-----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, MURcyvRf2026yiSGVO+MXxpBkFMqvD4OZ4WwT2DRFWJQyudIrXaF8+XGlrhAHgGa ywcQDxc4kW4uFFk6A/2Iiw== 0000926274-02-000245.txt : 20020515 0000926274-02-000245.hdr.sgml : 20020515 20020515153117 ACCESSION NUMBER: 0000926274-02-000245 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020515 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: 1934 Act SEC FILE NUMBER: 000-23790 FILM NUMBER: 02651775 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 metro-302q.txt 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 MARCH 31, 2002. Commission file number: 0-23790 ------- MetroBanCorp - ------------ (Exact name of small business issuer as specified in its charter) Indiana 35-1712167 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 10333 N. Meridian Street, Suite 111, Indianapolis, Indiana 46290 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (317) 573-2400 - -------------- (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 May 14, 2002: 2,065,258 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 Statements of Condition March 31, 2002 and December 31, 2001 3 Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2002 and 2001 4 Consolidated Statements of Cash Flows Three Months Ended March 31, 2002 and 2001 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. OTHER INFORMATION Item 1. Legal Proceedings 12 Item 2. Changes in Securities 12 Item 3. Defaults Under Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 13 Page 2 of 14
MetroBanCorp Part I. Financial Information Item 1. Financial Statements Consolidated Statements of Condition (dollars in thousands) (unaudited) 03/31/02 12/31/01 --------- --------- Assets Cash and Due from Banks $ 24,034 $ 28,955 Securities Held to Maturity (Fair Value: 2002 - $3,276 and 2001 - $3,272) 3,203 3,204 Securities Available for Sale 31,565 34,029 --------- --------- Total Securities 34,768 37,233 Loans held for sale -- 2,018 Loans, net of allowance of $1,521 and $1,457, respectively 115,284 112,325 Premises and Equipment, net 1,192 1,168 Accrued Interest Receivable and Other Assets 1,971 2,286 --------- --------- Total Assets $ 177,249 $ 183,985 ========= ========= Liabilities Deposits: Non-Interest Bearing $ 38,044 $ 37,341 Interest Bearing 104,172 105,177 --------- --------- Total Deposits 142,216 142,518 Repurchase Agreements 10,886 17,544 Other Borrowings 7,000 7,000 Accrued Interest Payable and Other Liabilities 2,176 1,993 --------- --------- Total Liabilities 162,278 169,055 --------- --------- Shareholders' Equity Preferred Stock: 1,000,000 shares authorized; none outstanding -- -- Common Stock: no par value, 3,000,000 shares authorized; 2,107,900 and 2,107,453 issued; 2,065,270 and 2,064,823 outstanding, respectively 14,971 14,968 Treasury Stock, 42,630 shares, at cost (238) (238) Retained Earnings/(Accumulated Deficit) 128 (81) Accumulated Other Comprehensive Income 110 281 --------- --------- Total Shareholders' Equity 14,971 14,930 --------- --------- Total Liabilities and Shareholders' Equity $ 177,249 $ 183,985 ========= =========
See accompanying notes. Page 3 of 14
MetroBanCorp Part I. Financial Information Item 1. Financial Statements Consolidated Statements of Operations and Comprehensive Income (unaudited) Three Months Ended ------------------------- (dollars in thousands, except per share data) 03/31/02 03/31/01 ---------- ---------- Interest Income Loans, including related fees $ 2,168 $ 2,536 Securities 498 708 Other -- 4 ---------- ---------- Total Interest Income 2,666 3,248 Interest Expense Deposits 708 1,360 Other 99 172 ---------- ---------- Total Interest Expense 807 1,532 ---------- ---------- Net Interest Income 1,859 1,716 ---------- ---------- Provision for Loan Losses 92 51 ---------- ---------- Net Interest Income after Provision for Loan Losses 1,767 1,665 ---------- ---------- Non-Interest Income Service Charges on Deposit Accounts 142 137 Securities Gains 57 -- ATM Fee Income 83 98 Other Service Charges, Commissions and Fees 74 104 ---------- ---------- Total Non-Interest Income 356 339 Non-Interest Expense Salaries and Employee Benefits 764 683 Occupancy, net 125 134 Equipment 81 98 Advertising and Public Relations 54 59 Legal and Professional 72 60 Data Processing 104 105 Other 332 321 ---------- ---------- Total Non-Interest Expense 1,532 1,460 ---------- ---------- Income Before Income Taxes 591 544 Provision for Income Taxes 225 205 ---------- ---------- Net Income $ 366 $ 339 ========== ========== Comprehensive Income $ 195 $ 654 ========== ========== Basic net income per common share $ 0.18 $ 0.16 Diluted net income per common share $ 0.17 $ 0.15 Weighted Average Shares Outstanding 2,065,092 2,140,285 Weighted Average Shares Outstanding - Assuming Dilution 2,179,764 2,208,633
See accompanying notes. Page 4 of 14
MetroBanCorp Part I. Financial Information Item 1. Financial Statements Consolidated Statements of Cash Flows (unaudited) (dollars in thousands) Three Months Ended ---------------------- 03/31/02 03/31/01 -------- -------- Operating Activities: Net Income $ 366 $ 339 Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: Provision for Loan Losses 92 51 Depreciation and Amortization 66 95 Net Amortization on Securities (119) 7 Gain on Sale of Securities (57) -- Change in Accrued Interest Receivable and Other Assets 441 148 Change in Accrued Interest Payable and Other Liabilities 183 389 Change in Loans Held for Sale 2,018 (1,631) -------- -------- Total Adjustments 2,624 (941) -------- -------- Net Cash Provided by (Used in) Operating Activities 2,990 (602) -------- -------- Investing Activities: Proceeds from Maturities and Paydowns of Securities Available for Sale 3,284 4,998 Proceeds from Sales of Securities Available for Sale 5,712 1,405 Purchases of Securities Available for Sale (6,652) (7,160) Proceeds from the Repayment of Student Loans 133 101 Net Loans Made to Customers (3,184) (3,336) Purchases of Premises and Equipment, net (90) (70) -------- -------- Net Cash Used in Investing Activities (797) (4,062) -------- -------- Financing Activities: Change in Deposits (302) 4,871 Change in Repurchase Agreements (6,658) 2,839 Cash Dividends Paid (157) (142) Issuance of Common Stock 5 5 Repurchase of Common Stock and Fractional Shares (2) (5) -------- -------- Net Cash Provided by Financing Activities (7,114) 7,568 -------- -------- Net Increase/(Decrease) in Cash and Cash Equivalents (4,921) 2,904 Cash and Cash Equivalents at Beginning of Period 28,955 22,192 -------- -------- Cash and Cash Equivalents at End of Period $ 24,034 $ 25,096 ======== ========
See accompanying notes. Page 5 of 14 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 ("Bank") (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 March 31, 2002 and December 31, 2001, and the results of its operations and cash flows for the periods ended March 31, 2002 and 2001. These financial statements should be read in conjunction with Metro's latest Annual Report on Form 10-KSB for the year ending December 31, 2001. 2. Comprehensive Income -------------------- Comprehensive Income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period, except those resulting from investment by owners and distributions to owners. In Metro's case, comprehensive income includes net income and the change in unrealized gains and losses on available for sale securities. 3. Per Share Data -------------- Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed the same, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares (stock options) had been issued. Below is a table reconciling basic earnings per share and diluted earnings per share:
For the Three Months Ended March 31, 2002 2001 ------------------- ------------------ Basic Net income $366 $339 =================== ================== Weighted average common shares outstanding 2,065,092 2,140,285 Basic earnings per common share $0.18 $0.16 =================== ================== Diluted Net income $366 $339 =================== ================== Weighted average common shares outstanding for basic earnings per common share 2,065,092 2,140,285 Add: Dilutive effects of assumed exercises of stock options 114,672 68,348 ------------------- ------------------ Average shares and dilutive potential common shares 2,179,764 2,208,633 =================== ================== Diluted earnings per common share $0.17 $0.15 =================== ==================
Page 6 of 14 4. New Accounting Pronouncements ----------------------------- Beginning January 1, 2001, a new accounting standard required all derivatives to be recorded at fair value. Unless designated as hedges, changes in these fair values are recorded in the income statement. Fair value changes involving hedges are generally recorded by offsetting gains and losses on the hedge and on the hedged item, even if the fair value of the hedged item is not otherwise recorded. Adoption of this pronouncement did not have a material effect on Metro's financial results. On January 1, 2002, new accounting guidelines revised the accounting for goodwill and intangible assets. Intangible assets with indefinite lives and goodwill will no longer be amortized, but will periodically be reviewed for impairment and written down if impaired. Additional disclosures about intangible assets and goodwill may be required. An initial goodwill impairment test is required during the first six months of 2002. Adoption of this standard in 2002 did not have an impact on the financial statements as the Company does not currently have any intangible assets. Effective January 1, 2002, the Company adopted a new accounting standard on impairment and disposal of long-lived assets. The effect of this new standard was no material to the financial statements. A new accounting standard regarding asset retirement obligations will apply for 2003. Management does not believe this standard will have a material effect on the Company's financial statements. Page 7 of 14 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 MetroBanCorp and its wholly-owned affiliate, MetroBank ("Bank") (together, "Metro") as of March 31, 2002 as compared to December 31, 2001, and the results of operations for the three month period ending March 31, 2002 and 2001. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This discussion contains certain forward-looking statements that are subject to risks and uncertainties and includes information about possible or assumed future results of operations. Many possible events or factors could affect Metro's future financial results and performance. This could cause results or performance to differ materially from those expressed in any forward-looking statements. Words such as "expects", "anticipates", "believes", "estimates", variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this discussion. These statements are representative only on the date hereof. The possible events or factors include the following: the Bank's loan growth is dependent on economic conditions, as well as various discretionary factors, such as decisions to securitize, sell or purchase certain loans or loan portfolios; syndications or participations of loans; retention of residential mortgage loans; and the management of borrower, industry, product and geographic concentrations and the mix of the loan portfolio. The rate of charge-offs and provision expense can be affected by local, regional and international economic and market conditions, concentrations of borrowers, industries, products and geographic locations, the mix of the loan portfolio and management's judgments regarding the collectibility of loans. Liquidity requirements may change as a result of fluctuations in assets and liabilities and off-balance sheet exposures, which will impact our capital and debt financing needs and the mix of funding sources. Decisions to purchase, hold or sell securities are also dependent on liquidity requirements and market volatility, as well as on- and off-balance sheet positions. Factors that may impact interest rate risk include local, regional and international economic conditions, levels, mix, maturities, yields or rates of assets and liabilities, utilization and effectiveness of interest rate contracts and Metro's wholesale and retail funding sources. Metro is also exposed to the potential of losses arising from adverse changes in market rates and prices which can adversely impact the value of financial products, including securities, loans, deposits, debt and derivative financial instruments, such as futures, forwards, swaps, options and other financial instruments with similar characteristics. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those determined by the Federal Reserve Board, the OCC, the FDIC, state banking regulators and the Office of Thrift Supervision, whose policies and regulations could affect Metro's financial results. Other factors that may cause actual results to differ from the forward-looking statements include the following: competition with other local, regional and international banks, thrifts, credit unions and other nonbank financial institutions, such as investment banking firms, investment advisory firms, brokerage firms, investment companies and insurance companies, as well as other entities which offer financial services, located both within and outside the United States and through alternative delivery channels such as the World Wide Web; interest rate and market and monetary fluctuations; inflation; market volatility; general economic conditions and economic conditions in the geographic regions and industries in which Metro operates; introduction and acceptance of new banking-related products, services and enhancements; fee pricing strategies, mergers and acquisitions and Metro's ability to manage these and other risks. Page 8 of 14 FINANCIAL CONDITION OVERVIEW - -------- At March 31, 2002, Metro had total assets of $177.2 million, a decrease of $6.7 million or 3.7 percent from December 31, 2001. Consolidated earning assets totaled $164.9 million, or 93.0 percent of total assets, at March 31, 2002. The principal components of earning assets were loans in the amount of $116.2 million or 70.5 percent of total earning assets, securities of $34.8 million or 21.1 percent of total earning assets and interest bearing due from bank accounts of $13.9 million or 8.4 percent of total earning assets. Earning assets at December 31, 2001 were $166.9 million, or 90.7 percent of total assets. SECURITIES - ---------- Total securities at March 31, 2002 were $34.8 million, decreasing by $2.5 million or 6.6 percent from the amount at December 31, 2001. Purchases of securities totaled $6.7 million during 2002, which offset reductions from securities sold, principal paydowns and maturities. LOANS - ----- Gross loans outstanding increased $1.0 million or 0.9 percent from December 31, 2001 to March 31, 2002. Metro continued to make a concerted effort to increase its commercial and installment loan portfolios through the use of an extensive loan officer calling program aimed at Metro's target market. At March 31, 2002, net loans amounted to 65.0 percent of total assets, compared to 62.1 percent of total assets at year end 2001. Metro's loan to deposit ratio, which is one measure of liquidity, was 82.1 percent at March 31, 2002, compared to 81.3 percent at year end 2001.
Loan Portfolio at Period-End (dollars in thousands) March 31, 2002 December 31, 2001 % Change --------------------------- -------------------------- ----------------------- Commercial & Agricultural $25,345 $26,782 (5.37%) Real Estate - Construction 5,974 6,095 (1.99%) Real Estate - Mortgage 61,656 58,182 5.97% Installment 21,450 22,229 (3.50%) Student Loans 2,380 2,512 (5.25%) --------------------------- -------------------------- ----------------------- Gross Loans 116,805 115,800 0.87% Less: Allowance for Loan Losses (1,521) (1,457) 4.39% --------------------------- -------------------------- ----------------------- Loans, net $115,284 $114,343 0.82% =========================== ========================== =======================
Delinquent loans at March 31, 2002 were $498,000, representing 0.4 percent of gross loans, compared to $1,026,000 of delinquent loans, or 0.9 percent of gross loans, at year end 2001. Delinquent loans at March 31, 2002 and December 31, 2001 included $160,000 and $244,000, respectively, of student loans guaranteed by a third party. Non-accruing loans at March 31, 2002 amounted to $578,000, compared to $424,000 at December 31, 2001. At March 31, 2002 and December 31, 2001, Metro had an allowance for loan losses of $1,521,000 and $1,457,000, respectively, representing 1.3 percent of gross loans at March 31, 2002 and December 31, Page 9 of 14 2001. Metro provides for probable loan losses through regular provisions to the allowance for loan losses. These provisions are made at a level which is considered necessary by Metro's management to absorb estimated incurred losses in the loan portfolio and are based upon an assessment of the adequacy of Metro's loan loss reserve account. The increased provision in 2002 provides for charge-offs and responds to generally higher levels of non accrual loans during 2002.
Allowance for Loan Losses Activity Three months ended March 31, 2002 and 2001 (dollars in thousands) 2002 2001 ---- ---- Allowance for Loan Losses, January 1 $1,457 $1,352 Loans Charged-Off: Commercial (5) - Real Estate - - Mortgage - - Installment (31) (8) Student Loans - - ----------------- ----------------- Total Charged-Off Loans (36) (8) ----------------- ----------------- Recoveries on Charged-Off Loans: Commercial - - Real Estate - - Mortgage - - Installment 8 1 Student Loans - - ----------------- ----------------- Total Recoveries 8 1 ----------------- ----------------- Net Charged-Off Loans (28) (7) ----------------- ----------------- Provision for Loan Losses 92 51 ----------------- ----------------- Allowance for Loan Losses, March 31 $1,521 $1,396 ================= ================= Average Loans Outstanding $113,441 $103,407 ================= ================= Net Charged-Off loans to Average Loans .025% .007% ================= =================
DEPOSITS - -------- Total deposits at March 31, 2002 amounted to $142.2 million decreasing $302,000 from total deposits at December 31, 2001. Since December 31, 2001, non-interest bearing demand deposits increased by $703,000 or 1.9 percent, while interest bearing deposits decreased by $1.0 million or 1.0 percent. OTHER LIABILITIES - ----------------- Liabilities other than deposits decreased to $20.1 million from $26.5 million at December 31, 2001. This change resulted principally from decreases in short-term funding sources. Repurchase agreements decreased $6.7 million or 38.0 percent from December 31, 2001. Liabilities other than deposits also include $7.0 million in borrowings from the Federal Home Loan Bank. Membership in the Federal Home Loan Bank provides Metro with an ongoing source of funds to assist in liquidity management and funding loans. Page 10 of 14 CAPITAL - ------- For the three months ending March 31, 2002, Metro's total capital increased by $40,000. Earnings amounted to $366,000 with dividend payments totaling $158,000. The changes in common stock consisted of $5,000 from the grant of Metro's common stock to employees under the MetroBanCorp Equity Ownership Plan. Decreases in common stock resulted from fractional shares from the stock dividend of $2,000. Changes in security market value resulted in accumulated other comprehensive income decreasing by $171,000. Metro is subject to various capital requirements imposed by the federal banking regulatory authorities. 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. Management believes that, as of March 31, 2002, Metro meets all capital adequacy requirements to which it is subject. The following table sets forth the actual and minimum capital amount and ratios of Metro and MetroBank as of March 31, 2002 (dollars in thousands):
To Be Well Capitalized Under Prompt Corrective Actual Action Provisions ---------------------------- ----------------------------------- Amount Ratio Amount Ratio ------------- ------------ -------------- ---------------- Total Capital (to Risk Weighted Assets) Metro $16,382 12.85% > $12,744 > 10.00% - - MetroBank $15,079 11.90% > $12,675 > 10.00% - - Tier 1 Capital (to Risk Weighted Assets) Metro $14,861 11.66% > $7,646 > 6.00% - - MetroBank $13,558 10.70% > $7,605 > 6.00% - - Tier 1 Capital (to Average Assets) Metro $14,861 8.57% > $8,675 > 5.00% - - MetroBank $13,558 7.91% > $8,566 > 5.00% - -
As of December 31, 2001, the most recent notification from the FDIC categorized MetroBank as "well capitalized" under the regulatory framework for prompt corrective action. To be categorized as "well capitalized", MetroBank must maintain minimum total risk-weighted, Tier 1 capital and leverage ratios as set forth in the above table. There are no conditions or events since this notification that management believes have changed Metro's or the Bank's capital category. RESULTS OF OPERATIONS NET INTEREST INCOME - ------------------- Net interest income after provision for loan losses was $1.8 million for the three months ended March 31, 2002, compared to $1.7 million for the comparable period of 2001, an increase of 6.1 percent. The increase in net interest income was driven primarily by an increase in loan volume. Metro's provision for loan losses was $92,000 for the three months ended March 31, 2002, compared to $51,000 for the same period in 2001. The loan loss provision made in 2002 was increased to a level considered necessary by Metro's management to absorb estimated incurred losses in the loan portfolio and is based upon an assessment of the adequacy of Metro's loan loss reserve account. Page 11 of 14 NON-INTEREST EXPENSE - -------------------- Non-interest expense amounted to $1.5 million for the three month period ending March 31, 2002, remaining unchanged for the same period one year earlier. There was an 11.9 percent increase in salaries and employee benefits in 2002. This increase was attributed to the three additional full time equivalents in 2002 necessary to staff existing departments and branches and increased commissions paid to mortgage originators due to higher mortgage related revenues in 2002. Increases in employee group health insurance costs and retirement plan benefit costs accounted for the remainder of the increase. Occupancy and equipment expenses decreased by $9,000 and $17,000 or 6.7 percent and 17.3 percent respectively in 2002, due principally to expense reductions attributable to the Cub Foods branch office which closed in the second quarter of 2001. Other expenses increased $11,000 or 3.4 percent in 2002. This increase is due principally to general price increases in various expense categories, offset by an $18,000 reduction in referral fees paid on indirect consumer loans. NET INCOME - ---------- Metro recorded net income of $366,000 for the three month period ending March 31, 2002, compared to $339,000 for the same period one year earlier, an increase of 8.0 percent. Non-interest income increased 5.0 percent to $356,000 compared to $339,000 in 2001. Securities gains amounted to $57,000 in the first quarter of 2002. Mortgage related fees increased $18,000 or 65.5 percent to $45,000 in 2002 due principally to an increase in mortgage loans originated and sold to outside investors during the quarter. PART II. OTHER INFORMATION -------------------------- Item 1. Legal Proceedings - none. - ------- ----------------- Item 2. Changes in Securities - none. - ------- --------------------- Item 3. Defaults Upon Senior Securities - none. - ------- ------------------------------- Item 4. Submission of Matters to a Vote of Security Holders - none. - ------- --------------------------------------------------- Item 5. Other Information - none. - ------- ----------------- Item 6. Exhibits and Reports on Form 8-K - ------- -------------------------------- (a) Exhibits - The exhibits set forth in the index of exhibits to Metro's 10-KSB dated March 29, 2002 is hereby incorporated by reference into this item. (b) Reports on Form 8-K: No reports on Form 8-K were filed during the quarterly period ending March 31, 2002. Page 12 of 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) May 14, 2002 By: /S/ Ike G. Batalis ----------------------------------- Ike G. Batalis President (Principal Executive Officer) May 14, 2002 By: /S/ Charles V. Turean ----------------------------- Charles V. Turean Executive Vice President (Principal Financial and Accounting Officer) Page 13 of 14 -----END PRIVACY-ENHANCED MESSAGE-----