MetroCorp Bancshares Inc. (MCBI) reported that its first-quarter net income applicable to common stock was $3.0 million, compared to $2.2 million in the year-ago period. Earnings per share for the quarter was $0.16, same as last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the latest first quarter was $12.8 million, down 6.0% compared with $13.6 million in the prior year quarter, while total non-interest income was $1.65 million, compared to $1.80 million in the prior year quarter.
The decrease in net interest income was primarily due to a decline in the yield on loans, partially offset by lower cost and volume of deposits.
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