-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BI7IuKjVVK4F1DQI/a8xubNJd2+d5Pg0cBFA0Twa9voI8gDWa0meBt3fKArGDYyp ZqjiDNQHs4TYdI4GX46nHA== 0000818999-97-000010.txt : 19971111 0000818999-97-000010.hdr.sgml : 19971111 ACCESSION NUMBER: 0000818999-97-000010 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971110 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROBANCORP CENTRAL INDEX KEY: 0000818999 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351712167 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-23790 FILM NUMBER: 97711279 BUSINESS ADDRESS: STREET 1: 10333 N MERIDIAN ST STREET 2: SUITE 111 CITY: INDIANAPOLIS STATE: IN ZIP: 46290 BUSINESS PHONE: 3175732400 MAIL ADDRESS: STREET 1: 10333 N MERIDIAN STREET STREET 2: SUITE 111 CITY: INDIANAPOLIS STATE: IN ZIP: 46290 10QSB 1 U.S. Securities and Exchange Commission Washington D.C. 20549 Form 10-QSB X QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997. Commission file number: 0-23790 ------- MetroBanCorp - ---------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Indiana - ---------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 35-1712167 - ---------------------------------------------------------------------- (I.R.S. Employer Identification No.) 10333 N. Meridian Street, Suite 111, Indianapolis, Indiana - ---------------------------------------------------------------------- (Address of principal executive offices) 46290 (317) 573-2400 - --------------------------- ---------------------------------- (Zip Code) (Issuer's telephone number) http://www.metb.com - ---------------------------------------------------------------------- (Issuer's Internet Website Address) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 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___ State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 1,681,291 Shares of Common Stock - -------------------------------- Transitional Small Business Disclosure Format: Yes___ No X MetroBanCorp FORM 10-QSB Index PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statement of Condition September 30, 1997 and December 31, 1996 3 Consolidated Statement of Operations Three Months Ended September 30, 1997 and 1996 4 Consolidated Statement of Operations Nine Months Ended September 30, 1997 and 1996 5 Consolidated Statement of Cash Flows Nine Months Ended September 30, 1997 and 1996 6 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. OTHER INFORMATION 13 Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 15 EXHIBITS 16 page 2 MetroBanCorp Part I - Financial Information Item 1. Financial Statements Consolidated Statement of Condition (Unaudited) (dollars in thousands)
09/30/97 09/30/96 ---------- ---------- Assets Cash and Due from Banks $ 7,573 $ 7,475 Federal Funds Sold 4,800 6,300 ---------- ---------- Total Cash and Cash Equivalents 12,373 13,775 Investment Securities HTM - at Cost 10,017 10,056 Investment Securities AFS - at Market 18,839 21,160 ---------- ---------- Total Investment Securities 28,856 31,216 Loans: Gross Loans 76,024 65,385 Less: Allowance for Loan Losses (929) (866) ---------- ---------- Loans, Net 75,095 64,519 Premises and Equipment, Net 1,545 1,821 Accrued Interest Receivable 867 871 Core Deposit Intangible, Net 217 322 Deferred Tax Asset 262 360 Other Assets 415 499 ---------- ---------- Total Assets $ 119,630 $ 113,383 ========== ========== Liabilities Deposits: Non-Interest Bearing Demand $ 21,493 $ 23,141 Interest Bearing: Savings and NOW Accounts 40,505 35,507 Time Deposits of $100,000 and over 14,280 10,800 Other Time Deposits 29,952 29,836 ---------- ---------- Total Deposits 106,230 99,284 Securities Sold Under Agreements to Repurchase - 1,500 Accrued Interest Payable 571 419 Other Liabilities 941 679 ---------- ---------- Total Liabilities 107,742 101,882 ---------- ---------- Commitments and Contingencies - - Shareholders' Equity Preferred Stock: 1,000,000 Shares Authorized; None Outstanding - - Common Stock: 3,000,000 Shares Authorized; 1,681,291 Shares Issued and Outstanding 11,210 11,210 Accumulated Earnings 688 407 Net Unrealized Loss on Investment Securities AFS (10) (116) ---------- ---------- Total Shareholders' Equity 11,888 11,501 ---------- ---------- Total Liabilities and Shareholders' Equity $ 119,630 $ 113,383 ========== ========== See "Notes to Consolidated Financial Statements"
page 3 MetroBanCorp Part I - Financial Statements Consolidated Statement of Operations (unaudited) (dollars in thousands, except share data)
Three Months Ended ------------------------- 09/30/97 09/30/96 ---------- ---------- Interest Income Interest and Fees on Loans $ 1,850 $ 1,600 Interest on Investment Securities 392 413 Interest on Federal Funds Sold 29 4 ---------- ---------- Total Interest Income 2,271 2,017 Interest Expense Interest on Deposits 971 882 Other Interest Expense 4 8 ---------- ---------- Total Interest Expense 975 890 ---------- ---------- Net Interest Income 1,296 1,127 ---------- ---------- Provision for Loan Losses 45 16 ---------- ---------- Net Interest Income after Provision for Loan Losses 1,251 1,111 ---------- ---------- Non-Interest Income Service Charges on Deposit Accounts 79 77 Gain on Sale of Investment Securities 1 - Other Service Charges, Commissions and Fees 136 84 ---------- ---------- Total Non-Interest Income 216 161 Non-Interest Expense Salaries and Employee Benefits 466 403 Occupancy Expense 88 63 Equipment Expense 91 80 Advertising and Public Relations 59 46 Legal, Professional and Audit Services 41 36 Data Processing 69 49 Student Loan Servicing Fees 13 28 FDIC Insurance Assessment 8 105 Amortization of Core Deposit Intangible 35 35 Other 230 190 ---------- ---------- Total Non-Interest Expense 1,100 1,035 Income before Income Taxes 367 237 Applicable Income Taxes 150 106 ---------- ---------- Net Income $ 217 $ 131 ========== ========== Net Income per Weighted Average Share $ .13 $ .08 Cash Dividend per Share $ .05 $ - Weighted Average Shares Outstanding 1,681,291 1,681,291 See "Notes to Consolidated Financial Statements"
page 4 MetroBanCorp Part I - Financial Information Item 1. Financial Statements Consolidated Statement of Operations (unaudited) (dollars in thousands, except share data)
Nine Months Ended ------------------------- 09/30/97 09/30/96 ---------- ---------- Interest Income Interest and Fees on Loans $ 5,233 $ 4,553 Interest on Investment Securities 1,211 1,193 Interest on Federal Funds Sold 40 102 ---------- ---------- Total Interest Income 6,484 5,848 Interest Expense Interest on Deposits 2,754 2,601 Other Interest Expense 32 18 ---------- ---------- Total Interest Expense 2,786 2,619 ---------- ---------- Net Interest Income 3,698 3,229 ---------- ---------- Provision for Loan Losses 112 49 ---------- ---------- Net Interest Income after Provision for Loan Losses 3,586 3,180 ---------- ---------- Non-Interest Income Service Charges on Deposit Accounts 234 225 Loss on Sale of Investment Securities (15) - Other Service Charges, Commissions and Fees 432 277 ---------- ---------- Total Non-Interest Income 651 502 Non-Interest Expense Salaries and Employee Benefits 1,388 1,218 Occupancy Expense 247 173 Equipment Expense 272 239 Advertising and Public Relations 178 139 Legal, Professional and Audit Services 135 103 Data Processing 213 169 Student Loan Servicing Fees 56 85 FDIC Insurance Assessment 48 188 Amortization of Core Deposit Intangible 105 105 Other 695 533 ---------- ---------- Total Non-Interest Expense 3,337 2,952 Income before Income Taxes 900 730 Applicable Income Taxes 366 326 ---------- ---------- Net Income $ 534 $ 404 ========== ========== Net Income per Weighted Average Share $ 0.32 $ 0.24 Cash Dividend per Share $ 0.15 $ 0.10 Weighted Average Shares Outstanding 1,681,291 1,681,291 See "Notes to Consolidated Financial Statements"
page 5 MetroBanCorp Part I - Financial Information Item 1. Financial Statements Consolidated Statement of Cash Flows (unaudited) (dollars in thousands)
Nine Months Ended ------------------------- 09/30/97 09/30/96 ---------- ---------- Cash Flows from Operating Activities: Net Income $ 534 404 Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: Provision for Loan Losses 112 49 Deferred Income Tax Provision - 2 Depreciation and Amortization 326 292 Gain on Sale of Real Estate (56) (35) Net Loss on Sale of Securities 15 12 Decrease in Accrued Interest Receivable 4 14 Decrease in Other Assets 84 120 Increase/(Decrease) in Accrued Interest Payable 152 (9) Increase in Other Liabilities 262 115 ---------- ---------- Total Adjustments 899 560 ---------- ---------- Net Cash Flows Provided by Operating Activities 1,433 964 ---------- ---------- Cash Flows from Investing Activities: Proceeds from Maturities of Investment Securities HTM 57 211 Proceeds from Sales of Investment Securities AFS 9,342 3,526 Purchases of Investment Securities AFS (6,861) (4,767) Proceeds from the Repayment of Student Loans 1,334 1,664 Proceeds from the Sale of Student Loans 3,194 829 Net Loans made to Customers (15,216) (9,385) Purchases of Premises and Equipment (340) (473) Proceeds from the Sale of Real Estate 461 409 ---------- ---------- Net Cash Flows Used in Investing Activities (8,029) (7,986) ---------- ---------- Cash Flows from Financing Activities: Net Increase/(Decrease) in DDA, NOW and Savings Accounts 3,350 (7,065) Net Increase in Time Deposits 3,596 2,388 Net Increase in Federal Funds Purchased - 1,600 Net Securities Sold Under Agreements to Repurchase (1,500) (2,400) Payment of Dividends (252) (168) ---------- ---------- Net Cash Provided by/(Used In) Financing Activities 5,194 (5,645) ---------- ---------- Net Decrease in Cash and Cash Equivalents (1,402) (12,667) Cash and Cash Equivalents at Beginning of Period 13,775 18,082 ---------- ---------- Cash and Cash Equivalents at End of Period $ 12,373 $ 5,415 ========== ========== See "Notes to Consolidated Financial Statements"
page 6 MetroBanCorp Notes to Consolidated Financial Statements 1. Basis of Presentation --------------------- The consolidated financial statements include the accounts of MetroBanCorp and its wholly-owned affiliate, MetroBank (together, "Metro"). All significant intercompany transactions and balances have been eliminated. In the opinion of management of Metro, the consolidated financial statements contain all the normal and recurring adjustments necessary to present fairly the consolidated financial condition of Metro as of September 30, 1997 and December 31, 1996, and the results of its operations for the three and nine month periods ended September 30, 1997 and 1996 and its statement of cash flows for the nine month periods ended September 30, 1997 and 1996. These financial statements should be read in conjunction with Metro's latest Annual Report on Form 10-KSB for the year ending December 31, 1996. 2. Investments ----------- The market value and amortized cost of investment securities of Metro as of September 30, 1997 are set forth below:
Market Value Amortized Cost -------------- -------------- Held to Maturity $ 9,758,000 $ 10,017,000 Available for Sale 18,839,000 18,814,000 -------------- -------------- Total Investments $ 28,597,000 $ 28,831,000 ============== ==============
3. Allowance for Loan and Lease Losses ----------------------------------- Metro adopted the provisions of Statement of Financial Accounting Standard No. 114,"Accounting by Creditors for Impairment of a Loan", as amended by Statement of Financial Accounting Standard No. 118, on January 1, 1995. As of September 30, 1997, Metro had impaired loans in the total amount of $51,663 in accordance with SFAS Nos. 114 and 118. Of this amount, $41,663 had no related specific allowance. The remaining impaired loans had a specific allowance of $10,000. Metro's policy for recognizing income on impaired loans is to accrue earnings until a loan is classified non-accrual. For loans which receive the classification of non-accrual during the current period, interest accrued to date is charged against current earnings. All payments received on a loan which is classified as non-accrual are utilized to reduce the principal outstanding balance of the loan. For the nine months ended September 30, 1997, the average balance of Metro's impaired loans was $46,133. page 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF ------------------------------------------------ FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- The following management discussion is presented to provide information concerning the consolidated financial condition of Metro as of September 30, 1997 as compared to December 31, 1996, and the results of operations for the three and nine month periods ending September 30, 1997 and 1996. FINANCIAL CONDITION - ------------------- At September 30, 1997, Metro had total assets of $119.6 million, an increase of $6.2 million or 5.5 percent from December 31, 1996. Consolidated earning assets totaled $109.7 million or 91.7 percent of total assets at September 30, 1997. The principal components of earning assets were gross loans of $76.0 million, constituting 69.3 percent of total earning assets, investment securities of $28.9 million, constituting 26.3 percent of total earning assets, and federal funds sold of $4.8 million or 4.4 percent of total earning assets. Earning assets at December 31, 1996 were $102.9 million or 90.7 percent of total assets. LOANS - ----- Total gross loans outstanding increased $10.6 million, or 16.3 percent, from December 31, 1996 to September 30, 1997, due to an increase in short-term and intermediate-term commercial and installment loans. The demand for credit financing has been relatively strong throughout the first three quarters of 1997. Metro's loan growth is also attributable to the continued business development efforts of the lending staff and the expanded indirect lending relationships with home improvement and automobile dealerships. Growth in Metro's loan portfolio is diversified among several industry classifications. The following table summarizes the change in Metro's loan portfolio for the first nine months of 1997: page 8 Loan Portfolio at Period End (dollars in thousands)
Dollar Percent 09/30/97 12/31/96 Change Change -------- -------- -------- -------- Commercial $ 47,083 $ 35,064 $ 12,019 34.3% Real Estate - Construction 3,632 3,970 (338) (8.5%) Mortgage 652 787 (135) (17.2%) Installment 19,555 15,933 3,622 22.7% Student Loans 5,102 9,631 (4,529) (47.0%) -------- -------- -------- -------- Gross Loans $ 76,024 $ 65,385 $ 10,639 16.3% -------- -------- -------- -------- Less: Allowance for Loan Losses (929) (866) (63) 7.3% -------- -------- -------- -------- Net Loans $ 75,095 $ 64,519 $ 10,576 16.4% ======== ======== ======== ========
Since December 31, 1996, Metro sold $3.2 million, or 33.2 percent, of its guaranteed student loan portfolio. These student loans were sold to fund higher yielding commercial and installment loans and to meet Metro's liquidity needs. At September 30, 1997, net loans totaled 62.8 percent of total assets, as compared to 56.9 percent at December 31, 1996. Metro's loan to deposit ratio, which is one measure of liquidity, was 70.7 percent at September 30, 1997, as compared to 65.0 percent at December 31, 1996. Delinquent loans at September 30, 1997 were $769,000, representing 1.01 percent of gross loans. At December 31, 1996, delinquent loans amounted to $1.3 million or 2.0 percent of gross loans outstanding. Delinquent loans as of both dates consisted primarily of student loans guaranteed by USA Funds, Inc., a subsidiary of USA Group, Inc. Non- accruing loans at September 30, 1997 amounted to $51,663, as compared to $157,443 at December 31, 1996. Net charged-off loans amounted to $48,521 for the nine months ending September 30, 1997. At September 30, 1997 and December 31, 1996, Metro had an allowance for loan losses of $929,000 and $866,000, respectively. The percentage of allowance for loan losses to gross loans amounted to 1.22 percent and 1.32 percent at September 30, 1997 and December 31, 1996, respectively. Metro provides for possible loan losses through regular provisions to the allowance for loan losses. The provisions are made at a level which is considered necessary by management to absorb estimated losses in the loan portfolio and is based upon an assessment of the adequacy of Metro's loan loss reserve account. page 9 Allowance for Loan Losses Nine Months ended September 30, 1997 and 1996 (dollars in thousands)
1997 1996 -------- -------- Allowance for Loan Losses, January 1 $ 866 $ 910 Loans Charged-Off: Commercial - (46) Real Estate - Construction - - Mortgage - - Installment (56) (10) Student Loans - - -------- -------- Total Charged-Off Loans (56) (56) -------- -------- Recoveries on Charged-Off Loans: Commercial 5 5 Real Estate - Construction - - Mortgage - - Installment 2 2 Student Loans - - -------- -------- Total Recoveries 7 7 -------- -------- Net Charged-Off Loans (49) (49) -------- -------- Provision for Loan Losses 112 49 -------- -------- Allowance for Loan Losses, September 30 $ 929 $ 910 ======== ======== Average Loans Outstanding $ 71,748 $ 63,629 ======== ======== Net Charged-Off Loans to Average Loans .07% .08% ======== ========
INVESTMENT SECURITIES - --------------------- Total investments at September 30, 1997 were $28.9 million, decreasing by $2.4 million or 7.6 percent from the total at December 31, 1996. This decrease is primarily due to principal payments received on mortgage-backed securities. page 10 DEPOSITS - -------- Total deposits at September 30, 1997 amounted to $106.2 million, in comparison to $99.3 million at December 31, 1996, representing a increase of $6.9 million or 7.0 percent. Since December 31, 1996, non- interest bearing demand deposits decreased by $1.6 million or 7.1 percent. This decrease in demand deposits relates to timing differences between deposits and withdrawals. Metro historically experiences a build up of deposits during the fourth quarter of the year, followed by a decline during the following three quarters. In the first nine months of 1997, interest bearing deposits increased by $8.5 million or 11.3 percent. OTHER LIABILITIES - ----------------- At September 30, 1997, Metro had a zero balance in securities sold under agreements to repurchase. This represented a decrease of $1.5 million in short term borrowings since December 31, 1996. Other liabilities increased by $262,000 to $941,000 at September 30, 1997. Total liabilities increased by $5.9 million or 5.8 percent to $107.7 million since December 31, 1996. CAPITAL - ------- Metro's total capital increased by a net amount of $387,000 or 3.4 percent during the first nine months of 1997. Metro's net income in the first nine months of 1997 totaled $534,000. The net unrealized loss on investment securities available for sale amounted to $10,000 at September 30, 1997, decreasing by $106,000 or 91.4 percent since December 31, 1996. This decrease in the net unrealized loss is due principally to an increase in the market value of Metro's investment portfolio. During 1997, Metro's Board of Directors declared three quarterly cash dividends of $.05 per common share each. Metro's total cash dividend payout for the nine month period amounted to $252,000 and were made in equal quarterly disbursements in the months of March, June and September of 1997. Metro is subject to various capital requirements imposed by the federal banking agencies. Quantitative measures established by regulation to ensure capital adequacy require Metro to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and Tier 1 capital to average assets. At September 30, 1997, Metro meets all capital adequacy requirements to which it is subject. The following table sets forth the actual and minimum capital amounts and ratios of Metro and MetroBank as of September 30, 1997 (dollars in thousands): page 11
To Be Well Capitalized Under Prompt Corrective Actual Action Provisions ------------------- ----------------------- Amount Ratio Amount Ratio -------- -------- -------- -------- Total Capital (to Risk Weighted Assets) Consolidated $12,687 15.67% > $8,089 > 10.00% MetroBank $ 9,323 11.60% > $8,026 > 10.00% Tier 1 Capital (to Risk Weighted Assets) Consolidated $11,675 14.43% > $4,853 > 6.00% MetroBank $ 8,320 10.37% > $4,816 > 6.00% Tier 1 Capital (to Average Assets) Consolidated $11,675 10.56% > $5,527 > 5.00% MetroBank $ 8,320 7.74% > $5,374 > 5.00%
At December 31, 1996, the most recent notification from the FDIC categorized MetroBank as "well capitalized" under its regulatory framework for prompt corrective action. To be categorized as "well capitalized", MetroBank must maintain minimum total risk-weighted capital, Tier 1 capital and leverage ratios as set forth in the table above. There are no conditions or events since this most recent FDIC notification that management believes have changed either Metro's or MetroBank's capital category. page 12 RESULTS OF OPERATIONS NET INTEREST INCOME - ------------------- Net interest income after provision for loan losses amounted to $3.6 million for the nine months ending September 30, 1997, compared to $3.2 million for the comparable period of 1996, an increase of 12.8 percent. Net interest income increased principally due to growth in Metro's loan portfolio for the first nine months of 1997. Metro's provision for loan loss expense amounted to $112,000 for the nine month period ending September 30, 1997, compared to $49,000 for the same period in 1996. The increase in the provision for loan losses resulted from growth in the installment and commercial loan categories. Provisions in 1997 are at levels considered necessary by management to absorb estimated losses in the loan portfolio and is based upon an assessment of the adequacy of Metro's loan loss reserve account. NON-INTEREST EXPENSE - -------------------- Non-interest expense amounted to $3.3 million for the nine months ending September 30, 1997, compared to $3.0 million for the same period in 1996, an increase of $385,000 or 13.0 percent. This increase is due principally to the recognition of increased overhead expense incurred with the opening of MetroBank's fifth branch banking facility and the deployment of four off-site automated teller machines during the first quarter of 1997. NET INCOME - ---------- Metro recognized net income of $534,000 for the nine month period ending September 30, 1997, compared to $404,000 for the same period one year earlier, an increase of $130,000 or 32.2 percent. PART II-OTHER INFORMATION - ------------------------- Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- (a) Exhibits: Exhibit 10(a) Sublease dated September 11, 1997 between Registrant and Wal-Mart Stores, Inc. with respect to property located at Highway 37 and 32, Noblesville, Indiana. page 13 Exhibit 10(b) Amendment One to Lease dated September 30, 1997 between Registrant and Phoenix Home Life Mutual Insurance Company with respect to property located at 10333 N. Meridian St. Suite 111, Indianapolis, Indiana. Exhibit 27 Financial Data Schedule (b) No reports on Form 8-K were filed during the quarter ended September 30, 1997. page 14 SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. METROBANCORP (Registrant) November 10, 1997 By: /S/ IKE G. BATALIS -------------------- Ike G. Batalis Chairman and President (Principal Executive Officer) November 10, 1997 By: /S/ CHARLES V. TUREAN ------------------------ Charles V. Turean Executive Vice President (Principal Financial and Accounting Officer) page 15 EX-10 2 EXHIBIT 10(A) SUBLEASE AGREEMENT MetroBank entered into a renewable sublease agreement with Wal-Mart Stores, Inc., a non-affiliated corporation, for a banking facility. A summary of the lease terms is provided below. Lessee: MetroBank Location: Highway 37 and 32, Noblesville, Indiana Purpose: Retail Banking Office Space: Approximately, 525 Square Feet Commencement Date: Targeted Date of March 15, 1998 Expiration Date: Targeted Date of March 15, 2003 Renewal Options: Two (2) additional terms of five (5)years each EX-10 3 EXHIBIT 10(B) AMENDMENT ONE TO LEASE On September 30, 1997, MetroBank and Phoenix Home Life Mutual Insurance Company entered into the first amendment of a lease dated October 11, 1993, with respect to leased office space. A summary of the amendment is provided below. Lessee: MetroBank Location: 10333 N. Meridian St., Suite 111, Indianapolis, IN Purpose: Retail Banking Office Space: 4,992 Rentable Square Feet Commencement Date: April 1, 1998 Expiration Date: March 31, 2005 EX-27 4 FDS FOR FORM 10-QSB FOR QUARTER ENDED 09/30/97
9 1000 9-MOS DEC-31-1997 SEP-30-1997 7,573 0 4,800 0 18,839 10,017 9,758 76,024 929 119,630 106,230 0 941 0 0 0 11,210 678 119,630 5,233 1,211 40 6,484 2,754 32 3,698 112 (15) 3,337 900 534 0 0 534 0.32 0.32 4.11 52 142 0 627 866 56 7 929 929 0 899
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