of the Company.  Thereafter, options may be exercised in whole, or from time to time in part, for up to the total number of shares then subject to the option, less the number of shares previously purchased by exercise of the option.
 
9.         Change in Control
 
For the purposes of this Plan, a Change in Control with respect to any Optionee shall be deemed to have occurred when any of the following events shall have occurred:
 
 
(a)
Any person or group acquires ownership of stock of Metro that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Metro.
 
 
(b)
Any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) ownership of stock possessing 30 percent or more of the total voting power of the stock of Metro.
 
 
(c)
A majority of members of Metro's Board of Directors is replaced during any 24-month period by directors whose appointment or election is not approved by a majority of the members of Metro's Board before the date of the appointment or election of any of the “replacement” directors.
 
 
(d)
Any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) of assets from Metro that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of Metro immediately before such acquisition(s).  For purposes of this Section, “group” is defined or determined pursuant to Treasury Regulation §1.409A-3 paragraph (i)(5)(v)(B).
 
10.       Reorganization of the Company
 
In the event that the Company is succeeded by another corporation or company in a reorganization, merger, consolidation, acquisition of property or stock, separation or liquidation, the successor corporation or company shall assume the outstanding options granted under this Plan or shall substitute new options for them.
 
11.       Delivery of Shares
 
No shares shall be delivered upon the exercise of an option until the option price has been paid in full in cash or, at the discretion of the Board or the Committee of the Board, in whole or in part in the Company's Common Stock owned by the Optionee valued at fair market value on the date of exercise. If required by the Board, no shares will be delivered upon the exercise of an option until the Optionee has given the Company a satisfactory written statement that he/she is purchasing the shares for investment and not with a view to the sale or distribution of any such shares.
 
12.       Administration
 
The Board or the Committee of the Board may make such rules and regulations and establish such procedures, as it deems appropriate for the administration of this Plan.  In the event of a disagreement as to the interpretation of this Plan or any amendment thereto or any rule, regulation or procedure thereunder or as to any right or obligation arising from or related to this Plan, the decision of the Board or the Committee of the Board (excluding, however, any Optionee(s) affected by such dispute or disagreement) shall be final and binding upon all persons in interest, including the Company and its shareholders.
 
13.       Reservation of Shares
 
Shares delivered upon the exercise of an option shall, in the discretion of the Board or the Committee of the Board, be either

 
 

shares heretofore or hereafter authorized and then unissued, or previously issued shares heretofore or hereafter acquired through purchase in the open market or otherwise, or some of each. The Company shall be under no obligation to reserve or to retain in its treasury any particular number of shares at any time, and no particular shares, whether unissued or held as treasury shares, shall be identified as those optioned under this Plan.
 
14.       Amendment of Plan
 
The Board may amend this Plan from time to time as it deems desirable, however, no amendment shall (i) reduce the option price below 100% of the fair market value of the shares subject to the option on the date the option is granted; (ii) extend the option exercise period beyond the period set forth in paragraph (c) of Section 6; or (iii) otherwise materially amend the Plan.
 
15.       Termination of the Plan
 
The Board may, in its discretion, terminate this Plan at any time prior to December 31, 2020, but no such termination shall deprive Optionees of their rights under their options.
 
 
16.       Effective Date
 
This Plan shall become effective on January 1, 2011, and options hereunder may be granted at any time on or after that date until the earlier of December 31, 2020 or termination of the Plan.
 

 
 EX-10.11 4 ex1011201010k.htm WebFilings | EDGAR view
 

 
 
    
Exhibit 10.11
 
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
METRO BANCORP, INC. AND
METRO BANK
 
 
 
Gary L. Nalbandian
 
 
 
EFFECTIVE DATE December 17, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

TABLE OF CONTENTS
 
PAGE
 
1
 
Employment and Term of Employment
1
 
2
 
Services and Duties
1
 
3
 
Compensation
2
 
4
 
Fringe and Other Benefits
2
 
5
 
Disability and Death Compensation
3
 
6
 
Termination by Metro for Cause
4
 
7
 
Termination by Metro Without Cause
4
 
8
 
Termination “For Good Reason” by Executive
5
 
9
 
"Change in Control" and "Good Reason"
5
 
10
 
Additional Payments/Excise Taxes
6
 
11
 
Other Rights for Termination “Without Cause” or “For Good Reason”
8
 
12
 
Source of Payment and Timing
9
 
13
 
Interest
9
 
14
 
Reimbursement of Enforcement Expenses
9
 
15
 
Confidential Information and Non-Competition
10
 
16
 
Successions
11
 
17
 
Notices
11
 
18
 
General Provisions
12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
This Amended and Restated Employment Agreement (“Agreement”) is dated effective as of December 17, 2010, by and between METRO BANCORP, INC., a Pennsylvania corporation (“Metro”), and METRO BANK, a Pennsylvania bank and a wholly-owned subsidiary of Metro (“Bank”), and Gary L. Nalbandian (“Executive”).
 
BACKGROUND
 
A.Executive is employed as the Chairman, President and Chief Executive Officer of Metro and Bank.
 
B.The Boards of Directors of Metro and Bank (separately or collectively, the "Board") have determined that the services of Executive in these capacities are valuable to Metro and Bank.
 
C.Accordingly, the Board wishes to have Executive's services available to Metro and Bank for at least three (3) years and to provide supplemental benefits to Executive should his employment with Metro and/or Bank terminate under certain circumstances or should he die or become disabled before the termination of this Agreement.
 
D.The Board and Executive entered into an employment agreement, effective February 23, 2009 (the “Original Agreement”) and now the parties desire to amend and restate the Original Agreement in order to eliminate any inadvertent inconsistencies in the Original Agreement and to comply with the Internal Revenue Service interpretations and guidance set forth in Notices 2010-6 and 2010-80.
 
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained here, and intending to be legally bound, the parties agree as follows:
 
1. Employment and Term of Employment.
1.1 Three-Year Term. Metro offers Executive employment, and Executive accepts such employment, subject to all the terms and conditions of this Agreement, for a term of three (3) years beginning on the date of the Original Agreement.
1.2 Conditions to Term. This three-year term is subject to:
(a) Automatic Renewal and Extension. On each Anniversary Date of the Original Agreement, this Agreement and Executive's employment shall automatically be renewed and extended (upon the same terms and conditions) for a new three (3) year term unless written notice by either party is given pursuant to Section 1.2 (b) below.
(b) Termination on Anniversary Date. Either Metro or Executive may terminate this Agreement on any Anniversary Date by giving to the other party written notice of termination no later than ninety (90) days before any such Anniversary Date. If such notice is given to either party, the Term will have two (2) years remaining from the applicable Anniversary Date, subject to the terms and conditions of this Agreement.
(c) Termination for Other Reasons. This Agreement may be terminated on Death, “For Cause,” “Without Cause,” or for “Good Reason” as described in Sections 5, 6, 7 and 8 below.
1.3 “Term” Definition. "Term" means the original three (3) year employment period, as well as any renewed or extended periods as provided for in this Agreement.
1.4 “Anniversary Date “ Definition. “Anniversary Date” means March 1, 2010, as well as each annual March 1 thereafter if this Agreement is automatically renewed or extended.
2. Services and Duties.
2.1 Offices. During the Term, Executive shall be employed as Chairman, President and Chief Executive Officer of Metro and Bank.
2.2 Duties. As the Chairman, President and Chief Executive Officer of Metro and Bank, Executive

 
 

shall have primary responsibility for all operations of Metro and its subsidiaries and shall have such powers and duties as may from time to time be prescribed by the Boards of Directors of Metro and Bank.
(a) Full Time and Best Efforts. Executive accepts such duties and agrees to his continued employment and to devote his full time and efforts to the business and affairs of Metro, Bank and their subsidiaries, if any, and to use his best efforts to promote the interests of Metro, Bank and their subsidiaries.
(b) Outside Activities. Executive also has participated in and shall have discretion to participate in outside activities. Such outside activities are expressly permitted, and shall be in addition to and notwithstanding Executive's obligation of full time and best efforts as described in Section 2.2(a)
3. Compensation.
3.1 Compensation Definition. “Compensation” means the sum of the highest annual rate of base salary (described in Section 3.2) and highest cash bonus (described in Section 3.3) paid to Executive during the most recent twenty-four (24) months of the Term.
3.2 Base Salary. For all positions held by him during the Term and for all services to be rendered by him under this Agreement, Metro shall pay Executive “base salary” at the initial rate of $495,000 per year.
(a) Payment. Base salary is payable at regular intervals in accordance with Metro's normal payroll practices now or subsequently in effect.
(b) Adjustment. Executive's base salary shall be subject to an annual review and subject to such upward adjustments as may be deemed appropriate by the Board or a Board-designated Committee. The Board or Board-designated Committee may approve an increase in salary for Executive, but shall have no obligation to do so. Base salary may not be decreased without Executive's written consent.
3.3 Plans and Programs. During the Term, Executive shall be entitled to participate in any cash or other bonus programs, incentive compensation plans, stock option plans or similar benefit or compensation programs now or later in effect that are generally made available to executive officers of Metro.  In addition to any incentive compensation that Executive may be entitled to pursuant to this Section, upon the Closing and subject to the provisions of the 2006 Employee Stock Option Plan, Executive shall be awarded options to acquire 100,000 shares of Metro common stock.
 (a) Annual Bonus. Any annual bonus (or prorated portion of an annual bonus) earned and payable to Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the annual bonus (or prorated portion of an annual bonus) is earned. It is understood by the parties that a bonus payment is not guaranteed.
  (b) Pro-Ration. For any period less than a full year during the Term, Executive shall receive an amount equal to the pro-rated portion of any payment pursuant to such plan or program.
3.4 Year. A “year” shall be deemed to commence on signing the Original Agreement and on January 1 of each subsequent calendar year.
3.5 Compensation Pro-Ration. Compensation for a portion of a year shall be pro-rated. 
4. Fringe and Other Benefits. During the Term, Executive shall also be entitled to:
4.1 Generally Available Benefits. Participate in all fringe benefits as then in effect that are generally available to Metro's executive officers including, without limitation, medical and hospitalization coverage, long-term care insurance, life insurance coverage and disability coverage. In addition, Metro shall provide medical insurance coverage for Executive and his dependents, if any, for the life of Executive. If such coverage is not possible under the Metro medical plan, Metro shall reimburse Executive for the cost of such coverage. It is provided, however, that this extended medical insurance coverage will be provided subject to the following conditions: (i) the amount of medical insurance provided by Metro or the reimbursement to Executive for medical insurance during any calendar year may not affect the coverage provided or the amount eligible for reimbursement in any other calendar year; (ii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred; and (iii) the medical insurance coverage or the right to reimbursement for medical insurance is not subject to liquidation and cannot be exchanged

 
 

for cash or any other benefit.
 
4.2 Other Benefits. Such other fringe benefits as the Board, or a Board-designated Committee, shall deem appropriate; provided that such benefits are consistent with those that Executive currently enjoys including, without limitation, use of an automobile, paid holidays, six (6) weeks' vacation each calendar year and club memberships. Regardless of the reason for termination of Executive's employment, Executive will be provided use of the automobile that he has at the time of his termination until the latest to occur of the end of the lease term on such automobile or the end of the Term of this Agreement. It is provided, however, that Executive's right to use of the automobile is not subject to liquidation and cannot be exchanged for cash or any other benefit.
 
4.3 Expenses. Reimbursement by Metro for all expenses incurred by Executive which Metro determines to be reasonable and necessary (in accord with its normal reimbursement practices now or later in effect) for Executive to carry out his duties under this Agreement.  
4.4 Indemnity. Indemnification by Metro to the fullest extent permitted by governing law and in accordance with Metro's bylaws and policies, against all claims concerning Executive's status as an officer, director, employee, or agent of Metro.
5. Disability and Death Compensation
5.1 Permanent Disability. Executive shall be deemed to have become permanently disabled if he is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. In the event Executive becomes permanently disabled during the Term of this Agreement, he shall be compensated for the balance of the Term as provided in Section 5.3.
5.2 Disability Leave. Executive shall qualify for disability leave under this Agreement if he becomes unable to perform the duties and services of the character contemplated by this Agreement because of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months. If Executive qualifies for disability leave while employed during the Term, this Agreement and Executive's employment will not terminate at such time but Executive shall be placed on disability leave until the first to occur of: (i) Executive's qualification for permanent disability as provided in Section 5.1; (ii) the expiration of this Agreement; or (iii) Executive's recovery from disability. It is provided, however, that disability leave shall in no event be longer than twenty-nine (29) months.
5.3 Disability Compensation. Metro shall compensate Executive during the time he is on disability leave at a rate equal to 70% of his Compensation at the time he is placed on disability leave. If Executive becomes permanently disabled during the time he is on disability leave and the Term of this Agreement has not expired, Metro shall continue the payments described in this Section for the balance of the Term.
  (a) Monthly Payments. Metro agrees that it will make the payments due under this Section 5.3 on the first day of each month, commencing with the first day of the month following the month in which Executive is placed on disability leave, in an amount equal to 1/12 of 70% of his Compensation at the time he is placed on disability leave.
Insurance Reductions. Such payments shall be reduced each month by the amount of any disability payments made to Executive under any Metro-sponsored disability insurance plan. The amount of the reduction under the preceding sentence shall be computed as if Executive had elected to receive monthly payments of disability benefits (regardless of the actual payment frequency).
  (b) Disability Benefits. If Executive is placed on disability leave or becomes permanently disabled as provided in this Section 5, then he shall nonetheless continue, after becoming so disabled and until the end of the Term, to be entitled to receive at Metro's expense such group hospitalization coverage, life insurance coverage and disability coverage as is generally made available from time to time to executive officers of Metro, if and to the extent permitted by the respective insurers of such coverage. Until such time as Executive is placed on disability leave, he shall continue to receive his full compensation and fringe benefits due him under Sections 3 and 4 above.
5.4 Payment upon Executive's Death. If Executive dies during the Term while employed hereunder, then:
(a) Termination of Employment and Regular Compensation. Executive's employment and his

 
 

rights to compensation hereunder shall automatically terminate at the close of the calendar week in which death occurs; and
(b) Death Benefit. Metro shall pay the person designated by Executive in a notice filed with Metro or to the personal representative of Executive's estate (if no person is designated by Executive) an amount equal to the product of three (3) times Executive's Compensation at the time of his death in addition to any amount of compensation then accrued and owed to Executive upon his death.
(c) Life Insurance. The “death benefit” provided pursuant to Section 5.4(b) shall be in addition to any amount payable under any group life insurance program maintained by Metro or Bank.
6. Termination by Metro For Cause.
6.1 “For Cause” Termination. Metro shall have the right at any time to terminate Executive's employment “For Cause” only if:
 
(a) Prior Written Notice. Metro shall give Executive not less than thirty (30) days prior written notice of its intention to terminate his employment, specifying in detail the reason(s) for such termination and the date of termination; and 
 
(b) Failure to Cure. After receipt of such notice, Executive fails to cure, cease or remedy the reason(s) for such termination before the date of termination stated in such notice. 
6.2 “For Cause” Definition. “For Cause” means only the following at any time during the Term:
 
(a) Conviction or Plea. If Executive is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or
 
(b) Willful Violation. If Executive willfully violates any of the terms or provisions of this Agreement, including, without limitation: 
 
(i) the willful failure of Executive to perform his duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Executive's incapacity due to illness or disability); or
(ii) Executive engages in any conduct materially harmful to Metro's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Executive of same (which conduct shall be specifically set forth in such notice).
6.3 Compensation on Termination “For Cause.” If Executive's employment shall terminate For Cause, then Metro shall pay Executive in accordance with the regular payroll practices of Metro, his full base salary through the date of termination at the rate currently in effect and pay such other compensation as may have accrued and be due Executive pursuant to Sections 3 and 4. Metro shall have no further obligations to Executive under this Agreement.
7. Termination by Metro Without Cause
7.1 “Without Cause” Termination. Metro shall have the right to terminate Executive's employment “Without Cause” by giving not less than thirty (30) days prior written notice of its intention to terminate Executive's employment “Without Cause” pursuant to this Section 7. 
7.2 “Without Cause” Definition. Termination “Without Cause” means any reason other than by either Termination “For Cause” (Section 6 above), Termination at the Anniversary (Section 1.2(b) above), or termination due to death or disability (Section 5 above).
7.3 Compensation for Termination “Without Cause.” Metro shall pay Executive the following if Metro terminates Executive's employment “Without Cause”:
(a) Compensation through Termination Date. A pro-rated portion of Executive's full compensation through the date of termination in accordance with the regular payroll practices of Metro, and any compensation due him as provided in Section 4 above; and
(b) “Without Cause Severance Payment.” In lieu of any further Compensation payments to

 
 

Executive after the date of termination, a lump sum severance payment equal to three (3) times Executive's Compensation then in effect.
8. Termination “For Good Reason” by Executive.
8.1 “Good Reason” Termination. Executive shall have the right to terminate his employment “For Good Reason” (as defined in Section 9.2 below) if: 
(a) Prior Written Notice. Executive has given notice to Metro of the existence of the condition(s) described in Section 9.2 within ninety (90) days of the initial existence of the condition(s);  
(b) Failure to Cure. If within a period of thirty (30) days after receipt of such notice (the “Cure Period”), Metro fails to cure, cease or remedy the reason(s) for such termination; and
(c) Separation from Service. Executive's separation from service occurs within a period of ninety (90) days following the expiration of the Cure Period.
 
8.2 Compensation for “Good Reason” Termination. Metro shall pay Executive the following if Executive terminates his employment “For Good Reason” (as defined in Section 9.2):
 
(a) Compensation through Termination Date. A pro-rated portion of Executive's full compensation through the date of termination in accordance with the regular payroll practices of Metro, and any compensation due him as provided in Section 4 above; and
(b) “Good Reason Severance Payment.” In lieu of any further Compensation payments to Executive after the date of termination, a lump sum severance payment equal to three (3) times Executive's Compensation then in effect.
9. “Change in Control” and “Good Reason.”
9.1 Change in Control Definition. “Change in Control” or “Change of Control” means a change in control of Metro of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provisions under the Exchange Act, whether or not Metro is subject to such reporting requirement; provided that, without limitation, such a change in control shall have been deemed to occur conclusively when any of the following events shall have occurred without Executive's prior written consent:
 
(a) Board Change. Within any period of two (2) consecutive years during the Term, there is a change in at least a majority of the members of the Board or the addition of five or more new members to the Board, unless such change or addition occurs with the affirmative vote in writing of Executive in his capacity as a director or a shareholder; or
(b) Beneficial Ownership Change. A Person or group acting in concert as described in Section 13(d)(2) of the Exchange Act holds or acquires beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act of a number of common shares of Metro which constitutes either:
(i)   more than fifty (50%) percent of the shares which voted in the election of directors of Metro at the shareholders' meeting immediately preceding such determination; or
(ii)  more than thirty (30%) percent of Metro's outstanding common shares. For this Section 9.1(b)(ii), unexercised warrants or options or unconverted nonvoting securities shall count as constituting beneficial ownership of Metro's common shares into which the warrants or options are exercisable or the nonvoting convertible securities are convertible, notwithstanding anything to the contrary contained in Rule 13d-3 of the Exchange Act.
 9.2 Good Reason Definition. “Good Reason” means: 
 
(a) Both a Change in Control and Other Reductions. Both a “change in control” of Metro (as defined in Section 9.1 above); and if any of the following “Other Reductions” occur within three (3) years after such change in control without Executive's prior written consent: 
 (i) Reduction of Authority. The nature and scope of Executive's authority with Metro or a

 
 

surviving or acquiring Person are materially reduced to a level below that which he enjoys when the change in control occurs;
 
(ii) Materially Inconsistent Duties. The duties and responsibilities assigned to Executive are materially inconsistent with those which he enjoys when the change in control occurs, resulting in a diminution of Executive's authority, duties or responsibilities;  
(iii) Materially Reduced Benefits. The fringe benefits which Metro provides Executive are materially reduced to a level below that which he enjoys when the change in control occurs;  
(iv) Reduction of Position or Title. Executive's position or title with Metro or the surviving or acquiring Person is reduced from his current position or title with Metro when the change in control occurs, resulting in a diminution of Executive's authority, duties or responsibilities; or
         (v) Transfer or Offices and Relocation. Any relocation or transfer of Metro's principal executive offices to a location more than fifty (50) miles from Executive's principal residence on the date when the change in control occurs; or, if Executive is required, without his prior written consent, to relocate more than fifty (50) miles from his principal residence when the change in control occurs.
 
(b) Material Breaches. Metro materially breaches this Agreement; or
 (c) Non-Assumption. There is a failure or refusal of any successor to Metro to assume all duties and obligations of Metro under this Agreement.
 
10. Additional Payments/Excise Taxes. 
10.1 Gross-Up Payment. Notwithstanding anything in this Agreement to the contrary or any termination of this Agreement, Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) if: 
 
(a) Tax is Determined Due. It shall be determined that any payment or distribution or benefit made or provided by Metro or its affiliates to or for the benefit of Executive, whether pursuant to this Agreement or some other plan or otherwise, and determined without regard to any additional payments required under this Section 10 (a “Payment”), would be an excess Parachute Payment that is not deductible by Metro for federal income tax purposes and subject to an excise tax; or 
 
(b) Interest or Penalties are Incurred. Any interest or penalties are incurred by Executive concerning such excise tax. 
 
(i) Excise Tax Definition.  “Excise Tax” means both: any excise tax imposed on any compensation payments or rights due to Executive because of Section 280G and Section 4999 of the Internal Revenue Code of 1986 as amended (the “Code”) or any successor Code provision, or any state or local law; and interest or penalties incurred concerning such excise tax.
 
(ii) Gross-Up Payment Definition. “Gross-Up Payment” means any amount of additional payments to Executive that are needed so that Executive incurs no out-of-pocket expense for Excise Taxes, and to place Executive in the same position after all federal and state taxes - including all income tax, Excise Tax, employment or other tax or any penalties and interest - that Executive would have been in if: (a) Executive did not have to pay the Excise Tax; (b) the Excise Tax did not apply for reasons other than Sections 280G and 4999 of the Code; and (c) Executive did not have to pay any interest or penalty charge for the imposition of any portion of the Excise Tax.
 
10.2 Gross-Up Payment Determination. All determinations required to be made under this Section 10, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment, the calculations under Section 280G and 4999 of the Code, and the assumptions to be used in arriving at such determination, shall be made by Metro's independent auditor or another nationally recognized accounting firm chosen by the auditor with the consent of Metro and Executive (the “Accounting Firm”). 
 
(a) Cooperation. Metro and Executive shall cooperate with Accounting Firm and provide information needed for the determination. 
 (b) Calculations. Accounting Firm shall provide detailed supporting calculations both to Metro and

 
 

Executive within fifteen (15) business days of the receipt of notice from Executive that there has been a Payment or receipt of Notice of IRS claim under Section 10.3, or such earlier time as is requested by Metro. 
 (c) Fees and Expenses. Metro shall pay all fees and expenses of the Accounting Firm for services for this determination. 
 (d) Payment Timing. Metro shall pay any Gross-Up Payment, as determined pursuant to this Section 10, to Executive within five (5) days of the receipt of the Accounting Firm's determination, but in no event later than the date specified in Treasury Regulation Section 1.409A-3(i)(v). 
 (e) Binding Effect. Any determination by the Accounting Firm shall be binding upon Metro and Executive. 
 (f) Possible Underpayment. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Metro may not make Gross-Up Payments that should be made (“Underpayment”).
 (i) Determination. If Metro exhausts its remedies pursuant to Section 10.3 and Executive is later required, directly or indirectly, to make a payment of any Excise Tax, then the Accounting Firm shall determine the amount of the Underpayment that has occurred. Such amount shall be sufficient to put Executive in the same position after all federal and state taxes - including all income tax, Excise Taxes, employment, or other taxes, and all penalties and interest on such taxes - as Executive would have been in if there had been no Underpayment and Metro had made the appropriate Gross-Up Payment in the first instance.
 
(ii) Payment. Metro shall promptly pay to Executive or for the benefit of Executive any amounts determined by Accounting Firm to be needed to satisfy any Underpayment.
 
10.3 Notice of IRS Claim. Executive shall notify Metro in writing of any claim by the Internal Revenue Service (“IRS”) that, if successful, would require the payment by Metro of the Gross-Up Payment. 
 
(a) Time and Content of Notice. Such notification shall be given as soon as practicable but not later than ten (10) business days after Executive is informed in writing of such claim and shall apprise Metro of the nature of such claim and the date on which such claim is requested to be paid. 
 (b) Payment Timing. Executive shall not pay such IRS claim until thirty (30) days after the date on which he gives such notice to Metro (or such shorter period ending on the date that any payment of taxes on such claim is due). 
 (c) Contest Notice. If Metro notifies Executive in writing before the expiration of such thirty (30) day period that it desires to contest such IRS claim, then Executive shall:  
(i) Give Metro any information reasonably requested by Metro relating to such IRS claim;
 (ii) Take such action in connection with contesting such IRS claim as Metro shall reasonably request in writing, including, without limitation, accepting legal representation for such IRS claim by an attorney reasonably selected by Metro;
 (iii) Cooperate with Metro in good faith in order to effectively contest such IRS claim; and
 (iv) Permit Metro to participate in any proceedings on such IRS claim.  
(d) Other Contest Terms. Without limitation on the foregoing provisions of this Section 10.3: 
 
(i) Metro shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses.
 
(ii) Metro shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearing and conferences with the taxing authority

 
 

in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the IRS claim in any permissible manner;
 
(iii) Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as Metro shall determine;
 (iv) If Metro directs Executive to pay such IRS claim and sue for a refund, then Metro shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest penalties) imposed regarding such advance or regarding any imputed income with respect to such advance;
 (v) Any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount.
 (vi) Metro's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable under this Section 10 and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.
10.4 Refund. Executive shall, subject to Metro's complying with the requirements of Section 10.3, promptly pay to Metro the amount of any refund actually received, including any interest paid or credited after applicable taxes if, after the receipt by Executive of an amount advanced by Metro pursuant to Section 10.3, Executive becomes entitled to receive any refund for such IRS claim. 
 
(a)  Denial of Refund. If, after the receipt by Executive of an amount advanced by Metro pursuant to Section 10.3, a determination is made that Executive shall not be entitled to any refund for such IRS claim and Metro does not notify Executive in writing of its intent to contest such denial of refund before the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset the amount of Gross-Up Payment required to be paid.
11. Other Rights for Termination “Without Cause” or “For Good Reason”.
11.1 Other Benefits. Executive shall be entitled to the following from Metro, in addition to the other Compensation stated in either Section 7.3 or 8.2 above, if Executive's employment is terminated either “Without Cause” or “For Good Reason” as set forth in either Section 7.1 or 8.1 above:
 
(a) Insurance. Following the date of termination, Executive shall be entitled to participate in all Metro disability, hospitalization and life insurance benefits for a period of three (3) years. In addition, Executive shall continue to be entitled to medical insurance coverage as provided in Section 4.1. 
 
(i) Exception. If Executive accepts subsequent employment during the three-year period following the date of termination, then continuation of any medical, disability, hospitalization and life insurance benefits will be offset by coverages provided through Executive's subsequent employer.
 
(b) Vesting of Incentive Compensation Awards.. Any outstanding incentive compensation awards held by Executive, including deferred compensation and equity awards related to Metro stock (e.g., options, stock appreciation rights, restricted stock or restricted stock units) shall vest as of the date of termination of Executive's employment.
 
11.2 Plans and Program Rights. Nothing in this Agreement shall affect or have any bearing on Executive's entitlement to other benefits under any plan or program providing benefits by reason of termination of employment.
 
11.3 Reimbursements and In-Kind Benefits. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that:
 
(a) Any reimbursement shall be for expenses incurred during Executive's lifetime (or during a shorter period of time specified in this Agreement);
(b)  The amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar

 
 

year;
(c) The reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred;
(d) The right to in-kind benefits shall not extend beyond the last day of Executive's second taxable year following his termination of employment; and
(e) The right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
 11.4 No Mitigation by Executive. Executive shall not be required, under any circumstance including provision in this Agreement, to mitigate the amount of any compensation or payment provided for in this Agreement by seeking other employment.
12. Source of Payment and Timing.
12.1 Source. All payments provided under this Agreement shall be paid in cash from the general funds of Metro.
(a) No special or separate fund shall be required to be established and Executive shall have no right, title or interest whatsoever in or to any investment which Metro may make to aid Metro in meeting its obligations hereunder except to the extent that Metro shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement.
(b) Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Metro and Executive or any other Person.
12.2 Time. All payments due under Sections 5.2, 6.3, 7.3 or 8.2 above shall be made not later than the thirtieth (30th) day following the date of termination of employment.
12.3 Effect of Section 409A. If the termination of employment giving rise to the severance benefits described in Sections 7.3, 8.2 or 11.1 is not a "separation from service" within the meaning of Treasury Regulation § 1.409A-1(h)(1), then to the extent necessary to avoid the imposition of any accelerated or additional tax under Section 409A of the Code, such benefits will be deferred without interest until Executive experiences a separation from service. In addition, if necessary to prevent any accelerated or additional tax under Section 409A of the Code on amounts payable to Executive upon his separation from service, Metro will postpone such payments (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the first payroll date that occurs after the date that is six months following Executive's "separation of service" with Metro or RFB. The accumulated postponed amount will be paid in a lump sum payment within ten days after the end of the six-month period. If Executive dies during the postponement period and prior to the payment of postponed amount, the amounts postponed on account of Section 409A shall be paid to the personal representative of Executive's estate within 60 days after the date of his death.
13. Interest. In the event any benefits due to Executive are not paid when due hereunder, Executive shall be entitled (in addition to his other rights and remedies) to interest on the past due amounts at a rate equal to two percentage points above the prime rate charged from time to time by Bank, such interest to commence on the date a benefit was due hereunder.
14. Reimbursement of Enforcement Expenses. Executive shall be entitled to full reimbursement from Metro for all costs and expenses (including reasonable attorneys' fees, costs, and interest as stated in Section 13) incurred by Executive in enforcing his rights under this Agreement if the following exist: 
14.1 Failure to Pay. Metro fails to pay or provide Executive any of the amounts due him under this Agreement; or 
 14.2 Failure to Provide. Metro fails to provide Executive with any of the other benefits due him under this Agreement; and 
 14.3 Further Conditions for Reimbursement. Provided that:
 (a)  Metro does not cure any such failure within thirty (30) days after having received written notice

 
 

from Executive of such failure; and 
(b)  There is an adjudication that Executive's action in enforcing his rights are not frivolous.
15. Confidential Information and Non-Competition.
 15.1 Confidentiality. 
 
(a) Company Information Definition. “Company Information” means all data relating to Metro's business that is not generally published or available to the public, including writings, equipment, processes, drawings, strategic plans, reports, manuals, inventions, records, financial information, business plans, customer lists, the identity of and other facts concerning prospective customers, inventory lists, arrangements with suppliers and customers, computer programs, or other materials embodying trade secrets, customer product information, or technical or business information of Metro.
 (b) Non-Disclosure and Non-Use. During the Term or any later time, except with the prior written consent of Metro's Board, Executive shall not, directly or indirectly: 
(i) Non-Disclosure. Disclose, communicate or divulge Company Information to any Person other than authorized Metro personnel;  
(ii) Non-Use. Use Company Information for the benefit of himself or any other Person, other than authorized Metro personnel.  
15.2 Metro's Interests. Executive will not, during the Term, except with the express prior written consent of Metro's Board, directly or indirectly, in any capacity (including but not limited to employee, owner, partner, consultant, agent, director, officer, shareholder or in any other capacity) engage in or assist any Person to engage in any act or action which he, acting reasonably, believes or should believe would be harmful or inimical to the interests of Metro.
 
15.3 Non-Competition and Time of Restrictions.
 (a) Non-Competition. During his employment pursuant to this Agreement and following termination of Executive's employment for any reason, Executive will not, except with the express prior written consent of Metro's Board, in any capacity (including, but not limited to, owner, partner, shareholder, consultant, agent, employee, officer, director or otherwise), directly or indirectly, for his own account or for the benefit of any Person:
(i) Business and Geographic Restriction. Establish, engage or participate in or otherwise be connected with any business which is in competition with Metro or any of its subsidiaries, including being engaged in commercial banking, mortgage banking, leasing, or the taking of deposits, and which conducts business in any geographic area in which Metro and its subsidiaries is then conducting such business.
 
(ii) Exception. The foregoing shall not prohibit Executive from owning as a shareholder less than 5% of the outstanding voting stock of an issuer engaged in the commercial banking business.
 
(b) Time of Restrictions. The non-competition restrictions in Section 15.3 shall start on the effective date of this Agreement and end eighteen (18) months following the effective date of termination of Executive's employment under this Agreement.
 
15.4 Remedies. Any breach by Executive of any of the terms in this Section 15 will result in irreparable injury to Metro for which money damages could not adequately compensate Metro; and, thus, in the event of any such breach, Metro shall be entitled (in addition to any other rights and remedies which it may have at law or in equity) to have an injunction issued by any competent court enjoining and restraining Executive and/or any other Person involved from continuing such breach. 
(a) No Defense or Bar. The existence of any claim or cause of action which Executive may have against Metro or any other Person (other than a claim for Metro's breach of this Agreement for failure to make payments) shall not constitute a defense or bar to the enforcement of the terms in this Section 15.
(b) Payments After Breach. In the event of any alleged breach by Executive of any of the terms in this Section 15, Metro shall continue any and all of the payments due Executive under this Agreement until such time as a

 
 

Court shall enter a final and unappealable order finding such a breach. 
 
(i) Exception. The foregoing shall not preclude a Court from ordering Executive to repay such payments made to him for the period after the breach is determined to have occurred or from ordering that payments under this Agreement be permanently terminated in the event of a material and willful breach.
 
15.5 Enforceability. If any portion of the terms in this Section 15, or their application, is construed to be invalid or unenforceable, then the other portions of such terms or their application shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible. 
 
(a) If any term in this Section 15 is held to be unenforceable because of the area covered, duration, or scope, then Executive and Metro expressly and intentionally authorize the court making such determination to reduce the area and/or duration and/or limit the scope to an enforceable term, so that the term shall then be enforceable in its reduced form.
 
15.6 Metro Definition. For this Section 15, the term “Metro” means Metro, any successor of Metro under Section 16 below, and all present and future direct and indirect subsidiaries and affiliates of Metro including, but not limited to, Bank.
 
16. Successions.
16.1 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon:
(a) The parties hereto and their respective heirs, executors, administrators, successors and assigns; and
(b) Any corporate or other successor of Metro which will acquire, directly or indirectly, by merger, consolidation, purchase, or otherwise, all or substantially all of the assets of Metro.
16.2 Death. Upon the death of Executive, except as Executive may have designated pursuant to Section 5.4 any payments or benefits otherwise due Executive hereunder shall be paid to or be for the benefit of Executive's legal representatives.
16.3 Combination. Nothing in the Agreement shall preclude Metro from consolidating or merging into or with or transferring all or substantially all of its assets to another Person (a “Combination”).
(a) In the event of a Combination, such other Person shall assume this Agreement and all obligations of Metro in this Agreement.
(b) Upon a Combination, the term "Metro," as used in this Agreement, shall mean such other Person and this Agreement shall continue in full force and effect.
17. Notices.
17.1 Form of Notice. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid.
17.2 Place of Notice. Any notice shall be delivered to the following addresses or to such other address as either party may designate by like notice:
If to Metro, to:
Metro Bank
3801 Paxton Street
Harrisburg, PA 17111
Attn: Chairman, Compensation Committee of the Board of Directors
 
 

 
 

If to Executive:
Gary L. Nalbandian
and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.
 
18. General Provisions.
18.1 Entire Agreement. This Agreement constitutes the entire agreement between the parties concerning its subject matter, and supersedes and replaces all prior agreements between the parties.
18.2 Amendment, Waiver and Termination.
(a)    General. No amendment, waiver or termination of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced. Any written amendment, waiver or termination hereof executed by Metro and Executive (or his legal representatives) shall be binding upon them and upon all other Persons, without the necessity of securing the consent of any other Person including, but not limited to, Executive's spouse, and no Person shall be deemed to be a third party beneficiary under this Agreement except to the extent provided under Section 16 above.
(b)    Compliance with Requirements of Troubled Assets Relief Program (TARP). Notwithstanding Section 18.2 (a), in the event Metro is a participant in TARP, during such time as the U.S. Treasury Department (“Treasury”) holds an equity or debt position in Metro, Executive agrees to modify the terms of this Agreement to comply with any executive compensation requirements of such Program, including (1) an agreement to relinquish to Metro any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against Metro or Treasury as a result of any amendments to this Agreement required by TARP.
18.3 Alternate Payments. Bank or any other subsidiary of Metro may make payments to Executive thereunder in lieu of payments to be made by Metro, and to the extent such payments are so made, Metro shall be released of its obligations to make such payments.
18.4 Benefits and Insurance. The benefits provided under this Agreement shall be in addition to and shall not affect the proceeds payable to Executive's beneficiaries under group life insurance policies which Metro may be carrying on Executive's Life.
18.5 Release.  Notwithstanding any other provision of this Agreement, any severance payments or benefits due Executive under Sections 7 and 8 shall be paid within ninety (90) days following Executive's termination of employment, provided that Executive has executed and delivered to Metro an effective general release and non-disparagement agreement and the statutory period during which Executive is entitled to revoke the general release and non-disparagement agreement has expired prior to payment during the ninety (90) day period, and further provided that the payment would be made in the second taxable year if the ninety (90) day period began in one taxable year and ended in the subsequent taxable year. The general release and non-disparagement agreement shall be in a form reasonably prescribed by Metro and in a manner consistent with the requirements of the Older Workers Benefit Protection Act and any applicable state law.
18.6 Definition of Person. "Person" as used in this Agreement means a natural person, joint venture, corporation, sale proprietorship, trust, estate, partnership, cooperative, association, non-profit organization or any other legal entity.
18.7 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
l8.8 No Waiver. Except as otherwise expressly stated in this Agreement, no failure on the part of any party to this Agreement to exercise and no delay in exercising any right, power or remedy under this Agreement shall operate as a waiver; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
18.9 Assignment. Without Metro's prior written consent and approval, neither this Agreement nor

 
 

any rights to receive payments hereunder shall be voluntarily or involuntarily:
(a) Assigned, transferred, alienated, encumbered or disposed of, in whole or in part; or
(b) Subject to anticipation, levy, execution, garnishment, attachment by, or interference or control of, any creditor.
18.10 Jurisdiction. Metro and Executive irrevocably consent to:
(a) Commonwealth of Pennsylvania Courts. The exclusive jurisdiction of the courts of the Commonwealth of Pennsylvania and the United States District Court for the Middle District of Pennsylvania in any and all actions arising hereunder; and
(b) Service of Process. Service of process as set forth in Section 17 above.
18.11 Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions of this Agreement.
18.12 Notice of Dispute and Cure. If Metro or Executive has a dispute or claim under this Agreement, then that dispute or claim shall be described with specificity in writing; and, the party receiving such written notice shall have thirty (30) business days to cure the dispute or claim
18.13 Pennsylvania Law. This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the Commonwealth of Pennsylvania applicable to contracts executed and to be performed solely in the Commonwealth of Pennsylvania.
18.14 Any Required Approval. This Agreement is contingent upon any required approval of the Federal Deposit Insurance Corporation.
18.15 Intent to Comply with Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption from Section 409A, and shall in all respects be administered in accordance with Section 409A. Executive's termination of employment under this Agreement shall be interpreted in a manner consistent with the separation from service rules under Section 409A. For purposes of Section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment and the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments. In no event shall Executive, directly or indirectly, designate the calendar year of a payment.
[SIGNATURE PAGE FOLLOWS]
 
 
 
 
 
 
 
 
 
 
 

 
 

IN WITNESS WHEREOF, Metro has caused this agreement to be executed by its duly authorized officers and the Executive has hereunto set his hand and seal as of the date first above written.
 
METRO BANCORP, INC.
 
/s/ Sherry Richart                    By: /s/ Alan R. Hassman
Attest                        Name: Alan R. Hassman
Title: Chairman, Compensation Committee
 
 
METRO BANK
 
        
 
/s/ Sherry Richart                    By: /s/ Alan R. Hassman
Attest                        Name: Alan R. Hassman
Title: Chairman, Compensation Committee
 
 
EXECUTIVE:
 
 
 
/s/ Sherry Richart                    /s/ Gary L. Nalbandian
Witness                        Gary L. Nalbandian
 

 
 EX-10.12 5 ex1012201010k.htm WebFilings | EDGAR view
 

 
 
 
EXHIBIT 10.12
 
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
METRO BANCORP, INC. A ND
METRO BANK
 
 
 
Mark A. Zody
 
 
EFFECTIVE DATE DECEMBER 17, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

TABLE OF CONTENTS
 
     PAGE
 
1
 
Employment and Term of Employment
1
 
2
 
Services and Duties
1
 
3
 
Compensation
1
 
4
 
Plans and Fringe Benefits
2
 
5
 
Termination by Metro for Cause
2
 
6
 
Disability Leave and Death
2
 
7
 
Termination by Metro without Cause and Termination Following a Change in Control and for Good Reason
3
 
8
 
Change in Control and Good Reason
4
 
9
 
Confidential Information and Non-Competition
5
 
10
 
Successors and Assigns
6
 
11
 
Assignment
6
 
12
 
Source of Payment and Timing
6
 
13
 
Interest
6
 
14
 
Reimbursements and In-Kind Benefits
6
 
15
 
Notices
7
 
16
 
Amendment, Waiver and Termination
7
 
17
 
General Provisions
8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
This Amended and Restated Agreement (“Agreement”) is dated effective as of December 17, 2010, by and between METRO BANCORP, INC., a Pennsylvania corporation (“Metro”), and METRO BANK, a Pennsylvania bank and a wholly-owned subsidiary of Metro (“Bank”), and Mark A. Zody (“Executive”).
 
BACKGROUND
 
Executive is employed as Executive Vice President and Chief Financial Officer of Metro and Bank. The Boards of Directors of Metro and Bank (separately or collectively, the "Board") have determined that the services of Executive in this capacity are valuable to Metro and Bank. Accordingly, the Board wishes to have Executive's services available to Metro for at least two (2) years and to provide supplemental benefits to Executive should his/her employment with Metro terminate under certain circumstances or should he/she die or become disabled before the termination of this Agreement.
 
The Board and Executive entered into an employment agreement, effective February 23, 2009 (the “Original Agreement”) and now the parties desire to amend and restate the Original Agreement in order to comply with the Internal Revenue Service interpretations and guidance set forth in Notices 2010-6 and 2010-80.
 
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained here, and intending to be legally bound, the parties agree as follows:
 
1. Employment and Term of Employment.
1.1 Metro offers Executive employment, and Executive accepts such employment, subject to all the terms and conditions of this Agreement, for a term of two (2) years beginning on the date of the Original Agreement, and, subject to automatic renewal and extension as stated below and to Metro's and Bank's right to terminate his/her employment as stated below. Notwithstanding anything provided to the contrary, on each Anniversary Date of the Original Agreement, this Agreement and Executive's employment shall automatically be renewed and extended (upon the same terms and conditions) for a new two (2) year term unless written notice by either party is given pursuant to Section 1.2 below. "Term" means the original two (2) year employment period, as well as any renewed or extended periods as provided for in this Agreement. “Anniversary Date” means March 1, 2010, as well as each annual March 1st thereafter if this Agreement is automatically renewed or extended.
1.2 Either party may terminate this Agreement on any Anniversary Date of this Agreement by giving to the other party written notice of termination no later than ninety (90) days before any such Anniversary Date. As a result of the foregoing notice being given to either party, the Term will have one (1) year remaining from the applicable Anniversary Date, subject to the terms and conditions of this Agreement.
2. Services and Duties.
2.1 During the Term, Executive shall be employed as Executive Vice President and Chief Financial Officer of Metro and Bank and shall have such powers and duties as may from time to time be prescribed by the respective executive officers and Board of Directors of Metro and Bank. Executive agrees to his/her continued employment and to devote his/her full time and efforts to the business and affairs of Metro, Bank and their subsidiaries, if any, and to use his/her best efforts to promote the interests of Metro, Bank and their subsidiaries.
3. Compensation.
3.1 Metro shall pay the following compensation to Executive for all services to be rendered by him/her under this Agreement and for all positions held by him/her during the Term, payable at regular intervals in accordance with Metro's normal payroll practices now or subsequently in effect: “base salary” at the rate of $251,999.97 per year, subject to an annual review and such upward adjustments as may be deemed appropriate by the Board or a Board-designated Committee. The Board or Board-designated Committee may approve an increase in salary for Executive, but shall have no obligation to do so. For this Agreement, a “year” shall be deemed to commence upon the signing of this Agreement and on January 1 of each subsequent calendar year. Compensation for a portion of a year shall be pro-rated.
3.2 During the Term, Metro will reimburse Executive for all expenses incurred by Executive which Metro determines to be reasonable and necessary (in accordance with its normal reimbursement practices now or subsequently

 
 

in effect) for Executive to carry out his/her duties under this Agreement. Metro will reimburse Executive for all continuing education costs required to maintain Executive's Pennsylvania CPA and his annual dues to AICPA and PICPA.
4. Plans and Fringe Benefits.
4.1 During the Term, Executive shall be entitled to participate in any bonus programs, incentive compensation plans, stock option plans or similar benefit or compensation programs now or hereafter in effect which are generally made available from time to time to executive officers of Metro. For any period less than a full year during the Term, Executive shall receive an amount equal to the prorated portion of the compensation payable pursuant to such plan or program. Any annual bonus (or prorated portion of an annual bonus) earned and payable to Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the annual bonus (or prorated portion of an annual bonus) is earned.
4.2 During the Term, Executive shall also be entitled to: (a) participate in all fringe benefits as then in effect that are generally available to Metro's salaried officers including, without limitation, family medical, dental and vision insurance programs, hospitalization coverage, life insurance coverage, disability coverage and long-term care insurance; (b) automobile allowance and (c) such other fringe benefits as the Board, or a designated Committee of the Board, shall deem appropriate.
4.3 During the Term, Metro shall continue to maintain and pay all premiums payable on the Executive's split dollar life insurance policy and long term disability policy as the same exists on the Effective Date of the Original Agreement.
5. Termination by Metro for Cause.
5.1 Metro shall have the right at any time to terminate Executive's employment, for cause, on thirty (30) days' prior written notice to Executive. For this Agreement, the term “for cause” means only the following:
(i) If at any time during the Term, Executive is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or
(ii) If at any time during the Term, Executive willfully violates any of the covenants or provisions of this Agreement including, without limitation, the willful failure of Executive to perform his/her duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Executive's incapacity due to illness or disability) or Executive engages in any conduct materially harmful to Metro's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Executive of same (which conduct shall be specifically set forth in such notice).
5.2 If Executive's employment shall terminate for cause, then Metro shall pay Executive in accordance with the regular payroll practices of Metro, his/her full base salary through the date of termination at the rate in effect at the time notice of termination is given and Metro shall have no further obligations to Executive under this Agreement other than to pay Executive such other compensation as may have accrued and be due him/her pursuant to Section 4 above.
6. Disability Leave and Death.
6.1 If Executive becomes disabled while employed during the Term, Executive's employment and this Agreement will not terminate at such time but Executive shall be placed on disability leave until the first to occur of the expiration of this Agreement or Executive's recovery from disability, but in no event longer than twenty-nine (29) months. Metro shall compensate Executive during the disability leave at a rate equal to 70% of his/her annual base salary at the time he became disabled. Metro agrees that it will make the payments due under this Section 6.1 on the first day of each month, commencing with the first day of the month following the month in which he is determined to be disabled, in an amount equal to 1/12 of 70% of his/her annual base salary at the time he is determined to be disabled. Such payments shall be reduced each month, however, by the amount of any disability payments made to Executive under any Metro-sponsored disability insurance plan. The amount of the reduction under the preceding sentence shall be computed as if Executive had elected to receive monthly payments of disability benefits (regardless of the actual payment frequency). If Executive becomes disabled as provided in this Section 6, then he shall nonetheless continue, after becoming so disabled and until the end of the Term, to be entitled to receive at Metro's expense such group hospitalization coverage, life insurance coverage and disability coverage as is generally made available from time to time to executive officers of Metro, if and to the extent permitted by the respective insurers of such coverage. Until such time as Executive is determined to be disabled, Executive shall continue to receive his/her

 
 

full base salary and other compensation and fringe benefits due him/her under Section 4 above.
6.2 For purposes of determining Executive's eligibility for disability leave under this Agreement, Executive shall be deemed to have become "disabled” upon his/her inability to perform the duties and services of the character contemplated by this Agreement, because of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months.
6.3 If Executive dies during the Term while employed hereunder, then his/her employment and his/her rights to compensation hereunder shall automatically terminate at the close of the calendar week in which death occurs. Any amount owed to Executive upon his/her death shall be paid to the personal representative of Executive's estate.
7. Termination by Metro without Cause and Termination Following a Change in Control and for Good Reason.
7.1 If Metro shall terminate Executive's employment other than for cause or as provided in Section 1.2 above, then:
(i) Metro shall pay to Executive his/her full base salary through the date of termination in accordance with the regular payroll practices of Metro, and any compensation due him/her as provided in Section 4 above; and
(ii) In lieu of any further salary payments to Executive, for a period subsequent to the date of termination, Metro shall pay as severance pay to Executive a lump sum severance payment equal to two (2) times Executive's average annual base salary in effect during the twenty-four (24) months immediately preceding such termination.
7.2 If Executive shall terminate his/her employment following a Change in Control or for "Good Reason" (as defined in Section 8 below) then:
(i) Metro shall pay to Executive his/her full base salary through the date of termination in accordance with the regular payroll practices of Metro and any other compensation due him/her as provided in Section 4 above; and
(ii) In lieu of any further salary payments to Executive for a period subsequent to the date of termination, Metro shall pay as severance pay to Executive a lump sum severance payment equal to two (2) times Executive's average annual base salary in effect during the twenty-four (24) months immediately preceding such termination.
7.3 Upon termination of Executive's employment as set forth in either Section 7.1 or 7.2 above, Metro shall have its independent certified public accountant promptly determine the aggregate present value pursuant to Section 280G(d)(4) of the Internal Revenue Code of 1986, as amended (the "Code"), of all amounts payable to Executive under this Agreement, and of all other amounts payable to Executive upon or by reason of his/her termination which are determined in good faith by Metro's independent certified public accountant to be "parachute payments" (as defined in Section 280G(b)(2) of the Code and the regulations promulgated thereunder) made pursuant to agreements or plans which are subject to Section 280G. Such determination of present value and of other amounts constituting "parachute payments" is binding; provided that if Executive obtains an opinion of counsel satisfactory to Metro or an Internal Revenue Service ruling to the effect that the method of determining present value was improper or that specified payments did not constitute "parachute payments," calculations will be made in accordance with such opinion or ruling. The determinations pursuant to this Section shall not change the form of payment (other than reduce, if necessary) or delay the payment of amounts due Executive under this Agreement. In the event the aggregate present value of all benefits under this Agreement and other "parachute payments" is equal to or in excess of 300% of Executive's "base amount" as defined in Section 280G(b)(3)(A) and the regulations thereunder, Executive waives the right to "parachute payments" sufficient to reduce the present value of all such payments below 300% of the "base amount." If any reduction in payments is required pursuant to this Section, payments under this Agreement and all other amounts payable to Executive upon or by reason of his/her termination shall be reduced proportionately. If it is established pursuant to a final determination of a court of competent jurisdiction or an Internal Revenue Service proceeding that, notwithstanding the good faith of Executive, Metro and Metro's independent certified public accountant in applying the terms of this Section 7, the aggregate "parachute payments" paid to or for Executive's benefit are in an amount that would result in any portion of such "parachute payments" not being deductible by Metro or any affiliate by reason of Section 280G of the Code, then Executive shall have an obligation to pay Metro upon demand an amount equal to the sum of (i) the excess of the aggregate "parachute payments" paid to or for Executive's benefit without any portion of such "parachute payments" not being deductible by reason of Section 280G of the Code and (ii) interest on the amount set forth in clause (i) above at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of Executive's receipt of such excess until the date of such payment.

 
 

7.4 In addition to the other compensation set forth in either Section 7.1 or 7.2 above, upon termination of Executive's employment as set forth in either Section 7.1 or 7.2 above, Executive shall be entitled, following the date of termination, to participate in all Metro medical, disability, hospitalization and life insurance benefits for a period of one (1) year except that should Executive accept subsequent employment during the one (1) year period following the date of termination, continuation of any medical, disability, hospitalization or life insurance benefit will cease to the extent that any such benefit is provided through or by Executive's subsequent employer.
7.5 Except as provided in this Section 7, nothing in this Agreement shall affect or have any bearing on Executive's entitlement to other benefits under any plan or program providing benefits by reason of termination of employment, provided that such entitlement would be in compliance with or exempt from Section 409A of the Code.
7.6 Executive shall have the right to terminate his/her employment (i) within a period of sixty (60) days following a “Change in Control” and (ii) for "Good Reason" (as both terms are defined in Section 8 below).
In the event of his/her termination following a Change in Control, payment shall be made to Executive within ninety (90) days following such Change in Control provided that the payment would be made in the second taxable year if the ninety (90) day period began in one taxable year and ended in the subsequent taxable year.
In the event of his/her termination for Good Reason, Executive must give notice to Metro of the existence of the condition(s) described in Section 8.2 within ninety (90) days of the initial existence of the condition(s). Upon such notice, Metro shall have a period of thirty (30) days during which it may remedy the condition(s) (the “Cure Period”). If Metro fails to cure the condition(s) constituting the Good Reason during the Cure Period, Executive's separation from service must occur within a period of ninety (90) days following the expiration of the Cure Period in order for the termination to constitute a termination pursuant to a Good Reason for purposes of this Agreement. If Executive's termination occurs after the expiration of ninety (90)days following the Cure Period, such termination shall not be treated as a termination pursuant to a Good Reason and Executive shall have no right to the payments and benefits described in this Agreement.
7.7 Anything in this Agreement to the contrary notwithstanding, Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment.
8. Change in Control and Good Reason.
8.1 For this Agreement, a “Change in Control” of Metro means (a) any person or group acquires ownership of stock of Metro that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Metro; (b) any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) ownership of stock possessing 30 percent or more of the total voting power of the stock of Metro; (c) a majority of members of Metro's Board of Directors is replaced during any 24-month period by directors whose appointment or election is not approved by a majority of the members of Metro's Board before the date of the appointment or election of any of the “replacement” directors; or (d) ) any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) of assets from Metro that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of Metro immediately before such acquisition(s). For purposes of this Section, “group” is defined or determined pursuant to Treasury Regulation §1.409A-3 paragraph (i)(5)(v)(B).
8.2 For this Agreement, "Good Reason" means (i) that without Executive's consent: (a) the nature and scope of Executive's authority, responsibilities or duties with Metro or Bank or a surviving or acquiring Person are materially reduced to a level below that which he enjoys on the date hereof, (b) the duties and responsibilities assigned to Executive are materially inconsistent with that which he has on the date of this Agreement, resulting in a diminution of Executive's authority, duties or responsibilities, (c) the salary and fringe benefits which Metro provides on the date of this Agreement or at any time hereafter are materially reduced, (d) Executive's position or title with Metro or Bank or the surviving or acquiring Person is reduced from his/her current position or title with Metro and/or Bank, resulting in a material reduction in Executive's authority, duties or responsibilities or (e) there's a material change in the geographic location at which Executive must perform the services, provided that such material change results in any relocation or transfer of Metro's principal executive offices to a location more than fifty (50) miles from Executive's principal residence on the date hereof without Executive consent; (ii) Metro or Bank materially breaches this Agreement; or (iii) a material breach of this Agreement by any successor to Metro or Bank by such successor's failure or refusal to assume all duties and obligations of Metro and Bank under this Agreement.
 

 
 

9. Confidential Information and Non-Competition.
9.1 Executive covenants and agrees that he will not, during the Term of his/her employment or at any subsequent time, except with the express prior written consent of the Board, directly or indirectly disclose, communicate or divulge to any Person, or use for the benefit of any Person, any knowledge or information with respect to the conduct or details of Metro's business which he, acting reasonably, believes or should believe to be of a confidential nature and the disclosure of which to not be in Metro's interest.
9.2 Executive covenants and agrees that he will not, during the Term of his/her employment, except with the express prior written consent of the Board, directly or indirectly, whether as employee, owner, partner, consultant, agent, director, officer, shareholder or in any other capacity, engage in or assist any Person to engage in any act or action which he, acting reasonably, believes or should believe would be harmful or inimical to the interests of Metro.
9.3 (A) Executive covenants and agrees that he will not, except with the express prior written consent of the Board, in any capacity (including, but not limited to, owner, partner, shareholder, consultant, agent, employee, officer, director or otherwise), directly or indirectly, for his/her own account or for the benefit of any Person, establish, engage or participate in or otherwise be connected with any commercial banking business which conducts business in any geographic area in which Metro and its subsidiaries is then conducting such business except that the foregoing shall not prohibit Executive from owning as a shareholder less than 5% of the outstanding voting stock of an issuer whose stock is publicly traded.
(B) The provisions of Section 9.3(A) shall be applicable commencing on the date of this Agreement and ending on one of the following periods, as applicable:
(i) If this Agreement is terminated by Metro in accordance with the provisions of Section 1.2 of this Agreement, the effective date of termination of this Agreement;
(ii) If Executive voluntarily terminates his/her employment one year following the effective date of termination of this Agreement; or
(iii) If this Agreement is terminated in accordance with the provisions of either Section 7.1 or 7.2 of this Agreement, six (6) months following the effective date of termination of this Agreement; provided however, that if Metro is prohibited by any governmental agency regulating the affairs of Metro or Bank from paying Executive, in whole or in part, the severance pay described in Paragraphs 7.1(ii) or 7.2( ii), then the provisions of Section 9.3(A) shall end on the effective date of termination of this Agreement.
9.4 The parties agree that any breach by Executive of any of the covenants or agreements contained in this Section 9 will result in irreparable injury to Metro for which money damages could not adequately compensate Metro and therefore, in the event of any such breach, Metro shall be entitled (in addition to any other rights and remedies which it may have at law or in equity) to have an injunction issued by any competent court enjoining and restraining Executive and/or any other Person involved from continuing such breach. The existence of any claim or cause of action which Executive may have against Metro or any other Person (other than a claim for Metro's breach of this Agreement for failure to make payments hereunder) shall not constitute a defense or bar to the enforcement of such covenants. In the event of any alleged breach by Executive of any of the covenants or agreements contained in this Section 9, Metro shall continue any and all of the payments due Executive under this Agreement until such time as a Court shall enter a final and unappealable order finding such a breach; provided, that the foregoing shall not preclude a Court from ordering Executive repay such payments made to him/her for the period after the breach is determined to have occurred or from ordering that payments hereunder be permanently terminated in the event of a material and willful breach.
9.5 If any portion of the covenants or agreements contained in this Section 9, or the application hereof, is construed to be invalid or unenforceable, the other portions of such covenant(s) or agreement(s) or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible. If any covenant or agreement in this Section 9 is held to be unenforceable because of the area covered, the duration thereof, or the scope thereof, then the court making such determination shall have the power to reduce the area and/or duration and/or limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form.
9.6 For purposes of this Section 9, the term "Metro" shall include Metro, any successor of Metro under Section 10 hereof, and all present and future direct and indirect subsidiaries and affiliates of Metro including, but not limited to, Bank.
 

 
 

10. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of Metro which will acquire, directly or indirectly, by merger, consolidation, purchase, or otherwise, all or substantially all of the assets of Metro, and shall otherwise inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. Upon the death of Executive any payments or benefits otherwise due Executive hereunder shall be paid to or be for the benefit of Executive's legal representatives. Nothing in the Agreement shall preclude Metro from consolidating or merging into or with or transferring all or substantially all of its assets to another Person. In that event, such other Person shall assume this Agreement and all obligations of Metro in this Agreement. Upon such a consolidation, merger, or transfer of assets and assumption, the term "Metro," as used in this Agreement, shall mean such other Person and this Agreement shall continue in full force and effect.
11. Assignment.
Neither this Agreement nor any rights to receive payments hereunder shall be voluntarily or involuntarily assigned, transferred, alienated, encumbered or disposed of, in whole or in part, without Metro's prior written consent and approval, and shall not be subject to anticipation, levy, execution, garnishment, attachment by, or interference or control of, any creditor.
12. Source of Payment and Timing.
12.1 All payments provided under this Agreement shall be paid in cash from the general funds of Metro, no special or separate fund shall be required to be established and Executive shall have no right, title or interest whatsoever in or to any investment which Metro may make to aid Metro in meeting its obligations hereunder except to the extent that Metro shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Metro and Executive or any other Person.
12.2 All payments due under Sections 5.2, 6.3, 7.1 or 7.2 above shall be made not later than the thirtieth (30th) day following the date of termination of employment. It is provided, however, that, if, at the time of Executive's termination of employment with Metro or Bank, Metro has stock which is publicly traded on an established securities market and Executive is a “specified employee” (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section 409A of the Code, then Metro shall postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) that are not otherwise paid within the short-term deferral exception under Section 409A of the Code and are in excess of the lesser of two (2) times (i) Executive's then-annual compensation or (ii) the limit on compensation then set forth in Section 401(a)(17) of the Code, until the first payroll date that occurs after the date that is six months following Executive's “separation of service” with Metro or Bank (within the meaning of such term under Section 409A of the Code). The accumulated postponed amount shall be paid in a lump sum payment within ten days after the end of the six-month period. If Executive dies during the postponement period prior to the payment of postponed amount, the amounts postponed on account of Section 409A shall be paid to the personal representative of Executive's estate within 60 days after the date of his/her death.
13. Interest.
In the event any benefits due to Executive are not paid when due hereunder, Executive shall be entitled (in addition to his/her other rights and remedies) to interest on the past due amounts at a rate equal to two percentage points above the prime rate charged from time to time by Bank, such interest to commence on the date a benefit was due hereunder.
14. Reimbursements and In-Kind Benefits.
14.1 Generally.
 
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that:
 

 
 

(i) any reimbursement shall be for expenses incurred during Executive's lifetime (or during a shorter period of time specified in this Agreement);
 
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;
 
        (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred;
 
(iv) the right to in-kind benefits shall not extend beyond the last day of Executive's second taxable year following his/her termination of employment; and
 
(v) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
 
14.2 Reimbursement of Enforcement Expenses.
 
If Metro fails to pay or provide Executive any of the amounts due him/her under this Agreement or fails to provide Executive with any of the other benefits due him/her under this Agreement, and provided Metro does not cure any such failure within thirty (30) days after having received written notice from Executive of such failure, Executive shall be entitled to full reimbursement from Metro for all costs and expenses (including reasonable attorneys' fees and costs) incurred by Executive in enforcing his/her rights under this Agreement.
15. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice:
If to Metro, to:
Metro Bank
3801 Paxton Street
Harrisburg, PA 17111
Attn: Gary L. Nalbandian, President
 
If to Executive:
Mark A. Zody
412 Clemens Drive
Dillsburg, PA 17019
 
and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.
 
16. Amendment, Waiver and Termination.
16.1 General.
No amendment, waiver or termination of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced. Any written amendment, waiver or termination hereof executed by Metro and Executive (or his/her legal representatives) shall be binding upon them and upon all other Persons, without the necessity of securing the consent of any other Person including, but not limited to, Executive's spouse, and no Person shall be deemed to be a third party beneficiary under this Agreement except to the extent provided under Section 12.1 above.
16.2 Compliance with Requirements of Troubled Assets Relief Program (TARP).
Notwithstanding Section 16.1, in the event Metro is a participant in TARP, during such time as the U. S. Treasury Department (“Treasury”) holds an equity or debt position in Metro, Executive agrees to modify the terms of this

 
 

Agreement to comply with any executive compensation requirements of such Program, including (i) an agreement to relinquish to Metro any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against Metro or Treasury as a result of any amendments to this Agreement required by TARP.
17. General Provisions.
17.1 This Agreement constitutes the entire agreement between the parties concerning its subject matter, and supersedes and replaces all prior agreements between the parties.
17.2 Bank or any other subsidiary of Metro may make payments to Executive thereunder in lieu of payments to be made by Metro, and to the extent such payments are so made, Metro shall be released of its obligations to make such payments.
17.3 The benefits provided under this Agreement shall be in addition to and shall not affect the proceeds payable to Executive's beneficiaries under group life insurance policies which Metro may be carrying on Executive's Life.
17.4 "Person" as used in this Agreement means a natural person, joint venture, corporation, sale proprietorship, trust, estate, partnership, cooperative, association, non-profit organization or any other legal entity.
17.5 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
l7.6 Except as otherwise expressly stated in this Agreement, no failure on the part of any party to this Agreement to exercise and no delay in exercising any right, power or remedy under this Agreement shall operate as a waiver; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
17.7 Metro and Executive consent to the exclusive jurisdiction of the courts of the Commonwealth of Pennsylvania and the United States District Court for the Middle District of Pennsylvania in any and all actions arising hereunder and irrevocably consent to service of process as set forth in Section 15 above.
17.8 The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions of this Agreement.
17.9 This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the Commonwealth of Pennsylvania applicable to contracts executed and to be performed solely in the Commonwealth of Pennsylvania.
17.10 This Agreement is contingent upon any required approval of the Federal Deposit Insurance Corporation.
17.11 This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption from Section 409A, and shall in all respects be administered in accordance with Section 409A. Executive's termination of employment under this Agreement shall be interpreted in a manner consistent with the separation from service rules under Section 409A. For purposes of Section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment and the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments. In no event shall Executive, directly or indirectly, designate the calendar year of a payment.
 
 
 
            
 

 
 

METRO BANCORP, INC.
 
 
/s/ Sherry Richart                    By: /s/ Gary L. Nalbandian
Attest                         Name: Gary L. Nalbandian
Title: Chief Executive Officer
 
 
METRO BANK
 
 
/s/ Sherry Richart                    By: /s/ Gary L. Nalbandian
Attest                         Name: Gary L. Nalbandian
Title: Chief Executive Officer
 
 
EXECUTIVE:
 
 
 
 
/s/ Sherry Richart                        /s/ Mark A. Zody
Witness                            Mark A. Zody                    
 

 
 EX-10.13 6 ex1013201010k.htm WebFilings | EDGAR view
 

 
 
 
Exhibit 10.13
 
FORM OF
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
METRO BANCORP, INC. AND
METRO BANK
 
 
 
 
 
EFFECTIVE DATE DECEMBER 17, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
TABLE OF CONTENTS
 
     PAGE
 
1.
Employment and Term of Employment
1
 
2.
Services and Duties
1
 
3.
Compensation
1
 
4.
Plans and Fringe Benefits
2
 
5.
Termination by Metro for Cause
2
 
6.
Disability Leave and Death
2
 
7.
Termination by Metro without Cause and Termination Following a Change in Control and for Good Reason
3
 
8.
Change in Control and Good Reason
4
 
9.
Confidential Information and Non-Competition
4
 
10.
Successors and Assigns
5
 
11.
Assignment
6
 
12.
Source of Payment and Timing
6
 
13.
Interest
6
 
14.
Reimbursements and In-Kind Benefits
6
 
15.
Notices
7
 
16.
Amendment, Waiver and Termination
7
 
17.
General Provisions
8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
This Amended and Restated Agreement (“Agreement”) is dated effective as of December 17, 2010, by and between METRO BANCORP, INC., a Pennsylvania corporation (“Metro”), and METRO BANK, a Pennsylvania bank and a wholly-owned subsidiary of Metro (“Bank”), and ________________ (“Executive”).
 
BACKGROUND
 
Executive is employed as a __________________ and __________________ of Metro and Bank. The Boards of Directors of Metro and Bank (separately or collectively, the "Board") have determined that the services of Executive in this capacity are valuable to Metro and Bank. Accordingly, the Board wishes to have Executive's services available to Metro for at least two (2) years and to provide supplemental benefits to Executive should his/her employment with Metro terminate under certain circumstances or should he/she die or become disabled before the termination of this Agreement.
 
The Board and Executive entered into an employment agreement, effective ______________, 2009 (the “Original Agreement”) and now the parties desire to amend and restate the Original Agreement in order to comply with the Internal Revenue Service interpretations and guidance set forth in Notices 2010-6 and 2010-80.
 
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained here, and intending to be legally bound, the parties agree as follows:
 
1. Employment and Term of Employment.
1.1 Metro offers Executive employment, and Executive accepts such employment, subject to all the terms and conditions of this Agreement, for a term of two (2) years beginning on the date of the Original Agreement, and, subject to automatic renewal and extension as stated below and to Metro's and Bank's right to terminate his/her employment as stated below. Notwithstanding anything provided to the contrary, on each Anniversary Date of the Original Agreement, this Agreement and Executive's employment shall automatically be renewed and extended (upon the same terms and conditions) for a new two (2) year term unless written notice by either party is given pursuant to Section 1.2 below. "Term" means the original two (2) year employment period, as well as any renewed or extended periods as provided for in this Agreement. “Anniversary Date” means __________, 2010, as well as each annual ____________ 1st thereafter if this Agreement is automatically renewed or extended.
1.2 Either party may terminate this Agreement on any Anniversary Date of this Agreement by giving to the other party written notice of termination no later than ninety (90) days before any such Anniversary Date. As a result of the foregoing notice being given to either party, the Term will have one (1) year remaining from the applicable Anniversary Date, subject to the terms and conditions of this Agreement.
2. Services and Duties.
2.1 During the Term, Executive shall be employed as a __________________and __________________of Metro and Bank and shall have such powers and duties as may from time to time be prescribed by the respective executive officers and Board of Directors of Metro and Bank. Executive agrees to his/her continued employment and to devote his/her full time and efforts to the business and affairs of Metro, Bank and their subsidiaries, if any, and to use his/her best efforts to promote the interests of Metro, Bank and their subsidiaries.
3. Compensation.
3.1 Metro shall pay the following compensation to Executive for all services to be rendered by him/her under this Agreement and for all positions held by him/her during the Term, payable at regular intervals in accordance with Metro's normal payroll practices now or subsequently in effect: “base salary” at the rate of $________________ per year, subject to an annual review and such upward adjustments as may be deemed appropriate by the Board or a Board-designated Committee. The Board or Board-designated Committee may approve an increase in salary for Executive, but shall have no obligation to do so. For this Agreement, a “year” shall be deemed to commence upon the signing of this Agreement and on January 1 of each subsequent calendar year. Compensation for a portion of a year shall be pro-rated.
3.2 During the Term, Metro will reimburse Executive for all expenses incurred by Executive which

 
 

Metro determines to be reasonable and necessary (in accordance with its normal reimbursement practices now or subsequently in effect) for Executive to carry out his/her duties under this Agreement.
4. Plans and Fringe Benefits.
4.1 During the Term, Executive shall be entitled to participate in any bonus programs, incentive compensation plans, stock option plans or similar benefit or compensation programs now or hereafter in effect which are generally made available from time to time to executive officers of Metro. For any period less than a full year during the Term, Executive shall receive an amount equal to the prorated portion of the compensation payable pursuant to such plan or program. Any annual bonus (or prorated portion of an annual bonus) earned and payable to Executive hereunder shall be paid on or after January 1 but not later than March 15 of the calendar year following the calendar year for which the annual bonus (or prorated portion of an annual bonus) is earned.
4.2 During the Term, Executive shall also be entitled to: (a) participate in all fringe benefits as then in effect that are generally available to Metro's salaried officers including, without limitation, family medical, dental and vision insurance programs, hospitalization coverage, life insurance coverage, disability coverage and long-term care insurance; (b) automobile allowance; and (c) such other fringe benefits as the Board, or a designated Committee of the Board, shall deem appropriate.
5. Termination by Metro for Cause.
5.1 Metro shall have the right at any time to terminate Executive's employment, for cause, on thirty (30) days' prior written notice to Executive. For this Agreement, the term “for cause” means only the following:
(i) If at any time during the Term, Executive is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or
(ii) If at any time during the Term, Executive willfully violates any of the covenants or provisions of this Agreement including, without limitation, the willful failure of Executive to perform his/her duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Executive's incapacity due to illness or disability) or Executive engages in any conduct materially harmful to Metro's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Executive of same (which conduct shall be specifically set forth in such notice).
5.2 If Executive's employment shall terminate for cause, then Metro shall pay Executive in accordance with the regular payroll practices of Metro, his/her full base salary through the date of termination at the rate in effect at the time notice of termination is given and Metro shall have no further obligations to Executive under this Agreement other than to pay Executive such other compensation as may have accrued and be due him/her pursuant to Section 4 above.
6. Disability Leave and Death.
6.1 If Executive becomes disabled while employed during the Term, Executive's employment and this Agreement will not terminate at such time but Executive shall be placed on disability leave until the first to occur of the expiration of this Agreement or Executive's recovery from disability, but in no event longer than twenty-nine (29) months. Metro shall compensate Executive during the disability leave at a rate equal to 70% of his/her annual base salary at the time he became disabled. Metro agrees that it will make the payments due under this Section 6.1 on the first day of each month, commencing with the first day of the month following the month in which he is determined to be disabled, in an amount equal to 1/12 of 70% of his/her annual base salary at the time he is determined to be disabled. Such payments shall be reduced each month, however, by the amount of any disability payments made to Executive under any Metro-sponsored disability insurance plan. The amount of the reduction under the preceding sentence shall be computed as if Executive had elected to receive monthly payments of disability benefits (regardless of the actual payment frequency). If Executive becomes disabled as provided in this Section 6, then he shall nonetheless continue, after becoming so disabled and until the end of the Term, to be entitled to receive at Metro's expense such group hospitalization coverage, life insurance coverage and disability coverage as is generally made available from time to time to executive officers of Metro, if and to the extent permitted by the respective insurers of such coverage. Until such time as Executive is determined to be disabled, Executive shall continue to receive his/her full base salary and other compensation and fringe benefits due him/her under Section 4 above.
6.2 For purposes of determining Executive's eligibility for disability leave under this Agreement, Executive shall be deemed to have become "disabled” upon his/her inability to perform the duties and services of the character

 
 

contemplated by this Agreement, because of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months.
6.3 If Executive dies during the Term while employed hereunder, then his/her employment and his/her rights to compensation hereunder shall automatically terminate at the close of the calendar week in which death occurs. Any amount owed to Executive upon his/her death shall be paid to the personal representative of Executive's estate.
7. Termination by Metro without Cause and Termination Following a Change in Control and for Good Reason.
7.1 If Metro shall terminate Executive's employment other than for cause or as provided in Section 1.2 above, then:
(i) Metro shall pay to Executive his/her full base salary through the date of termination in accordance with the regular payroll practices of Metro, and any compensation due him/her as provided in Section 4 above; and
(ii) In lieu of any further salary payments to Executive, for a period subsequent to the date of termination, Metro shall pay as severance pay to Executive a lump sum severance payment equal to two (2) times Executive's average annual base salary in effect during the twenty-four (24) months immediately preceding such termination.
7.2 If Executive shall terminate his/her employment following a Change in Control or for "Good Reason" (as defined in Section 8 below) then:
(i) Metro shall pay to Executive his/her full base salary through the date of termination in accordance with the regular payroll practices of Metro and any other compensation due him/her as provided in Section 4 above; and
(ii) In lieu of any further salary payments to Executive for a period subsequent to the date of termination, Metro shall pay as severance pay to Executive a lump sum severance payment equal to two (2) times Executive's average annual base salary in effect during the twenty-four (24) months immediately preceding such termination.
7.3 Upon termination of Executive's employment as set forth in either Section 7.1 or 7.2 above, Metro shall have its independent certified public accountant promptly determine the aggregate present value pursuant to Section 280G(d)(4) of the Internal Revenue Code of 1986, as amended (the "Code"), of all amounts payable to Executive under this Agreement, and of all other amounts payable to Executive upon or by reason of his/her termination which are determined in good faith by Metro's independent certified public accountant to be "parachute payments" (as defined in Section 280G(b)(2) of the Code and the regulations promulgated thereunder) made pursuant to agreements or plans which are subject to Section 280G. Such determination of present value and of other amounts constituting "parachute payments" is binding; provided that if Executive obtains an opinion of counsel satisfactory to Metro or an Internal Revenue Service ruling to the effect that the method of determining present value was improper or that specified payments did not constitute "parachute payments," calculations will be made in accordance with such opinion or ruling. The determinations pursuant to this Section shall not change the form of payment (other than reduce, if necessary) or delay the payment of amounts due Executive under this Agreement. In the event the aggregate present value of all benefits under this Agreement and other "parachute payments" is equal to or in excess of 300% of Executive's "base amount" as defined in Section 280G(b)(3)(A) and the regulations thereunder, Executive waives the right to "parachute payments" sufficient to reduce the present value of all such payments below 300% of the "base amount." If any reduction in payments is required pursuant to this Section, payments under this Agreement and all other amounts payable to Executive upon or by reason of his/her termination shall be reduced proportionately. If it is established pursuant to a final determination of a court of competent jurisdiction or an Internal Revenue service proceeding that, notwithstanding the good faith of Executive, Metro and Metro's independent certified public accountant in applying the terms of this Section 7, the aggregate "parachute payments" paid to or for Executive's benefit are in an amount that would result in any portion of such "parachute payments" not being deductible by Metro or any affiliate by reason of Section 280G of the Code, then Executive shall have an obligation to pay Metro upon demand an amount equal to the sum of (i) the excess of the aggregate "parachute payments" paid to or for Executive's benefit without any portion of such "parachute payments" not being deductible by reason of Section 280G of the Code and (ii) interest on the amount set forth in clause (i) above at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of Executive's receipt of such excess until the date of such payment.
7.4 In addition to the other compensation set forth in either Section 7.1 or 7.2 above, upon termination of Executive's employment as set forth in either Section 7.1 or 7.2 above, Executive shall be entitled, following the date of termination, to participate in all Metro medical, disability, hospitalization and life insurance benefits for a period of one

 
 

(1) year except that should Executive accept subsequent employment during the one (1) year period following the date of termination, continuation of any medical, disability, hospitalization or life insurance benefit will cease to the extent that any such benefit is provided through or by Executive's subsequent employer.
7.5 Except as provided in this Section 7, nothing in this Agreement shall affect or have any bearing on Executive's entitlement to other benefits under any plan or program providing benefits by reason of termination of employment, provided that such entitlement would be in compliance with or exempt from Section 409A of the Code.
7.6 Executive shall have the right to terminate his/her employment (i) within a period of sixty (60) days following a “Change in Control” and (ii) for "Good Reason" (as both terms are defined in Section 8 below).
In the event of his/her termination following a Change in Control, payment shall be made to Executive within ninety (90) days following such Change in Control provided that the payment would be made in the second taxable year if the ninety (90) day period began in one taxable year and ended in the subsequent taxable year.
In the event of his/her termination for Good Reason, Executive must give notice to Metro of the existence of the condition(s) described in Section 8.2 within ninety (90) days of the initial existence of the condition(s). Upon such notice, Metro shall have a period of thirty (30) days during which it may remedy the condition(s) (the “Cure Period”). If Metro fails to cure the condition(s) constituting the Good Reason during the Cure Period, Executive's separation from service must occur within a period of ninety (90) days following the expiration of the Cure Period in order for the termination to constitute a termination pursuant to a Good Reason for purposes of this Agreement. If Executive's termination occurs after the expiration of ninety (90) days following the Cure Period, such termination shall not be treated as a termination pursuant to a Good Reason and Executive shall have no right to the payments and benefits described in this Agreement.
7.7 Anything in this Agreement to the contrary notwithstanding, Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment.
8. Change in Control and Good Reason.
8.1 For this Agreement, a “Change in Control” of Metro means (a) any person or group acquires ownership of stock of Metro that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Metro; (b) any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) ownership of stock possessing 30 percent or more of the total voting power of the stock of Metro; (c) a majority of members of Metro's Board of Directors is replaced during any 24-month period by directors whose appointment or election is not approved by a majority of the members of Metro's Board before the date of the appointment or election of any of the “replacement” directors; or (d) ) any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) of assets from Metro that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of Metro immediately before such acquisition(s). For purposes of this Section, “group” is defined or determined pursuant to Treasury Regulation §1.409A-3 paragraph (i)(5)(v)(B).
8.2 For this Agreement, "Good Reason" means (i) that without Executive's consent: (a) the nature and scope of Executive's authority, responsibilities or duties with Metro or Bank or a surviving or acquiring Person are materially reduced to a level below that which he enjoys on the date hereof, (b) the duties and responsibilities assigned to Executive are materially inconsistent with that which he has on the date of this Agreement, resulting in a diminution of Executive's authority, duties or responsibilities, (c) the salary and fringe benefits which Metro provides on the date of this Agreement or at any time hereafter are materially reduced, (d) Executive's position or title with Metro or Bank or the surviving or acquiring Person is reduced from his/her current position or title with Metro and/or Bank, resulting in a material reduction in Executive's authority, duties or responsibilities or (e) there's a material change in the geographic location at which Executive must perform the services, provided that such material change results in any relocation or transfer of Metro's principal executive offices to a location more than fifty (50) miles from Executive's principal residence on the date hereof without Executive consent; (ii) Metro or Bank materially breaches this Agreement; or (iii) a material breach of this Agreement by any successor to Metro or Bank by such successor's failure or refusal to assume all duties and obligations of Metro and Bank under this Agreement.
9. Confidential Information and Non-Competition.
9.1 Executive covenants and agrees that he will not, during the Term of his/her employment or at any subsequent time, except with the express prior written consent of the Board, directly or indirectly disclose, communicate or

 
 

divulge to any Person, or use for the benefit of any Person, any knowledge or information with respect to the conduct or details of Metro's business which he, acting reasonably, believes or should believe to be of a confidential nature and the disclosure of which to not be in Metro's interest.
9.2 Executive covenants and agrees that he will not, during the Term of his/her employment, except with the express prior written consent of the Board, directly or indirectly, whether as employee, owner, partner, consultant, agent, director, officer, shareholder or in any other capacity, engage in or assist any Person to engage in any act or action which he, acting reasonably, believes or should believe would be harmful or inimical to the interests of Metro.
9.3 (A) Executive covenants and agrees that he will not, except with the express prior written consent of the Board, in any capacity (including, but not limited to, owner, partner, shareholder, consultant, agent, employee, officer, director or otherwise), directly or indirectly, for his/her own account or for the benefit of any Person, establish, engage or participate in or otherwise be connected with any commercial banking business which conducts business in any geographic area in which Metro and its subsidiaries is then conducting such business except that the foregoing shall not prohibit Executive from owning as a shareholder less than 5% of the outstanding voting stock of an issuer whose stock is publicly traded.
(B) The provisions of Section 9.3(A) shall be applicable commencing on the date of this Agreement and ending on one of the following periods, as applicable:
(i) If this Agreement is terminated by Metro in accordance with the provisions of Section 1.2 of this Agreement, the effective date of termination of this Agreement;
(ii) If Executive voluntarily terminates his/her employment one year following the effective date of termination of this Agreement; or
(iii) If this Agreement is terminated in accordance with the provisions of either Section 7.1 or 7.2 of this Agreement, six months following the effective date of termination of this Agreement; provided however, that if Metro is prohibited by any governmental agency regulating the affairs of Metro or Bank from paying Executive, in whole or in part, the severance pay described in Paragraphs 7.1(ii) or 7.2( ii), then the provisions of Section 9.3(A) shall end on the effective date of termination of this Agreement.
9.4 The parties agree that any breach by Executive of any of the covenants or agreements contained in this Section 9 will result in irreparable injury to Metro for which money damages could not adequately compensate Metro and therefore, in the event of any such breach, Metro shall be entitled (in addition to any other rights and remedies which it may have at law or in equity) to have an injunction issued by any competent court enjoining and restraining Executive and/or any other Person involved from continuing such breach. The existence of any claim or cause of action which Executive may have against Metro or any other Person (other than a claim for Metro's breach of this Agreement for failure to make payments hereunder) shall not constitute a defense or bar to the enforcement of such covenants. In the event of any alleged breach by Executive of any of the covenants or agreements contained in this Section 9, Metro shall continue any and all of the payments due Executive under this Agreement until such time as a Court shall enter a final and unappealable order finding such a breach; provided, that the foregoing shall not preclude a Court from ordering Executive repay such payments made to him/her for the period after the breach is determined to have occurred or from ordering that payments hereunder be permanently terminated in the event of a material and willful breach.
9.5 If any portion of the covenants or agreements contained in this Section 9, or the application hereof, is construed to be invalid or unenforceable, the other portions of such covenant(s) or agreement(s) or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible. If any covenant or agreement in this Section 9 is held to be unenforceable because of the area covered, the duration thereof, or the scope thereof, then the court making such determination shall have the power to reduce the area and/or duration and/or limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form.
9.6 For purposes of this Section 9, the term "Metro" shall include Metro, any successor of Metro under Section 10 hereof, and all present and future direct and indirect subsidiaries and affiliates of Metro including, but not limited to, Bank.
10. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of Metro which will acquire, directly or indirectly, by merger, consolidation, purchase, or otherwise, all or substantially all of the

 
 

assets of Metro, and shall otherwise inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. Upon the death of Executive any payments or benefits otherwise due Executive hereunder shall be paid to or be for the benefit of Executive's legal representatives. Nothing in the Agreement shall preclude Metro from consolidating or merging into or with or transferring all or substantially all of its assets to another Person. In that event, such other Person shall assume this Agreement and all obligations of Metro in this Agreement. Upon such a consolidation, merger, or transfer of assets and assumption, the term "Metro," as used in this Agreement, shall mean such other Person and this Agreement shall continue in full force and effect.
11. Assignment.
Neither this Agreement nor any rights to receive payments hereunder shall be voluntarily or involuntarily assigned, transferred, alienated, encumbered or disposed of, in whole or in part, without Metro's prior written consent and approval, and shall not be subject to anticipation, levy, execution, garnishment, attachment by, or interference or control of, any creditor.
12. Source of Payment and Timing.
12.1 All payments provided under this Agreement shall be paid in cash from the general funds of Metro, no special or separate fund shall be required to be established and Executive shall have no right, title or interest whatsoever in or to any investment which Metro may make to aid Metro in meeting its obligations hereunder except to the extent that Metro shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Metro and Executive or any other Person.
12.2 All payments due under Sections 5.2, 6.3, 7.1 or 7.2 above shall be made not later than the thirtieth (30th) day following the date of termination of employment. It is provided, however, that, if, at the time of Executive's termination of employment with Metro or Bank, Metro has stock which is publicly traded on an established securities market and Executive is a “specified employee” (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section 409A of the Code, then Metro shall postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) that are not otherwise paid within the short-term deferral exception under Section 409A of the Code and are in excess of the lesser of two (2) times (i) Executive's then-annual compensation or (ii) the limit on compensation then set forth in Section 401(a)(17) of the Code, until the first payroll date that occurs after the date that is six months following Executive's “separation of service” with Metro or Bank (within the meaning of such term under Section 409A of the Code). The accumulated postponed amount shall be paid in a lump sum payment within ten days after the end of the six-month period. If Executive dies during the postponement period prior to the payment of postponed amount, the amounts postponed on account of Section 409A shall be paid to the personal representative of Executive's estate within 60 days after the date of his/her death.
13. Interest.
In the event any benefits due to Executive are not paid when due hereunder, Executive shall be entitled (in addition to his/her other rights and remedies) to interest on the past due amounts at a rate equal to two percentage points above the prime rate charged from time to time by Bank, such interest to commence on the date a benefit was due hereunder.
14. Reimbursements and In-Kind Benefits.
14.1 Generally.
 
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that:
 
(i) any reimbursement shall be for expenses incurred during Executive's lifetime (or during a shorter period of time specified in this Agreement);
 
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year

 
 

may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;
 
        (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred;
 
(iv) the right to in-kind benefits shall not extend beyond the last day of Executive's second taxable year following his/her termination of employment; and
 
(v) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
 
14.2 Reimbursement of Enforcement Expenses.
 
If Metro fails to pay or provide Executive any of the amounts due him/her under this Agreement or fails to provide Executive with any of the other benefits due him/her under this Agreement, and provided Metro does not cure any such failure within thirty (30) days after having received written notice from Executive of such failure, Executive shall be entitled to full reimbursement from Metro for all costs and expenses (including reasonable attorneys' fees and costs) incurred by Executive in enforcing his/her rights under this Agreement.
15. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice:
If to Metro, to:
Metro Bank
3801 Paxton Street
Harrisburg, PA 17111
Attn: Gary L. Nalbandian, President
 
If to Executive:
_____________________
_____________________
_____________________
 
and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.
 
16. Amendment, Waiver and Termination.
16.1 General.
No amendment, waiver or termination of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced. Any written amendment, waiver or termination hereof executed by Metro and Executive (or his/her legal representatives) shall be binding upon them and upon all other Persons, without the necessity of securing the consent of any other Person including, but not limited to, Executive's spouse, and no Person shall be deemed to be a third party beneficiary under this Agreement except to the extent provided under Section 12.1 above.
16.2 Compliance with Requirements of Troubled Assets Relief Program (TARP).
Notwithstanding Section 16.1, in the event Metro is a participant in TARP, during such time as the U. S. Treasury Department (“Treasury”) holds an equity or debt position in Metro, Executive agrees to modify the terms of this Agreement to comply with any executive compensation requirements of such Program, including (i) an agreement to relinquish to Metro any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against

 
 

Metro or Treasury as a result of any amendments to this Agreement required by TARP.
17. General Provisions.
17.1 This Agreement constitutes the entire agreement between the parties concerning its subject matter, and supersedes and replaces all prior agreements between the parties.
17.2 Bank or any other subsidiary of Metro may make payments to Executive thereunder in lieu of payments to be made by Metro, and to the extent such payments are so made, Metro shall be released of its obligations to make such payments.
17.3 The benefits provided under this Agreement shall be in addition to and shall not affect the proceeds payable to Executive's beneficiaries under group life insurance policies which Metro may be carrying on Executive's Life.
17.4 "Person" as used in this Agreement means a natural person, joint venture, corporation, sale proprietorship, trust, estate, partnership, cooperative, association, non-profit organization or any other legal entity.
17.5 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
l7.6 Except as otherwise expressly stated in this Agreement, no failure on the part of any party to this Agreement to exercise and no delay in exercising any right, power or remedy under this Agreement shall operate as a waiver; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
17.7 Metro and Executive consent to the exclusive jurisdiction of the courts of the Commonwealth of Pennsylvania and the United States District Court for the Middle District of Pennsylvania in any and all actions arising hereunder and irrevocably consent to service of process as set forth in Section 15 above.
17.8 The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions of this Agreement.
17.9 This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the Commonwealth of Pennsylvania applicable to contracts executed and to be performed solely in the Commonwealth of Pennsylvania.
17.10 This Agreement is contingent upon any required approval of the Federal Deposit Insurance Corporation.
17.11 This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption from Section 409A, and shall in all respects be administered in accordance with Section 409A. Executive's termination of employment under this Agreement shall be interpreted in a manner consistent with the separation from service rules under Section 409A. For purposes of Section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment and the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments. In no event shall Executive, directly or indirectly, designate the calendar year of a payment.
            
 
 
 
 
 
 

 
 

METRO BANCORP, INC.
 
 
By:_________________________________
Attest                         Name:
Title:
 
METRO BANK
 
 
By: _________________________________
Attest                         Name:
Title:
 
 
EXECUTIVE:
 
 
 
______________________________
Witness                                            
 

 
 EX-13 7 ex13201010k.htm 2010 ANNUAL REPORT TO SHAREHOLDERS WebFilings | EDGAR view
 

Exhibit 13
 
Management's Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our consolidated balance sheets and statements of operations. This section should be read in conjunction with our consolidated financial statements and accompanying notes.
 
Executive Summary
 
The year 2010 was a challenge for the Banking industry with a difficult credit environment combined with a weakened economy that continues to suffer the effects of a recession. In spite of these outside pressures, Metro Bancorp has remained fully committed to our competitive strategy which utilizes a unique retail model, built upon the gathering and retention of low-cost core deposits. We believe deposit growth continues to be the primary driver of our success and that service and a superior customer experience drives deposit growth.
 
Our 2010 highlights are summarized below:
 
•    
The number of households served increased by 5%.
•    
We introduced the Metro Bank Personal Visa ® Credit Card and "Pay Anyone", a free feature of our online bill pay service that enables customers to send personal payments to anyone with a U.S. bank account by using the recipient's e-mail or cell phone number.
•    
For fiscal year 2010, the Bank ranked third for number of loans originated and fourth in total dollars of loan production in the U.S. Small Business Administration's Philadelphia District, which comprises 40 counties in the eastern half of Pennsylvania.
•    
For the 13th time in the past 14 years, the Central Pennsylvania Business Journal has named Metro Bancorp as one of the 50 Fastest Growing Companies in Central Pennsylvania.
•    
For the seventh straight year, Metro Bank was voted Best Bank by the Harrisburg Magazine Simply the Best Reader's Poll.
•    
During the first quarter we terminated our proposed merger agreement with Republic First Bancorp, Inc. because of uncertainties regarding regulatory approval of the application for merger. We intend to pursue de novo expansion in both our existing Central Pennsylvania footprint as well as Metro Philadelphia.
•    
Total assets reached $2.23 billion.
•    
Total deposits exceeded $1.83 billion.
•    
Total average deposits for the year were up $160.6 million, or 9%, over the previous year.
•    
The Bank's deposit cost of funds was 0.72% as compared to 1.02% for the same period one year ago.
•    
Net loans totaled $1.36 billion.
•    
Net loan charge-offs for 2010 totaled $13.8 million, or 0.98%, of average loans, excluding loans held for sale, compared to $14.8 million, or 1.02%, of average loans for 2009.  Nonperforming assets as a percentage of total assets were 2.68% at December 31, 2010 compared to 2.12% as of December 31, 2009.
•    
Stockholders' equity totaled $205.4 million at December 31, 2010 and the ratio of stockholders' equity to total assets was 9.19%.
•    
The Company's capital levels remained strong with a consolidated leverage ratio as of December 31, 2010 of 10.68% and a total risk-based capital ratio of 15.83%.
•    
Total revenues for 2010 were $109.2 million, up $9.2 million, or 9%, compared to 2009.  
•    
The Company's net interest margin on a fully tax-equivalent basis for 2010 was a very strong 4.00% compared to 3.92% for the same period in 2009.
The Company recorded a net loss of $4.3 million for 2010, compared to a net loss of $1.9 million in 2009. Fully diluted net loss per share was $(0.33) for 2010 versus $(0.24) for the prior year.  Despite posting a net loss for the full year, the Company recorded net income in three of the four quarters of 2010. Results of operations for the year ended December 31, 2010 were impacted by the following pretax transactions:
 
•    
Provision for loan losses of $21.0 million versus $12.4 million for the prior year;
•    
Consulting fees of $4.5 million versus $762,000 in 2009; and
•    
Foreclosed real estate expenses totaling $1.4 million compared to $578,000 in 2009.

1
 

Key financial highlights for 2010 compared to 2009 are summarized in the following table:
 
 
December 31,
 
%
(dollars in millions)
2010
 
2009
 
Change
Total assets
$
2,234.5
 
 
$
2,147.8
 
 
4
 %
Total loans (net)
1,357.6
 
 
1,429.4
 
 
(5
)
Total deposits
1,832.2
 
 
1,814.7
 
 
1
 
Stockholders' equity
205.4
 
 
200.0
 
 
3
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
%
(dollars in millions, except per share data)
2010
 
2009
 
Change
Total revenues
$
109.2
 
 
$
100.1
 
 
9
 %
Provision for loan losses
21.0
 
 
12.4
 
 
69
 
Noninterest expenses
97.1
 
 
91.7
 
 
6
 
Net loss
(4.3
)
 
(1.9
)
 
(129
)
Diluted net loss per share
(0.33
)
 
(0.24
)
 
(38
)
 
Application of Critical Accounting Policies
 
Our accounting policies are fundamental to understanding Management's Discussion and Analysis of Financial Condition and Results of Operations. Our accounting policies are more fully described in Note 1 of the Notes to Consolidated Financial Statements for December 31, 2010 included herein. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). These principles require our management to make estimates and assumptions, including those related to future events, about future events that affect the amounts reported in our consolidated financial statements and accompanying notes. Since future events and their effects cannot be determined with absolute certainty, actual results may differ from those estimates. Management makes adjustments to its assumptions and estimates when facts and circumstances dictate. We evaluate our estimates and assumptions on an ongoing basis and predicate those estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Management believes the following critical accounting policies encompass the more significant assumptions and estimates used in preparation of our consolidated financial statements.
 
Allowance for Loan Losses. The allowance for loan losses represents the amount available for estimated probable losses existing in our loan portfolio. While the allowance for loan losses is maintained at a level believed to be adequate by management for estimated probable losses in the loan portfolio, the determination of the allowance is inherently subjective, as it involves significant estimates by management, all of which may be susceptible to significant change.
 
While management uses available information to make such evaluations, future adjustments to the allowance and the provision for loan losses may be necessary if economic conditions or loan credit quality differ substantially from the estimates and assumptions used in making the evaluations. The use of different assumptions could materially impact the level of the allowance for loan losses and, therefore, the provision for loan losses to be charged against earnings. Such changes could impact future financial results.
 
Monthly, systematic reviews of our loan portfolio are performed to identify inherent losses and assess the overall probability of collection. These reviews include an analysis of historical default and loss experience, which results in the identification and quantification of loss factors. These loss factors are used in determining the appropriate level of allowance to cover the estimated probable losses existing in specific loan types. Management judgment involving the estimates of loss factors can be impacted by many variables, such as the number of years of actual loss history included in the evaluation.
 
During the third quarter of 2010, as part of the quantitative analysis of the adequacy of the allowance for loan losses, management adjusted its projection of probable loan losses based upon a much shorter and more recent period of actual historical losses.  This was done as a result of the higher level of loan charge-offs experienced by the Company over the past two years compared to previous years.  Given the continued state of the economy and its impact on borrowers and on loan collateral values, management feels this is currently a better predictor of probable additional loan losses until such time that the economy, borrower repayment ability and loan collateral values show sustained signs of improvement.  The change in this estimate resulted in an additional $3.6 million of provision. The impact to the net loss after taxes was an additional loss of $2.4 million or $0.17 per share.
 

2
 

The methodology used to determine the appropriate level of the allowance for loan losses and related provisions differs for commercial and consumer loans and involves other overall evaluations. In addition, significant estimates are involved in the determination of the appropriate level of allowance related to impaired loans. The portion of the allowance related to impaired loans is based on (1) discounted cash flows using the loan's effective interest rate, (2) the fair value of the collateral for collateral-dependent loans, or (3) the observable market price of the impaired loan. Each of these variables involves judgment and the use of estimates.
 
In addition to calculating and testing of loss factors, we periodically evaluate changes in levels and trends of charge-offs, delinquencies and nonaccrual loans, trends in the volume and the terms of loans, changes in underwriting standards and practices, tenure of the loan officers and management, changes in credit concentrations and national and local economic trends and conditions, among other things.
Management judgment is involved at many levels of these evaluations.
 
An integral aspect of our risk management process is allocating the allowance for loan losses to various components of the loan portfolio based upon an analysis of risk characteristics, demonstrated losses, industry and other segmentations and other more judgmental factors.
 
Other-than-Temporary Impairment of Investment Securities. We perform no less than quarterly reviews of the fair value of the securities in the Company's investment portfolio and evaluate individual securities for declines in fair value that may be other-than-temporary. If declines are deemed other-than-temporary, an impairment loss is recognized against earnings for the portion of the impairment deemed to be related to credit.  The remaining portion of the impairment that is not related to credit is written down to its current fair value through other comprehensive income.
 
Effective April 1, 2009, the Company adopted the provisions to fair value measurement guidance regarding Recognition and Presentation of Other-Than-Temporary Impairments.  This critical accounting policy is more fully described in Note 1 and Note 3 of the Notes to Consolidated Financial Statements included elsewhere in this annual report for the year ended December 31, 2010.
 
Stock-Based Compensation. The Company recognizes compensation costs related to share-based payment transactions in the income statement (with limited exceptions) based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award.   The grant-date fair value and ultimately, the amount of compensation expense recognized are dependent upon certain assumptions we make such as the expected term the options will remain outstanding, the volatility and dividend yield of our Company stock and a risk free interest rate.  This critical accounting policy is more fully described in Note 1 and Note 14 of the Notes to Consolidated Financial Statements included elsewhere in this annual report for the year ended December 31, 2010.
 
Fair Value Measurements. The Company is required to disclose the fair value of its financial instruments that are measured at fair value within a fair value hierarchy. The  fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). These disclosures appear in Note 20 of the Notes to Consolidated Financial Statements for the year ended December 31, 2010. Judgment is involved not only with deriving the estimated fair values but also with classifying the particular assets recorded at fair value in the fair value hierarchy.  Estimating the fair value of impaired loans or the value of collateral securing foreclosed assets requires the use of significant unobservable inputs (level 3 measurements). At December 31, 2010, the fair value of assets based on level 3 measurements constituted 3% of the total assets measured at fair value. The fair value of collateral securing impaired loans or constituting foreclosed assets is generally determined based upon independent third party appraisals of the properties, recent offers, or prices on comparable properties in the proximate vicinity.  Such estimates can differ significantly from the amounts the Company would ultimately realize from the loan or disposition of underlying collateral.
 
The Company's available for sale (AFS) investment security portfolio constitutes 97% of the total assets measured at fair value and all securities are classified as a level 2 fair value measurement (quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability). Management utilizes third party service providers to aid in the determination of the fair value of the portfolio. Most securities are not quoted on an exchange, but are traded in active markets and fair values were obtained from matrix pricing on similar securities.
 
Results of Operations
 
Average Balances and Average Interest Rates
 
Table 1 that follows sets forth balance sheet items on a daily average basis for the years ended December 31, 2010, 2009 and 2008 and presents the daily average interest rates earned on assets and the daily average interest rates paid on liabilities for such periods. During 2010, average interest-earning assets were $2.03 billion, an increase of $64.4 million, or 3%, over 2009. This was the result of an increase in the average balance of investment securities of $105.7 million, or 22%, partially offset by a decrease in the average balance of loans receivable (including loans held for sale) of $51.0 million, or 3%. The growth in the average balance of interest-earning assets was funded,

3
 

primarily by a $132.4 million, or 9%, increase in the average balance of interest-bearing deposits as well as an increase in the average balance of noninterest-bearing funds of $28.1 million, 9%, partially offset by a decrease in the average balance of short-term borrowings and long-term debt of $139.3 million.
 
The tax-equivalent yield on total interest-earning assets decreased by 22 basis points (bps), from 5.08% in 2009 to 4.86% in 2010.  This decrease resulted from lower yields on our securities and loan portfolios during 2010. Based on the amortized cost, approximately 91% of our investment securities have a fixed interest rate, however, yields received on most new investment securities purchased in 2010 were lower than yields received on the existing portfolio due to the overall lower level of market interest rates in 2010 versus prior years. Floating rate loans represent approximately 48% of our total loans receivable portfolio. The interest rates charged on the majority of these loans are tied to the New York prime lending rate which decreased 400 bps throughout 2008, to a 53 year low of 3.25% and has remained at this level throughout 2009 and 2010.
 
Given the continued low level of general market interest rates, we expect the yields we receive on our interest-earning assets will continue to remain at their current levels until short-term interest rates, such as London Interbank Offered Rate (LIBOR) and the New York prime lending rate, begin to increase.
 
The aggregate cost of our interest-bearing liabilities decreased 33 bps from 1.39% in 2009 to 1.06% in 2010.  Our deposit cost of funds decreased from 1.02% in 2009 to 0.72% for 2010. The aggregate average cost of all funding sources for the Company was 0.85% in 2010, down 31 bps, or 27%, from 1.16% in 2009.  The decreases are primarily related to the continued low level of general market interest rates present throughout 2010. The average rate paid on savings deposits decreased by 12 bps from 0.59% in 2009 to 0.47% in 2010. The average rate paid on interest checking and money market accounts decreased by 23 bps from 0.92% to 0.69%. For time deposits, the average rate paid in 2010 was 2.40%, down 65 bps from 3.05% in 2009 and the rate on public fund time deposits decreased by 88 bps from 1.51% in 2009 to 0.63% in 2010. At December 31, 2010, approximately 12% of our total deposits were those of local municipalities, school districts, not-for-profit organizations or corporate cash management customers, indexed to either the 91-day Treasury bill, the overnight federal funds rate, or the one-month LIBOR. The average interest rate of the 91-day Treasury bill decreased from 0.16% for 2009 to 0.13% in 2010 thereby slightly reducing the average interest rate paid on these deposits.
 
Average low rate short-term borrowings decreased by $120.7 million from $172.9 million in 2009 to $52.2 million in 2010. The cost of this non-deposit funding source in 2010 was 0.60%, an increase of 1 bp compared to 2009. The average outstanding balance of long-term debt decreased in 2010 due to a full year's impact of the maturity and repayment of a $25.0 million Federal Home Loan Bank (FHLB) convertible select borrowing in August 2009 and the prepayment of a $25.0 million FHLB convertible select borrowing in November 2010. The cost of this funding source was 4.29% in 2010 compared to 4.37% in 2009, an 8 bp decrease. The junior subordinated debt remained unchanged from 2009 to 2010. The aggregate cost of non-deposit funding sources increased 153 bps in 2010 to 3.77% from 2.24% in 2009. 
See the Long-Term Debt section later in this Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion regarding the convertible select borrowing and our long-term debt.

4
 

In Table 1, nonaccrual loans have been included in the average loan balances. Securities include securities available for sale, securities held to maturity and restricted investments in bank stock. Securities available for sale are carried at amortized cost for purposes of calculating the average rate received on taxable securities. Yields on tax-exempt securities and loans are computed on a tax-equivalent basis, assuming a 34% tax rate for the year ending 2010 and assuming a 35% tax rate for the years ending 2009 and 2008.
 
TABLE 1
 
Years Ended December 31,
(dollars in thousands)
2010
 
2009
 
2008
Earning Assets
Average Balance
 
Interest
Average Rate
 
Average Balance
 
Interest
Average Rate
 
Average  Balance
 
Interest
Average Rate
Securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taxable
$
595,378
 
 
$
22,275
 
3.74
%
 
$
488,415
 
 
$
19,858
 
4.07
%
 
$
575,422
 
 
$
28,401
 
4.94
%
Tax-exempt
334
 
 
20
 
6.09
 
 
1,624
 
 
100
 
6.16
 
 
1,622
 
 
101
 
6.23
 
Total securities
595,712
 
 
22,295
 
3.74
 
 
490,039
 
 
19,958
 
4.07
 
 
577,044
 
 
28,502
 
4.94
 
Federal funds sold
11,106
 
 
14
 
0.12
 
 
1,375
 
 
2
 
0.13
 
 
—
 
 
—
 
—
 
Total loans receivable
1,426,225
 
 
77,274
 
5.36
 
 
1,477,222
 
 
80,796
 
5.41
 
 
1,326,246
 
 
84,519
 
6.30
 
Total earning assets
$
2,033,043
 
 
$
99,583
 
4.86
%
 
$
1,968,636
 
 
$
100,756
 
5.08
%
 
$
1,903,290
 
 
$
113,021
 
5.89
%
Sources of Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regular savings
$
324,698
 
 
$
1,514
 
0.47
%
 
$
329,799
 
 
$
1,930
 
0.59
%
 
$
351,291
 
 
$
3,849
 
1.10
%
Interest checking and money
market
946,982
 
 
6,501
 
0.69
 
 
795,835
 
 
7,342
 
0.92
 
 
727,783
 
 
11,160
 
1.53
 
Time deposits
216,434
 
 
5,189
 
2.40
 
 
254,086
 
 
7,750
 
3.05
 
 
187,467
 
 
6,595
 
3.52
 
Public funds time
41,608
 
 
263
 
0.63
 
 
17,557
 
 
265
 
1.51
 
 
16,338
 
 
607
 
3.72
 
Total interest-bearing deposits
1,529,722
 
 
13,467
 
0.88
 
 
1,397,277
 
 
17,287
 
1.24
 
 
1,282,879
 
 
22,211
 
1.73
 
Short-term borrowings
52,170
 
 
317
 
0.60
 
 
172,870
 
 
1,038
 
0.59
 
 
265,518
 
 
5,349
 
1.98
 
Long-term debt
51,660
 
 
3,613
 
6.99
 
 
70,222
 
 
4,452
 
6.34
 
 
79,400
 
 
4,875
 
6.14
 
Total interest-bearing liabilities
1,633,552
 
 
17,397
 
1.06
 
 
1,640,369
 
 
22,777
 
1.39
 
 
1,627,797
 
 
32,435
 
1.98
 
Demand deposits (noninterest-
bearing)
332,099
 
 
 
 
 
303,963
 
 
 
 
 
 
 
276,120
 
 
 
 
 
Sources to fund earning assets
1,965,651
 
 
17,397
 
0.88
%
 
1,944,332
 
 
22,777
 
1.17
%
 
1,903,917
 
 
32,435
 
1.70
%
Noninterest-bearing funds (net)
67,392
 
 
 
 
 
 
 
24,304
 
 
 
 
 
 
 
(627
)
 
 
 
 
 
Total sources to fund earning
assets
$
2,033,043
 
 
$
17,397
 
0.85
%
 
$
1,968,636
 
 
$
22,777
 
1.16
%
 
$
1,903,290
 
 
$
32,435
 
1.70
%
Net interest income and margin
on a tax-equivalent basis
 
 
 
$
82,186
 
4.00
%
 
 
 
 
$
77,979
 
3.92
%
 
 
 
 
$
80,586
 
4.19
%
Tax-exempt adjustment
 
 
 
2,336
 
 
 
 
 
 
 
2,373
 
 
 
 
 
 
 
1,881
 
 
 
Net interest income and margin
 
 
 
$
79,850
 
3.89
%
 
 
 
 
$
75,606
 
3.80
%
 
 
 
 
$
78,705
 
4.09
%
Other Balances:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash & due from banks
$
44,583
 
 
 
 
 
 
 
$
43,665
 
 
 
 
 
 
 
$
44,686
 
 
 
 
 
 
Other assets
113,172
 
 
 
 
 
 
 
86,456
 
 
 
 
 
 
 
80,601
 
 
 
 
 
 
Total assets
2,190,798
 
 
 
 
 
 
 
2,098,757
 
 
 
 
 
 
 
2,028,577
 
 
 
 
 
 
Other liabilities
17,695
 
 
 
 
 
 
 
12,270
 
 
 
 
 
 
 
11,687
 
 
 
 
 
 
Stockholders' equity
207,452
 
 
 
 
 
 
 
142,155
 
 
 
 
 
 
 
112,970
 
 
 
 
 
 
 

5
 

Net Interest Income and Net Interest Margin
 
Net interest income is the difference between interest income on loans, investment securities and other interest-earning assets and the interest expense paid on deposits and borrowed funds. Changes in net interest income and net interest margin result from the interaction between the volume and composition of earning assets, related yields and associated funding costs. Net interest income is our primary source of earnings. There are several factors that affect net interest income, including:
 
•    
the volume, pricing mix and maturity of earning assets and interest-bearing liabilities;
•    
market interest rate fluctuations; and
•    
the level of nonperforming loans.
 
Net interest income on a fully tax-equivalent basis (which adjusts for the tax-exempt status of income earned on certain loans and investment securities in order to show such income as if it were taxable) increased $4.2 million, or 5%, to $82.2 million for 2010 from $78.0 million in 2009.  Interest income on a tax-equivalent basis for 2010 totaled $99.6 million, a decrease of $1.2 million, or 1%, from $100.8 million in 2009. The majority of this decrease was related to the continued low interest rate environment throughout 2010, partially offset by a volume increase in the level of interest-earning assets. Volume increases in the investment securities portfolio more than offset volume decreases in the loans receivable portfolio. Interest expense for 2010 decreased $5.4 million, or 24%, from $22.8 million in 2009 to $17.4 million in 2010. This decrease was related to the lower interest rate environment partially offset by a volume increase in the level of interest-bearing deposits. The average rate paid on interest-bearing deposits in 2010 was 36 bps less then in 2009 combined with significant decreases in short-term and long-term borrowings.
 
The Company has experienced an improvement in its net interest margin as a result of a lower cost of deposits and lower cost of borrowings. The Federal Reserve Bank (FRB) decreased the overnight federal funds rate several times throughout 2008 and prior by a total of 500 bps from 5.25% to 0.25%. The rate remained at 0.25% throughout 2009 and 2010. The decreases in the federal funds rate have led to a lower level of interest rates associated with our overnight short-term borrowings as well as allowed us to significantly reduce the rates we paid on our interest-bearing deposits in an effort to partially offset corresponding decreases on the yields we received on our interest-earning assets.  
 
Changes in net interest income are frequently measured by two statistics: net interest rate spread and net interest margin. Net interest rate spread is the difference between the average rate earned on earning assets and the average rate incurred on interest-bearing liabilities. Net interest margin represents the difference between interest income, including net loan fees earned and interest expense, reflected as a percentage of average earning assets. Our net interest rate spread increased to 3.80% in 2010 from 3.69% in 2009 on a fully tax-equivalent basis. The net interest margin (non-tax-equivalent) increased 9 bps from 3.80% in 2009 to 3.89% in 2010.  The slight rate spread and net interest margin increases in 2010 reflect the previously mentioned improvement in the Company's cost of funds. This improvement resulted as continued efforts to manage the cost of funds downward through its strategic pricing process and limited exception pricing, combined with the positive impact of higher rate certificate of deposit (CD) roll off being renewed at lower current rates or deposited into lower cost checking and savings accounts.
 
 
 
 

6
 

Table 2 demonstrates the relative impact on net interest income of changes in the volume of earning assets and interest-bearing liabilities and changes in rates earned and paid by us on such assets and liabilities. For purposes of this table, nonaccrual loans have been included in the average loan balances and tax-exempt loans and securities are reported on a fully-taxable equivalent basis.
 
TABLE 2
 
2010 v. 2009
 
2009 v. 2008
 
Increase (Decrease)
 
Increase (Decrease)
 
Due to Changes in (1)
 
Due to Changes in (1) (2)
(in thousands)
Volume
 
Rate
 
Total
 
Volume
 
Rate
 
Total
Interest on securities:
 
 
 
 
 
 
 
 
 
 
 
Taxable
$
4,191
 
 
$
(1,774
)
 
$
2,417
 
 
$
(4,457
)
 
$
(4,086
)
 
$
(8,543
)
Tax-exempt
(80
)
 
—
 
 
(80
)
 
—
 
 
(1
)
 
(1
)
Federal funds sold
12
 
 
—
 
 
12
 
 
1
 
 
1
 
 
2
 
Interest on loans receivable
(3,712
)
 
190
 
 
(3,522
)
 
6,188
 
 
(9,911
)
 
(3,723
)
Total interest income
411
 
 
(1,584
)
 
(1,173
)
 
1,732
 
 
(13,997
)
 
(12,265
)
Interest on deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regular savings
(138
)
 
(278
)
 
(416
)
 
(107
)
 
(1,812
)
 
(1,919
)
Interest checking and money market
1,436
 
 
(2,277
)
 
(841
)
 
1,811
 
 
(5,629
)
 
(3,818
)
Time deposits
(503
)
 
(2,058
)
 
(2,561
)
 
2,524
 
 
(1,369
)
 
1,155
 
Public funds time
152
 
 
(154
)
 
(2
)
 
18
 
 
(360
)
 
(342
)
Short-term borrowings
(725
)
 
4
 
 
(721
)
 
(801
)
 
(3,510
)
 
(4,311
)
Long-term debt
(822
)
 
(17
)
 
(839
)
 
(414
)
 
(9
)
 
(423
)
Total interest expense
(600
)
 
(4,780
)
 
(5,380
)
 
3,031
 
 
(12,689
)
 
(9,658
)
Net increase (decrease)
$
1,011
 
 
$
3,196
 
 
$
4,207
 
 
$
(1,299
)
 
$
(1,308
)
 
$
(2,607
)
(1)    
Changes due to both volume and rate have been allocated on a pro rata basis to either rate or volume.
(2)    
Changes due to the difference in the number of days (2008 was a leap year) are divided between Rate and Volume columns based on each categories percent of the total difference.
 
Provision for Loan Losses
 
Management undertakes a rigorous and consistently applied process in order to evaluate the allowance for loan losses and to determine the level of provision for loan losses. The continued deterioration in economic conditions had a direct and significant impact on our asset quality in 2010. During the third quarter of 2010, as part of the quantitative analysis of the adequacy of the allowance for loan losses, management adjusted its projection of probable loan losses based upon a much shorter and more recent period of actual historical losses.  This was done as a result of the higher level of loan charge-offs experienced by the Company over the past two years compared to previous years.  Given the continued state of the economy and its impact on borrowers and on loan collateral values, management feels this is currently a better predictor of probable additional loan losses until such time that the economy, borrower repayment ability and loan collateral values show sustained signs of improvement.
 
We recorded $21.0 million as a provision for loan losses in 2010 compared to $12.4 million in 2009. The increase in the provision for loan losses in 2010 is a direct result of a decrease in collateral values of nonperforming loans, an increase in the amount of specific reserves associated with impaired loans and the level of actual net charge-offs throughout the year. The level of nonperforming loans increased from $37.7 million, or 2.61%, of total loans outstanding at December 31, 2009 to $53.0 million, or 3.84%, of total loans outstanding at December 31, 2010. See the Nonperforming Loans and Assets section later in this Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion regarding the increase in nonperforming loans. Net charge-offs during 2010 were $13.8 million, or 0.98%, of average loans outstanding as compared to $14.8 million, or 1.02%, of average loans outstanding in 2009. Approximately $10.5 million, or 76%, of total net charge-offs for 2010 were associated with 10 different specific relationships. A breakdown of the net charge-offs on the 10 relationships is as follows: approximately $4.4 million, or 42%, were commercial real estate loans, approximately $4.3 million, or 41%, were commercial and industrial loans, $902,000, or 9%, were construction and land development loans, approximately $444,000, or 4%, were owner occupied real estate loans and $423,000, or 4%, were residential loans. As a result of current appraisals that reflected a decrease in value, approximately $10.2 million was charged down on 31 relationships for year ended December 31, 2010. See the Application of Critical Accounting Policies section in this Management's Discussion and Analysis regarding the allowance for loan losses as well as Note 1 in the Notes to Consolidated Financial Statements for

7
 

the year ended December 31, 2010 included herein for further discussion regarding our methodology for determining the provision for loan losses.
 
Noninterest Income
 
Noninterest income increased by $4.9 million, or 20%, from $24.5 million in 2009 to $29.4 million in 2010. Service charges, fees and other operating income increased 8%, over the same period in 2009, totaling $26.7 million. In 2010, total gains on sales of loans were comprised of $2.4 million of gains on the sale of residential and Small Business Administration (SBA) loans compared to $546,000 in 2009. During 2010, Metro aggressively began to grow its SBA loan portfolio with the intention of selling the loans on the secondary market. The gains on the sale of SBA loans were $1.5 million in 2010 compared to $47,000 in 2009. During 2010 gains on the sale of residential loans were $885,000 compared to $1.1 million during 2009. Negatively impacting net gains on sale of loans in 2009 was a $627,000 loss recorded on the sale of a majority of the Company's student loan portfolio. There were no sales of the Company's student loans in 2010.
 
Included in noninterest income are net gains on sales of investment securities totaling $2.8 million for 2010 and $1.6 million for 2009. These gains were offset by other-than-temporary impairment (OTTI) charges on private-label collateralized mortgage obligations (CMOs) totaling $962,000 in 2010 as compared to $2.3 million of charges in 2009. See Securities section in this Management's Discussion and Analysis as well as Note 3 in the Notes to Consolidated Financial Statements for further discussion regarding OTTI.
 
Netted against noninterest income for 2010 was a $1.6 million charge recorded for the early retirement of a $25.0 million fixed rate borrowing from the FHLB. Comparatively, there was no such charge in 2009.
 
Noninterest Expenses
 
Noninterest expenses totaled $97.1 million for 2010, an increase of $5.4 million, or 6%, over 2009. This overall increase was primarily the result of significantly higher data processing and consulting costs in 2010 over those incurred in 2009 as well as higher levels of expenses associated with foreclosed assets, problem loans and regulatory-related costs. Noninterest expense line items experiencing decreases in 2010 from 2009 levels include salaries and benefits, postage and supplies, telephone costs, merger and acquisition charges and one time core system conversion and rebranding expenses. The Company did not incur any conversion related or rebranding costs in 2010 compared to $917,000 of such expenses in 2009. Throughout 2009, Metro incurred total gross one-time costs of $6.9 million associated with our core computer system conversion, the transition of all services previously performed by TD Bank (TD) to Fiserv Solutions, Inc. (Fiserv) and other service providers as well as with the rebranding of the entire Company and most of its products and services.  During the third quarter of 2009, at the conclusion of all conversion and rebranding efforts, Metro received a fee of $6.0 million from TD to partially defray the costs associated with the conversion and rebranding.  This fee was offset against the total one-time gross costs and therefore net one-time core system conversion/rebranding expenses totaled $917,000 in 2009.  Excluding the impact of the net one-time core conversion and rebranding costs incurred in 2009, total noninterest expenses for 2010 increased by $6.3 million, or 7%, over 2009. A comparison of noninterest expenses for certain categories for 2010 and 2009 is discussed below.
 
Salary expenses and employee benefits, which represent the largest component of our noninterest expenses, decreased $1.9 million, or 4%, in 2010 from 2009. The decrease in 2010 compared to 2009 directly relates to the additional resources required in 2009 to facilitate our conversion and rebranding processes.  The reduction in conversion related resources is partially offset by an increase in operations and technology staff levels to maintain the infrastructure that was built during conversion. The Company also experienced a reduction in employee health care claims during 2010. An additional decrease in benefits expense relates to the reversal of $200,000 of expense during 2010 (that had been recorded in prior periods) as a result of the reconcilement of projected option forfeitures to actual option forfeitures for all stock options granted during the first quarter of 2006.
 
Occupancy expenses were $263,000, or 3%, higher in 2010 compared to 2009.  This was primarily due to higher electric utility rates throughout 2010 and 2009 for the majority of our stores as well as our headquarter's building.
 
Furniture and equipment expenses increased by $368,000, or 8%, over 2009, due to increased depreciation and maintenance agreements on new systems, a result of the transition of services from TD to Fiserv and new signage due to the name change of the Company, events both completed in June of 2009.
 
Advertising and marketing expenses totaled $3.0 million in 2010, a $216,000, or 8%, increase over 2009. During the first half of 2009, the Company did minimal advertising in anticipation of the rebranding effort which occurred late in the second quarter and throughout the third quarter of 2009. The 2010 expense level represents normal marketing activity for the Company.
 
Data processing expenses totaled $13.1 million in 2010, a $4.0 million, or 43%, increase over 2009.  The increase was due to a combination of the following expenses incurred for the full year in 2010 versus six months in 2009:

8
 

 
•    
Costs associated with new infrastructure which supports services now being performed in-house;
•    
Higher costs for data processing and item processing services with Fiserv, our new core service provider.
•    
Certain postage and supply expenses are included in the data processing expenses which are now incorporated in Fiserv's third party statement rendering services.
 
Postage and supplies decreased $1.4 million, or 60%, in 2010 compared to the same period in 2009, primarily as a result of outsourcing customer statement rendering services in July of 2009 as part of the transition of operational services from TD to Fiserv as discussed above.
  
Regulatory assessments and related fees of $4.6 million in 2010 reflected a 15% increase over 2009. The Bank incurred higher Federal Deposit Insurance Corporation (FDIC) premiums for its regular assessment in 2010 compared to 2009 due to increased deposit levels over the past twelve months combined with a higher premium rate.  The Bank, like all financial institutions whose deposits are guaranteed by the Deposit Insurance Fund (DIF), pays a quarterly premium to the FDIC for such deposit insurance coverage.
 
Telephone expense decreased from $4.1 million in 2009 to $3.5 million in 2010, a 16% decrease. The reduction is primarily due to some duplicity in dataline service in 2009 while conversion was ongoing. The duplicity discontinued post conversion during the second half of 2009. The higher expense in 2009 was also a result of greater levels of call center support staff utilized to assist customers and handle the increased call volume experienced following our conversion of systems from TD and our rebranding.
 
Loan expenses totaled $1.7 million in 2010, a 5% increase over 2009 expenses of $1.6 million. The majority of the loan expense increase is associated with the cost of developing and launching a new Metro Credit Card which occurred in August 2010.  This was partially offset with a reduction of costs to service the student loan portfolio.  A large portion of the student loan portfolio was sold during 2009.
 
Foreclosed real estate expenses of $1.4 million increased by $802,000, or 139%, in 2010 compared to 2009. The increase was primarily a result of write-downs of foreclosed assets totaling $860,000 in 2010 compared to $272,000 of write-downs in 2009. In addition, the Company realized an increase in foreclosed assets in mid-2009 which resulted in an increase in annual real estate taxes due on foreclosed properties in 2010 versus 2009.
 
Included in non-interest expenses were $17,000 and $765,000 for the years ended December 31, 2010 and 2009, respectively, of costs associated with our previously planned acquisition of Republic First Bancorp, Inc.  During the first quarter of 2010, the Company and Republic First announced the termination of their merger agreement due to uncertainties over regulatory approval of the application for merger.
 
Consulting fees totaled $4.5 million up $3.7 million in 2010 over 2009. The increase is a result of consultants hired to assist the Company in developing and implementing a system of procedures and controls designed to ensure full compliance with the Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC). We believe the majority of the work related to developing and implementing these procedures and controls is complete and expect a materially lower level of such consulting expenses in 2011 from the level experienced in 2010.
 
Other noninterest expenses totaled $9.4 million for 2010, compared to $8.4 million for 2009, an increase of $946,000 or 11%. Primary components related to the increase include costs related to legal expenses, bank shares tax, increased coin processing costs and costs related to a canceled potential branch site.
 
One key measure used to monitor progress in controlling overhead expenses is the ratio of net noninterest expenses to average assets. For purposes of this calculation, net noninterest expenses equal noninterest expenses less nonrecurring expenses and less noninterest income (exclusive of gains or losses on sales/calls of investment securities). This ratio equaled 3.02% for 2010, compared to 3.01% for 2009. Another productivity measure is the operating efficiency ratio. This ratio expresses the relationship of noninterest expenses to net interest income plus noninterest income (excluding gains or losses on sales of investment securities). For 2010, the operating efficiency ratio was 87.6% compared to 87.9% for 2009.  
 
Provision (Benefit) for Federal Income Taxes
 
The benefit realized for federal income taxes was $4.5 million for 2010 compared to $2.2 million for 2009. The effective (benefit) tax rate, which is the ratio of income tax expense to income before taxes, was (51.1)% in 2010 compared to (53.3)% in 2009 and were due to a net loss incurred in both 2010 and in 2009 as well as to the proportion of tax-exempt income to total pretax loss for both years.  See Note 11 of the Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for an additional analysis of the provision for income taxes for the years ended December 31, 2010 and 2009.
 

9
 

Income taxes are accounted for under the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement and tax bases of existing assets and liabilities.
 
At December 31, 2010, deferred tax assets amounted to $14.2 million and deferred tax liabilities amounted to $6.0 million. Deferred tax assets are realizable primarily through the carryback of existing deductible temporary differences to recover taxes paid in prior years and through future reversals of existing taxable temporary differences. Management currently anticipates the Company's future earnings will be adequate to utilize all of its net deferred tax assets.
 
Net (Loss) Income and Net (Loss) Income per Share
 
The Company recorded a net loss of $4.3 million for 2010, a decrease of $2.4 million from the $1.9 million net loss recorded in 2009. This decrease was due to an increase in the provision for loan losses of $8.6 million in 2010 over the amount recorded in 2009 and an increase in noninterest expenses of $5.4 million, all of which were partially offset by an increase in noninterest income of $4.9 million, an increase in net interest income of $4.2 million and an increase in the benefit for federal income taxes of $2.4 million.
 
Basic and diluted loss per common share was $(0.33) for 2010 compared to basic and diluted loss per common share of $(0.24) in 2009. See Note 13 in the Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for an analysis of earnings (loss) per share.
 
Return on Average Assets and Average Equity
 
Return on average assets (ROA) measures our net income (loss) in relation to our total average assets. Our ROA was (0.20)% for 2010 compared to (0.09)% for 2009. Return on average equity (ROE) indicates how effectively we can generate net income (loss) on the capital invested by our shareholders. ROE is calculated by dividing net income (loss) by average stockholders' equity. ROE for 2010 was (2.09)%, compared to (1.34)% for 2009.
 
2009 versus 2008
 
Net loss for 2009 was $1.9 million, compared to net income of $12.9 million recorded in 2008.
 
Basic and fully-diluted loss per common share was $(0.24) for 2009 compared to basic and fully-diluted earnings per common share of $2.02 and $1.97, respectively.
 
Net interest income on a tax-equivalent basis for 2009 decreased $2.6 million, or 3%, from 2008 to $78.0 million. Interest income on earnings assets on a tax-equivalent basis totaled $100.8 million, a decrease of $12.3 million, or 11%, from 2008. Interest expense for 2009 decreased by $9.7 million, or 30%, from $32.4 million in 2008 to $22.8 million.
 
Our net interest rate spread decreased to 3.69% in 2009 from 3.91% in 2008 on a fully tax-equivalent basis. The net interest margin decreased 29 bps from 4.09% in 2008 to 3.80% in 2009 on a non tax-equivalent basis.
 
The provision for loan losses totaled $12.4 million in 2009 compared to $7.5 million in 2008. Net charge-offs in 2009 totaled $14.8 million, or 1.02%, of average loans outstanding as compared to $1.5 million, or 0.11%, of average loans outstanding in 2008.
 
Noninterest income for 2009 decreased by $976,000, or 4%, from 2008 to $24.5 million.  Included in total noninterest income in 2009 were net gains of $546,000 on the sale of residential loans, SBA loans and student loans. Also netted against noninterest income was a $770,000 loss on investment securities. Included in total noninterest income in 2008 were gains of $738,000 on the sale of residential loans and SBA loans offset by a $157,000 pretax loss on the sale of a corporate debt security.
 
Noninterest expenses totaled $91.7 million for 2009, an increase of $13.8 million, or 18%, over 2008. Costs associated with the intent to acquire Republic First, the core system conversion and transition of services from TD to a new service provider, as well as our rebranding initiatives all served to increase our 2009 expense levels.
 
Salary expenses and employee benefits increased by $5.3 million, or 14%, in 2009 over 2008, primarily due to additional staffing in operations and information technology to handle the conversion and rebranding process as well as functions that were previously performed by TD.
 
Occupancy expenses for 2009 were basically flat compared to 2008 while furniture and equipment expenses increased by $459,000, or 11%, to $4.8 million. The increase primarily related to purchases of computer hardware related to the conversion of our systems and our

10
 

rebranding initiative.
 
Advertising and marketing expenses were $2.8 million for 2009, the same as 2008. Data processing expenses increased by $1.9 million, or 27%, in 2009 over 2008, primarily related to building a new network infrastructure in-house to support daily operations of the Company post conversion. Regulatory expenses of $4.0 million in 2009 were $1.2 million higher than 2008, primarily due to increased FDIC premiums. Telephone expenses of $4.1 million were $1.9 million higher for 2009 compared to 2008 as a result of transitioning the call center servicing from TD to another provider as well as higher call volumes during the conversion period.
 
Expenses related to the Company's planned acquisition of Republic First were $765,000 for 2009 compared to $491,000 for 2008. Other noninterest expenses totaled $8.4 million for 2009, compared to $7.7 million for 2008.
 
Financial Condition
 
Securities
 
Securities are purchased and sold as part of our overall asset and liability management function. The classification of all securities is determined at the time of purchase. Securities expected to be held for an indefinite period of time are classified as securities available for sale and are carried at fair value. Decisions by management to purchase or sell these securities are based on an assessment of financial and economic conditions, including changes in prepayment risks and interest rates, liquidity needs, capital adequacy, collateral requirements for pledging, alternative asset and liability management strategies, tax considerations and regulatory requirements.
 
Securities are classified as held to maturity if, at the time of purchase, management has both the intent and ability to hold the securities until maturity. Securities held to maturity are carried at amortized cost. Sales of securities in this portfolio should only occur in unusual and rare situations where significant unforeseeable changes in circumstances may cause a change in intent. Examples of such instances would include deterioration in the issuer's creditworthiness that is evidently supportable and significant or a change in tax law that eliminates or reduces the tax-exempt status of interest (but not the revision of marginal tax rates applicable to interest income). Held to maturity (HTM) securities cannot be sold based upon any of the decisions used to sell securities available for sale as listed above. See Note 3 in the Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for further analysis of our securities portfolio.
 
Based on the amortized cost, approximately 91% of our investment securities carry fixed rate coupons that do not change over the life of the securities. Since many of the amortizing securities are purchased at premiums or discounts, their yield and average life will change depending on any change in the estimated rate of prepayments. We amortize premiums and accrete discounts over the estimated average life of the securities. Changes in the estimated average life of the securities portfolio will lengthen or shorten the period in which the premium or discount must be amortized or accreted, thus affecting our securities yields. At December 31, 2010, the yield on our securities portfolio was 3.44%, down 50 bps from 3.94% at December 31, 2009. This decrease was due to prepayments, calls and maturities of securities in 2010 with higher interest rates combined with purchases of new securities in 2010 at lower yields than those purchased in previous years, due to the low level of general market interest rates present in 2010 as compared to previous years.
 
At December 31, 2010, the weighted average life and duration of our securities portfolio was approximately 6.0 and 4.7 years, respectively, as compared to 3.8 years and 3.3 years, respectively, at December 31, 2009. The weighted average life of the portfolio is calculated by estimating the average rate of repayment of the underlying collateral of each security. Mortgage-backed obligations historically experience repayment rates in excess of the scheduled repayments, causing a shorter weighted average life of the security. Our securities portfolio contained no derivatives as of December 31, 2010 or 2009.
 
Securities available for sale increased by $41.0 million in 2010 (excluding the effect of changes in unrealized gains or losses), primarily as a result of purchases of $486.0 million offset by principal repayments, sales, calls, maturities and write-downs of OTTI of $445.0 million, excluding net gains on sales. The AFS portfolio is comprised of U.S. Government agency securities, agency residential mortgage-backed securities (MBSs), agency CMOs, and private-label CMO securities. At December 31, 2010, the unrealized loss on securities available for sale included in stockholders' equity totaled $5.6 million, net of tax, compared to a $10.9 million unrealized loss on securities, net of tax, at December 31, 2009.  The market for certain MBSs held in the Company's securities portfolio improved in 2010 as conditions in the overall economy and in the mortgage markets began to improve.  Management believes that the unrealized losses on these securities at December 31, 2010 were primarily the result of changes in general market interest rates.
 
During 2010, securities held to maturity increased by $109.8 million, primarily as a result of purchases of $177.5 million offset by principal repayments, sales, calls and maturities of $67.7 million, excluding net gains on sales. The securities held in this portfolio include U.S. Government agency securities, agency residential MBSs, agency CMOs and corporate debt securities.
 
During 2010, the Company sold a total of 56 securities with a combined fair market value of $296.2 million and realized a net pretax

11
 

gain of $2.8 million. The securities sold included 23 private-label CMOs with a combined fair market value of $62.6 million; 13 agency CMOs with a fair market value of $138.1 million; 18 residential MBSs with a combined fair market value of $74.5 million and two agency debentures with a combined fair market value of $21.0 million. Of this total, 53 securities with a combined fair market value of $292.9 million had been classified as available for sale. Two agency MBSs with a combined fair market value of $440,000 had been classified as held to maturity, however, their current par value had fallen to less than 15% of their original par value and could be sold without tainting the remaining HTM portfolio. One private-label CMO with a fair market value of $2.9 million had been classified as held to maturity. Previously, the Company had recognized an OTTI charge due to a projected credit loss of $3,000 and this deterioration in creditworthiness was the basis for selling the security without tainting the remaining HTM portfolio. The Company uses the specific identification method to record security sales.  In addition, the Company had a total of $105.0 million of agency debentures called, at par, by their issuing agencies during 2010.  Of this total, $70.0 million were classified as available for sale and $35.0 million were classified as held to maturity. Most of the securities were carried at par, however, one security was carried at a discount and the Company realized a gain of $5,000. Also during 2010, the Company had a total of $1.6 million of tax-free municipal bonds called at par. All were classified as held to maturity, were carried at a slight discount and the Company realized a gain of $1,000.
 
The amortized cost of AFS and HTM securities are summarized below in Table 3 as of December 31, for each of the years 2008 through 2010:
 
TABLE 3
 
December 31,
 (in thousands)
2010
 
2009
 
2008
Available for Sale:
 
 
 
 
 
U.S. Government agency securities
$
22,500
 
 
$
55,004
 
 
$
5,000
 
Residential MBSs
2,383
 
 
80,916
 
 
62,489
 
Agency CMOs
388,414
 
 
149,233
 
 
145,823
 
Private-label CMOs
33,246
 
 
120,407
 
 
154,929
 
Total available for sale
$
446,543
 
 
$
405,560
 
 
$
368,241
 
Held to Maturity:
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
140,000
 
 
$
25,000
 
 
$
36,500
 
Residential MBSs
48,497
 
 
54,822
 
 
71,576
 
Agency CMOs
29,079
 
 
30,362
 
 
35,423
 
Private-label CMOs
—
 
 
4,010
 
 
5,473
 
Corporate debt securities
10,000
 
 
1,997
 
 
1,992
 
Municipal securities
—
 
 
1,624
 
 
1,623
 
Total held to maturity
$
227,576
 
 
$
117,815
 
 
$
152,587
 
 
The contractual maturity distribution and weighted average yield of our AFS and HTM portfolios at December 31, 2010 are summarized in Table 4. For mortgage-backed obligations, the contractual maturities may be significantly different than actual maturities. Changes in payment patterns and prepayments may occur depending on the market conditions and other economic variables. Weighted average yield is calculated by dividing income within each maturity range by the outstanding amount of the related investment and has been tax effected, assuming a tax rate of 34%, on tax-exempt obligations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

12
 

 
TABLE 4
December 31, 2010
Due Under 1 Year
 
Due 1-5 Years
 
Due 5-10 Years
 
Due Over 10 Years
 
Total
(dollars in thousands)
Amount/Yield
 
Amount/Yield
 
Amount/Yield
 
Amount/Yield
 
Amount/Yield
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency
obligations
$
—
 
—
%
 
$
—
 
—
%
 
$
—
 
—
%
 
$
22,500
 
3.00
%
 
$
22,500
 
3.00
%
Residential MBSs
—
 
—
 
 
—
 
—
 
 
—
 
—
 
 
2,383
 
3.91
 
 
2,383
 
3.91
 
Agency CMOs
—
 
—
 
 
—
 
—
 
 
5,633
 
5.53
 
 
382,781
 
3.01
 
 
388,414
 
3.05
 
Private-label CMOs
—
 
—
 
 
—
 
—
 
 
—
 
—
 
 
33,246
 
5.71
 
 
33,246
 
5.71
 
Total available for sale
$
—
 
—
%
 
$
—
 
—
%
 
$
5,633
 
5.53
%
 
$
440,910
 
3.22
%
 
$
446,543
 
3.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held to Maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency
obligations
$
—
 
—
%
 
$
—
 
—
%
 
$
50,000
 
3.16
%
 
$
90,000
 
3.60
%
 
$
140,000
 
3.45
%
Residential MBSs
—
 
—
 
 
—
 
—
 
 
3,990
 
4.39
 
 
44,507
 
5.00
 
 
48,497
 
4.95
 
Agency CMOs
—
 
—
 
 
—
 
—
 
 
—
 
—
 
 
29,079
 
4.04
 
 
29,079
 
4.04
 
Corporate debt securities
—
 
—
 
 
10,000
 
3.75
 
 
—
 
—
 
 
—
 
—
 
 
10,000
 
3.75
 
Total held to maturity
$
—
 
—
%
 
$
10,000
 
3.75
%
 
$
53,990
 
3.25
%
 
$
163,586
 
4.06
%
 
$
227,576
 
3.86
%
 
Note: Securities available for sale are carried at amortized cost in the table above for purposes of calculating the weighted average yield received on such securities.
 
Loans Held for Sale
 
Loans held for sale are comprised of student loans, selected residential loans and SBA loans the Company originates with the intention of selling in the future.  Occasionally, loans held for sale also include business and industry loans that the Company decides to sell.  These loans are carried at the lower of cost or estimated fair value, calculated in the aggregate.  At the present time, the majority of the Company's residential loans are originated with the intent to sell to the secondary market unless the loan is nonconforming to the secondary market standards or if we agree not to sell the loan due to a customer's request.  The residential mortgage loans that are designated as held for sale are sold to other financial institutions in correspondent relationships.  The sale of these loans takes place typically within 30 days of funding.  At December 31, 2010 and December 31, 2009, no residential mortgage loans held for sale were past due or impaired.  Throughout 2010, the Company originated SBA loans totaling $32.3 million and transferred the guaranteed portions of those loans totaling $28.1 million. Metro recognized total gains of $1.5 million, $47,000 and $11,000 in 2010, 2009 and 2008, respectively, on the sales of SBA loans. At December 31, 2010 there was a deferred gain of $930,000 on loans sold during the fourth quarter of 2010 which will be recognized in the first quarter of 2011 at the expiration of the 90-day warranty period. Total loans held for sale were $18.6 million and $12.7 million at December 31, 2010 and 2009, respectively.  At December 31, 2010, loans held for sale were comprised of $6.0 million of student loans, $5.2 million of SBA loans and $7.4 million of residential mortgages as compared to $6.6 million of student loans and $6.1 million of residential mortgages at December 31, 2009.  Loans held for sale, as a percentage of total Company assets, were less than 1% at December 31, 2010 and 2009.
 
Loans Receivable
 
In order to add clarity and improve credit quality disclosures, the Financial Accounting Standards Board (FASB) issued additional guidance in 2010 that requires each company to disclose its various classes of loans outstanding based on the same portfolio segment that it develops and documents a systematic method for determining its allowance for loan losses. This accounting guidance is discussed more fully in Note 1 of Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein. Accordingly, we have reclassified our loans receivable for the previous four years into the portfolio segments as shown throughout the discussion that follows. The following table summarizes the composition of our loan portfolio by segment as of December 31, for each of the years 2006 through 2010:
 
 
 
 
 
 

13
 

 
 
TABLE 5
 
December 31,
(in thousands)
2010
 
2009
 
2008
 
2007
 
2006
Commercial and industrial
$
348,036
 
 
$
405,211
 
 
$
370,113
 
 
$
327,305
 
 
$
299,448
 
Commercial tax-exempt
89,401
 
 
108,861
 
 
86,187
 
 
43,959
 
 
26,903
 
Owner occupied real estate
241,537
 
 
263,413
 
 
269,280
 
 
254,138
 
 
123,573
 
Commercial construction and land
  development
112,094
 
 
115,013
 
 
104,122
 
 
75,110
 
 
61,315
 
Commercial real estate
299,034
 
 
255,560
 
 
284,416
 
 
155,931
 
 
190,512
 
Residential
81,124
 
 
85,035
 
 
91,775
 
 
90,132
 
 
99,440
 
Consumer
207,979
 
 
210,690
 
 
233,890
 
 
210,796
 
 
181,527
 
Total loans outstanding
$
1,379,205
 
 
$
1,443,783
 
 
$
1,439,783
 
 
$
1,157,371
 
 
$
982,718
 
 
We manage risk associated with our loan portfolio in part through diversification, and through what we believe are sound policies and underwriting procedures that are reviewed, updated and approved at least annually, as well as through our ongoing loan monitoring efforts. Additionally, we monitor concentrations of loans or loan relationships by purpose, collateral or industry. At December 31, 2010, we did not have a concentration to any one industry or borrower.
 
Our commercial and industrial loans are typically made to small and medium-sized businesses. The average loan size originated in 2010 in this category was approximately $382,000. Based on our underwriting standards, loans may be secured in whole or in part by collateral such as liquid assets, accounts receivable, equipment, inventory and real property and typically require owner guarantees. Additionally, our underwriting policy has established maximum terms for these loans depending on the loan type within the commercial and industrial loans category. The value of the collateral in this category may vary depending on market conditions. The Company maintains advance rate guidelines for particular collateral categories to mitigate the risk when the borrower defaults and the value of the collateral is not sufficient to cover the outstanding loan balance. As of December 31, 2010, unused commitments on commercial and industrial loans were $124.1 million.
 
Commercial tax exempt loans are made primarily to municipalities and school districts and rely on the cash flows of the borrowing entity for repayment. The average loan size originated in 2010 in this category was $1.3 million. We underwrite these loans based upon our own analysis of the cash flow, operating results, and financial condition of the borrower and we use our established underwriting guidelines. 
 
Owner occupied real estate loans are for commercial properties and are typically made to small and medium-sized businesses. The primary source of repayment is the cash flow from the ongoing operations and activities conducted by the business or a related interest of the business or an affiliate of the party who owns the property. Based on our underwriting standards, loans may be secured by real property as collateral and typically require owner guarantees. The average loan size originated in 2010 in this category was approximately $699,000.
 
Our commercial real estate and our construction and land development loans are typically made to small and medium-sized investors, builders and developers and are secured by mortgages on real property located principally in South Central Pennsylvania (principally office buildings, multifamily residential, land development and other commercial properties). The average loan size originated in 2010 in these categories was approximately $462,000. Our underwriting policy has established maximum terms for these types of loans depending on the type of loan within the commercial real estate category. A five-year call option is standard on commercial mortgages. Our underwriting guidelines establish maximum loan-to-value ratios depending upon the type of primary collateral and typically require owner guarantees and may require other collateral depending on our assessment of the overall risk. 
  
Residential real estate mortgage loans represented approximately 6% of our total loans at December 31, 2010. Loans in this category are collateralized by first mortgages on residential properties located primarily in South Central Pennsylvania. Our underwriting policy provides that all residential loans are to be written based upon standards used by the secondary market.
 
Consumer term loans and consumer lines of credit represented approximately 15% of our total loans at December 31, 2010. These loans and lines are secured by first and second mortgages, personal assets of the borrower, or may be unsecured. As of December 31, 2010, 24% of consumer loans and consumer lines of credit were secured by second mortgages. Our underwriting policy sets limitations on the term of the loan, defines allowable collateral and the valuation of the collateral, outlines acceptable debt to income ratios as well as acceptable credit sources to determine if the applicant meets our standards. We review these lines of credit annually and remove availability

14
 

if the borrower is no longer compliant with our underwriting standards or is delinquent. As of December 31, 2010, unused commitments under consumer lines of credit were $30.3 million.
 
During 2010, total gross loans receivable decreased by $64.6 million from December 31, 2009 to December 31, 2010. Total loan originations as well as net loan growth were below our historical norms in 2010 as compared to prior years.  This was due to a combination of lower loan demand and the current economic conditions combined with our tightening of underwriting guidelines for new and existing loans in the current economic environment.  As the economy improves, we expect loan demand to increase and, therefore, expect a higher level of originations in 2011 as compared to 2010. During 2010, commercial and industrial loans decreased $57.2 million, or 14%, commercial tax-exempt loans decreased $19.5 million, or 18%, owner occupied real estate loans decreased $21.9 million, or 8%, while commercial real estate loans increased $43.5 million or 17%. Changes in total loan balances outstanding for commercial construction and land development, residential and consumer loans were not material. Also included in gross loans are deposit accounts that are reclassified as loans as a result of overdrawn deposit account balances. The total of overdrawn deposit accounts reclassified as loans aggregated $431,000 at December 31, 2010 compared to $9.6 million at December 31, 2009.
 
Total loans outstanding represented 75% of total deposits and 62% of total assets at December 31, 2010, excluding the loans held for sale, compared to 80% and 67%, respectively, at December 31, 2009.
 

15
 

The maturity ranges of the loan portfolio and the amounts of loans with fixed interest rates and floating interest rates in each maturity range, as of December 31, 2010, are presented in the following table:
 
TABLE 6
 
December 31, 2010
(in thousands)
Due Within
One Year
 
Due 1-5 
Years
 
Due Over 
Five Years
 
Total
Commercial and industrial
$
132,828
 
 
$
124,805
 
 
$
90,403
 
 
$
348,036
 
Commercial tax exempt
65
 
 
2,058
 
 
87,278
 
 
89,401
 
Owner occupied real estate
5,967
 
 
18,514
 
 
217,056
 
 
241,537
 
Commercial construction and land development
82,672
 
 
18,209
 
 
11,213
 
 
112,094
 
Commercial real estate
14,907
 
 
42,813
 
 
241,314
 
 
299,034
 
Residential
9,835
 
 
7,615
 
 
63,674
 
 
81,124
 
Consumer
41,194
 
 
17,231
 
 
149,554
 
 
207,979
 
Total loans
$
287,468
 
 
$
231,245
 
 
$
860,492
 
 
$
1,379,205
 
Interest rates:
 
 
 
 
 
 
 
 
 
 
 
  Fixed
$
31,336
 
 
$
141,989
 
 
$
645,820
 
 
$
819,145
 
  Floating
256,132
 
 
89,256
 
 
214,672
 
 
560,060
 
Total loans
$
287,468
 
 
$
231,245
 
 
$
860,492
 
 
$
1,379,205
 
 
Concentrations of Credit Risk
 
Commercial real estate and commercial construction and land development loans were 30% of our total loans outstanding and made up the largest portion of loans on our balance sheet at December 31, 2010. Our commercial real estate loan portfolio is principally to borrowers throughout Cumberland, Dauphin, Lancaster, Lebanon, York and Berks counties of Pennsylvania where we have full-service store locations. Commercial real estate, construction and land development loans, including tax exempt commercial real estate loans aggregated $414.7 million at December 31, 2010, compared to $377.2 million at December 31, 2009. Commercial real estate loans are collateralized by the related project (principally office building, multi-family residential, land development and other properties) and generally require loan-to-value ratios of no greater than 80%, in conformance with regulatory guidelines.
 
Commercial and industrial loans represented 25% of total loans at December 31, 2010. Collateral for these types of loans varies depending upon the type and purpose of the loans and management's credit evaluations of the respective borrowers and generally includes the following: business assets, and/or personal assets of the borrower.
 
Owner occupied real estate loans equaled 18% of total loans outstanding and are collateralized by real estate. The primary source of repayment is the cash flow from the ongoing operations and activities conducted by the party or an affiliate of the party who owns the property.
 
Consumer loans comprised 15% of total loans at December 31, 2010. Approximately $201.1 million of consumer loans are secured by real estate, $1.7 million are loans collateralized by personal assets of the borrower and $5.2 million are unsecured.
 
Management reviews various concentration reports monthly to monitor risk in the portfolio. Quarterly, a Risk Management Booklet is prepared and reviewed by both management and our Board of Directors, which identifies areas of risk and quantifies if any exceptions were made to policies and procedures in the lending area during the preceding quarter. Management and the Board utilize the Risk Management Booklet as a tool to identify, limit and control procedure and policy exceptions and to reduce any material risk in the lending function.
 
 
 
 
 
 
 
 
 

16
 

Loan and Asset Quality
 
The following table summarizes information regarding nonperforming loans and nonperforming assets as of December 31, 2006 through 2010. Prior year's amounts have been reclassified to conform to the 2010 presentation format.
 
TABLE 7
 
 
December 31,
(dollars in thousands)
 
2010
 
2009
 
2008
 
2007
 
2006
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
23,103
 
 
$
14,254
 
 
$
6,863
 
 
$
534
 
 
$
984
 
Commercial tax-exempt
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
Owner occupied real estate
 
4,318
 
 
3,201
 
 
—
 
 
—
 
 
—
 
Commercial construction and land development
 
14,155
 
 
11,771
 
 
6,915
 
 
—
 
 
247
 
Commercial real estate
 
5,424
 
 
5,497
 
 
9,893
 
 
176
 
 
1,019
 
Residential
 
3,609
 
 
2,368
 
 
2,959
 
 
2,168
 
 
1,110
 
     Consumer
 
1,579
 
 
654
 
 
492
 
 
57
 
 
19
 
Total nonaccrual loans
 
52,188
 
 
37,745
 
 
27,122
 
 
2,935
 
 
3,379
 
Loans past due 90 days or more and still accruing
 
650
 
 
—
 
 
—
 
 
—
 
 
2
 
Renegotiated loans
 
177
 
 
—
 
 
—
 
 
—
 
 
—
 
Total nonperforming loans
 
53,015
 
 
37,745
 
 
27,122
 
 
2,935
 
 
3,381
 
Foreclosed real estate
 
6,768
 
 
7,821
 
 
743
 
 
489
 
 
159
 
     Total nonperforming assets
 
$
59,783
 
 
$
45,566
 
 
$
27,865
 
 
$
3,424
 
 
$
3,540
 
Nonperforming loans to total loans
 
3.84
%
 
2.61
%
 
1.88
%
 
0.25
%
 
0.34
%
Nonperforming assets to total assets
 
2.68
%
 
2.12
%
 
1.30
%
 
0.17
%
 
0.19
%
Interest income received on nonaccrual loans
 
$
340
 
 
$
976
 
 
$
1,268
 
 
$
157
 
 
$
133
 
Interest income that would have been recorded under the original terms of the loans
 
$
3,363
 
 
$
1,880
 
 
$
1,776
 
 
$
280
 
 
$
329
 
 
Total nonperforming assets (nonperforming loans, foreclosed real estate and loans past due 90 days or more and still accruing interest) at December 31, 2010, were $59.8 million, or 2.68%, of total assets as compared to $45.6 million, or 2.12%, of total assets at December 31, 2009. Total nonperforming loans (nonaccrual loans, 90 days or more past due loans and restructured loans) at December 31, 2010 were $53.0 million compared to $37.7 million one year ago. Much like most of the banking industry, we experienced significant increases in nonperforming loans during 2009 and 2010 as overall economic conditions deteriorated in our market area and in most of the United States. The increase in nonperforming loans experienced by the Company during 2010, resulted from the addition of $31.4 million of additional loans designated as nonaccrual during the year partially offset by $13.8 million of net charge-offs, as well as the reclassification of $3.4 million into foreclosed real estate. Of the total net charge-offs in 2010, $5.1 million was related to loans that were nonperforming at December 31, 2009 and the remaining $8.7 million was associated with loans classified as nonperforming during 2010.  Of the ten relationships added, three had an aggregate specific loss allocation of $2.3 million at year end 2010.  
 
Additionally, total delinquent loans (those loans 30 days or more delinquent including nonaccrual loans) as a percentage of total loans were 4.39% at December 31, 2010, compared to 3.25% at December 31, 2009. Excluding non-accrual loans, total loans delinquent for 30 days or more as a percentage of total loans were 0.61% and 0.64% at December 31, 2010 and 2009, respectively. We generally place a loan on nonaccrual status and cease accruing interest when loan payment performance is deemed unsatisfactory and the loan is past due 90 days or more, unless the loan is both well-secured and in the process of collection. Loans past due 90 days and still accruing interest at December 31, 2010 were $650,000 as compared to no loans 90 days past due and still accruing at December 31, 2009. At December 31, 2010 there was one renegotiated loan totaling $177,000. This loan was moved to performing status at the beginning of 2011. Additional loans considered by our internal loan review department as potential problem loans totaled $47.3 million at December 31, 2010 compared to $53.1 million at December 31, 2009. Those loans have been evaluated as to risk exposure in determining the adequacy of the allowance for loan losses. See Note 4 of Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for an age analysis of delinquent loans and for further discussion regarding impaired loans.
 
Foreclosed real estate totaled $6.8 million as of December 31, 2010 as compared to $7.8 million as of December 31, 2009. The Company obtains third-party appraisals by a pre-approved certified general appraiser on nonperforming loans secured by real estate at the time the

17
 

loan is determined to be nonperforming.  Appraisals are ordered by the Company's Real Estate Loan Administration Department which is independent of both loan workout and loan production functions. The Company properly charges down loans based on the fair value of the collateral as determined by the current appraisal or other collateral valuations less any costs to sell before the properties are transferred to foreclosed real estate.
 
No charged-off amount was different from what was determined to be fair value of collateral (net of estimated costs to sell) as presented in the appraisal for any period presented.
 
Any specific reserve or charge-off is accounted for upon receipt and satisfactory review of an appraisal and in no event, later than the end of the quarter in which the loan was determined to be nonperforming.  No significant time lapses during this process have occurred for any period presented.
 
The Company also considers the volatility of the fair value of the collateral, timing and reliability of the appraisal, timing of the third party's inspection of the collateral, confidence in the Company's lien on the collateral, historical losses on similar loans and other factors based on the type of real estate securing the loan. As deemed necessary, the Company will perform inspections of the collateral to determine if an adjustment of the value of the collateral is necessary.
 
Partially charged off loans with an updated appraisal remain on nonperforming status and are subject to the Company's standard recovery policies and procedures, including, but not limited to, foreclosure proceedings, a forbearance agreement, or classified as a Troubled Debt Restructure, unless collectibility of the entire contractual balance of principal and interest (book and charged off amounts) is no longer in doubt and the loan is current or will be brought current within a short period of time.
 
As a result of continued economic conditions affecting unemployment, consumer spending, home sales and collateral values, it is possible that increased levels of nonperforming assets and probable losses may continue in the foreseeable future.
 
The table below and discussion that follows provides additional details of commercial and industrial and commercial construction and land development loans, our two largest nonaccrual categories, which also experienced the largest increases in 2010:
 
TABLE 8
 
Nonaccrual Loans
(dollars in thousands)
2010
 
2009
Commercial and Industrial:
 
 
 
 Number of loans
53
 
40
 
 Number of loans greater than $1 million
6
 
2
 
 Average outstanding balance of those loans:
 
 
 
   Greater than $1 million
$
2,954
 
 
$
4,600
 
   Less than $1 million
$
118
 
 
$
136
 
Commercial Construction and Land Development:
 
 
 
 Number of loans
8
 
6
 
 Number of loans greater than $1 million
5
 
4
 
 Average outstanding balance of those loans:
 
 
 
   Greater than $1 million
$
2,560
 
 
$
2,735
 
   Less than $1 million
$
452
 
 
$
133
 
 
At December 31, 2010, 53 loans were in the nonaccrual commercial and industrial category ranging from $2,000 to $5.6 million and eight loans were in the nonaccrual commercial construction and land development category ranging from $150,000 to $4.8 million. Of the 53 commercial and industrial loans, six of the loans were in excess of $1.0 million and totaled $17.7 million, or 77%, of the total nonaccrual balances for this category with an average outstanding balance of $3.0 million per loan. The remaining 47 loans account for the difference at an average outstanding balance of $118,000 per loan. Of the eight nonaccrual commercial construction and land development loans, five loans, were in excess of $1.0 million and totaled $12.8 million, or 90%, of total nonaccrual balances for this loan category, with an average outstanding balance of $2.6 million per loan. The remaining three loans account for the difference at an average outstanding balance of $452,000 per loan.
At December 31, 2009, 40 loans were in the nonaccrual commercial and industrial category ranging from $5,000 to $6.2 million and six

18
 

loans were in the nonaccrual commercial construction and land development category ranging from $116,000 to $4.8 million. Of the 40 commercial loans, two of the loans were in excess of $1.0 million and totaled $9.3 million, or 65%, of the total nonaccrual balances for this category, with an average outstanding balance of $4.6 million per loan. The remaining 38 loans account for the difference at an average of $136,000 per loan. Of the commercial construction and land development loans, four of the loans were in excess of $1.0 million and totaled $10.9 million, or 93%, of the total nonaccrual balances for this loan category, with an average outstanding balance of $2.7 million per loan. The remaining two loans account for the difference at an average of $133,000 per loan.
 
Allowance for Loan Losses
 
The allowance for loan losses (ALLL) is a reserve established in the form of a provision expense for loan losses and is reduced by loan charge-offs, net of recoveries. When loans are deemed to be uncollectible, they are charged off. Management has established a reserve that it believes is adequate for estimated losses in the loan portfolio. In conjunction with an internal loan review function that operates independently of the lending function, management monitors the loan portfolio to identify risks on a timely basis so that an appropriate allowance is maintained. Based on an evaluation of the loan portfolio, management presents a quarterly review of the allowance for loan losses to the Board of Directors, indicating any changes in the allowance since the last review. In making the evaluation, management considers the results of recent regulatory examinations, which typically include a review of the allowance for loan losses as an integral part of the examination process.
 
In establishing the allowance, management evaluates, on a quantitative basis, classified loans to determine an aggregate reserve for those loans based on that review. In addition, an allowance for the remainder of the loan portfolio is determined based on historical loss experience within certain components of the portfolio. These allocations may be modified if current conditions indicate that loan losses may differ from historical experience. In addition, a portion of the allowance is established for losses inherent in the loan portfolio, which have not been identified by the quantitative processes described above. This determination inherently involves a higher degree of subjectivity and considers risk factors that may not have yet manifested themselves in historical loss experience. These factors include:
 
•    
Changes in lending policies and procedures, including changes in underwriting standards;
•    
Changes in levels and trends in collection, charge-off and recovery practices; changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans;
•    
Changes in the nature and volume of the portfolio and the terms of loans;
•    
Changes in the value of underlying collateral for collateral-dependent loans;
•    
Changes in the quality of our loan review system;
•    
Changes in the experience, ability and depth of lending management and other relevant staff;
•    
The existence and effect of any concentrations of credit and changes in the level of such concentrations; and
•    
Changes in international, national, regional and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments and the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.
 
More specifically, the methodology utilized to assess the adequacy of the allowance includes:
 
•    
Identifying loans for individual review under current guidance as required by GAAP. Generally, the loans identified for individual review consist of larger balance commercial business loans and commercial mortgages;
•    
Assessing whether the loans identified for review are “impaired” based on the probability that all amounts due under the loan will not be collected according to the contractual terms of the loan agreement;
•    
For loans identified as impaired, calculating the estimated fair value of the loans, using one of the following methods, a) observable market price, b) discounted cash flow or c) the value of the underlying collateral;
•    
Identifying other loans for evaluation collectively as required by GAAP. In general, these other loans include residential mortgages and consumer loans;
•    
Segmenting loans into groups with similar characteristics and allocating an allowance for loan losses to each segment based on recent loss history and other relevant information; and
•    
Reviewing the results to determine the appropriate amount of the allowance for loan losses.
 
While the allowance for loan losses is maintained at a level believed to be adequate by management to cover estimated losses in the loan

19
 

portfolio, determination of the allowance is inherently subjective, as it requires estimates, all of which may be susceptible to significant change. Changes in these estimates may impact the provisions charged to expense in future periods. See Note 4 of Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for further discussion regarding the allowance for loan losses.
 
The Company recorded provisions of $21.0 million to the allowance for loan losses in 2010, compared to $12.4 million for 2009. During 2010, net charge-offs totaled to $13.8 million, or 0.98%, of average loans outstanding, excluding loans held for sale, for the year, compared to $14.8 million, or 1.02%, of average loans outstanding for 2009. Approximately $10.5 million, or 76%, of total net charge-offs for 2010 were concentrated in a total of ten different lending relationships. Eight different lending relationships accounted for approximately $11.7 million, or 79%, of the total net charge-off figure for 2009. The increased provision to the allowance for loan losses in 2010 over 2009 and prior years is directly related to the increase in the level of nonperforming loans from December 31, 2009 to December 31, 2010, the increase in specific reserves relating to those loans and an adjustment by management during the third quarter of 2010 in the qualitative analysis of the adequacy of the allowance for loan losses. See Note 4 in the Notes to Consolidated Financial Statements for the year ended December 31, 2010 included herein for further discussion regarding the adjustment. The allowance for loan losses as a percentage of loans receivable increased from 1.00% of total loans outstanding at December 31, 2009, to 1.57% of total loans outstanding at December 31, 2010. The allowance at December 31, 2010 provided coverage of 41% of total nonperforming loans compared with 38% of nonperforming at December 31, 2009. See the Application of Critical Accounting Policies section in this Management's Discussion and Analysis regarding the allowance for loan losses as well as Notes 1 and 4 in the Notes to Consolidated Financial Statements for the year ended December 31, 2010 included herein for further discussion regarding our allowance for loan losses.
 

20
 

The following table presents a summary of our provision and allowance for loan losses. Prior year's data have been reclassified to conform to the 2010 presentation format.
 
TABLE 9
 
Years Ended December 31,
(dollars in thousands)
2010
 
2009
 
2008
 
2007
 
2006
Balance at beginning of year
$
14,391
 
 
$
16,719
 
 
$
10,742
 
 
$
9,685
 
 
$
9,231
 
Provisions charged to operating expenses
21,000
 
 
12,425
 
 
7,475
 
 
1,762
 
 
1,634
 
 
35,391
 
 
29,144
 
 
18,217
 
 
11,447
 
 
10,865
 
Recoveries of loans previously charged-off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Commercial and industrial
407
 
 
92
 
 
145
 
 
11
 
 
34
 
   Commercial tax-exempt
—
 
 
—
 
 
—
 
 
—
 
 
—
 
   Owner occupied real estate
3
 
 
—
 
 
—
 
 
—
 
 
—
 
   Commercial construction and land development
58
 
 
1
 
 
—
 
 
—
 
 
—
 
   Commercial real estate
25
 
 
121
 
 
—
 
 
8
 
 
—
 
   Residential
5
 
 
87
 
 
—
 
 
—
 
 
—
 
   Consumer
24
 
 
7
 
 
25
 
 
53
 
 
71
 
Total recoveries
522
 
 
308
 
 
170
 
 
72
 
 
105
 
 
 
 
 
 
 
 
 
 
 
Loans charged-off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Commercial and industrial
(5,995
)
 
(6,807
)
 
(1,426
)
 
(610
)
 
(895
)
   Commercial tax-exempt
—
 
 
—
 
 
—
 
 
—
 
 
—
 
   Owner occupied real estate
(614
)
 
(342
)
 
—
 
 
—
 
 
—
 
   Commercial construction and land development
(1,249
)
 
(3,652
)
 
—
 
 
—
 
 
—
 
   Commercial real estate
(4,668
)
 
(3,634
)
 
—
 
 
(2
)
 
—
 
   Residential
(705
)
 
(299
)
 
(69
)
 
(72
)
 
—
 
   Consumer
(1,064
)
 
(327
)
 
(173
)
 
(93
)
 
(390
)
Total charged-off
(14,295
)
 
(15,061
)
 
(1,668
)
 
(777
)
 
(1,285
)
Net charge-offs
(13,773
)
 
(14,753
)
 
(1,498
)
 
(705
)
 
(1,180
)
Balance at end of year
$
21,618
 
 
$
14,391
 
 
$
16,719
 
 
$
10,742
 
 
$
9,685
 
Net charge-offs to average loans outstanding
0.98
%
 
1.02
%
 
0.11
%
 
0.07
%
 
0.13
%
Allowance for loan losses to year-end loans
1.57
%
 
1.00
%
 
1.16
%
 
0.93
%
 
0.99
%
 
Allocation of the Allowance for Loan Losses
 
The allocation of the allowance for loan losses is made for analytical purposes and it is not necessarily indicative of the categories in which future credit losses may occur. The total allowance is available to absorb losses from any segment of loans. The allocations in the following table were determined by a combination of the following factors: specific allocations made on loans considered impaired as determined by management and the loan review committee, a general allocation on certain other impaired loans and historical losses in each loan type category combined with a weighting of the current loan composition. The following table details the allocation of the allowance for loan losses to the various categories. Prior year amounts have been reclassified to conform to the 2010 presentation format.
 
 
 
 
 
 
 
 
 
 

21
 

 
TABLE 10
 
December 31,
 
2010
 
2009
 
2008
 
2007
 
2006
(dollars in thousands)
Amount
 
% Gross Loans
 
Amount
 
% Gross Loans
 
Amount
 
% Gross Loans
 
Amount
 
% Gross Loans
 
Amount
 
% Gross Loans
Commercial and industrial
$
9,848
 
 
25
%
 
$
5,043
 
 
28
%
 
$
5,755
 
 
26
%
 
$
3,499
 
 
28
%
 
$
3,319
 
 
30
%
Commercial tax-exempt
89
 
 
6
 
 
1,336
 
 
7
 
 
917
 
 
6
 
 
521
 
 
4
 
 
228
 
 
3
 
Owner occupied real estate
910
 
 
18
 
 
2,419
 
 
18
 
 
2,020
 
 
19
 
 
1,914
 
 
22
 
 
1,023
 
 
13
 
Commercial construction
and land development
5,420
 
 
8
 
 
914
 
 
8
 
 
2,231
 
 
7
 
 
62
 
 
7
 
 
387
 
 
6
 
Commercial real estate
4,051
 
 
22
 
 
2,249
 
 
18
 
 
2,834
 
 
20
 
 
1,736
 
 
13
 
 
1,825
 
 
19
 
Residential
442
 
 
6
 
 
738
 
 
6
 
 
1,002
 
 
6
 
 
893
 
 
8
 
 
705
 
 
10
 
Consumer
702
 
 
15
 
 
1,687
 
 
15
 
 
1,899
 
 
16
 
 
1,800
 
 
18
 
 
1,868
 
 
19
 
Unallocated
156
 
 
—
 
 
5
 
 
—
 
 
61
 
 
—
 
 
317
 
 
—
 
 
330
 
 
—
 
Total
$
21,618
 
 
100
%
 
$
14,391
 
 
100
%
 
$
16,719
 
 
100
%
 
$
10,742
 
 
100
%
 
$
9,685
 
 
100
%
 
Deposits
 
Total deposits at December 31, 2010, were $1.8 billion, an increase of $17.4 million, or 1%, over total deposits one year ago.  We regard core deposits as all deposits other than public CDs. Core deposits decreased by $13.1 million, or 1%, from $1.78 billion at December 31, 2009 to $1.77 billion at December 31, 2010. Total core demand noninterest bearing deposits increased by $21.1 million, or 7%, year over year while core demand interest-bearing and savings account balances were flat. Commercial core deposits grew by $34.2 million, or 7%, in 2010 to $552.2 million while governmental core deposits decreased by $43.2 million, or 12%, to $323.0 million. Core consumer deposits totaled $895 million at December 31, 2010 and comprise 51% of our total core deposits. Total average deposits for 2010 were $1.86 billion, an increase of $160.6 million, or 9%, over the 2009 average of $1.70 billion. As noted in Table 11 below, declines in average savings and time deposit balances were more than offset by growth in average demand deposits.
 
The average balances and weighted average rates paid on deposits for 2010, 2009 and 2008 are presented below:
 
TABLE 11
 
Years Ended December 31,
 
2010
 
2009
 
2008
(dollars in thousands)
Average Balance/Rate
 
Average Balance/Rate
 
Average Balance/Rate
Demand deposits:
 
 
 
 
 
 
 
 
 
 
 
   Noninterest-bearing
$
332,099
 
 
 
 
$
303,963
 
 
 
 
$
276,120
 
 
 
   Interest-bearing (money market and checking)
946,982
 
 
0.69
%
 
795,835
 
 
0.92
%
 
727,783
 
 
1.53
%
Savings
324,698
 
 
0.47
 
 
329,799
 
 
0.59
 
 
351,291
 
 
1.10
 
Time
258,042
 
 
2.11
 
 
271,643
 
 
2.95
 
 
203,805
 
 
3.53
 
Total deposits
$
1,861,821
 
 
0.72
%
 
$
1,701,240
 
 
1.02
%
 
$
1,558,999
 
 
1.42
%
 
The decrease in the average rates paid on deposits from 2008 to 2009 and again from 2009 to 2010 are a direct result of the general level of short-term market interest rates and the Company's pricing of its deposit rates paid in accordance with such market rates.  See the Results of Operations section earlier in this Management's Discussion and Analysis regarding the Company's cost of deposits.
 
 
 
 
 
 
 

22
 

The remaining maturities for CDs with balances of $100,000 or more as of December 31, 2010 are presented in Table 12.
 
TABLE 12
 
December 31,
(in thousands)
2010
3 months or less
$
51,942
 
3 to 6 months
31,941
 
6 to 12 months
23,907
 
Over 12 months
25,593
 
Total
$
133,383
 
 
Short-Term Borrowings
 
Short-term borrowings used to meet temporary funding needs consist of overnight and short-term advances from the FHLB. For 2010, short-term borrowings averaged $52.2 million, a $120.7 million, or 70%, decrease from 2009. The decrease in the average level of short-term borrowings in 2010 as compared to 2009 and to 2008 is attributable to a lower need for such borrowings as a result of the level of deposit growth throughout the last two years as well as the receipt of proceeds from a common stock offering at the end of the third quarter in 2009.  The weighted-average rate paid during 2010 for short-term borrowings was 0.60% compared with 0.59% during 2009.  Rates paid by Metro on short-term borrowings are directly related to the level of overall general market interest rates.  Therefore, due to the lower level of market rates prevalent throughout 2009 and 2010 compared to 2008, the rate paid on such borrowings by Metro decreased by 138 bps in 2010 compared to 2008.  At December 31, 2010, short-term borrowings outstanding totaled $140.5 million at a rate of 0.60%. As of December 31, 2009, short-term borrowings outstanding totaled $51.1 million at a rate of 0.62%. As of December 31, 2008, short-term borrowings outstanding totaled $300.1 million at a rate of 0.57%. The maximum short-term borrowings outstanding at any one month-end were $140.5 million in 2010, $317.7 million in 2009 and $356.5 million in 2008.
 
Long-Term Debt
 
Long-term debt totaled $29.4 million at December 31, 2010 compared to $54.4 million at December 31, 2009. Our long-term debt consists of $29.4 million of Trust Capital Securities through Commerce Harrisburg Capital Trust I, Commerce Harrisburg Capital Trust II and Commerce Harrisburg Capital Trust III, our Delaware business trust subsidiaries. As part of the Company's Asset/Liability management strategy, management utilized the FHLB convertible select borrowing product during the third quarter of 2007 with the acquisition of a $25.0 million borrowing with a 5-year maturity and a six month conversion term at an initial interest rate of 4.29%. As part of a strategy to increase future net interest income, the Company elected to pay off the entire $25.0 million during the fourth quarter of 2010 and incurred a $1.6 million prepayment charge. At December 31, 2010, all of the Capital Trust Securities qualified as Tier I capital for regulatory capital purposes. Proceeds of the trust capital securities were used for general corporate purposes, including additional capitalization of our wholly-owned banking subsidiary. See Note 10 in the Notes to Consolidated Financial Statements for the year ended December 31, 2010 for further analysis of our long-term debt.
 
Stockholders' Equity and Capital Adequacy
 
At December 31, 2010, stockholders' equity totaled $205.4 million, up $5.3 million, or 3%, over stockholders' equity at December 31, 2009. The ratio of stockholders' equity as a percent of total assets decreased to 9.19% at December 31, 2010, from 9.31% at December 31, 2009 primarily as a result of total asset growth of $86.7 million in 2010. Average stockholders' equity to average assets for the year 2010 was 9.47% compared to 6.77% in 2009. See Note 12 of Notes to Consolidated Financial Statements for the year ended December 31, 2010, included herein, for additional discussion regarding Stockholders' Equity.
 
On August 6, 2009, Metro Bancorp filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) which will allow the Company, from time to time, to offer and sell up to a total aggregate of $250.0 million of common stock, preferred stock, debt securities, or warrants, either separately or together in any combination. The shelf registration statement also registered trust preferred securities. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) excludes from regulatory capital trust preferred securities issued after May 19, 2010. Consequently, Metro Bancorp has no foreseeable plans to issue additional trust preferred securities. The Company has been well-capitalized under federal regulatory guidelines, however the shelf registration better positions us to take advantage of potential opportunities for growth and to address current economic conditions.
 
The Company completed a common stock offering in 2009 of 6.88 million shares, at $12.00 per share, for new capital proceeds, net of expenses, of $77.8 million.  The additional capital has significantly strengthened the Company's capital ratios far beyond regulatory

23
 

guidelines for “well-capitalized” status and positioned us for strong future growth as well as any potential continuation of difficult market economic conditions.
 
Risk-based capital provides the basis for which all banks are evaluated in terms of capital adequacy. The risk-based capital standards require all banks to have Tier 1 capital of at least 4% and total capital, including Tier 1 capital, of at least 8% of risk-adjusted assets. Tier 1 capital includes common stockholders' equity and qualifying perpetual preferred stock together with related surpluses and retained earnings. Total capital may be comprised of total Tier 1 capital plus limited life preferred stock, qualifying debt instruments and the allowance for loan losses.
 
The following table provides a comparison of the Company's risk-based capital ratios and leverage ratios to the minimum regulatory requirements for the periods indicated:
 
TABLE 13
 
Company
 
Bank
 
Minimum Regulatory Requirements
 
December 31,
 
December 31,
 
 
2010
 
2009
 
2010
 
2009
 
Total Capital
15.83
%
 
14.71
%
 
14.06
%
 
12.85
%
 
8.00
%
Tier 1 Capital
14.58
 
 
13.88
 
 
12.81
 
 
12.01
 
 
4.00
 
Leverage ratio (to total average assets)
10.68
 
 
11.31
 
 
9.38
 
 
9.82
 
 
4.00
 
 
At December 31, 2010, the capital levels of the Bank met the regulatory definition of a “well-capitalized” financial institution, i.e., a leverage capital ratio exceeding 5%, a Tier 1 risk-based capital ratio exceeding 6% and a total risk-based capital ratio exceeding 10%.
 
Our common stock trades on the NASDAQ Global Select Market under the symbol METR. The table below sets forth the prices on the NASDAQ Global Select Market known to us for the period beginning January 1, 2009 through December 31, 2010. As of December 31, 2010, there were approximately 4,000 holders of record of the Company's common stock.
 
 
Sales Price
Quarter Ended:
High
 
Low
March 31, 2010
$
14.22
 
 
$
10.82
 
June 30, 2010
14.76
 
 
11.72
 
September 30, 2010
13.45
 
 
9.05
 
December 31, 2010
11.33
 
 
9.30
 
March 31, 2009
$
27.48
 
 
$
11.00
 
June 30, 2009
22.95
 
 
17.60
 
September 30, 2009
19.99
 
 
11.50
 
December 31, 2009
13.16
 
 
10.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

24
 

The following graph shows the yearly percentage change in the Company's cumulative total shareholder return on its common stock from December 31, 2005 to December 31, 2010 compared with the cumulative total return of a NASDAQ Bank Index and the NASDAQ Composite Market Index.
We offer a Dividend Reinvestment and Stock Purchase Plan by which dividends on our Common Stock and optional cash payments of not less than $100 per month and no more than $25,000 per month may be invested in our Common Stock at a 3% discount to the market price and without payment of brokerage commissions. During 2010, our shareholders purchased 288,349 shares directly from the Company under this plan and, as a result, the Company received proceeds of approximately $3.2 million from such purchases.
 
Interest Rate Sensitivity
 
The management of interest rate sensitivity seeks to avoid fluctuating net interest margins and to provide consistent net interest income through periods of changing interest rates.
 
Our risk of loss arising from adverse changes in the fair value of financial instruments, or market risk, is composed primarily of interest rate risk. The primary objective of our asset/liability management activities is to maximize net interest income while maintaining acceptable levels of interest rate risk. Our Asset/Liability Committee (ALCO) is responsible for establishing policies to limit exposure to interest rate risk and to ensure procedures are established to monitor compliance with those policies. Our Board of Directors reviews the guidelines established by ALCO.
 
An interest rate sensitive asset or liability is one that, within a defined time period, either matures or experiences an interest rate change in line with general market interest rates. Historically, the most common method of estimating interest rate risk was to measure the maturity and repricing relationships between interest-earning assets and interest-bearing liabilities at specific points in time, referred to as “GAP,” typically one year. Under this method, a company is considered liability sensitive when the amount of its interest-bearing liabilities exceeds the amount of its interest-earning assets within the one-year horizon. However, assets and liabilities with similar repricing characteristics may not reprice at the same time or to the same degree. As a result, our GAP does not necessarily predict the impact of changes in general levels of interest rates on net interest income. Table 14 shows our GAP position as of December 31, 2010. The repricing assumptions used in the table are as follows:
 
•    
Fixed rate loans receivable are scheduled according to their contractual amortization and payment schedules specific to each loan. A market consensus Constant Prepayment Rate (CPR) is applied to Residential Mortgage Fixed rate loans;
•    
Floating rate loans receivable are tied to a floating index such as New York Prime and are scheduled according to their repricing

25
 

characteristics;
•    
Securities with pre-payment characteristics such as MBSs and CMOs are scheduled based upon their remaining weighted average lives as calculated utilizing a market consensus CPR. Securities with call options are analyzed in the context of the existing interest rate environment to estimate the likelihood of their call and to project their resulting payment schedule. All other securities are assumed to reprice at their contractual maturity;
•    
Fixed rate transaction accounts are scheduled to reprice in accordance with their estimated decay rates as determined in a core deposit study produced by an independent consultant. Floating rate transaction accounts are scheduled in the 1-90 day category as they are tied to a floating index such as the 91-Day Treasury bill; and
•    
Time deposit accounts, short-term borrowings and trust capital securities are scheduled based upon their contractual maturity dates.
 
TABLE 14
 
December 31, 2010
(dollars in thousands)
1 - 90
Days
 
91 - 180
Days
 
181 - 365
Days
 
1 - 5
Years
 
Beyond 5
Years
 
Total
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Loans receivable, including loans
held for sale
$
601,330
 
 
$
35,815
 
 
$
61,437
 
 
$
475,003
 
 
$
224,225
 
 
$
1,397,810
 
Securities
74,690
 
 
35,792
 
 
61,906
 
 
233,620
 
 
280,208
 
 
686,216
 
Total interest-earning assets
676,020
 
 
71,607
 
 
123,343
 
 
708,623
 
 
504,433
 
 
2,084,026
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transaction accounts, excluding
noninterest-bearing demand
262,262
 
 
44,333
 
 
51,413
 
 
218,623
 
 
643,939
 
 
1,220,570
 
Time deposits
79,112
 
 
52,160
 
 
58,031
 
 
81,350
 
 
—
 
 
270,653
 
Short-term borrowings
140,475
 
 
—
 
 
—
 
 
—
 
 
—
 
 
140,475
 
Long-term debt
—
 
 
—
 
 
—
 
 
—
 
 
29,400
 
 
29,400
 
Total interest-bearing liabilities
481,849
 
 
96,493
 
 
109,444
 
 
299,973
 
 
673,339
 
 
1,661,098
 
Period GAP
194,171
 
 
(24,886
)
 
13,899
 
 
408,650
 
 
(168,906
)
 
$
422,928
 
Cumulative GAP
$
194,171
 
 
$
169,285
 
 
$
183,184
 
 
$
591,834
 
 
$
422,928
 
 
 
 
Cumulative RSA / RSL
140.30
%
 
129.27
%
 
126.63
%
 
159.92
%
 
125.46
%
 
 
 
 
Notes: Securities are reported at face value for purposes of this table. Securities include restricted investment in bank stock for purposes of this table. RSA means rate sensitive assets; RSL means rate sensitive liabilities.
 
Shortcomings are inherent in any GAP analysis since certain assets and liabilities may not move proportionately as interest rates change. As the interest rate environment has become more volatile, we have continued to place greater reliance on interest income sensitivity modeling and less on GAP reporting.
 
Our management understands that the preparation of GAP reports can only provide a guide to the impact of the movement of interest rates. Modeling is the best means to predict the movement in interest rates. This is true because even with the achievement of a perfectly matched balance sheet (per a GAP report), we may be subject to interest rate risk due to: differences in the timing of repricing, basis risk, market risk, customer ability to prepay loans or withdraw funds and yield curve risk.
 
Our management believes the simulation of net interest income in different interest rate environments provides a more meaningful measure of interest rate risk. Income simulation analysis captures not only the potential of all assets and liabilities to mature or reprice, but also the probability that they will do so. Income simulation also attends to the relative interest rate sensitivities of these items and projects their behavior over an extended period of time. Finally, income simulation permits management to assess the probable effects on the balance sheet not only of changes in interest rates, but also of proposed strategies for responding to them.
 
Our income simulation model analyzes interest rate sensitivity by projecting net interest income over the next 24 months in a flat rate scenario versus net interest income in alternative interest rate scenarios. Our management continually reviews and refines its interest rate risk management process in response to the changing economic climate. Currently, our model projects a 200 bp increase and a 100 bp decrease during the next year, with rates remaining constant in the second year. We also model a 300, 400 and 500 bp increase in market

26
 

interest rates over the next two years.
 
Our ALCO policy has established that income sensitivity will be considered acceptable if overall net interest income volatility in the above mentioned interest rate scenarios are within 4% of forecasted net interest income in the first year and within 5% using a two-year time frame.
 
The following table compares the impact on forecasted net income at December 31, 2010 of a plus 200 and minus 100 bp change in interest rates to the impact at December 31, 2009 in the plus 200 and minus 100 bp scenarios.
 
 
Plus 200
 
Minus 100
December 31, 2010
 
 
 
Twelve Months
(0.3
)%
 
(2.4
)%
Twenty-Four Months
1.7
 %
 
(3.1
)%
December 31, 2009
 
 
 
 
 
Twelve Months
2.1
 %
 
(2.0
)%
Twenty-Four Months
5.7
 %
 
(4.5
)%
 
Management continues to evaluate strategies in conjunction with the Company's ALCO to effectively manage the interest rate risk position. Such strategies could include the sale of a portion of our AFS investment portfolio, purchasing floating rate securities, altering the mix of our deposits by type and therefore rate paid, the use of risk management tools such as interest rate swaps and caps, adjusting the investment leverage position funded by short-term borrowings extending the maturity structure of the Company's short-term borrowing position or fixing the cost of our short-term borrowings.
 
Management uses many assumptions to calculate the impact of changes in interest rates. Actual results may not be similar to our projections due to several factors including the timing and frequency of rate changes, market conditions and the shape of the yield curve. In general, a flattening of the yield curve would result in reduced net interest income compared to a normal-shaped interest rate curve scenario and proportionate rate shift assumptions. Actual results may also differ due to Management's actions, if any, in response to the changing rates.
 
Management also monitors interest rate risk by utilizing a market value of equity model. The model assesses the impact of a change in interest rates on the market value of all our assets and liabilities, as well as any off balance sheet items. Market value of equity is defined as the market value of assets less the market value of liabilities plus the market value of off-balance sheet items. The model calculates the market value of equity in the current rate scenario and then compares the market value of equity given an immediate 200 bp increase and a 100 bp decrease in rates. Our ALCO policy indicates that the level of interest rate risk is unacceptable if the immediate change in rates would result in a loss of more than 30% of the market value calculated in the current rate scenario.  This measurement of interest rate risk represents a change from the previously reported metric which focused on the change in the excess of market value over book value in each of the interest rate scenarios.   At December 31, 2010 the market value of equity calculation indicated acceptable levels of interest rate risk in all scenarios per the policies established by our ALCO.
 
The market value of equity model reflects certain estimates and assumptions regarding the impact on the market value of our assets and liabilities given an immediate plus 200 or minus 100 bp change in rates. One of the key assumptions is the market value assigned to our core deposits, or the core deposit premiums. Using an independent consultant, we have completed and updated comprehensive core deposit studies in order to assign our own core deposit premiums as permitted by regulation. The studies have consistently confirmed management's assertion that our core deposits have stable balances over long periods of time, are generally insensitive to changes in interest rates and have significantly longer average lives and durations than our loans and investment securities. Thus, these core deposit balances provide an internal hedge to market fluctuations in our fixed rate assets. Management believes the core deposit premiums produced by its market value of equity model at December 31, 2010 provide an accurate assessment of our interest rate risk.  At December 31, 2010, the average life of our core deposition transaction accounts was eight years.
 
Liquidity
 
The objective of liquidity management is to ensure our ability to meet our financial obligations. These obligations include the payment of deposits on demand at their contractual maturity; the repayment of borrowings as they mature; the payment of lease obligations as they become due; the ability to fund new and existing loans and other funding commitments; and the ability to take advantage of new business opportunities. The Board of Directors is responsible for approving a Liquidity Policy to be implemented by ALCO and management.
 

27
 

Liquidity sources are found on both sides of the balance sheet. Liquidity is provided on a continuous basis through scheduled and unscheduled principal reductions and interest payments on outstanding loans and investments. Liquidity is also provided through the availability and maintenance of a strong base of core customer deposits; maturing short-term assets; the ability to sell marketable securities; short-term borrowings and access to capital markets.
 
Liquidity is measured and monitored daily, allowing management to better understand and react to balance sheet trends. On a monthly basis, a comprehensive liquidity analysis is reviewed by our Board of Directors. The analysis provides a summary of the current liquidity measurements, projections and future liquidity positions given various levels of liquidity stress. Management also maintains a detailed liquidity contingency plan designed to respond to an overall decline in the condition of the banking industry or a problem specific to the Company.
 
The Consolidated Statements of Cash Flows provide additional information on our sources and uses of funds. From a funding standpoint, we have been able to rely over the years on a stable base of strong “core” deposit growth. Cash from operating activities during 2010 decreased to $8.7 million from $58.8 million during 2009. This decrease was primarily attributed to the timing of loan sales, a higher provision for loan losses and a decrease in other liabilities, partially offset by a higher net loss in 2010 as compared to 2009. Investing activities resulted in a net cash outflow of $99.6 million during 2010 compared to $54.3 million in 2009, primarily due to an increase in purchases of securities in 2010 as compared to 2009. Financing activities resulted in net cash of $83.5 million provided in 2010 compared to a net outflow of $13.7 million in 2009. The net cash inflow in 2010 was mostly from an increase in short-term borrowings of $89.4 million and an increase in deposits of $17.4 million compared to a $180.7 million increase in 2009. In addition, 2009 cash inflows included proceeds from the issuance of common stock which generated $77.8 million in net cash proceeds.
 
Our investment portfolio consists mainly of MBSs. Cash flows from such investments are dependent upon the performance of the underlying mortgage loans and are generally influenced by the level of interest rates. As rates increase, cash flows generally decrease as prepayments on the underlying mortgage loans slow. As rates decrease, cash flows generally increase as prepayments increase. In the current market environment which has adversely impacted the pricing on certain securities in the Company's investment portfolio, the Company would not be inclined to act on a sale of such securities for liquidity purposes. If the Company attempted to sell certain securities of its investment portfolio, the current performance of the underlying collateral as well as the current depressed market price could affect the Company's ability to sell those securities, as well as the value the Company would be able to realize.
 
We also maintain secondary sources of liquidity consisting of federal funds lines of credit and borrowing capacity at the FHLB, which can be drawn upon if needed. In addition, we have the ability to borrow at the Federal Discount Window. As of December 31, 2010, our total potential liquidity through these secondary sources was $528.9 million of which $388.4 million was currently available, as compared to $572.1 million at December 31, 2009 of which $496.1 million was currently available.
 
The Bank opted to remain in the FDIC-sponsored Temporary Liquidity Guarantee Program which provided 100% federal deposit insurance coverage for any individual non-interest demand checking account and low-interest NOW checking account whose balance exceeds $250,000. The program expired on December 31, 2010. The Dodd-Frank Act provides temporary unlimited coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions. The separate coverage for these accounts became effective on December 31, 2010 and terminates on December 31, 2012. Upon such expiration, customer deposit and withdrawal behavior for such accounts could fluctuate materially and, as a result, have an adverse impact on our liquidity position.
 
The Company and the Bank's liquidity are managed separately. On an unconsolidated basis, the principal source of the Company's revenue is dividends paid to the Company by the Bank. The Bank is subject to regulatory restrictions on its ability to pay dividends to the Company. The Company's net cash outflows consist principally of interest on the trust-preferred securities, dividends on the preferred stock and unallocated corporate expenses.
 
As a result of Metro Bank entering into a Consent Order with both the FDIC and the Pennsylvania Department of Banking on April 29, 2010, the FHLB has temporarily reduced the Bank's available borrowing level to 50% of the Bank's normal maximum borrowing capacity. Additionally, the Bank may borrow between 50% and 75% of its maximum borrowing capacity upon delivery of acceptable collateral to the FHLB.
 
 
 
 
 
 
 
 

28
 

Aggregate Contractual Obligations
 
The following table represents our on-and-off balance sheet aggregate contractual obligations to make future payments as of December 31, 2010:
 
TABLE 15
 
December 31, 2010
(in thousands)
Less than
1 Year
 
1 to 3
Years
 
3 to 5
Years
 
Over 5
Years
 
Total
Time deposits
$
189,303
 
 
$
59,299
 
 
$
22,051
 
 
$
—
 
 
$
270,653
 
Long-term debt
—
 
 
—
 
 
—
 
 
29,400
 
 
29,400
 
Fiserv obligation
7,032
 
 
15,500
 
 
17,308
 
 
—
 
 
39,840
 
Operating leases
2,498
 
 
4,280
 
 
4,074
 
 
21,960
 
 
32,812
 
Sponsorship obligation
338
 
 
677
 
 
677
 
 
1,015
 
 
2,707
 
Total
$
199,171
 
 
$
79,756
 
 
$
44,110
 
 
$
52,375
 
 
$
375,412
 
 
For further discussion regarding our commitments and contingencies, please see Notes 7 and 18 in the Notes to Consolidated Financial Statements for December 31, 2010, included herein.
 
Off-Balance Sheet Arrangements
 
During the conduct of ordinary business operations we routinely enter into contracts for services. These contracts may require payment for services to be provided in the future and may also contain penalty clauses for the early termination of the contract. Management is not aware of any additional commitments or contingent liabilities, which may have a material adverse impact on our liquidity or capital resources.
 
We are also party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. See Note 5 in the Notes to the Consolidated Financial Statements for December 31, 2010, included herein, for additional information.
 
Forward-Looking Statements
 
This annual report on Form 10-K and the documents incorporated by reference contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act and Section 21E of the Securities Exchange Act of 1934, which we refer to as the Exchange Act, with respect to the financial condition, liquidity, results of operations, future performance and business of Metro Bancorp, Inc. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control).   The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” and similar expressions are intended to identify forward-looking statements. 
 
While we believe our plans, objectives, goals, expectations, anticipations, estimates and intentions as reflected in these forward-looking statements are reasonable, we can give no assurance that any of them will be achieved.  You should understand that various factors, in addition to those discussed elsewhere in this annual report on Form 10-K and incorporated by reference in this annual report on Form 10-K, could affect our future results and could cause results to differ materially from those expressed in these forward-looking statements, including: 
 
•    
the effects of and changes in trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System;
•    
the FDIC deposit fund is continually being used due to increased bank failures and existing financial institutions are being assessed higher  premiums in order to replenish the fund;
•    
the impact of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act and other changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance);
•    
general economic or business conditions, either nationally, regionally or in the communities in which we do business, may be

29
 

less favorable than expected, resulting in, among other things, a deterioration in credit quality and loan performance or a reduced demand for credit;
•    
continued levels of loan quality and volume origination;
•    
the adequacy of loan loss reserves;
•    
the willingness of customers to substitute competitors' products and services for our products and services and vice versa, based on price, quality, relationship or otherwise;
•    
unanticipated regulatory or judicial proceedings and liabilities and other costs;
•    
interest rate, market and monetary fluctuations;
•    
the timely development of competitive new products and services by us and the acceptance of such products and services by customers;
•    
changes in consumer spending and saving habits relative to the financial services we provide;
•    
the loss of certain key officers;
•    
continued relationships with major customers;
•    
our ability to continue to grow our business internally and through acquisition and successful integration of new or acquired entities while controlling costs;
•    
compliance with laws and regulatory requirements of federal, state and local agencies;
•    
the ability to hedge certain risks economically;
•    
effect of terrorist attacks and threats of actual war;
•    
deposit flows;
•    
changes in accounting principles, policies and guidelines;
•    
rapidly changing technology;
•    
compliance with the April 29, 2010 consent order may result in continued increased noninterest expenses;
•    
other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services; and
•    
our success at managing the risks involved in the foregoing.
 
Because such forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements.  The foregoing list of important factors is not exclusive and you are cautioned not to place undue reliance on these factors or any of our forward-looking statements, which speak only as of the date of this document or, in the case of documents incorporated by reference, the dates of those documents. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of us except as required by applicable law.
 
The Company may, from time to time, make written or oral “forward-looking statements”, including statements contained in the Company's filings with the SEC (including the annual report on Form 10-K and the exhibits thereto), in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
 
Impact of Inflation and Changing Prices
 
Interest rates have a more significant impact on our performance than do the effects of general levels of inflation, since most of our assets and liabilities are monetary in nature. Interest rates do not necessarily move in the same direction or in the same magnitude as the prices of goods and services as measured by the Consumer Price Index. The liquidity and maturity structure of our assets and liabilities are critical to the maintenance of acceptable performance levels.
 
Quantitative and Qualitative Disclosures about Market Risk
 
Our exposure to market risk principally includes interest rate risk, which was previously discussed. Historically, our net interest margin has remained fairly stable. Our net interest margin for the year ended December 31, 2010 was 3.89%, an increase of 9 bps from 3.80% for the year ended December 31, 2009. See the section titled “Net Interest Income and Net Interest Margin” in this Management's

30
 

Discussion and Analysis for further discussion regarding our net interest margin performance.
 
Currently, we have 97% of our deposits in accounts which we consider core deposits. These accounts, which have a relatively low interest cost, have historically contributed significantly to our net interest margin.
 

31
 

Metro Bancorp, Inc.
Report on Management's Assessment of Internal Control Over
Financial Reporting
 
Metro Bancorp, Inc. is responsible for the preparation, integrity, and fair presentation of the consolidated financial statements included in this annual report.  The consolidated financial statements and notes included in this annual report have been prepared in conformity with United States generally accepted accounting principles and necessarily include some amounts that are based on management's best estimates and judgments.
 
We, as management of Metro Bancorp, Inc., are responsible for establishing and maintaining effective internal control over financial reporting that is designed to produce reliable financial statements in conformity with United States generally accepted accounting principles.  Internal control over financial reporting includes those policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of the assets of the Company; provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statement in accordance with generally accepted accounting principles, that receipts and expenditures of the Company are only being made in accordance with authorizations of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.  The system of internal control over financial reporting as it relates to the financial statements is evaluated for effectiveness by management and tested for liability through a program of internal audits.  Actions are taken to correct potential deficiencies as they are identified.
 
Any system of internal control, no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden and misstatements due to error or fraud may occur and not be detected.  Also, because of changes in conditions, internal control effectiveness may vary over time.  Accordingly, even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation.
 
Management assessed the Company's system of internal control over financial reporting as of December 31, 2010, in relation to criteria for effective internal control over financial reporting as described in Internal Control - Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on this assessment, management concludes that, as of December 31, 2010, its system of internal control over financial reporting is effective and meets the criteria of Internal Control - Integrated Framework.
 
ParenteBeard LLC, an independent registered public accounting firm, has audited the consolidated financial statements of the Company for the year ended December 31, 2010, appearing elsewhere in this annual report, and has issued an audit report on the effectiveness of the Company's internal control over financial reporting as of December 31, 2010, as stated in their report, which is included herein.
 
 
 
 
 /s/ Gary L. Nalbandian
 
Gary L. Nalbandian
 
Chairman, President and Chief Executive Officer
 
 (Principal Executive Officer)
 
 
 
 /s/ Mark A. Zody
 
Mark A. Zody
 
Executive Vice President and Chief Financial Officer
 
 (Principal Financial and Accounting Officer)
March 16, 2011
 
 
                                                                                                                              
 
 
 

32
 

Report of Independent Registered Public Accounting Firm
 
To the Board of Directors and Stockholders
of Metro Bancorp, Inc.
Harrisburg, Pennsylvania
 
We have audited Metro Bancorp, Inc.'s (the “Company”) internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Metro Bancorp, Inc.'s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report on Management's Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.
 
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
In our opinion, Metro Bancorp, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Metro Bancorp, Inc. and subsidiaries as of December 31, 2010 and 2009 and the related consolidated statements of operations, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2010 and our report dated March 16, 2011 expressed an unqualified opinion.
 
 
 
Harrisburg, Pennsylvania
March 16, 2011
 
 
 

33
 

 
Report of Independent Registered Public Accounting Firm
 
To the Board of Directors and Stockholders
of Metro Bancorp, Inc.
Harrisburg, Pennsylvania
 
We have audited the accompanying consolidated balance sheets of Metro Bancorp, Inc. and subsidiaries (the “Company”) as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2010. Metro Bancorp, Inc.'s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Metro Bancorp, Inc. and its subsidiaries as of December 31, 2010 and 2009, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2010, in conformity with accounting principles generally accepted in the United States of America.
 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Metro Bancorp, Inc.'s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 16, 2011 expressed an unqualified opinion.
 
 
Harrisburg, Pennsylvania
March 16, 2011
 

34
 

Consolidated Balance Sheets
 
December 31,
(in thousands, except share and per share amounts)
2010
 
2009
Assets
 
 
 
Cash and cash equivalents
$
32,858
 
 
$
40,264
 
Securities, available for sale at fair value
438,012
 
 
388,836
 
Securities, held to maturity at cost (fair value 2010: $224,202;  2009: $119,926)
227,576
 
 
117,815
 
Loans, held for sale
18,605
 
 
12,712
 
Loans receivable, net of allowance for loan losses (allowance 2010: $21,618;  2009: $14,391)
1,357,587
 
 
1,429,392
 
Restricted investments in bank stock
20,614
 
 
21,630
 
Premises and equipment, net
88,162
 
 
93,780
 
Other assets
51,058
 
 
43,330
 
Total assets
$
2,234,472
 
 
$
2,147,759
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
Deposits:
 
 
 
 
 
Noninterest-bearing
$
340,956
 
 
$
319,850
 
Interest-bearing
1,491,223
 
 
1,494,883
 
      Total deposits
1,832,179
 
 
1,814,733
 
Short-term borrowing and repurchase agreements
140,475
 
 
51,075
 
Long-term debt
29,400
 
 
54,400
 
Other liabilities
27,067
 
 
27,529
 
Total liabilities
2,029,121
 
 
1,947,737
 
Stockholders' Equity:
 
 
 
 
 
Preferred stock - Series A noncumulative; $10.00 par value;
 
 
 
      1,000,000 shares authorized; 40,000 shares issued and outstanding
400
 
 
400
 
Common stock - $1.00 par value; 25,000,000 shares authorized;
 
 
 
      (issued and outstanding shares 2010: 13,748,384;  2009: 13,448,447)
13,748
 
 
13,448
 
Surplus
151,545
 
 
147,340
 
Retained earnings
45,288
 
 
49,705
 
Accumulated other comprehensive loss
(5,630
)
 
(10,871
)
Total stockholders' equity
205,351
 
 
200,022
 
Total liabilities and stockholders' equity
$
2,234,472
 
 
$
2,147,759
 
 
See accompanying notes.
 

35
 

Consolidated Statements of Operations
 
Years Ended December 31,
(in thousands, except per share amounts)
2010
 
2009
 
2008
Interest Income
 
 
 
 
 
Loans receivable, including fees:
 
 
 
 
 
Taxable
$
70,423
 
 
$
74,113
 
 
$
79,247
 
Tax-exempt
4,521
 
 
4,345
 
 
3,427
 
Securities:
 
 
 
 
 
 
 
Taxable
22,275
 
 
19,858
 
 
28,401
 
Tax-exempt
14
 
 
65
 
 
65
 
Federal funds sold
14
 
 
2
 
 
—
 
Total interest income
97,247
 
 
98,383
 
 
111,140
 
Interest Expense
 
 
 
 
 
 
 
 
Deposits
13,467
 
 
17,287
 
 
22,211
 
Short-term borrowings
317
 
 
1,038
 
 
5,349
 
Long-term debt
3,613
 
 
4,452
 
 
4,875
 
Total interest expense
17,397
 
 
22,777
 
 
32,435
 
Net interest income
79,850
 
 
75,606
 
 
78,705
 
Provision for loan losses
21,000
 
 
12,425
 
 
7,475
 
 Net interest income after provision for loan losses
58,850
 
 
63,181
 
 
71,230
 
Noninterest Income
 
 
 
 
 
 
 
 
Service charges, fees and other operating income
26,681
 
 
24,681
 
 
24,852
 
Gains on sales of loans
2,434
 
 
546
 
 
738
 
Total fees and other income
29,115
 
 
25,227
 
 
25,590
 
Other-than-temporary impairment losses
(2,005
)
 
(4,793
)
 
—
 
Portion recognized in other comprehensive income (before taxes)
1,043
 
 
2,452
 
 
—
 
Net impairment loss on investment securities
(962
)
 
(2,341
)
 
—
 
Net gains (losses) on sales/call of securities
2,801
 
 
1,571
 
 
(157
)
Debt prepayment charge
(1,574
)
 
—
 
 
—
 
Total noninterest income
29,380
 
 
24,457
 
 
25,433
 
Noninterest Expenses
 
 
 
 
 
 
 
 
Salaries and employee benefits
41,494
 
 
43,426
 
 
38,085
 
Occupancy
8,429
 
 
8,166
 
 
8,087
 
Furniture and equipment
5,134
 
 
4,766
 
 
4,307
 
Advertising and marketing
2,967
 
 
2,751
 
 
2,747
 
Data processing
13,121
 
 
9,155
 
 
7,234
 
Postage and supplies
920
 
 
2,278
 
 
1,878
 
Regulatory assessments and related fees
4,598
 
 
3,992
 
 
2,834
 
Telephone
3,492
 
 
4,134
 
 
2,214
 
Loan expense
1,658
 
 
1,581
 
 
864
 
Foreclosed real estate
1,380
 
 
578
 
 
363
 
Core system conversion/branding (net)
—
 
 
917
 
 
935
 
Merger/acquisition
17
 
 
765
 
 
491
 
Consulting fees
4,508
 
 
762
 
 
177
 
Other
9,385
 
 
8,439
 
 
7,693
 
Total noninterest expenses
97,103
 
 
91,710
 
 
77,909
 
Income (loss) before taxes
(8,873
)
 
(4,072
)
 
18,754
 
Provision (benefit) for federal income taxes
(4,536
)
 
(2,174
)
 
5,853
 
Net income (loss)
$
(4,337
)
 
$
(1,898
)
 
$
12,901
 
Net Income (Loss) per Common Share
 
 
 
 
 
 
 
 
Basic
$
(0.33
)
 
$
(0.24
)
 
$
2.02
 
Diluted
(0.33
)
 
(0.24
)
 
1.97
 
Average Common and Common Equivalent Shares Outstanding
 
 
 
 
 
 
 
 
Basic
13,563
 
 
8,241
 
 
6,356
 
Diluted
13,563
 
 
8,241
 
 
6,520
 
See accompanying notes.

36
 

Consolidated Statements of Stockholders' Equity
(in thousands, except share amounts)
Preferred Stock
 
Common Stock
 
Surplus
 
Retained Earnings
 
Accumulated Other Comprehensive (Loss)
 
Total
            
 
 
 
 
 
 
 
 
 
 
 
January 1, 2008
$
400
 
 
$
6,314
 
 
$
70,610
 
 
$
38,862
 
 
$
(3,851
)
 
$
112,335
 
Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
—
 
 
—
 
 
—
 
 
12,901
 
 
—
 
 
12,901
 
Other comprehensive loss, net of tax impact
—
 
 
—
 
 
—
 
 
—
 
 
(13,429
)
 
(13,429
)
Total comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(528
)
Dividends declared on preferred stock
—
 
 
—
 
 
—
 
 
(80
)
 
—
 
 
(80
)
Common stock of 95,386 shares issued under
stock option plans, including tax benefit of $102
—
 
 
95
 
 
548
 
 
—
 
 
—
 
 
643
 
Common stock of 160 shares issued under
employee stock purchase plan
—
 
 
—
 
 
4
 
 
—
 
 
—
 
 
4
 
Proceeds from issuance of 37,212 shares of
common stock in connection with
dividend reinvestment and stock purchase plan
—
 
 
37
 
 
917
 
 
—
 
 
—
 
 
954
 
Common stock share-based awards
—
 
 
—
 
 
1,142
 
 
—
 
 
—
 
 
1,142
 
December 31, 2008
400
 
 
6,446
 
 
73,221
 
 
51,683
 
 
(17,280
)
 
114,470
 
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
—
 
 
—
 
 
—
 
 
(1,898
)
 
—
 
 
(1,898
)
Other comprehensive income, net of tax impact
—
 
 
—
 
 
—
 
 
—
 
 
6,409
 
 
6,409
 
Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,511
 
Dividends declared on preferred stock
—
 
 
—
 
 
—
 
 
(80
)
 
—
 
 
(80
)
Common stock of 48,007 shares issued under
stock option plans, including tax benefit of $76
—
 
 
48
 
 
661
 
 
—
 
 
—
 
 
709
 
Common stock of 400 shares issued under
employee stock purchase plan
—
 
 
—
 
 
7
 
 
—
 
 
—
 
 
7
 
Proceeds from issuance of 78,619 shares of
common stock in connection with dividend
reinvestment and stock purchase plan
—
 
 
79
 
 
1,095
 
 
—
 
 
—
 
 
1,174
 
Common stock share-based awards
—
 
 
—
 
 
1,439
 
 
—
 
 
—
 
 
1,439
 
Proceeds from issuance of 6,875,000 shares of
common stock in connection with stock offering
—
 
 
6,875
 
 
70,917
 
 
—
 
 
—
 
 
77,792
 
December 31, 2009
400
 
 
13,448
 
 
147,340
 
 
49,705
 
 
(10,871
)
 
200,022
 
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
—
 
 
—
 
 
—
 
 
(4,337
)
 
—
 
 
(4,337
)
Other comprehensive income, net of tax impact
—
 
 
—
 
 
—
 
 
—
 
 
5,241
 
 
5,241
 
Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
904
 
Dividends declared on preferred stock
—
 
 
—
 
 
—
 
 
(80
)
 
—
 
 
(80
)
Common stock of 11,378 shares issued under
stock option plans, including tax benefit of $25
—
 
 
12
 
 
91
 
 
—
 
 
—
 
 
103
 
Common stock of 210 shares issued under
employee stock purchase plan
—
 
 
—
 
 
2
 
 
—
 
 
—
 
 
2
 
Proceeds from issuance of 288,349 shares of
common stock in connection with dividend
reinvestment and stock purchase plan
—
 
 
288
 
 
2,868
 
 
—
 
 
—
 
 
3,156
 
Common stock share-based awards
—
 
 
—
 
 
1,244
 
 
—
 
 
—
 
 
1,244
 
December 31, 2010
$
400
 
 
$
13,748
 
 
$
151,545
 
 
$
45,288
 
 
$
(5,630
)
 
$
205,351
 
 
See accompanying notes.
 

37
 

Consolidated Statements of Cash Flows                                                           
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Operating Activities
 
 
 
 
 
Net income (loss)
$
(4,337
)
 
$
(1,898
)
 
$
12,901
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
 
 
 
Provision for loan losses
21,000
 
 
12,425
 
 
7,475
 
Provision for depreciation and amortization
6,142
 
 
5,517
 
 
5,007
 
Deferred income (benefit) taxes
(4,772
)
 
1,667
 
 
(2,215
)
Amortization of securities premiums and accretion of discounts, net
122
 
 
416
 
 
450
 
(Gains) losses on sales/calls of securities (net)
(2,801
)
 
(1,571
)
 
157
 
Other-than-temporary impairment losses on investment securities
962
 
 
2,341
 
 
—
 
Proceeds from sales and transfers of SBA loans originated for sale
30,573
 
 
—
 
 
—
 
Proceeds from sales of other loans originated for sale
65,892
 
 
152,668
 
 
60,620
 
Loans originated for sale
(98,994
)
 
(123,686
)
 
(86,897
)
Gains on sales of loans originated for sale
(2,434
)
 
(546
)
 
(738
)
Loss on write-down on foreclosed real estate
860
 
 
272
 
 
303
 
Net (gains) losses on sales of foreclosed real estate
(51
)
 
18
 
 
(2
)
Loss on disposal of equipment
89
 
 
839
 
 
—
 
Stock-based compensation
1,244
 
 
1,439
 
 
1,142
 
Amortization of deferred loan origination fees and costs
1,928
 
 
2,092
 
 
1,726
 
Debt prepayment charge
1,574
 
 
—
 
 
—
 
(Increase) decrease in other assets
(6,856
)
 
(8,221
)
 
1,961
 
(Decrease) increase in other liabilities
(1,392
)
 
14,982
 
 
3,502
 
Net cash provided by operating activities
8,749
 
 
58,754
 
 
5,392
 
Investing Activities
 
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
   Proceeds from principal repayments, calls and maturities
153,786
 
 
98,557
 
 
47,627
 
   Proceeds from sales/calls
292,899
 
 
46,125
 
 
—
 
   Purchases
(485,985
)
 
(183,303
)
 
(23,212
)
Securities held to maturity:
 
 
 
 
 
 
 
 
Proceeds from principal repayments, calls and maturities
64,481
 
 
56,485
 
 
113,348
 
Proceeds from sales/calls
3,327
 
 
3,404
 
 
1,840
 
Purchases
(177,535
)
 
(25,000
)
 
(10,571
)
Proceeds from sales of loans receivable
—
 
 
5,782
 
 
1,806
 
Proceeds from sales of foreclosed real estate
3,513
 
 
2,108
 
 
304
 
Net (increase) decrease in loans receivable
45,505
 
 
(45,376
)
 
(289,286
)
Net redemption (purchase) of restricted investments in bank stock
1,016
 
 
—
 
 
(3,396
)
Proceeds from sale of premises and equipment
25
 
 
19
 
 
175
 
Purchases of premises and equipment
(638
)
 
(13,095
)
 
(2,867
)
Net cash used by investing activities
(99,606
)
 
(54,294
)
 
(164,232
)
Financing Activities
 
 
 
 
 
 
 
 
Net increase in demand, interest checking, money market, and savings deposits
17,505
 
 
139,620
 
 
9,247
 
Net (decrease) increase in time deposits
(59
)
 
41,128
 
 
63,842
 
Net increase (decrease) in short-term borrowings
89,400
 
 
(249,050
)
 
82,790
 
Repayment of long-term borrowings
(26,574
)
 
(25,000
)
 
—
 
Proceeds from common stock options exercised
78
 
 
633
 
 
541
 
Proceeds from dividend reinvestment and common stock purchase plan
3,156
 
 
1,174
 
 
954
 
Proceeds from issuance of common stock in connection with stock offering
—
 
 
77,792
 
 
—
 
Tax benefit on exercise of stock options
25
 
 
76
 
 
102
 
Cash dividends on preferred stock
(80
)
 
(80
)
 
(80
)
Net cash provided (used) by financing activities
83,451
 
 
(13,707
)
 
157,396
 
Decrease in cash and cash equivalents
(7,406
)
 
(9,247
)
 
(1,444
)
Cash and cash equivalents at beginning of year
40,264
 
 
49,511
 
 
50,955
 
Cash and cash equivalents at year-end
$
32,858
 
 
$
40,264
 
 
$
49,511
 
 
 
 
 
 
 
 
 
 
Supplementary cash flow information:
 
 
 
 
 
 
 
 
Transfer of loans to foreclosed assets
$
3,372
 
 
$
9,348
 
 
$
928
 
See accompanying notes.

38
 

Notes to Consolidated Financial Statements
 
1.       Summary of Significant Accounting Policies
 
Nature of Operations and Basis of Presentation
 
Metro Bancorp, Inc. (the Company) is a Pennsylvania business corporation, which is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended.  The Company was incorporated on April 23, 1999 and became an active bank holding company on July 1, 1999 through the acquisition of 100% of the outstanding shares of Commerce Bank/Harrisburg, N.A.  The Company is a one-bank holding company head-quartered in Harrisburg, Pennsylvania and provides full banking services through its subsidiary Metro Bank (Metro or the Bank). The Company is subject to regulation of the Federal Reserve Bank (FRB). Metro Bank is the Company's operating entity and is headquartered in Harrisburg, Pennsylvania.  The Bank became a state-chartered bank on November 7, 2008, following approval by the Pennsylvania Department of Banking of the Bank's application to convert from a national bank charter to a state bank charter.  As a Pennsylvania state-chartered bank, Metro is supervised jointly by the Pennsylvania Department of Banking and the Federal Deposit Insurance Corporation (FDIC).  The Bank is a financial services retailer with 33 stores in the counties of Berks, Cumberland, Dauphin, Lancaster, Lebanon and York, Pennsylvania.
 
Pursuant to a Transition Agreement with TD Bank, N.A. (TD) and Commerce Bancorp LLC (formerly Commerce Bancorp, Inc.), which terminated the Network Agreement and Master Services Agreement with Commerce Bank N.A. (now known as TD Bank, N.A.), the Company had a non-exclusive royalty-free license to continue using the name “Commerce Bank” and, subject to certain limitations, the red “C” logo, within its primary service area.  Effective June 15, 2009, the Company amended its articles of incorporation to change its name from Pennsylvania Commerce Bancorp, Inc. to Metro Bancorp, Inc. and on July 21, 2009 the Bank changed its name from Commerce Bank/Harrisburg, N.A. to Metro Bank.  During the third quarter of 2009, the Company completed the rebranding of all of its banking offices.  The Company entered into a master agreement with Fiserv Solutions, Inc. (Fiserv), to provide many of the administrative and data processing services that were provided by TD.  The conversion to Fiserv's system was completed in 2009.
  
The consolidated financial statements presented include the accounts of Metro Bancorp, Inc. and its wholly-owned subsidiary Metro Bank.  All material intercompany transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. See Note 23 for additional information.
 
Estimates
 
The financial statements are prepared in conformity with generally accepted accounting principles (GAAP).  GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and require disclosure of contingent assets and liabilities. In the opinion of management, all adjustments considered necessary for fair presentation have been included and are of a normal, recurring nature. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impaired loans, the valuation of securities available for sale, the determination of other-than-temporary impairment (OTTI) on the Company's investment securities portfolio and fair value measurements.
 
 Significant Group Concentrations of Credit Risk
 
Most of the Company's activities are with customers located within the South Central Pennsylvania Region. Note 3 discusses the types of securities that the Company invests in. Notes 4 and 6 discuss the types of lending that the Company engages in as well as loan concentrations. The Company does not have any significant concentrations to any one customer.
 
Securities
 
Securities classified as held to maturity are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the interest method over the estimated average life of the securities.
 
Securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are carried at fair value. Unrealized gains or losses are reported in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the estimated average life of the securities. Management determines the appropriate classification of debt securities at the time of

39
 

purchase and reevaluates such designation as of each balance sheet date.
 
Prior to April 1, 2009, unrealized losses that were determined to be temporary were recorded, net of tax, in other comprehensive income for available-for-sale (AFS) securities, whereas unrealized losses related to held to maturity (HTM) securities determined to be temporary were not recognized. Declines in the fair value of HTM and AFS securities below their cost that were deemed to be other-than-temporary were reflected in earnings as realized losses. In estimating OTTI losses, management considered (1) adverse changes in the general market condition of the industry in which the investment is related, (2) the financial condition and near-term prospects of the issuer, (3) the seniority of the tranche owned by the Company in relation to the entire bond issue, (4) current prepayment behavior, (5) current credit agency ratings, (6) the credit support available in the bond structure to absorb losses and (7) each of the following with respect to the underlying collateral: (a) delinquency percentages and trends, (b) weighted average loan-to-value ratios, (c) weighted average Financing Corporation (FICO) scores and (d) the level of foreclosure and other real estate owned (OREO) activity. Also considered was the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.
 
During the second quarter of 2009 the Company adopted fair value measurement guidance that clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether we have the intent to sell the security or it is more likely than not that we will be required to sell the security prior to its anticipated recovery. Previously, this assessment required management to assert we had both the intent and the ability to hold a security for a period of time sufficient to allow for an anticipated recovery in fair value to avoid recognizing an OTTI. This change does not affect the need to forecast recovery of the value of the security through either cash flows or market price.
 
In instances when a determination is made that an OTTI exists but we do not intend to sell the debt security and it is not likely that we will be required to sell the debt security prior to its anticipated recovery, the OTTI is separated into (a) the amount of the total OTTI related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount related to all other factors. The amount of the OTTI related to the credit loss is recognized in earnings and the amount of the OTTI related to all other factors is recognized in other comprehensive income.
 
Loans Held for Sale
 
Loans held for sale are comprised of student loans, selected residential loans and small business administration (SBA) loans the Company originates with the intention of selling in the future. Occasionally, loans held for sale also include selected business and industry loans that the Company decides to sell. These loans are carried at the lower of cost or estimated fair value, calculated in the aggregate. Throughout 2010, the Company originated SBA loans with the intent to sell the guaranteed portion of the loan. The Company originated $32.3 million and transferred $28.1 million of SBA loans in 2010. At December 31, 2010 there was a deferred gain of $930,000 which will be recognized in the first quarter of 2011 at the expiration of the 90-day warranty period. Total SBA loan sale gains of $1.5 million were recognized in 2010. Total loans held for sale were $18.6 million and $12.7 million at December 31, 2010 and 2009, respectively.  At December 31, 2010, loans held for sale were comprised of $6.0 million of student loans, $5.2 million of SBA loans and $7.4 million of residential mortgages as compared to $6.6 million of student loans and $6.1 million of residential mortgages at December 31, 2009.  
 
Loans Receivable
 
Loans receivable that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan or to the loan's call date.
 
A loan is considered past due or delinquent if payment is not received on or before the due date. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectibility of principal.  If a loan is substandard and accruing, interest is recognized as accrued. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt.
 
 
 
 

40
 

Allowance for Loan Losses
 
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses and subsequent recoveries, if any, are credited to the allowance. The evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Loans are evaluated for impairment upon the loan being internally risk rated substandard or below.
 
The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows or net collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. These qualitative factors represent a portion of the allowance established for losses inherent in the loan portfolio, which have not been identified by the quantitative processes. This determination inherently involves a higher degree of subjectivity and considers risk factors that may not have yet manifested themselves in historical loss experience. These factors include:
 
•    
Changes in lending policies and procedures, including changes in underwriting standards;
•    
Changes in levels and trends in collection, charge-off and recovery practices; changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans;
•    
Changes in the nature and volume of the portfolio and the terms of loans;
•    
Changes in the value of underlying collateral for collateral-dependent loans;
•    
Changes in the quality of our loan review system;
•    
Changes in the experience, ability and depth of lending management and other relevant staff;
•    
The existence and effect of any concentrations of credit and changes in the level of such concentrations; and
•    
Changes in international, national, regional and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments and the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.
 
Additionally, the general component is maintained to cover uncertainties that could affect management's estimates of probable losses. This component reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating losses in the portfolio.
 
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management's periodic evaluation of the adequacy of the allowance is based on the Company's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to change. During the third quarter of 2010, as part of the quantitative analysis of the adequacy of the allowance for loan losses, management adjusted its projection of probable loan losses based upon a much shorter and more recent period of actual historical losses.  This was done as a result of the higher level of loan charge-offs experienced by the Company over the past two years compared to previous years.  Given the continued state of the economy and its impact on borrowers and on loan collateral values, management feels this is currently a better predictor of probable additional loan losses until such time that the economy, borrower repayment ability and loan collateral values show sustained signs of improvement.  The change in this estimate resulted in an additional $3.6 million of provision. The impact to the net loss after taxes was an additional loss of $2.4 million or $0.17 per share.
 
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, and the borrower's prior payment record. Impairment is measured on a loan-by-loan basis for commercial loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent.
 
All nonaccrual loans, including any non-homogenous portfolio residential mortgages and home equity loans are evaluated individually to determine whether a charge off is necessary due to a collateral deficiency.
 

41
 

 Restricted Investments in Bank Stock
 
Restricted investments in bank stock consists of stock of the Federal Home Loan Bank (FHLB) of Pittsburgh and Atlantic Central Bankers Bank (ACBB). Federal law requires a member institution of the FHLB system to hold stock of its district FHLB according to a predetermined formula.  At December 31, 2010, the Company held $20.5 million of FHLB stock and $65,000 of ACBB stock.  Of this amount, $3.7 million was required for membership, $6.4 million was required to cover the Company's borrowing level on its credit line at the FHLB and the remaining $10.4 million was excess that the FHLB has not repurchased at this time due to a repurchase suspension the FHLB put in place in December of 2008. Approximately $1.1 million of the stock was redeemed in 2010. The stock is carried at cost.
 
Management evaluates the restricted stock for impairment in accordance with Financial Accounting Standards Board (FASB) guidance on Accounting by Certain Entities (including Entities with Trade Receivables that Lend to or Finance the Activities of Others).  Management determines whether this investment is impaired based on an assessment of the ultimate recoverability of the cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of the cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. Management believes no impairment charge is necessary related to the FHLB restricted stock as of December 31, 2010.
 
 
Premises and Equipment
 
Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is charged to operations over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Depreciation and amortization are determined on the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.
 
Foreclosed Assets
 
Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less estimated costs to sell the assets at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less estimated costs to sell the asset. Revenue and expenses from operations, changes in the valuation allowance and gains/losses on sales of foreclosed real estate are included in foreclosed real estate expense. Foreclosed assets are included in other assets and totaled $6.8 million as of December 31, 2010 as compared to $7.8 million as of December 31, 2009.
 
Net expenses associated with foreclosed assets are detailed below:
 
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Operating expenses, net of rental income
$
571
 
 
$
288
 
 
$
62
 
Loss on write-down on foreclosed real estate
860
 
 
272
 
 
303
 
Net (gain) loss on sales of real estate
(51
)
 
18
 
 
(2
)
Total
$
1,380
 
 
$
578
 
 
$
363
 
 
Income Taxes
 
Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted through the provision for income taxes for the effects of changes in tax laws and rates on the date of enactment.
 
Transfers of Financial Assets
 
Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company,

42
 

(2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
 
Per Share Data
 
Basic earnings (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued as well as any adjustments to income (loss) that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding common stock options and are determined using the treasury stock method.
 
Off-Balance Sheet Financial Instruments
 
In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded on the balance sheet when they become payable by the borrower to the Company.
 
Cash Flow Information
 
For purposes of the statements of cash flows, the Company considers cash and due from banks, interest-bearing deposits and federal funds sold as cash and cash equivalents. Generally, federal funds, a component of cash and cash equivalents are purchased and sold for one-day periods. Cash paid during the years ended December 31, 2010, 2009 and 2008 for interest expense on deposits, borrowings and debt was $17.6 million, $23.0 million and $32.2 million, respectively. Income taxes paid totaled $0, $1.4 million and $8.0 million in 2010, 2009 and 2008, respectively.
 
Stock-Based Compensation
 
The Company recognizes compensation costs related to share-based payment transactions in the income statement (with limited exceptions) based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award.
 
The cash flows resulting from the tax benefits due to deductions in excess of the compensation cost recognized for options (excess tax benefits) are classified as financing cash flows.
 
Advertising Costs
 
The Company follows the policy of charging the costs of advertising to expense as incurred.
 
Recent Accounting Standards
 
In January 2010, the FASB issued additional guidance to improve the disclosures for fair value measurements. The guidance requires new disclosures that report separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. In the reconciliation for fair value measurements using significant unobservable inputs (Level 3), a reporting entity should present separately information about purchases, sales, issuances and settlements. The guidance also provides clarity to existing disclosures regarding the level of disaggregation and input and valuation techniques. This update, with the exception of the Level 3 requirements, was effective for interim and annual reporting periods beginning after December 15, 2009. The adoption of this guidance has not had a material impact on our consolidated financial statements. The Level 3 requirements have a delayed effective date for interim and annual reporting periods beginning after December 15, 2010.  We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements.
 
In July 2010, the FASB updated guidance to provide greater transparency about an entity's allowance for credit losses and the credit quality of its financing receivables. Entities will be required to provide the following disclosures on a disaggregated basis: 1) the nature of credit risk inherent in the entity's portfolio of financing receivables, 2) how the risk is analyzed and assessed in arriving at the allowance for credit losses and 3) the changes and reasons for those changes in the allowance for credit losses. The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The adoption of this guidance has not had a material impact on our consolidated financial statements. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements.

43
 

 
 Segment Reporting
 
Metro acts as an independent community financial services provider and offers traditional banking and related financial services to individual, business and government customers. Through its stores, the Company offers a full array of commercial and retail financial services.
 
Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Company. As such, discrete financial information is not available and segment reporting would not be meaningful.
 
Reclassifications
 
Certain amounts in the 2009 and 2008 financial statements have been reclassified to conform to the 2010 presentation format. Such reclassifications had no impact on the Company's net operations and stockholders' equity.
 
2.     Restrictions on Cash and Due from Bank Accounts
 
The Bank is required to maintain average reserves, in the form of cash and balances with the FRB, against its deposit liabilities. The average amount of these reserve balances maintained for 2010 and 2009 was approximately $15.1 million and $7.8 million, respectively.  The Company has no due from balances with institutions in excess of FDIC insurance limitations.
 
3.      Securities
 
The amortized cost and fair value of securities are summarized in the following tables:
 
December 31, 2010
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
22,500
 
 
$
—
 
 
$
(1,091
)
 
$
21,409
 
Residential mortgage-backed securities
2,383
 
 
3
 
 
—
 
 
2,386
 
Agency collateralized mortgage obligations
388,414
 
 
2,025
 
 
(7,225
)
 
383,214
 
Private-label collateralized mortgage obligations
33,246
 
 
—
 
 
(2,243
)
 
31,003
 
Total
$
446,543
 
 
$
2,028
 
 
$
(10,559
)
 
$
438,012
 
Held to Maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
140,000
 
 
$
—
 
 
$
(6,408
)
 
$
133,592
 
Residential mortgage-backed securities
48,497
 
 
2,727
 
 
(311
)
 
50,913
 
Agency collateralized mortgage obligations
29,079
 
 
878
 
 
(209
)
 
29,748
 
Corporate debt securities
10,000
 
 
—
 
 
(51
)
 
9,949
 
Total
$
227,576
 
 
$
3,605
 
 
$
(6,979
)
 
$
224,202
 
 

44
 

 
December 31, 2009
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
55,004
 
 
$
69
 
 
$
(315
)
 
$
54,758
 
Residential mortgage-backed securities
80,916
 
 
1,419
 
 
(1,748
)
 
80,587
 
Agency collateralized mortgage obligations
149,233
 
 
1,694
 
 
(799
)
 
150,128
 
Private-label collateralized mortgage obligations
120,407
 
 
—
 
 
(17,044
)
 
103,363
 
Total
$
405,560
 
 
$
3,182
 
 
$
(19,906
)
 
$
388,836
 
Held to Maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
25,000
 
 
$
—
 
 
$
(458
)
 
$
24,542
 
Residential mortgage-backed securities
54,822
 
 
2,287
 
 
—
 
 
57,109
 
Agency collateralized mortgage obligations
30,362
 
 
844
 
 
—
 
 
31,206
 
Private-label collateralized mortgage obligations
4,010
 
 
—
 
 
(602
)
 
3,408
 
Corporate debt securities
1,997
 
 
37
 
 
—
 
 
2,034
 
Municipal securities
1,624
 
3
 
3
 
 
—
 
 
1,627
 
Total
$
117,815
 
 
$
3,171
 
 
$
(1,060
)
 
$
119,926
 
 
The amortized cost and fair value of debt securities by contractual maturity at December 31, 2010 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations.
 
 
Available for Sale
 
Held to Maturity
(in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
—
 
 
$
—
 
 
$
—
 
 
$
—
 
Due after one year through five years
—
 
 
—
 
 
10,000
 
 
9,949
 
Due after five years through ten years
—
 
 
—
 
 
50,000
 
 
48,592
 
Due after ten years
22,500
 
 
21,409
 
 
90,000
 
 
85,000
 
 
22,500
 
 
21,409
 
 
150,000
 
 
143,541
 
Residential mortgage-backed securities
2,383
 
 
2,386
 
 
48,497
 
 
50,913
 
Agency collateralized mortgage obligations
388,414
 
 
383,214
 
 
29,079
 
 
29,748
 
Private-label collateralized mortgage obligations
33,246
 
 
31,003
 
 
—
 
 
—
 
Total
$
446,543
 
 
$
438,012
 
 
$
227,576
 
 
$
224,202
 
 
During 2010, the Company sold a total of 56 securities with a combined fair market value of $296.2 million and realized a net pretax gain of $2.8 million. The securities sold included 23 private-label collateralized mortgage obligations (CMOs) with a combined fair market value of $62.6 million; 13 agency CMOs with a fair market value of $138.1 million; 18 residential mortgage-backed securities (MBSs) with a combined fair market value of $74.5 million and two agency debentures with a combined fair market value of $21.0 million. Of this total, 53 securities with a combined fair market value of $292.9 million had been classified as available for sale. Two agency mortgage-backed securities with a combined fair market value of $440,000 had been classified as held to maturity, however, their current par value had fallen to less than 15% of their original par value and could be sold without tainting the remaining HTM portfolio. One private-label CMO with a fair market value of $2.9 million had been classified as held to maturity. Previously, the Company had recognized an OTTI charge due to a projected credit loss of $3,000 and this deterioration in creditworthiness was the basis for selling the security without tainting the remaining HTM portfolio. The Company uses the specific identification method to record security sales. Also during 2010, the Company had ten agency debentures and four municipal bonds called at par. The bonds had a combined market value of $106.6 million.
 
In 2009, the Company sold a total of 65 MBSs with a combined fair market value of $49.5 million.  Of this total, 42 securities had been classified as available for sale with a combined carrying value of $44.7 million.  The Company realized proceeds of $46.1 million for net pretax gains of $1.4 million.  The securities sold also included 23 MBSs with a combined fair market value of $3.4 million and a

45
 

carrying value of $3.2 million that had been classified as held to maturity and were sold due to their small remaining size.  In every case, the current face had fallen below 15% of the original purchase amount.  A pretax gain of $170,000 was recognized on the sale of securities classified as held to maturity.  Also during 2009, the Company had a total of $41.5 million of agency debentures called, at par, by their issuing agencies.  Of this total, $5.0 million were classified as available for sale and $36.5 million were classified as held to maturity. All of the securities were carried at par.
 
There were no sales of securities in the AFS portfolio in 2008. There was one sale in the HTM portfolio during the second quarter of 2008. The Company sold a $2.0 million corporate debt security due to significant deterioration in the creditworthiness of the issuer. A pretax loss of $157,000 was recognized on this sale during the second quarter of 2008.
 
At December 31, 2010 and 2009, securities with a carrying value of $437.6 million and $417.8 million, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law.
 
The following table summarizes the Company's gains and losses on the sales or calls of debt securities and losses recognized for the OTTI of investments:
 
(in thousands)
Gross Realized Gains
 
Gross Realized (Losses)
 
OTTI Credit Losses
 
Net Gains (Losses)
Years Ended:
 
 
 
 
 
 
 
December 31, 2010
$
6,690
 
 
$
(3,889
)
 
$
(962
)
 
$
1,839
 
December 31, 2009
1,581
 
 
(10
)
 
(2,341
)
 
(770
)
December 31, 2008
—
 
 
(157
)
 
—
 
 
(157
)
 
In determining fair market values for its portfolio holdings, the Company has consistently relied upon a third-party provider. Under the current guidance, these values are considered Level 2 inputs, based upon matrix pricing and observed data from similar assets.  They are not Level 1 direct quotes, nor do they reflect Level 3 inputs that would be derived from internal analysis or judgment. As the Company does not manage a trading portfolio and typically only sells from its AFS portfolio in order to manage interest rate risk or credit exposure, direct quotes, or street bids, are warranted on an as-needed basis only.
 
The unrealized losses in the Company's investment portfolio at December 31, 2010 were associated with two distinct types of securities. The first type, those backed by the U.S. Government or one of its agencies,  includes nine agency debentures, three residential mortgage-backed securities and 25 government agency sponsored CMOs. Management believes that the unrealized losses on these investments were primarily caused by the sharp rise in mid-term to long-term interest rates that occurred at the end of 2010 and notes the contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company's investment. The Company also owns one investment-grade corporate bond that was in a loss position as of December 31, 2010. Due to its structure and credit rating, the Company does not anticipate incurring any credit-related losses on this bond. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality and because the Company has the ability and intent to hold those investments until a recovery of fair value, which may be maturity, the Company does not consider any of these investments to be other-than-temporarily impaired at December 31, 2010.
 
The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
 

46
 

 
December 31, 2010
 
Less than 12 months
 
12 months or more
 
Total
 (in thousands)
Fair Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
21,409
 
 
$
(1,091
)
 
$
—
 
 
$
—
 
 
$
21,409
 
 
$
(1,091
)
Agency CMOs
261,330
 
 
(7,216
)
 
9,092
 
 
(9
)
 
270,422
 
 
(7,225
)
Private-label CMOs
2,644
 
 
(9
)
 
28,359
 
 
(2,234
)
 
31,003
 
 
(2,243
)
Total
$
285,383
 
 
$
(8,316
)
 
$
37,451
 
 
$
(2,243
)
 
$
322,834
 
 
$
(10,559
)
Held to Maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
133,592
 
 
$
(6,408
)
 
$
—
 
 
$
—
 
 
$
133,592
 
 
$
(6,408
)
Residential MBSs
7,287
 
 
(311
)
 
—
 
 
—
 
 
7,287
 
 
(311
)
Agency CMOs
7,957
 
 
(209
)
 
—
 
 
—
 
 
7,957
 
 
(209
)
Corporate debt securities
9,949
 
 
(51
)
 
—
 
 
—
 
 
9,949
 
 
(51
)
Total
$
158,785
 
 
$
(6,979
)
 
$
—
 
 
$
—
 
 
$
158,785
 
 
$
(6,979
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2009
 
Less than 12 months
 
12 months or more
 
Total
 (in thousands)
Fair Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
29,685
 
 
$
(315
)
 
$
—
 
 
$
—
 
 
$
29,685
 
 
$
(315
)
Residential MBSs
47,654
 
 
(1,748
)
 
—
 
 
—
 
 
47,654
 
 
(1,748
)
Agency CMOs
43,641
 
 
(352
)
 
45,057
 
 
(447
)
 
88,698
 
 
(799
)
Private-label CMOs
8,233
 
 
(652
)
 
95,130
 
 
(16,392
)
 
103,363
 
 
(17,044
)
Total
$
129,213
 
 
$
(3,067
)
 
$
140,187
 
 
$
(16,839
)
 
$
269,400
 
 
$
(19,906
)
Held to Maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agency securities
$
24,542
 
 
$
(458
)
 
$
—
 
 
$
—
 
 
$
24,542
 
 
$
(458
)
Private-label CMOs
—
 
 
—
 
 
3,408
 
 
(602
)
 
3,408
 
 
(602
)
Total
$
24,542
 
 
$
(458
)
 
$
3,408
 
 
$
(602
)
 
$
27,950
 
 
$
(1,060
)
 
The Company's investment securities portfolio consists primarily of U.S. Government agency securities, U.S. Government sponsored agency mortgage-backed obligations and private-label CMOs. The securities of the U.S. Government sponsored agencies and the U.S. Government MBSs have little credit risk because their principal and interest payments are backed by an agency of the U.S. Government.
 
The second type of security in the Company's investment portfolio with unrealized losses at December 31, 2010 was private-label CMOs. Private-label CMOs are not backed by the full faith and credit of the U.S. Government nor are their principal and interest payments guaranteed. Historically, most private-label CMOs have carried a AAA bond rating on the underlying issuer, however, the subprime mortgage problems and decline in the residential housing market in the U.S. in recent years have led to ratings downgrades and subsequent OTTI of many CMOs. As of December 31, 2010, Metro owned eight such non-agency CMO securities in its investment portfolio with a total book value of $33.2 million. Management performs no less than quarterly assessments of these securities for OTTI and to determine what, if any, portion of the impairment may be credit related. As part of this process, management asserts that (a) we do not have the intent to sell the securities and (b) it is more likely than not we will not be required to sell the securities before recovery of the Company's cost basis. This assertion is based, in part, upon the most recent liquidity analysis prepared for the Company's Asset/Liability Committee (ALCO) which indicates if the Company has sufficient excess funds to consider the potential purchase of investment securities and sufficient unused borrowing capacity available to meet any potential outflows. Furthermore, the Company knows of no contractual or regulatory obligations that would require these bonds to be sold.  
 
Next, in order to bifurcate the impairment into its components, the Company uses the Bloomberg analytical service to analyze each individual security. The Company looks at the overall bond ratings as well as specific, underlying characteristics such as pool factor,

47
 

weighted average coupon, weighted average maturity, weighted average life, loan to value, delinquencies, credit score, prepayment speeds, geographic concentration, etc. Using reported data for prepayment speeds, default rates, loss severity rates and lag times, the Company analyzes each bond under a variety of scenarios. As the results may vary depending upon the historic time period analyzed, the Company uses this information for the purpose of managing the investment portfolio and its inherent risk. However, the Company reports it findings based upon the three month data points for Constant Prepayment Rate (CPR) speed, default rate and loss severity as it believes this time point best captures both current and historic trends. For management purposes, the Company also analyzes each bond using an assumed, projected default rate based upon each pool's most recent level of 90-day delinquencies, bankruptcies and foreclosed real estate. This projected analysis also assumes loss severity percentages subjectively assigned to each pool based upon credit ratings.
 
When the analysis shows a bond to have no projected loss, there is considered to be no credit-related loss. When the analysis shows a bond to have a projected loss, a cash flow projection is created, including the projected loss, for the duration of the bond. This projection is then used to calculate the present value of the cash flows expected to be collected and compared to the amortized cost basis. The difference between these two figures is recognized as the amount of other-than-temporary impairment due to credit loss. The difference between the total impairment and this credit loss portion is determined to be the amount related to all other factors. The amount of impairment related to credit loss is to be recognized in current earnings while the amount of impairment related to all other factors is to be recognized in other comprehensive income.
 
Using this method, the Company determined that during 2010, a total of ten private-label CMOs had losses attributable to credit. This was due to a number of factors including the bonds' credit ratings and rising trends for delinquencies, bankruptcies and foreclosures on the underlying collateral. Three of the bonds subsequently had their fair market value recover to their carrying value and were sold with no loss. One bond was sold before recovering its carrying value due to deteriorating creditworthiness and the potential for even greater loss. Of the remaining six bonds, three no longer indicated a loss position due to credit as of December 31, 2010. Credit losses were projected for the remaining three bonds as of December 31, 2010, however, the present value of the cash flows for these bonds was greater than the carrying value and no further write-downs were required. In total, for the year ended December 31, 2010, the Company recognized $962,000 of losses on private-label CMOs related to credit issues and did not recapture any of the previous write-downs.
 
The tables below roll forward the cumulative life to date credit losses which have been recognized in earnings for the private-label CMOs previously mentioned for the years ended December 31, 2010 and 2009, respectively:
 
 
Private-label CMOs
 
 
 (in thousands)
Available for Sale
 
Held to Maturity
 
Total
Cumulative OTTI credit losses at January 1, 2010
$
2,338
 
 
$
3
 
 
$
2,341
 
Additions for which OTTI was not previously recognized
675
 
 
—
 
 
675
 
Additional increases for OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis
287
 
 
—
 
 
287
 
Reduction due to credit impaired security sold
(675
)
 
(3
)
 
(678
)
Cumulative OTTI credit losses recognized for securities still held at December 31, 2010
$
2,625
 
 
$
—
 
 
$
2,625
 
 
 
 
 
 
 
 
 
Private-label CMOs
 
 
 (in thousands)
Available for Sale
 
Held to Maturity
 
Total
Cumulative OTTI credit losses at January 1, 2009
$
—
 
 
$
—
 
 
$
—
 
Additions for which OTTI was not previously recognized
2,338
 
 
3
 
 
2,341
 
Cumulative OTTI credit losses recognized for securities still held at December 31, 2009
$
2,338
 
 
$
3
 
 
$
2,341
 
 
 
 
 
 
 
 
 

48
 

4.      Loans Receivable and Allowance for Loan Losses
 
A summary of loans receivable is as follows:
 
 
December 31,
(in thousands)
2010
 
2009
Commercial and industrial
$
348,036
 
 
$
405,211
 
Commercial tax-exempt
89,401
 
 
108,861
 
Owner occupied real estate
241,537
 
 
263,413
 
Commercial construction and land development
112,094
 
 
115,013
 
Commercial real estate
299,034
 
 
255,560
 
Residential
81,124
 
 
85,035
 
Consumer
207,979
 
 
210,690
 
 
1,379,205
 
 
1,443,783
 
Less: allowance for loan losses
21,618
 
 
14,391
 
Net loans receivable
$
1,357,587
 
 
$
1,429,392
 
 
Certain directors and executive officers of the Company, including their associates and companies, have loans with the Bank. Such loans were made in the ordinary course of business at the Bank's normal credit terms including interest rates and collateralization, as those prevailing at the time for comparable loans with persons not related to the lender, and do not represent more than a normal risk of collection. Total loans to these persons and companies amounted to approximately $12.0 million and $15.7 million at December 31, 2010 and 2009, respectively. During 2010, $1.9 million of new advances were made and repayments totaled $5.6 million.
 
The following table summarizes nonperforming loans by loan type at December 31, 2010 and 2009:
 
 
December 31,
(in thousands)
2010
 
2009
Nonaccrual loans:
 
 
 
   Commercial and industrial
$
23,103
 
 
$
14,254
 
   Commercial tax-exempt
—
 
 
—
 
   Owner occupied real estate
4,318
 
 
3,201
 
   Commercial construction and land development
14,155
 
 
11,771
 
   Commercial real estate
5,424
 
 
5,497
 
   Residential
3,609
 
 
2,368
 
   Consumer
1,579
 
 
654
 
Total nonaccrual loans
52,188
 
 
37,745
 
Loans past due 90 days or more and still accruing
650
 
 
—
 
Renegotiated loan
177
 
 
—
 
Total nonperforming loans
$
53,015
 
 
$
37,745
 
 
No additional funds were committed on nonaccrual and renegotiated loans. Generally commitments are canceled and no additional advances are made when a loan is placed on nonaccrual. Included in nonaccrual loans are 2 relationships which a partial charge-off was made and the terms were modified.
 
Generally, the Company's policy is to move a loan to nonaccrual status as soon as it becomes 90 days past due. Once a loan is on nonaccrual it is not returned back to accrual status unless the loan has been current for at least six consecutive months and the borrower and/or any guarantors demonstrate evidence of the ability to pay. Under certain circumstances such as bankruptcy, if a loan is under collateralized, or if the borrower and/or guarantors do not show evidence of the ability to pay, the loan may be placed on nonaccrual even though not past due by 90 days or greater. Therefore our nonaccrual loan balance of $52.2 million above exceeds the balance of loans that are 90 days past due and greater presented below.

49
 

 
The following table is an age analysis of past due loan receivables as of December 31, 2010:
 
(in thousands)
30-59 Days Past Due
60-89 Days Past Due
90 Days Past Due and Greater
Total Past Due
Current
Total Loan Receivables
Recorded Investment in Loans 90 Days and Greater and Still Accruing
Commercial and industrial
$
1,213
 
$
521
 
$
18,914
 
$
20,648
 
$
327,388
 
$
348,036
 
$
23
 
Commercial tax-exempt
—
 
—
 
—
 
—
 
89,401
 
89,401
 
—
 
Owner occupied real estate
1,314
 
258
 
4,243
 
5,815
 
235,722
 
241,537
 
—
 
Commercial construction and
land development
—
 
—
 
14,155
 
14,155
 
97,939
 
112,094
 
—
 
Commercial real estate
1,214
 
77
 
5,871
 
7,162
 
291,872
 
299,034
 
624
 
Residential
3,724
 
1,606
 
2,124
 
7,454
 
73,670
 
81,124
 
—
 
Consumer
2,547
 
903
 
1,294
 
4,744
 
203,235
 
207,979
 
3
 
Total
$
10,012
 
$
3,365
 
$
46,601
 
$
59,978
 
$
1,319,227
 
$
1,379,205
 
$
650
 
 
A summary of the allowance for loan losses by loan class and by impairment method as of December 31, 2010 and 2009 is as follows:
 
(in thousands)
Comm. and industrial
Comm. tax-exempt
Owner occupied real estate
Comm. construction and land development
Comm. real estate
Residential
Consumer
Unallocated
Total
 
 
 
 
 
 
 
 
 
 
2010
 
 
 
 
 
 
 
 
 
Quantitative Analysis:
 
 
 
 
 
 
 
 
 
Individually evaluated
for impairment
$
2,055
 
$
—
 
$
260
 
$
1,310
 
$
—
 
$
—
 
$
—
 
$
—
 
$
3,625
 
Collectively evaluated
for impairment
3,904
 
—
 
302
 
2,475
 
2,667
 
248
 
289
 
—
 
9,885
 
Qualitative analysis:
3,889
 
89
 
348
 
1,635
 
1,384
 
194
 
413
 
—
 
7,952
 
Unallocated
—
 
—
 
—
 
—
 
—
 
—
 
—
 
156
 
156
 
Total allowance for loan losses
$
9,848
 
$
89
 
$
910
 
$
5,420
 
$
4,051
 
$
442
 
$
702
 
$
156
 
$
21,618
 
 
 
 
 
 
 
 
 
 
 
2009
 
 
 
 
 
 
 
 
 
Quantitative Analysis:
 
 
 
 
 
 
 
 
 
Individually evaluated
for impairment
$
900
 
$
—
 
$
—
 
$
—
 
$
—
 
$
—
 
$
—
 
$
—
 
$
900
 
Collectively evaluated
for impairment
1,146
 
352
 
259
 
88
 
240
 
66
 
58
 
—
 
2,209
 
Qualitative analysis:
2,997
 
984
 
2,160
 
826
 
2,009
 
672
 
1,629
 
—
 
11,277
 
Unallocated
—
 
—
 
—
 
—
 
—
 
—
 
—
 
5
 
5
 
Total allowance for loan losses
$
5,043
 
$
1,336
 
$
2,419
 
$
914
 
$
2,249
 
$
738
 
$
1,687
 
$
5
 
$
14,391
 
 
Generally, construction and land development and commercial real estate loans present a greater risk of non-payment by a borrower than other types of loans. The market value of real estate, particularly real estate held for investment, can fluctuate significantly in a relatively short period of time. Commercial and industrial, tax exempt and owner occupied real estate loans carry a lower risk factor because the repayment of these loans relies primarily on the cash flow from a business, a municipality, or a school district.
 

50
 

Consumer loans collections are dependent on the borrower's continued financial stability and thus are more likely to be affected by adverse personal circumstances. Residential loans also are impacted by the market value of real estate. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans.
 
The risk of non-payment is affected by changes in economic conditions, the credit risks of a particular borrower, the duration of the loan and in the case of a collateralized loan, uncertainties as to the future value of the collateral and other factors.
 
During the third quarter of 2010, as part of the quantitative analysis of the adequacy of the allowance for loan losses, management adjusted its projection of probable loan losses based upon a much shorter and more recent period of actual historical losses.  This was done as a result of the much higher level of loan charge-offs experienced by the Company over the past two years compared to previous years.  Given the continued state of the economy and its impact on borrowers and on loan collateral values, management feels this is currently a better predictor of probable additional loan losses until such time that the economy, borrower repayment ability and loan collateral values show sustained signs of improvement.  The change in this estimate resulted in an additional $3.6 million of provision. The impact to the net loss after taxes was an additional loss of $2.4 million or $0.17 per share.
The following is a summary of the transactions in the allowance for loan losses:
 
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Balance at beginning of year
$
14,391
 
 
$
16,719
 
 
$
10,742
 
Provision charged to expense
21,000
 
 
12,425
 
 
7,475
 
Recoveries
522
 
 
308
 
 
170
 
Loans charged off
(14,295
)
 
(15,061
)
 
(1,668
)
Balance at end of year
$
21,618
 
 
$
14,391
 
 
$
16,719
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

51
 

The followings tables present additional information regarding the Company's impaired loans:
 
December 31, 2010
(in thousands)
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
Loans with no related allowance:
 
 
 
 
 
   Commercial and industrial
$
21,630
 
 
$
24,817
 
 
$
—
 
   Commercial tax-exempt
—
 
 
—
 
 
—
 
   Owner occupied real estate
8,483
 
 
8,758
 
 
—
 
   Commercial construction and land development
16,401
 
 
17,173
 
 
—
 
   Commercial real estate
6,045
 
 
6,853
 
 
—
 
   Residential
3,609
 
 
3,609
 
 
—
 
   Consumer
1,579
 
 
1,579
 
 
—
 
Total impaired loans with no related allowance
57,747
 
 
62,789
 
 
—
 
Loans with an allowance recorded:
 
 
 
 
 
   Commercial and industrial
8,967
 
 
9,022
 
 
2,055
 
   Owner occupied real estate
754
 
 
768
 
 
260
 
   Commercial construction and land development
4,348
 
 
8,108
 
 
1,310
 
Total impaired loans with an allowance recorded
14,069
 
 
17,898
 
 
3,625
 
Total impaired loans:
 
 
 
 
 
   Commercial and industrial
30,597
 
 
33,839
 
 
2,055
 
   Commercial tax-exempt
—
 
 
—
 
 
—
 
   Owner occupied real estate
9,237
 
 
9,526
 
 
260
 
   Commercial construction and land development
20,749
 
 
25,281
 
 
1,310
 
   Commercial real estate
6,045
 
 
6,853
 
 
—
 
   Residential
3,609
 
 
3,609
 
 
—
 
   Consumer
1,579
 
 
1,579
 
 
—
 
Total impaired loans as of December 31, 2010
$
71,816
 
 
$
80,687
 
 
$
3,625
 

52
 

 
December 31, 2009
(in thousands)
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
Loans with no related allowance:
 
 
 
 
 
   Commercial and industrial
$
25,893
 
 
$
27,805
 
 
$
—
 
   Commercial tax-exempt
—
 
 
—
 
 
—
 
   Owner occupied real estate
3,163
 
 
3,183
 
 
—
 
   Commercial construction and land development
15,584
 
 
18,911
 
 
—
 
   Commercial real estate
17,964
 
 
18,483
 
 
—
 
   Residential
2,368
 
 
2,368
 
 
—
 
   Consumer
654
 
 
654
 
 
—
 
Total impaired loans with no related allowance
65,626
 
 
71,404
 
 
—
 
Loans with an allowance recorded:
 
 
 
 
 
   Commercial and industrial
1,283
 
 
3,072
 
 
900
 
Total impaired loans with an allowance recorded
1,283
 
 
3,072
 
 
900
 
Total impaired loans:
 
 
 
 
 
   Commercial and industrial
27,176
 
 
30,877
 
 
900
 
   Commercial tax-exempt
—
 
 
—
 
 
—
 
   Owner occupied real estate
3,163
 
 
3,183
 
 
—
 
   Commercial construction and land development
15,584
 
 
18,911
 
 
—
 
   Commercial real estate
17,964
 
 
18,483
 
 
—
 
   Residential
2,368
 
 
2,368
 
 
—
 
   Consumer
654
 
 
654
 
 
—
 
Total impaired loans as of December 31, 2009
$
66,909
 
 
$
74,476
 
 
$
900
 
 
Impaired loans averaged approximately $74.6 million, $52.6 million and $21.0 million during 2010, 2009 and 2008, respectively. Interest income on impaired loans that were still accruing totaled $1.3 million, $1.6 million and $917,000 during 2010, 2009 and 2008, respectively. Interest income received on nonaccrual loans prior to them being moved to nonaccrual totaled $340,000, $976,000 and $1.3 million in 2010, 2009 and 2008, respectively.
 
The Company uses the following credit quality indicators which follow regulatory guidelines: Pass-rated , special mention, substandard accrual and substandard nonaccrual loans. Monthly, the Company tracks commercial loans that are no longer pass rated.  We review the cash flow, operating results, and financial condition of the borrower as well as the collateral position against established policy guidelines as a means of providing a targeted list of loans and loan relationships that need additional attention within the loan portfolio.  We categorize loans possessing increased risk as special mention, substandard accrual and substandard nonaccrual. Special mention loans are those loans that are currently protected, but potentially weak.  The potential weaknesses may, if not corrected, weaken the loan or inadvertently jeopardize the Company's credit position in the future.  Substandard accrual and substandard nonaccrual assets are characterized by well-defined weaknesses that jeopardize the liquidation of the debt, and by the possibility that the Company will sustain some loss if the weaknesses are not corrected.  Substandard accrual loans would move from accrual to non accrual when the loan is 90 days past due in principal or interest, unless the loan is well secured and in the process of collection or when there is doubt about the collectibility of all contractual principal and interest, regardless if the loan is 90 days past due or not.  Special mention and substandard loans are reviewed monthly.  Pass rated loans are reviewed throughout the year through the recurring review process of our independent loan review department.
 
 
 
 
 

53
 

Credit quality indicators for commercial loans broken out by loan type are presented in the following table: 
 
December 31, 2010
(in thousands)
Pass Rated Loans
Special Mention
Substandard Accrual
Substandard Nonaccrual
Total
Commercial credit exposure:
 
 
 
 
 
   Commercial and industrial
$
311,713
 
$
5,726
 
$
7,494
 
$
23,103
 
$
348,036
 
   Commercial tax-exempt
89,401
 
—
 
—
 
—
 
89,401
 
   Owner occupied real estate
228,207
 
4,093
 
4,918
 
4,319
 
241,537
 
   Commercial construction and land development
84,155
 
7,190
 
6,594
 
14,155
 
112,094
 
   Commercial real estate
282,378
 
10,611
 
622
 
5,423
 
299,034
 
     Total
$
995,854
 
$
27,620
 
$
19,628
 
$
47,000
 
$
1,090,102
 
 
Consumer credit exposures are rated as performing or nonperforming as detailed below:
 
 
December 31, 2010
(in thousands)
Performing
Nonperforming
Total
Consumer credit exposure:
 
 
 
   Residential
$
77,515
 
$
3,609
 
$
81,124
 
   Consumer
206,400
 
1,579
 
207,979
 
     Total
$
283,915
 
$
5,188
 
$
289,103
 
 
 
5.    Loan Commitments and Standby Letters of Credit
 
Loan commitments are made to accommodate the financial needs of Metro's customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. They primarily are issued to facilitate the customers' normal course of business transactions. Historically, almost all of the Company's standby letters of credit expire unfunded.
 
Letters of credit have risk essentially the same as that involved in extending loans to customers and are subject to the Company's normal credit policies. Since the majority of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future funding requirements. Commitments generally have fixed expiration dates or other termination clauses.
 
Outstanding letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The majority of these standby letters of credit expire within twenty-four months from the date of issuance. The Company requires collateral supporting these letters of credit as deemed necessary. The amount of the liability as of December 31, 2010 and 2009 for guarantees under standby letters of credit issued was $0.
 
The Company's maximum exposure to credit loss for loan commitments (unfunded loans and unused lines of credit, including home equity lines of credit) and standby letters of credit outstanding were as follows:
 
 
December 31,
(in thousands)
2010
 
2009
Commitments to grant loans
$
4,624
 
 
$
2,993
 
Unfunded commitments of existing commercial loans
304,329
 
 
277,306
 
Unfunded commitments of existing consumer loans
33,788
 
 
41,384
 
Standby letters of credit
32,272
 
 
34,479
 
Total
$
375,013
 
 
$
356,162
 
 

54
 

6.       Concentrations of Credit Risk
 
The Company's loan portfolio is principally to borrowers throughout Cumberland, Dauphin, York, Lebanon, Lancaster and Berks counties of Pennsylvania where it has full-service stores. Commercial real estate loans and loan commitments for commercial real estate projects aggregated $415.5 million at December 31, 2010. Owner occupied real estate loans and loan commitments for commercial properties aggregated $252.2 million at December 31, 2010.
 
Commercial real estate loans are collateralized by the related project (principally office buildings, multifamily residential, land development and other properties) and the Company generally requires loan-to-value ratios of no greater than 80% at the time the loan is granted, in conformance with regulatory guidelines.
 
7.      Premises, Equipment and Leases
 
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense for 2010, 2009, and 2008 was $6.1 million, $5.5 million and $5.0 million, respectively, and is computed on the straight-line method over the following estimated useful lives of the related assets. The estimated life for leasehold improvements is based on the shorter of the useful life or the lease term.
 
 
Years
Buildings and leasehold improvements
1 - 40
Furniture, fixtures and equipment
1 - 15
Computer equipment and software
3 - 8
 
A summary of premises and equipment is as follows:
 
 
December 31,
(in thousands)
2010
 
2009
Land
$
15,386
 
 
$
15,386
 
Buildings
67,114
 
 
67,851
 
Construction in process
1,453
 
 
1,408
 
Leasehold improvements
2,541
 
 
2,533
 
Furniture, fixtures and equipment
35,095
 
 
35,723
 
 
121,589
 
 
122,901
 
Less accumulated depreciation and amortization
33,427
 
 
29,121
 
Total
$
88,162
 
 
$
93,780
 
 
Land, buildings and equipment are leased under noncancelable operating lease agreements that expire at various dates through 2032. Total rental expense for operating leases in 2010, 2009 and 2008 was $3.0 million, $2.9 million and $2.7 million, respectively. At December 31, 2010 future minimum lease payments for noncancelable operating leases are payable as follows:
 
(in thousands)
 
2011
$
2,498
 
2012
2,214
 
2013
2,066
 
2014
2,019
 
2015
2,055
 
Thereafter
21,960
 
Total minimum lease payments
$
32,812
 
 
 
 
 

55
 

 
8.     Deposits
 
The composition of deposits is as follows:
 
December 31,
(in thousands)
2010
 
2009
Noninterest-bearing demand
$
340,956
 
 
$
319,850
 
Interest checking and money market
927,575
 
 
930,846
 
Savings
292,995
 
 
293,325
 
Time certificates $100,000 or more
133,383
 
 
113,120
 
Other time certificates
137,270
 
 
157,592
 
Total
$
1,832,179
 
 
$
1,814,733
 
 
At December 31, 2010, the scheduled maturities of time deposits are as follows:
 
(in thousands)
 
2011
$
189,303
 
2012
42,127
 
2013
17,172
 
2014
13,421
 
2015
8,630
 
Thereafter
—
 
Total
$
270,653
 
 
9.     Short-term Borrowings 
 
Short-term borrowings consist of securities sold under agreements to repurchase and lines of credit. The Bank has a line of credit commitment from the FHLB for borrowings up to $513.9 million and certain qualifying assets of the Bank collateralize the line. There was $140.5 million outstanding at December 31, 2010 and $51.1 million outstanding at December 31, 2009 on this line of credit, all of which was collateralized by loans held at the Bank. In addition to the previously mentioned sources, the Bank also has a $15.0 million federal funds line of credit with another correspondent bank as of December 31, 2010 of which $0 was outstanding. The average balance of short-term borrowings was $52.2 million in 2010. The weighted average interest rate on total short-term borrowings was 0.60% at December 31, 2010 and 0.62% at December 31, 2009.
 
10.    Long-term Debt
 
As part of the Company's Asset/Liability management strategy, management utilized the Federal Home Loan Bank convertible select borrowing product during the third quarter of 2007 when it obtained $25.0 million in borrowings with a five year maturity and a six month conversion term at an initial interest rate of 4.29%. The Company paid off the entire $25.0 million during the fourth quarter of 2010 and incurred a $1.6 million prepayment charge. There was $0 outstanding on this borrowing at December 31, 2010.
 
On June 15, 2000, the Company issued $5.0 million of 11% fixed rate Trust Capital Securities to Commerce Bancorp LLC through Trust I, a Delaware business trust subsidiary. The Trust Capital Securities evidence a preferred ownership interest in the Trust, of which the Company owns 100% of the common equity. The proceeds from the issuance of the Trust Capital Securities were invested in substantially similar Junior Subordinated Debt of the Company. The Company unconditionally guarantees the Trust Capital Securities. Interest on the debt is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Trust Capital Securities are scheduled to mature on June 15, 2030. The Trust Capital Securities may be redeemed in whole or in part at the option of the Company on or after June 15, 2010 at 105.50% of the principal plus accrued interest, if any. The redemption price declines by 0.55% on June 15 of each year from 2011 through 2020 at which time the securities may be redeemed at 100% of the principal plus accrued interest, if any, to the date fixed for redemption, subject to certain conditions. All $5.0 million of the Trust Capital Securities qualifies as Tier 1 capital for regulatory capital purposes.
 
On September 28, 2001, the Company issued $8.0 million of 10% fixed rate Trust Capital Securities to Commerce Bancorp LLC through Trust II, a Delaware business trust subsidiary. The issuance of the Trust Capital Securities has similar properties as Trust I. The Trust

56
 

Capital Securities evidence a preferred ownership interest in the Trust II of which the Company owns 100% of the common equity. The proceeds from the issuance of the Trust Capital Securities were invested in substantially similar Junior Subordinated Debt of the Company. The Company unconditionally guarantees the Trust Capital Securities. Interest on the debt is payable quarterly with similar terms as in Trust I. The Trust Capital Securities are scheduled to mature on September 28, 2031. The Trust Capital Securities may be redeemed in whole or in part at the option of the Company on or after September 28, 2011 at 105.00% of the principal plus accrued interest, if any. The redemption price declines by 0.50% on September 28 of each year from 2012 through 2021 at which time the securities may be redeemed at 100% of the principal plus accrued interest, if any, to the date fixed for redemption, subject to certain conditions. All $8.0 million of the Trust Capital Securities qualifies as Tier 1 capital for regulatory capital purposes.
 
On September 29, 2006, the Company issued $15.0 million of 7.75% fixed rate Trust Capital Securities to TD Bank, N.A. (formerly known as Commerce Bank, N.A.) through Trust III, a Delaware business trust subsidiary. The issuance of the Trust Capital Securities has similar properties as Trust I and Trust II. The Trust Capital Securities evidence a preferred ownership interest in Trust III of which the Company owns 100% of the common equity. The proceeds from the issuance of the Trust Capital Securities were invested in substantially similar Junior Subordinated Debt of the Company. The Company unconditionally guarantees the Trust Capital Securities. Interest on the debt is payable quarterly with similar terms as in Trust I and Trust II. The Trust Capital Securities are scheduled to mature on September 29, 2036. The Trust Capital Securities may be redeemed in whole or in part at the option of the Company on or after September 29, 2011 at 100.00% of the principal plus accrued interest, if any. All $15.0 million of the Trust Capital Securities qualifies as Tier 1 capital for regulatory capital purposes.
 
The remaining $1.4 million in long-term debt represents the Company's ownership interest in the non-bank subsidiary Trusts.
 
The scheduled maturities for long-term debt over the next five years and thereafter are as follows:
 
(in thousands)
 
2011-2015
$
—
 
Thereafter
29,400
 
Total
$
29,400
 
 
11.     Income Taxes
 
A reconciliation of the provision (benefit) for income taxes and the amount that would have been provided at statutory rates is as follows:
 
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
(Benefit) Provision at statutory rate on pretax income (loss)
$
(3,017
)
 
$
(1,425
)
 
$
6,564
 
Tax-exempt income on loans and investments
(1,446
)
 
(1,263
)
 
(1,087
)
Exercise of nonqualified stock options
(25
)
 
(76
)
 
(102
)
Stock-based compensation
209
 
 
296
 
 
229
 
Merger related expenses
(358
)
 
161
 
 
103
 
Other
101
 
 
133
 
 
146
 
Total 
$
(4,536
)
 
$
(2,174
)
 
$
5,853
 
 
The statutory tax rate used to calculate the provision in 2010 was 34% and in 2009 and 2008 a 35% statutory tax rate was used due to the projected pretax consolidated earnings of the Company.
 
The components of income tax expense (benefit) are as follows:
 
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Current
$
236
 
 
$
(3,841
)
 
$
8,068
 
Deferred expense (benefit)
(4,772
)
 
1,667
 
 
(2,215
)
Total
$
(4,536
)
 
$
(2,174
)
 
$
5,853
 

57
 

 The components of the net deferred tax asset were as follows:
 
 
December 31,
(in thousands)
2010
 
2009
Deferred tax assets:
 
 
 
Allowance for loan losses
$
7,350
 
 
$
5,037
 
Unrealized losses on securities
2,901
 
 
5,853
 
Other-than-temporary losses
892
 
 
819
 
Stock-based compensation
757
 
 
559
 
Nonaccrual interest
1,492
 
 
654
 
Gain on sale of SBA
316
 
 
—
 
Other
525
 
 
144
 
Total deferred tax assets
14,233
 
 
13,066
 
Deferred tax liabilities:
 
 
 
 
 
Premises and equipment
(4,514
)
 
(4,900
)
Prepaid expenses
(571
)
 
(765
)
Deferred loan fees
(885
)
 
(958
)
Total deferred tax liabilities
(5,970
)
 
(6,623
)
Net deferred tax asset
$
8,263
 
 
$
6,443
 
 
Tax expense of $952,000 and $550,000 was recognized on net securities gains during 2010 and 2009, respectively, and a tax benefit of $55,000 was recognized on net securities losses during 2008. For 2010, the Company will receive a tax benefit on its federal income tax return totaling $25,000 and for 2009 and 2008, the Company received a tax benefit totaling $76,000 and $102,000, respectively, related to the exercise of non-qualified stock options and disqualified dispositions of employee stock from options exercised. The Company, or one of its subsidiaries, files income tax returns in the U.S. Federal jurisdiction and various states.  The Company is no longer subject to U.S. Federal, state and local examinations by tax authorities for years before 2007.
 
12.    Stockholders' Equity
 
At December 31, 2010 and 2009, TD Banknorth, Inc., (formerly known as Commerce Bancorp, Inc.) owned 40,000 shares of the Company's Series A $10 par value noncumulative nonvoting preferred stock.  The preferred stock is redeemable at the option of the Company at the price of $25 per share plus any unpaid dividends. Dividends on the preferred stock are payable quarterly at a rate of $2 per share per annum.
 
The Company has a dividend reinvestment and stock purchase plan. Holders of common stock may participate in the plan in which reinvested dividends and voluntary cash payments of not less than $100 per month and not more than $25,000 per month may be reinvested in additional common shares at a 3% discount from the current market price. Officers are eligible immediately and employees who have been continuously employed for at least one year are also eligible to participate in the plan. The minimum investment is $25 per month for employees and $50 for officers with a maximum of $25,000 per month. During 2010, 500,000 additional shares were registered to the plan. A total of 288,559, 79,019 and 37,372 common shares were issued pursuant to this plan in 2010, 2009 and 2008, respectively. At December 31, 2010, the Company had reserved approximately 388,000 common shares to be issued in connection with the plan.
 
On August 6, 2009, Metro Bancorp filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) which will allow the Company, from time to time, to offer and sell up to a total aggregate of $250.0 million of common stock, preferred stock, debt securities, or warrants, either separately or together in any combination. The shelf registration statement also registered trust preferred securities. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) excludes from regulatory capital trust preferred securities issued after May 19, 2010. Consequently, Metro Bancorp has no plans to issue additional trust preferred securities. While Metro has always been well-capitalized under federal regulatory guidelines, the shelf registration better positions the Company to take advantage of potential opportunities for growth and to address current economic conditions.
 
On September 30, 2009, the Company completed a common stock offering of 6.25 million shares, at $12.00 per share, for new capital proceeds (net of expenses) of $70.7 million. In October 2009, the underwriters exercised their 10% over-allotment option and Metro issued an additional 625,000 common shares for additional net proceeds of $7.1 million. The total net proceeds of $77.8 million have significantly strengthened Metro's capital ratios far beyond regulatory guidelines for “well-capitalized” status and position the Company

58
 

for strong future growth.
 
13.     Earnings (Loss) per Share
 
The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
 
For the Years Ended December 31,
 
2010
 
2009
 
2008
(in thousands, except per share amounts)
Loss
 
Weighted-average Shares
 
Per Share
Amount
 
Loss
 
Weighted-average Shares
 
Per Share
Amount
 
Income
 
Weighted-average Shares
 
Per Share
Amount
Basic earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(4,337
)
 
 
 
 
 
$
(1,898
)
 
 
 
 
 
$
12,901
 
 
 
 
 
Preferred stock dividends
(80
)
 
 
 
 
 
(80
)
 
 
 
 
 
(80
)
 
 
 
 
Income (loss) available to common stockholders
(4,417
)
 
13,563
 
 
$
(0.33
)
 
(1,978
)
 
8,241
 
 
$
(0.24
)
 
12,821
 
 
6,356
 
 
$
2.02
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
 
—
 
 
 
 
 
 
 
 
—
 
 
 
 
 
 
 
 
164
 
 
 
 
Diluted earnings (loss)  per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) available to common stockholders plus assumed conversions
$
(4,417
)
 
13,563
 
 
$
(0.33
)
 
$
(1,978
)
 
8,241
 
 
$
(0.24
)
 
$
12,821
 
 
6,520
 
 
$
1.97
 
 
There were 1,069,774 common stock options excluded from the computation of diluted loss per share for the year ended December 31, 2010 which were exercisable between the prices of $11.55 and $33.50 per option. There were 1,030,267 options excluded from the computation of diluted loss per share for the year ended December 31, 2009 which were exercisable between the prices of $6.93 and $33.50 per option. There were 533,966 options excluded from the computation of diluted earnings per share for the year ended December 31, 2008 which were exercisable between the prices of $27.00 and $33.50 per option.
 
14.     Stock Option Plans
 
In 2005, the Board of Directors adopted and the Company's stockholders approved the adoption of the 2006 Employee Stock Option Plan for the officers and employees of the Company. The Plan commenced January 1, 2006 and replaced the 1996 Employee Stock Option Plan, which expired December 31, 2005. The Plan covers 1,000,000 authorized shares of common stock reserved for issuance upon exercise of options granted or available for grant to employees and will expire on December 31, 2015. The Plan provides that the option price of qualified incentive stock options will be fixed by the Board of Directors, but will not be less than 100% of the fair market value of the stock at the date of grant. In addition, the Plan provides that the option price of nonqualified stock options (NQSO's) also will be fixed by the Board of Directors, however for NQSO's the option price may be less than 100% of the fair market value of the stock at the date of grant. Options granted are exercisable one year after the grant date, will vest over a four-year period and expire ten years after the grant date.
 
In 2000, the Board of Directors adopted and the Company's stockholders approved the adoption of the 2001 Directors' Stock Option Plan. The Plan commenced January 1, 2001 and replaced the 1990 Directors' Stock Option Plan, which expired December 31, 2000. The Plan covered 343,100 authorized shares of common stock reserved for issuance upon exercise of options granted or available for grant to non-employee directors and expired on December 31, 2010. In 2010, the Company's shareholders approved the adoption of the 2011 Directors' Stock Option Plan. The Plan commences January 1, 2011 and replaces the 2000 Directors' Stock Option Plan which expired December 31, 2010. The Plan covers 200,000 authorized shares of common stock reserved for issuance upon exercise of options granted or available for grant to directors,  directors emeritus, advisory directors, consultants and others with outstanding abilities and will expire on December 31, 2020. Under the Company's Directors' Stock Option Plan, each non-employee director of the Company, consultants and others who are not regularly employed on a salaried basis by the Company may be entitled to an option to acquire shares, as determined by the Board

59
 

of Directors, of the Company's common stock during each year in which the Director serves on the Board. The Plan provides that the option price will be fixed by the Board of Directors, but will not be less than 100% of the fair market value of the stock on the date of the grant.
 
As of December 31, 2010, there was $2.2 million of total unrecognized compensation cost related to nonvested stock option awards. This cost is expected to be recognized over the next 3.4 year period. Cash received from the exercise of options for 2010, 2009 and 2008 was $78,000, $633,000 and $541,000, respectively.
 
The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the stock price volatility. Because the Company's stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company's stock options. The Black-Scholes model used the following weighted-average assumptions for 2010, 2009 and 2008, respectively: risk-free interest rates of 3.3%, 2.5% and 3.3%; volatility factors of the expected market price of the Company's common stock of .45, .32 and .29; weighted average expected lives of the options of 7.5 years for the three years presented and no cash dividends. Based upon these assumptions, the weighted average fair value of options granted was $6.47, $6.18 and $10.66 for the years ended December 31, 2010, 2009 and 2008, respectively.
 
The Company recorded compensation expense of approximately $1.2 million for the year ended December 31, 2010 compared to $1.4 million and $1.1 million for the years ended December 31, 2009 and 2008, respectively. The tax benefit associated with compensation expense was $214,000, $208,000 and $170,000 for 2010, 2009 and 2008, respectively.
 
Stock option transactions under the Plans were as follows:
 
 
Years Ended December 31, 
 
2010
2009
2008
 
Options
Weighted Avg.
Exercise Price
Options
Weighted Avg.
Exercise Price
Options
Weighted Avg.
Exercise Price
Outstanding at beginning of year
1,030,267
 
$
22.92
 
943,915
 
$
24.42
 
924,215
 
$
22.19
 
Granted
192,900
 
12.31
 
211,270
 
15.69
 
174,325
 
27.00
 
Exercised
(13,508
)
7.92
 
(49,702
)
13.40
 
(133,232
)
11.53
 
Forfeited/expired
(139,885
)
18.75
 
(75,216
)
27.66
 
(21,393
)
29.61
 
Outstanding at end of year
1,069,774
 
$
21.74
 
1,030,267
 
$
22.92
 
943,915
 
$
24.42
 
Exercisable at December 31
663,259
 
$
24.63
 
619,490
 
$
23.62
 
601,805
 
$
22.23
 
Options available for grant at December 31
511,525
 
 
 
624,085
 
 
 
781,786
 
 
 
Weighted-average fair value of options granted during the year
 
 
$
6.47
 
 
 
$
6.18
 
 
 
$
10.66
 
 
Options exercisable and outstanding at December 31, 2010 had an intrinsic value of $0. The intrinsic value of options exercised was $77,000 in 2010, $282,000 in 2009 and $2.0 million in 2008.
 
The Company allows for option exercises to be paid for in cash or in whole or in part with Metro stock owned by the optionee. The value of the stock used to exercise the options is the fair market value on the date of exercise.  Stock option exercises paid for with the Company's stock were 2,130 shares, 1,695 shares and 37,846 shares for the years ended December 31, 2010, 2009 and 2008, respectively.
 
 
 
 
 
 
 
 
 
 

60
 

Exercise prices for options outstanding as of December 31, 2010 are presented in the following table:
 
 
Options
Outstanding
 
Weighted
Avg. Exercise
 Price
 
Weighted Avg.
Remaining
Contractual
Life
 
Options
Exercisable
 
Weighted
Avg. Exercise
Price
Options with exercise prices ranging from
    $11.55 to $16.41
435,686
 
 
$
14.15
 
 
7.2 Years
 
127,831
 
 
$
15.15
 
Options with exercise prices ranging from
    $16.42 to $25.38
200,060
 
 
21.37
 
 
2.5 Years
 
198,407
 
 
21.38
 
Options with exercise prices ranging from
    $25.39 to $33.50
434,028
 
 
29.54
 
 
5.7 Years
 
337,021
 
 
30.14
 
Total options outstanding with exercise
    prices ranging from $11.55 to $33.50
1,069,774
 
 
$
21.74
 
 
5.7 Years
 
663,259
 
 
$
24.63
 
 
The remaining weighted average contractual life for options exercisable at December 31, 2010 is 4.1 years.
 
The following table represents non-vested options as of December 31, 2010:
 
 
 
Number of
Shares
 
Weighted Avg.
Grant Date
Fair Value
Non-vested options,
December 31, 2009
410,777
 
 
$
8.73
 
Granted
 
192,900
 
 
6.47
 
Vested
 
(148,124
)
 
9.16
 
Forfeited
 
(49,038
)
 
7.56
 
Non-vested options,
December 31, 2010
406,515
 
 
$
7.64
 
 
15.     Regulatory Matters
 
Regulatory authorities restrict the amount of cash dividends the Bank can declare without prior regulatory approval. Presently, the Bank cannot declare cash dividends in one year in excess of its net profits for the current year plus its retained net profits for the two preceding years, less any required transfers to surplus. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements.
 
The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
 
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2010, that the Company and the Bank meet all capital adequacy requirements to which they are subject.
 
As of December 31, 2010 the Bank was categorized as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank's category.
 
 
 
 
 

61
 

The following table presents the risk-based and leverage capital amounts and ratios at December 31, 2010 and 2009 for the Company and the Bank:
 
 
Actual
 
 
 
For Capital 
Adequacy Purposes
 
 
 
To Be Well-Capitalized
Under Prompt Corrective
Action Provisions
(dollars in thousands)
Amount
 
Ratio
 
 
 
Amount
 
 
 
Ratio
 
 
 
Amount
 
 
 
Ratio
Company as of December 31, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total capital
$
259,479
 
 
15.83
%
 
≥
 
$
131,092
 
 
≥
 
8.0
%
 
≥
 
N/A
 
 
≥
 
N/A
 
Tier 1 capital
238,981
 
 
14.58
 
 
≥
 
65,546
 
 
≥
 
4.0
 
 
≥
 
N/A
 
 
≥
 
N/A
 
Leverage ratio
238,981
 
 
10.68
 
 
≥
 
89,494
 
 
≥
 
4.0
 
 
≥
 
N/A
 
 
≥
 
N/A
 
Bank as of December 31, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total capital
$
229,682
 
 
14.06
%
 
≥
 
$
130,647
 
 
≥
 
8.0
%
 
≥
 
$
163,308
 
 
≥
 
10.0
%
Tier 1 capital
209,254
 
 
12.81
 
 
≥
 
65,323
 
 
≥
 
4.0
 
 
≥
 
97,985
 
 
≥
 
6.0
 
Leverage ratio
209,254
 
 
9.38
 
 
≥
 
89,269
 
 
≥
 
4.0
 
 
≥
 
111,586
 
 
≥
 
5.0
 
Company as of December 31, 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total capital
$
253,284
 
 
14.71
%
 
≥
 
$
137,734
 
 
≥
 
8.0
%
 
≥
 
N/A
 
 
≥
 
N/A
 
Tier 1 capital
238,893
 
 
13.88
 
 
≥
 
68,867
 
 
≥
 
4.0
 
 
≥
 
N/A
 
 
≥
 
N/A
 
Leverage ratio
238,893
 
 
11.31
 
 
≥
 
84,468
 
 
≥
 
4.0
 
 
≥
 
N/A
 
 
≥
 
N/A
 
Bank as of December 31, 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-based capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total capital
$
221,054
 
 
12.85
%
 
≥
 
$
137,608
 
 
≥
 
8.0
%
 
≥
 
$
172,010
 
 
≥
 
10.0
%
Tier 1 capital
206,663
 
 
12.01
 
 
≥
 
68,804
 
 
≥
 
4.0
 
 
≥
 
103,206
 
 
≥
 
6.0
 
Leverage ratio
206,663
 
 
9.82
 
 
≥
 
84,206
 
 
≥
 
4.0
 
 
≥
 
105,257
 
 
≥
 
5.0
 
 
On April 29, 2010, the Bank consented and agreed to the issuance of a Consent Order (Order) by the FDIC, the Bank's federal banking regulator and a substantially similar consent order by the Pennsylvania Department of Banking.  The Order requires the Bank to take all necessary steps, consistent with the Order and sound banking practices, to correct and prevent certain unsafe or unsound banking practices and violations of law or regulation alleged by the FDIC to have been committed by the Bank. Among other things, the Order requires certain analyses and assessments, including an analysis and assessment of the Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) staffing needs and qualifications and an analysis and assessment of the independence and performance of the Company's directors and senior executive officers. It also requires the development, adoption and implementation of a system of internal controls designed to ensure full compliance with BSA and OFAC provisions; training programs to ensure that all appropriate personnel are aware of and can comply with applicable requirements of BSA and OFAC provisions; periodic reviews by internal and external auditors of compliance with BSA and OFAC provisions; and a review by an independent third party of the Bank's compliance with the Order.  Most of these expenses are captured under consulting fees and make up the majority of this line item on the consolidated statement of operations.
 
16.    Employee Benefit Plan
 
The Company has established a 401(k) Retirement Savings Plan for all of its employees who meet eligibility requirements. Employees may contribute up to 15% of their salary to the Plan. The Company provides a discretionary matching contribution for up to 6% of each employee's salary. In 2010, 2009 and 2008, the Company's matching contribution was established at 50% of the employee's salary deferral up to a maximum of 6% of the employee's salary. The amount charged to expense was $490,000, $494,000 and $407,000 in 2010, 2009 and 2008, respectively.
 
 
 
 

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17.     Comprehensive Income
 
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on AFS securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income are components of comprehensive income. The only comprehensive income item that the Company presently has is net unrealized gains on securities available for sale and unrealized losses for noncredit-related losses on debt securities. The federal (income taxes) benefits allocated to the net unrealized gains (losses) are presented in the table below.
 
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Unrealized holding gains (losses) arising during the year
$
1,533
 
 
$
6,108
 
 
$
(20,751
)
Reclassification adjustment on securities
5,617
 
 
1,301
 
 
—
 
OTTI losses on securities not expected to be sold
1,043
 
 
2,452
 
 
—
 
Subtotal
8,193
 
 
9,861
 
 
(20,751
)
Income tax effect
(2,952
)
 
(3,452
)
 
7,322
 
Other comprehensive income (loss), net of tax impact
$
5,241
 
 
$
6,409
 
 
$
(13,429
)
 
18.     Commitments and Contingencies
 
In January 2005, the Company entered into an agreement for naming rights to Metro Bank Park located on Harrisburg City Island, Harrisburg, Pennsylvania. Metro Bank Park is home of the Harrisburg Senators, an AA team affiliated with Major League Baseball. The term of the naming rights agreement is 15 years with a total obligation of $3.5 million spread over the term.
 
The Company has purchased the land at the corner of Carlisle Road and Alta Vista Road in Dover Township, York County, Pennsylvania. The Company plans to construct a full-service store on this property to be opened in the future.
 
The Company has entered into a land lease for the premises located at 2121 Lincoln Highway East, East Lampeter Township, Lancaster County, Pennsylvania. The Company plans to construct a full service store on this property to be opened in the future.
 
The Company has purchased land at 105 N. George Street, York City, York County, Pennsylvania. The Company plans to open a store on this property to be opened in the future.
 
On November 10, 2008, Metro announced it had entered into a services agreement with Fiserv. The agreement, effective November 7, 2008, is for a period of seven years, subject to automatic renewal for additional terms of two years unless either party gives the other written notice of non-renewal at least 180 days prior to the expiration date of the term. The agreement allowed the Company to transition to Fiserv many of the services that had been provided by Commerce Bank, N.A., now known as TD Bank, N.A. The initial investment with Fiserv was $3.4 million with an expected obligation for support, license fees and processing services of $39.8 million over the next five years. The various services include: core system hosting, item processing, deposit and loan processing, electronic banking, data warehousing and other banking functions. The transition was successfully completed in June 2009.
 
In addition, the Company is also subject to certain routine legal proceedings and claims arising in the ordinary course of business. It is management's opinion that the ultimate resolution of these claims will not have a material adverse effect on the Company's financial position and results of operations.
 
19.     Related Party Transactions
 
Commerce Bancorp LLC (a 4.38% shareholder of common stock and 100% shareholder of Series A preferred stock of the Company), through an affiliate TD Bank, N.A., historically provided various services to the Company. These services included maintenance to the store LAN network, proof and encoding services, deposit account statement rendering, automated teller machine (ATM)/VISA card processing, data processing, implementation of new software for systems and call center support. On and effective as of December 30, 2008, the Company and the Bank entered into a Transition Agreement with TD and Commerce Bancorp LLC (formerly Commerce Bancorp, Inc.).  The Transition Agreement terminated the Network Agreement dated January 1, 1997, as thereafter amended in April 2002 and September 29, 2004 (the Network Agreement) and the Master Services Agreement dated July 21, 2006 and its addenda (the Master Services Agreement) by and between the Company, the Bank and TD (and/or their predecessors). With timely advance notice by

63
 

TD under the Network and Master Services agreements, the agreements would have otherwise terminated on December 31, 2009.  The agreements were terminated prior to such date in connection with the March 2008 merger of Commerce Bancorp, Inc. into a subsidiary of TD Bank N.A.
 
Pursuant to the Transition Agreement, TD provided to the Bank certain transaction services, representing a continuation of the services provided to the Bank under the terms of the Master Services Agreement until the third quarter of  2009, at which time all such services were transitioned to other service providers. Because all services provided by TD under the Transition Agreement were terminated according to terms in the agreement, TD paid to the Bank a fee in the amount of $6.0 million, which was used to help defray the costs of transition and the rebranding of the Company and the Bank.
 
The Company did not receive nor pay for services from TD in 2010; however, paid approximately $2.2 million and $4.7 million for services provided during 2009 and 2008, respectively. Insurance premiums and commissions, which were paid to a subsidiary of Commerce Bancorp LLC, are included in the total amount paid in 2008. A non-recourse loan in which the Company had participated was foreclosed in 2009 and resulted in the Company's ownership of a 15% interest in commercial property in which TD now owns a 70% interest.  The gross balance due on the loan was $45.9 million at the time of foreclosure.
  
The Company has engaged in certain transactions with entities which are considered related parties. Payments for goods and services, including legal services, to these related parties totaled $699,000, $835,000 and $756,000, in 2010, 2009 and 2008, respectively. Management believes disbursements made to related parties were substantially equivalent to those that would have been paid to unaffiliated companies for similar goods and services.
 
 
20.    Fair Value Measurements
 
The Company uses its best judgment in estimating the fair value of its financial instruments; however, there are inherent weaknesses in any estimation technique due to assumptions that are susceptible to significant change.  Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated.  The estimated fair value amounts have been measured as of their respective year-ends and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates.  As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end.
 
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following fair value hierarchy in selecting inputs with the highest priority given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements): 
 
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
 
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability;
 
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
 
 
 
 
 
 
 
 
 
 
 
 
 
 

64
 

 
As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets that were measured at fair value on a recurring basis at December 31, 2010 by level within the fair value hierarchy:
 
 
 
 
 Fair Value Measurements at Reporting Date Using
Description
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable
Inputs
(in thousands)
December 31, 2010
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
 
 
 
 
U.S. Government agency
securities
$
21,409
 
 
$
—
 
 
$
21,409
 
 
$
—
 
Residential MBSs
2,386
 
 
—
 
 
2,386
 
 
—
 
Agency CMOs
383,214
 
 
—
 
 
383,214
 
 
—
 
Private-label CMOs
31,003
 
 
—
 
 
31,003
 
 
—
 
Securities available for sale
$
438,012
 
 
$
—
 
 
$
438,012
 
 
$
—
 
  
For financial assets measured at fair value on a recurring basis at December 31, 2009, the fair value measurements by level within the fair value hierarchy used were as follows:
 
 
 
 
Fair Value Measurements at Reporting Date Using
Description
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable
Inputs
(in thousands)
December 31, 2009
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
 
 
 
 
U.S. Government agency
securities
$
54,758
 
 
$
—
 
 
$
54,758
 
 
$
—
 
Residential MBSs
80,587
 
 
—
 
 
80,587
 
 
—
 
Agency CMOs
150,128
 
 
—
 
 
150,128
 
 
—
 
Private-label CMOs
103,363
 
 
—
 
 
103,363
 
 
—
 
Securities available for sale
$
388,836
 
 
$
—
 
 
$
388,836
 
 
$
—
 
 
As of December 31, 2010 and December 31, 2009, the Company did not have any liabilities that were measured at fair value on a recurring basis.
 
Impaired Loans (Generally Carried at Fair Value)
 
Impaired loans are those that the Company has measured impairment of based on the fair value of the loan's collateral.  Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds.  These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.   The fair value consists of the loan balances less any valuation allowance. The valuation allowance amount is calculated as the difference between the recorded investment in a loan and the present value of expected future cash flows. At December 31, 2010 the fair value of five related impaired loans with reserve allocations and their associated relationship totaled $10.4 million, net of a valuation allowance of $3.6 million. At December 31, 2009, the fair value of impaired loans with reserve allocations and their associated loan relationships totaled $383,000, net of a valuation allowance of $900,000. The Company's impaired loans are more fully discussed in Note 4.
 
 Foreclosed Assets (Carried at Lower of Cost or Fair Value)
 
The fair value of real estate acquired through foreclosure was based on independent third party appraisals of the properties. The carrying value of foreclosed assets, with valuation allowances recorded subsequent to initial foreclosure, was $4.8 million and $718,000 at December 31, 2010 and December 31, 2009, respectively, which are net of valuation allowances of $410,000 and $194,000 that were

65
 

established in 2010 and 2009, respectively.
 
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows:
 
 
 
 
Fair Value Measurements at Reporting Date Using
Description
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable
Inputs
(in thousands)
December 31, 2010
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Impaired loans
$
10,444
 
 
$
—
 
 
$
—
 
 
$
10,444
 
Foreclosed assets
4,774
 
 
—
 
 
—
 
 
4,774
 
Total
$
15,218
 
 
$
—
 
 
$
—
 
 
$
15,218
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 Description
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable
Inputs
(in thousands)
December 31, 2009
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Security held to maturity
$
4,010
 
 
$
—
 
 
$
4,010
 
 
$
—
 
Impaired loans
383
 
 
—
 
 
—
 
 
383
 
Foreclosed assets
718
 
 
—
 
 
—
 
 
718
 
Total
$
5,111
 
 
$
—
 
 
$
4,010
 
 
$
1,101
 
 
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company's assets and liabilities.  Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful.  The following valuation techniques were used to estimate the fair values of the Company's financial instruments at December 31, 2010 and 2009:
  
Cash and Cash Equivalents (Carried at Cost)
 
The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets' fair values.
 
Securities
 
The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities' relationship to other benchmark prices. 
 
Loans Held for Sale (Carried at Lower of Cost or Fair Value)
 
The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices.  If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan.  The Company did not write down any loans held for sale during the years ended December 31, 2010 and 2009.
 
Loans Receivable (Carried at Cost)
 
The fair value of loans, excluding impaired loans with specific loan allowances, are estimated using discounted cash flow analysis, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans.  Projected future cash flows are calculated based upon contractual maturity, projected repayments and prepayments of principal.  Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values.
 
 
 

66
 

Restricted Investment in Bank Stock (Carried at Cost)
 
The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities.  The restricted investment in bank stock consisted of Federal Home Loan Bank and Atlantic Central Bankers Bank (ACBB) stock at of December 31, 2010 and FHLB stock at December 31, 2009.
 
Accrued Interest Receivable and Payable (Carried at Cost)
 
The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value.
 
Deposit Liabilities (Carried at Cost)
 
The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts).  Fair values for fixed-rate certificates of deposits (CDs) are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.
 
Short-Term Borrowings (Carried at Cost)
 
The carrying amounts of short-term borrowings approximate their fair values.
 
Long-Term Debt (Carried at Cost)
 
The fair value of the $25.0 million FHLB convertible select borrowing advance at December 31, 2009 was estimated using discounted cash flow analysis, based on a quoted price for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. The price obtained from this active market represents a fair value that is deemed to represent the transfer price if the liability were assumed by a third party.  Other long-term debt was estimated using discounted cash flow analysis, based on quoted prices from a third party broker for new debt with similar characteristics, terms and remaining maturity.  The price for the other long-term debt was obtained in an inactive market where these types of instruments are not traded regularly. 
 
Off-Balance Sheet Financial Instruments (Disclosed at Cost)
 
Fair values for the Company's off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties' credit standing.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

67
 

The estimated fair values of the Company's financial instruments were as follows at December 31, 2010 and 2009:
 
 
2010
 
2009
(in thousands)
Carrying
Amount
 
Fair 
Value
 
Carrying
Amount
 
Fair 
Value
Financial assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
32,858
 
 
$
32,858
 
 
$
40,264
 
 
$
40,264
 
Securities
665,588
 
 
662,214
 
 
506,651
 
 
508,762
 
Loans, net (including loans held for sale)
1,376,192
 
 
1,358,509
 
 
1,442,104
 
 
1,424,648
 
Restricted investments in bank stock
20,614
 
 
20,614
 
 
21,630
 
 
21,630
 
Accrued interest receivable
7,347
 
 
7,347
 
 
7,010
 
 
7,010
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
1,832,179
 
 
$
1,835,782
 
 
$
1,814,733
 
 
$
1,818,045
 
Long-term debt
29,400
 
 
18,431
 
 
54,400
 
 
42,786
 
Short-term borrowings
140,475
 
 
140,475
 
 
51,075
 
 
51,075
 
Accrued interest payable
669
 
 
669
 
 
930
 
 
930
 
Off-balance sheet instruments:
 
 
 
 
 
 
 
 
 
 
 
Standby letters of credit
$
—
 
 
$
—
 
 
$
—
 
 
$
—
 
Commitments to extend credit
—
 
 
—
 
 
—
 
 
—
 
 

68
 

21.     Quarterly Financial Data (unaudited)
 
The following represents summarized unaudited quarterly financial data of the Company which, in the opinion of management, reflects adjustments (comprising only normal recurring accruals) necessary for fair presentation, note that certain balances may not cross foot due to rounding:
 
 
Three Months Ended
(in thousands, except per share amounts)
December 31
 
September 30
 
June 30
 
March 31
 
 
 
 
 
 
 
 
2010
 
 
 
 
 
 
 
Interest income
$
24,508
 
 
$
24,248
 
 
$
24,396
 
 
$
24,095
 
Interest expense
4,062
 
 
4,261
 
 
4,412
 
 
4,662
 
Net interest income
20,446
 
 
19,987
 
 
19,984
 
 
19,433
 
Provision for loan losses
2,600
 
 
13,400
 
 
2,600
 
 
2,400
 
Gains on sales of securities (net)
1,765
 
 
117
 
 
298
 
 
621
 
Provision (benefit) for federal income taxes
376
 
 
(3,772
)
 
(238
)
 
(902
)
Net income (loss)
1,457
 
 
(6,160
)
 
360
 
 
6
 
Net income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.10
 
 
$
(0.46
)
 
$
0.02
 
 
$
—
 
Diluted
0.10
 
 
(0.46
)
 
0.02
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2009
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
23,822
 
 
$
24,310
 
 
$
24,947
 
 
$
25,304
 
Interest expense
5,247
 
 
5,631
 
 
5,932
 
 
5,967
 
Net interest income
18,575
 
 
18,679
 
 
19,015
 
 
19,337
 
Provision for loan losses
1,800
 
 
3,725
 
 
3,700
 
 
3,200
 
Gains on sales/call of securities
1
 
 
1,515
 
 
55
 
 
—
 
Provision (benefit) for federal income taxes
(803
)
 
(502
)
 
(1,041
)
 
172
 
Net income (loss)
(890
)
 
(490
)
 
(1,355
)
 
837
 
Net income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
(0.08
)
 
$
(0.21
)
 
$
0.13
 
Diluted
(0.07
)
 
(0.08
)
 
(0.21
)
 
0.13
 
 
 
 
 
 
 
 
 
 
 

69
 

22. Condensed Financial Statements of Parent Company
 
Balance Sheets
 
December 31,
(in thousands)
2010
 
2009
Assets
 
 
 
Cash
$
26,237
 
 
$
32,863
 
Investment in subsidiaries:
 
 
 
 
 
Banking subsidiary
203,623
 
 
195,792
 
Non-banking subsidiaries
1,400
 
 
1,400
 
Other assets
4,119
 
 
4,737
 
Total assets
$
235,379
 
 
$
234,792
 
Liabilities
 
 
 
 
 
Long-term debt
$
29,400
 
 
$
29,400
 
Other liabilities
628
 
 
5,370
 
Total liabilities
30,028
 
 
34,770
 
 
 
 
 
 
 
Stockholders' Equity
 
 
 
 
 
Preferred stock
400
 
 
400
 
Common stock
13,748
 
 
13,448
 
Surplus
151,545
 
 
147,340
 
Retained earnings
45,288
 
 
49,705
 
Accumulated other comprehensive loss
(5,630
)
 
(10,871
)
Total stockholders' equity
205,351
 
 
200,022
 
Total liabilities and stockholders' equity
$
235,379
 
 
$
234,792
 
 
Statements of Operations
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Income
 
 
 
 
 
Dividends from bank subsidiary
$
—
 
 
$
2,818
 
 
$
2,337
 
Interest income
124
 
 
124
 
 
124
 
 
124
 
 
2,942
 
 
2,461
 
Expenses
 
 
 
 
 
 
 
 
Interest expense
2,645
 
 
2,645
 
 
2,645
 
Other
1,149
 
 
1,668
 
 
1,265
 
 
3,794
 
 
4,313
 
 
3,910
 
Loss before income tax benefit and equity in undistributed net income of subsidiaries
(3,670
)
 
(1,371
)
 
(1,449
)
Income tax benefit
1,248
 
 
1,466
 
 
1,304
 
 
(2,422
)
 
95
 
 
(145
)
Equity in undistributed net income (loss) of bank subsidiary
(1,915
)
 
(1,993
)
 
13,046
 
Net income (loss)
$
(4,337
)
 
$
(1,898
)
 
$
12,901
 
 
 

70
 

Statements of Cash Flows
 
Years Ended December 31,
(in thousands)
2010
 
2009
 
2008
Operating Activities
 
 
 
 
 
Net income (loss)
$
(4,337
)
 
$
(1,898
)
 
$
12,901
 
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
Amortization of financing costs
8
 
 
8
 
 
8
 
Stock-based compensation
1,244
 
 
1,439
 
 
1,142
 
(Decrease) increase in other liabilities
(4,742
)
 
4,325
 
 
304
 
Decrease (increase) in other assets
610
 
 
(4,350
)
 
(173
)
Equity in undistributed net (income) loss of bank subsidiary
1,915
 
 
1,993
 
 
(13,046
)
Net cash (used in) provided by operating activities
(5,302
)
 
1,517
 
 
1,136
 
 
 
 
 
 
 
 
 
 
Investing Activities
 
 
 
 
 
 
 
 
Investment in bank subsidiary
(4,478
)
 
(48,970
)
 
(2,637
)
Net cash used by investing activities
(4,478
)
 
(48,970
)
 
(2,637
)
 
 
 
 
 
 
 
 
 
Financing Activities
 
 
 
 
 
 
 
 
Proceeds from common stock options exercised
78
 
 
633
 
 
541
 
Proceeds from issuance of common stock under stock purchase plan
3,156
 
 
1,174
 
 
954
 
Proceeds from issuance of common stock in connection with stock offering
—
 
 
77,792
 
 
—
 
Cash dividends on preferred stock
(80
)
 
(80
)
 
(80
)
Net cash provided by financing activities
3,154
 
 
79,519
 
 
1,415
 
(Decrease) increase in cash and cash equivalents
(6,626
)
 
32,066
 
 
(86
)
Cash and cash equivalents at beginning of the year
32,863
 
 
797
 
 
883
 
Cash and cash equivalents at end of year
$
26,237
 
 
$
32,863
 
 
$
797
 
 
23. Subsequent Event
 
On or about June 15, 2009, we changed our name and the name of the Bank and began using the red “M” logo.  Several companies in the United States, including companies in the banking and financial services industries, use variations of the word “Metro” and the letter “M” as part of a trademark or trade name.  As such, we face potential objections to our use of these marks.
 
On or about June 19, 2009, Members 1st Federal Credit Union, or “Members 1st,” filed a complaint in the United States District Court for the Middle District of Pennsylvania against Metro Bancorp, Inc., Metro Bank, Republic First and Republic First Bank.  Members 1st claimed federal trademark infringement, federal unfair competition, and common law trademark infringement and unfair competition by Metro in Metro’s use of a red letter “M” alone, or in conjunction with its trade name “Metro” Members 1st alleged that such use infringes Members 1st’s federally registered and common law trademark for the mark M1ST (stylized).   On February 25, 2011, the parties to this lawsuit executed and filed with the court a Stipulation and Proposed Order of Dismissal under which the complaint against Metro and the Bank was dismissed without prejudice. While Metro intends to make certain modifications to its logos in the near future, we can provide no assurance that the Members 1st lawsuit will not be reinstituted at a later time or that other trademark infringement actions will not be brought against us.
 
 

71
 EX-21 8 ex21201010k.htm WebFilings | EDGAR view
 

Exhibit 21
 
Subsidiaries of Metro Bancorp, Inc.
 
Name of Business
 
Doing Business As
 
State of Incorporation
 
 
 
 
 
Metro Bank
 
Metro Bank
 
Pennsylvania
 
 
 
 
 
Commerce Harrisburg Capital Trust I
 
Commerce Harrisburg Capital Trust I
 
Delaware
 
 
 
 
 
Commerce Harrisburg Capital Trust II
 
Commerce Harrisburg Capital Trust II
 
Delaware
 
 
 
 
 
Commerce Harrisburg Capital Trust III
 
Commerce Harrisburg Capital Trust III
 
Delaware
 
 
 
 
 
 MB DPC Holdings 1, LLC
 
 MB DPC Holdings 1, LLC
 
Pennsylvania
 

 
 EX-23 9 ex23201010k.htm WebFilings | EDGAR view
 

Exhibit 23
 
Consent of Independent Registered Public Accounting Firm
 
Metro Bancorp, Inc. and subsidiaries
Harrisburg, Pennsylvania
 
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-87329, No. 333-161114 and No. 333-169683) and Form S-8 (No. 333-82085, No. 333-82083, No. 333-87313, No. 333-61634, No. 333-61636, No. 333-122490, No. 333-128382, No. 333-155931, No. 333-155930, No. 333-169712 and No. 333-169684) of Metro Bancorp, Inc. (the “Company”) of our reports dated March 16, 2011, relating to the Company's consolidated financial statements and the effectiveness of the Company's internal control over financial reporting, which appear in the Annual Report to Shareholders, which is incorporated by reference in this Annual Report on Form 10-K.
 
 
 
/s/ ParenteBeard LLC
 
ParenteBeard LLC
Harrisburg, Pennsylvania
March 16, 2011
 

 
 EX-31.1 10 ex311201010k.htm WebFilings | EDGAR view
 

Exhibit 31.1
 
Certification of Chief Executive Officer
 
I, Gary L. Nalbandian, certify that:
 
1.    
I have reviewed this Annual Report on Form 10-K of Metro Bancorp, Inc.;
2.    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.    
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: March 16, 2011
 
/s/ Gary L. Nalbandian
Gary L. Nalbandian
President and Chief Executive Officer
 

 
 EX-31.2 11 ex312201010k.htm WebFilings | EDGAR view
 

Exhibit 31.2
 
Certification of Chief Financial Officer
 
I, Mark A. Zody, certify that:
 
1.    
I have reviewed this Annual Report on Form 10-K of Metro Bancorp, Inc.;
2.    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.    
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
Date: March 16, 2011
 
/s/ Mark A. Zody
Mark A. Zody
Chief Financial Officer
 

 
 EX-32 12 ex32201010k.htm WebFilings | EDGAR view
 

Exhibit 32
 
Certification of Metro Bancorp, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Metro Bancorp, Inc. (the “Company”) does hereby certify with respect to the Annual Report of the Company on Form 10-K for the period ended December 31, 2010 (the “Report”), that:
 
•    
The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and
•    
The information contained in the Report fairly represents, in all material respects, the Company's financial condition and results of operations.
 
/s/ Gary L. Nalbandian             
Gary L. Nalbandian,
Chief Executive Officer
 
/s/ Mark A. Zody                     
Mark A. Zody,
Chief Financial Officer
 
Dated:   March 16, 2011
 
The foregoing certification is being furnished solely pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.
 

 
 EX-99 13 ex99201010k.htm WebFilings | EDGAR view
 

Exhibit 99
 
AGREEMENT TO FURNISH DEBT INSTRUMENTS
 
Pursuant to Instruction 3(b)(4)(iii) to Item 601 of Regulation S-K, the Company has not included as an Exhibit any instrument with respect to long-term debt if the total amount of debt authorized by such instrument does not exceed 10% of the consolidated assets of the Company and its subsidiaries.  The Company agrees, pursuant to this Instruction, to furnish a copy of any such instrument to the Securities and Exchange Commission upon request of the Commission.
 
 
Metro Bancorp, Inc.
 
 
 
/s/ Mark A. Zody
 
Mark A. Zody,
 
Chief Financial Officer
Dated: March 16, 2011
 

 
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