ATLANTA, Oct. 20,
2023 /PRNewswire/ -- MetroCity Bankshares, Inc.
("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for
Metro City Bank (the "Bank"), today reported net income of
$11.4 million, or $0.45 per diluted share, for the third quarter of
2023, compared to $13.1 million, or
$0.51 per diluted share, for the
second quarter of 2023, and $16.9
million, or $0.66 per diluted
share, for the third quarter of 2022. For the nine months ended
September 30, 2023, the Company
reported net income of $40.3 million,
or $1.58 per diluted share, compared
to $52.4 million, or $2.04 per diluted share, for the same period in
2022.
Third Quarter 2023 Highlights:
- Annualized return on average assets was 1.30%, compared to
1.55% for the second quarter of 2023 and 2.07% for the third
quarter of 2022.
- Annualized return on average equity was 12.14%, compared to
14.87% for the second quarter of 2023 and 20.56% for the third
quarter of 2022. Excluding average accumulated other comprehensive
income, our return on average equity was 13.04% for the third
quarter of 2023, compared to 15.50% for the second quarter of 2023
and 20.99% for the third quarter of 2022.
- Efficiency ratio of 43.6%, compared to 38.8% for the second
quarter of 2023 and 36.4% for the third quarter of 2022.
- Total assets increased by $35.9
million, or 1.0%, to $3.51
billion from the previous quarter.
Year-to-Date 2023 Highlights:
- Return on average assets was 1.57% for the nine months ended
September 30, 2023, compared to 2.25%
for same period in 2022.
- Return on average equity was 14.96% for the nine months ended
September 30, 2023, compared to
22.57% for same period in 2022. Excluding average accumulated other
comprehensive income, our return on average equity was 15.81% for
the nine months ended September 30,
2023, compared to 22.82% for the same period in 2022.
- Efficiency ratio of 38.2% for the nine months ended
September 30, 2023, compared to 35.2%
for the same period in 2022.
Results of Operations
Net Income
Net income was $11.4 million for
the third quarter of 2023, a decrease of $1.7 million, or 12.8%, from $13.1 million for the second quarter of 2023.
This decrease was due to a decrease in noninterest income of
$1.9 million, a decrease in net
interest income of $816,000 and an
increase in noninterest expense of $251,000, offset by a decrease in income tax
expense of $1.3 million. Net income
decreased by $5.5 million, or 32.4%,
in the third quarter of 2023 compared to net income of $16.9 million for the third quarter of 2022. This
decrease was due to a decrease in net interest income of
$5.6 million, a decrease in
noninterest income of $2.2 million
and an increase in provision for credit losses of $1.3 million, offset by a decrease in noninterest
expense of $903,000 and a decrease in
income tax expense of $2.8
million.
Net income was $40.3 million for
the nine months ended September 30,
2023, a decrease of $12.1
million, or 23.2%, from $52.4
million for the nine months ended September 30, 2022. This decrease was due to a
decrease in net interest income of $15.3
million, a decrease in noninterest income of $3.7 million and an increase in provision for
credit losses of $802,000, offset by
a decrease in noninterest expense of $4.0
million and a decrease in income tax expense of $3.7 million.
Net Interest Income and Net Interest Margin
Interest income totaled $48.7
million for the third quarter of 2023, an increase of
$1.2 million, or 2.6%, from the
previous quarter, primarily due to a 3 basis points increase in the
loan yield and a $34.5 million
increase in average earning asset balances. As compared to the
third quarter of 2022, interest income for the third quarter of
2023 increased by $10.4 million, or
27.2%, primarily due to an increase in average loan balances of
$137.3 million coupled with an 87
basis points increase in the loan yield.
Interest expense totaled $24.6
million for the third quarter of 2023, an increase of
$2.0 million, or 9.1%, from the
previous quarter, primarily due to a 17 basis points increase in
deposit costs coupled with an $83.4
million increase in average interest-bearing deposits, as
well as a 51 basis points increase in borrowing costs. As compared
to the third quarter of 2022, interest expense for the third
quarter of 2023 increased by $16.0
million, or 188.6%, due to a 257 basis points increase in
deposit costs and a 181 basis points increase in borrowing costs
coupled with a $262.5 million
increase in average interest-bearing deposits.
The net interest margin for the third quarter of 2023 was 2.94%
compared to 3.10% for the previous quarter, a decrease of 16 basis
points. The yield on average interest-earning assets for the third
quarter of 2023 increased by two basis points to 5.92% from 5.90%
for the previous quarter, while the cost of average
interest-bearing liabilities for the third quarter of 2023
increased by 23 basis points to 3.97% from 3.74% for the previous
quarter. Average earning assets increased by $34.5 million from the previous quarter, due to
an increase in average total investments of $29.9 million and an increase in average loans of
$4.6 million. Average
interest-bearing liabilities increased by $37.4 million from the previous quarter as
average interest-bearing deposits increased by $83.4 million while average borrowings decreased
by $46.0 million.
As compared to the same period in 2022, the net interest margin
for the third quarter of 2023 decreased by 90 basis points to 2.94%
from 3.84%, primarily due to a 246 basis point increase in the cost
of average interest-bearing liabilities of $2.45 billion, offset by a 98 basis point
increase in the yield on average interest-earning assets of
$3.26 billion. Average earning assets
for the third quarter of 2023 increased by $183.7 million from the third quarter of 2022,
primarily due to a $137.3 million
increase in average loans and a $49.1
million increase in average interest-earning cash accounts.
Average interest-bearing liabilities for the third quarter of 2023
increased by $212.1 million from the
third quarter of 2022, driven by an increase in average
interest-bearing deposits of $262.5
million, offset by a decrease in average borrowings of
$50.4 million.
Noninterest Income
Noninterest income for the third quarter of 2023 was
$2.9 million, a decrease of
$1.9 million, or 39.0%, from the
second quarter of 2023, primarily due to lower gains on sale of
Small Business Administration ("SBA") loans and SBA servicing
income, partially offset by higher mortgage loan fees. SBA loan
sales totaled $5.2 million (sales
premium of 6.00%) during the third quarter of 2023 compared to
$30.3 million (sales premium of
5.24%) during the second quarter of 2023. Mortgage loan
originations totaled $91.9 million
during the third quarter 2023 compared to $72.8 million during the second quarter of 2023.
During the third quarter of 2023, we recorded a $909,000 fair value adjustment charge on our SBA
servicing asset which had a $0.03 per
share impact on our diluted earnings per share for the quarter.
Compared to the same period in 2022, noninterest income for the
third quarter of 2023 decreased by $2.2
million, or 43.1%, primarily due to lower mortgage fees, SBA
servicing income and gains on sale of SBA loans.
Noninterest income for the nine months ended September 30, 2023 totaled $13.7 million, a decrease of $3.7 million, or 21.4%, from the nine months
ended September 30, 2022, primarily
due to lower mortgage loan fees from lower volume and lower gains
on sale of mortgage loans as no mortgage loans were sold during
2023 to date, offset by increases in gains on sale of SBA loans,
SBA servicing income and other income.
Noninterest Expense
Noninterest expense for the third quarter of 2023 totaled
$11.8 million, an increase of
$251,000, or 2.2%, from $11.5 million for the second quarter of 2023.
This increase was primarily attributable to an increase in
occupancy expense, an increase in loan and other real estate owned
related expenses and fair value losses on our equity securities,
partially offset by decreases in salary and employee benefits, FDIC
insurance premiums, data processing expenses and security expenses.
Compared to the third quarter of 2022, noninterest expense during
the third quarter of 2023 decreased by $903,000, or 7.1%, primarily due to lower
commissions paid and loan related expenses due to lower loan
volume.
Noninterest expense for the nine months ended September 30, 2023 totaled $34.0 million, a decrease of $4.0 million, or 10.5%, from $38.0 million for the nine months ended
September 30, 2022. This decrease was
primarily attributable to a decrease in salaries and employee
benefits partially due to lower commissions from lower loan volume,
as well as lower loan related expenses and fair value losses on our
equity securities.
The Company's efficiency ratio was 43.6% for the third quarter
of 2023 compared to 38.8% and 36.4% for the second quarter of 2023
and third quarter of 2022, respectively. For the nine months ended
September 30, 2023, the efficiency
ratio was 38.2% compared to 35.2% for the same period in 2022.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2023
was 27.0%, compared to 29.6% for the second quarter of 2023 and
29.3% for the third quarter of 2022. The Company's effective tax
rate for the nine months ended September 30,
2023 was 27.9% compared to 26.9% for the same period in
2022.
Balance Sheet
Total Assets
Total assets were $3.51 billion at
September 30, 2023, an increase of
$35.9 million, or 1.0%, from
$3.48 billion at June 30, 2023, and an increase of $162.6 million, or 4.9%, from $3.35 billion at September
30, 2022. The $35.9 million
increase in total assets at September 30,
2023 compared to June 30, 2023
was primarily due to increases in cash and cash equivalents of
$19.3 million, loans of $9.2 million, other assets of $5.9 million and Federal Home Loan Bank stock of
$2.3 million, partially offset by
decreases in investment securities of $1.3
million and SBA servicing rights of $911,000. The $162.6
million increase in total assets at September 30, 2023 compared to September 30, 2022 was primarily due to increases
in cash and cash equivalents of $102.3
million, loans of $51.6
million, other assets of $12.7
million, premises and equipment of $3.8 million and accrued interest receivable of
$2.9 million, partially offset by a
$3.2 million decrease in mortgage
servicing rights, a $3.6 million
decrease in foreclosed real estate and a $2.7 million decrease in investment
securities.
Our investment securities portfolio made up only 0.79% of our
total assets at September 30, 2023
compared to 0.84% and 0.91% at June 30,
2023 and September 30, 2022,
respectively.
Loans
Loans held for investment were $3.03
billion at September 30, 2023,
an increase of $9.2 million, or 0.3%,
compared to $3.02 billion at
June 30, 2023, and an increase of
$51.6 million, or 1.7%, compared to
$2.98 billion at September 30, 2022. The increase in loans at
September 30, 2023 compared to
June 30, 2023 was primarily due to a
$21.9 million increase in residential
mortgage loans, offset by a $10.0
million decrease in construction and development loans, a
$2.2 million decrease in commercial
and industrial loans and a $989,000
decrease in commercial real estate loans. There were no loans
classified as held for sale at September 30,
2023, June 30, 2023 or
September 30, 2022.
Deposits
Total deposits were $2.72 billion
at September 30, 2023, an increase of
$20.1 million, or 0.7%, compared to
total deposits of $2.70 billion at
June 30, 2023, and an increase of
$147.7 million, or 5.7%, compared to
total deposits of $2.57 billion at
September 30, 2022. The increase in
total deposits at September 30, 2023
compared to June 30, 2023 was due to
a $35.6 million increase in time
deposits and a $7.8 million increase
in money market accounts, offset by a $15.8
million decrease in noninterest-bearing demand deposits, a
$7.2 million decrease in
interest-bearing demand deposits and a $398,000 decrease in savings accounts.
Noninterest-bearing deposits were $559.5
million at September 30, 2023,
compared to $575.3 million at
June 30, 2023 and $602.2 million at September 30, 2022. Noninterest-bearing deposits
constituted 20.6% of total deposits at September 30, 2023, compared to 21.3% at
June 30, 2023 and 23.4% at
September 30, 2022. Interest-bearing
deposits were $2.16 billion at
September 30, 2023, compared to
$2.12 billion at June 30, 2023 and $1.97
billion at September 30, 2022.
Interest-bearing deposits constituted 79.4% of total deposits at
September 30, 2023, compared to 78.7%
at June 30, 2023 and 76.6% at
September 30, 2022.
Uninsured deposits were 31.4% of total deposits at September 30, 2023, compared to 30.7% and 29.2%
at June 30, 2023 and September 30, 2022, respectively. As of
September 30, 2023, we had
$1.21 billion of available borrowing
capacity at the Federal Home Loan Bank ($712.8 million), Federal Reserve Discount Window
($446.2 million) and various other
financial institutions (fed fund lines totaling $47.5 million).
Asset Quality
The Company recorded a credit provision for credit losses of
$381,000 during the third quarter of
2023, compared to a credit provision for credit losses of
$416,000 and $1.7 million recorded during the second quarter
of 2023 and third quarter of 2022, respectively. The credit
provision recorded during the third quarter of 2023 was primarily
due a decrease in the general reserves allocated to our residential
mortgage loan portfolio as the outlook for the national housing
price index improved during the third quarter 2023. Annualized net
recoveries to average loans for the third quarter of 2023 was
0.00%, compared to a net charge-off of 0.06% for the second quarter
of 2023 and a net recovery of 0.00% for the third quarter of
2022.
Nonperforming assets totaled $37.8
million, or 1.08% of total assets, at September 30, 2023, an increase of $14.2 million from $23.6
million, or 0.68% of total assets, at June 30, 2023, and an increase of $5.3 million from $32.5
million, or 0.97% of total assets, at September 30, 2022. The increase in nonperforming
assets at September 30, 2023 compared
to June 30, 2023 was primarily due to
a $12.4 million increase in accruing
restructured loans and a $2.1 million
increase in nonaccrual loans, offset by $240,000 decrease in other real estate owned.
Allowance for credit losses as a percentage of total loans was
0.58% at September 30, 2023, compared
to 0.60% at June 30, 2023 and 0.50%
at September 30, 2022. Allowance for
credit losses as a percentage of nonperforming loans was 47.61% at
September 30, 2023, compared to
79.88% and 53.25% at June 30, 2023
and September 30, 2022,
respectively.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank
holding company for its wholly-owned banking subsidiary, Metro City
Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in
2006, Metro City Bank currently operates 20 full-service branch
locations in multi-ethnic communities in Alabama, Florida, Georgia, New
York, New Jersey,
Texas and Virginia. To learn more about Metro City Bank,
visit www.metrocitybank.bank.
Forward-Looking Statements
Statements in this press release regarding future events and our
expectations and beliefs about our future financial performance and
financial condition, as well as trends in our business and markets,
constitute "forward-looking statements" within the meaning of, and
subject to the protections of, Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
not historical in nature and may be identified by references to a
future period or periods by the use of the words "believe,"
"expect," "anticipate," "intend," "plan," "estimate," "project,"
"outlook," or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could," or "may." The
forward-looking statements in this press release should not be
relied on because they are based on current information and on
assumptions that we make about future events and circumstances that
are subject to a number of known and unknown risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, and other
factors, our actual financial results in the future could differ,
possibly materially, from those expressed in or implied by the
forward-looking statements contained in this press release and
could cause us to make changes to our future plans. Factors that
might cause such differences include, but are not limited to: the
impact of current and future economic conditions, particularly
those affecting the financial services industry, including the
effects of declines in the real estate market, high unemployment
rates, inflationary pressures, elevated interest rates and
slowdowns in economic growth, as well as the financial stress on
borrowers as a result of the foregoing; potential impacts of the
recent adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; risks arising from media coverage of the banking industry;
risks arising from perceived instability in the banking sector;
changes in the interest rate environment, including changes to the
federal funds rate; changes in prices, values and sales volumes of
residential and commercial real estate; developments in our
mortgage banking business, including loan modifications, general
demand, and the effects of judicial or regulatory requirements or
guidance; competition in our markets that may result in increased
funding costs or reduced earning assets yields, thus reducing
margins and net interest income; interest rate fluctuations, which
could have an adverse effect on the Company's profitability;
legislation or regulatory changes which could adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations; changes in tax laws; significant
turbulence or a disruption in the capital or financial markets and
the effect of a fall in stock market prices on our investment
securities; the effects of war or other conflicts including the
impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel; and adverse results from current or
future litigation, regulatory examinations or other legal and/or
regulatory actions, including as a result of the Company's
participation in and execution of government programs. Therefore,
the Company can give no assurance that the results contemplated in
the forward-looking statements will be realized. Additional
information regarding these and other risks and uncertainties to
which our business and future financial performance are subject is
contained in the sections titled "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q on file with the U.S. Securities and Exchange Commission
(the "SEC"), and in other documents that we file with the SEC from
time to time, which are available on the SEC's website,
http://www.sec.gov. In addition, our actual financial results in
the future may differ from those currently expected due to
additional risks and uncertainties of which we are not currently
aware or which we do not currently view as, but in the future may
become, material to our business or operating results. Due to these
and other possible uncertainties and risks, readers are cautioned
not to place undue reliance on the forward-looking statements
contained in this press release or to make predictions based solely
on historical financial performance. Any forward-looking statement
speaks only as of the date on which it is made, and we do not
undertake any obligation to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law. All
forward-looking statements, express or implied, included in this
press release are qualified in their entirety by this cautionary
statement.
Contacts
|
|
Farid Tan
|
Lucas
Stewart
|
President
|
Chief Financial
Officer
|
770-455-4978
|
678-580-6414
|
faridtan@metrocitybank.bank
|
lucasstewart@metrocitybank.bank
|
METROCITY
BANKSHARES, INC.
SELECTED FINANCIAL
DATA
|
|
|
As of and for the Three Months
Ended
|
|
As of and for the Nine Months
Ended
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
48,709
|
|
$
|
47,482
|
|
$
|
45,965
|
|
$
|
43,945
|
|
$
|
38,297
|
|
$
|
142,156
|
|
$
|
103,275
|
|
Interest
expense
|
|
|
24,555
|
|
|
22,512
|
|
|
19,732
|
|
|
14,995
|
|
|
8,509
|
|
|
66,799
|
|
|
12,614
|
|
Net interest
income
|
|
|
24,154
|
|
|
24,970
|
|
|
26,233
|
|
|
28,950
|
|
|
29,788
|
|
|
75,357
|
|
|
90,661
|
|
Provision for credit
losses
|
|
|
(381)
|
|
|
(416)
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
(797)
|
|
|
(1,599)
|
|
Noninterest
income
|
|
|
2,902
|
|
|
4,761
|
|
|
6,016
|
|
|
1,794
|
|
|
5,101
|
|
|
13,679
|
|
|
17,410
|
|
Noninterest
expense
|
|
|
11,785
|
|
|
11,534
|
|
|
10,679
|
|
|
12,379
|
|
|
12,688
|
|
|
33,998
|
|
|
37,986
|
|
Income tax
expense
|
|
|
4,224
|
|
|
5,505
|
|
|
5,840
|
|
|
9,353
|
|
|
7,011
|
|
|
15,569
|
|
|
19,262
|
|
Net income
|
|
|
11,428
|
|
|
13,108
|
|
|
15,730
|
|
|
10,180
|
|
|
16,893
|
|
|
40,266
|
|
|
52,422
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.45
|
|
$
|
0.52
|
|
$
|
0.63
|
|
$
|
0.40
|
|
$
|
0.66
|
|
$
|
1.60
|
|
$
|
2.06
|
|
Diluted income per
share
|
|
$
|
0.45
|
|
$
|
0.51
|
|
$
|
0.62
|
|
$
|
0.40
|
|
$
|
0.66
|
|
$
|
1.58
|
|
$
|
2.04
|
|
Dividends per
share
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.54
|
|
$
|
0.45
|
|
Book value per share
(at period end)
|
|
$
|
15.24
|
|
$
|
14.76
|
|
$
|
14.04
|
|
$
|
13.88
|
|
$
|
13.76
|
|
$
|
15.24
|
|
$
|
13.76
|
|
Shares of common stock
outstanding
|
|
|
25,241,157
|
|
|
25,279,846
|
|
|
25,143,675
|
|
|
25,169,709
|
|
|
25,370,417
|
|
|
25,241,157
|
|
|
25,370,417
|
|
Weighted average
diluted shares
|
|
|
25,591,874
|
|
|
25,477,143
|
|
|
25,405,855
|
|
|
25,560,138
|
|
|
25,702,023
|
|
|
25,510,689
|
|
|
25,732,004
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.30
|
%
|
|
1.55
|
%
|
|
1.87
|
%
|
|
1.19
|
%
|
|
2.07
|
%
|
|
1.57
|
%
|
|
2.25
|
%
|
Return on average
equity
|
|
|
12.14
|
|
|
14.87
|
|
|
18.09
|
|
|
11.57
|
|
|
20.56
|
|
|
14.96
|
|
|
22.57
|
|
Dividend payout
ratio
|
|
|
40.18
|
|
|
34.77
|
|
|
28.98
|
|
|
37.55
|
|
|
22.75
|
|
|
34.04
|
|
|
21.98
|
|
Yield on total
loans
|
|
|
5.98
|
|
|
5.95
|
|
|
5.85
|
|
|
5.50
|
|
|
5.11
|
|
|
5.93
|
|
|
5.03
|
|
Yield on average
earning assets
|
|
|
5.92
|
|
|
5.90
|
|
|
5.77
|
|
|
5.43
|
|
|
4.94
|
|
|
5.88
|
|
|
4.65
|
|
Cost of average
interest bearing liabilities
|
|
|
3.97
|
|
|
3.74
|
|
|
3.30
|
|
|
2.49
|
|
|
1.51
|
|
|
3.67
|
|
|
0.79
|
|
Cost of
deposits
|
|
|
4.05
|
|
|
3.88
|
|
|
3.48
|
|
|
2.61
|
|
|
1.48
|
|
|
3.81
|
|
|
0.79
|
|
Net interest
margin
|
|
|
2.94
|
|
|
3.10
|
|
|
3.30
|
|
|
3.58
|
|
|
3.84
|
|
|
3.11
|
|
|
4.08
|
|
Efficiency
ratio(1)
|
|
|
43.56
|
|
|
38.79
|
|
|
33.11
|
|
|
40.26
|
|
|
36.37
|
|
|
38.18
|
|
|
35.15
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
(0.00)
|
%
|
|
0.06
|
%
|
|
(0.00)
|
%
|
|
(0.01)
|
%
|
|
(0.00)
|
%
|
|
0.02
|
%
|
|
0.02
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
1.25
|
|
|
0.78
|
|
|
0.64
|
|
|
0.80
|
|
|
1.09
|
|
|
1.25
|
|
|
1.09
|
|
ACL to nonperforming
loans
|
|
|
47.61
|
|
|
79.88
|
|
|
101.22
|
|
|
68.88
|
|
|
53.25
|
|
|
47.61
|
|
|
53.25
|
|
ACL to loans held for
investment
|
|
|
0.58
|
|
|
0.60
|
|
|
0.63
|
|
|
0.45
|
|
|
0.50
|
|
|
0.58
|
|
|
0.50
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
111.77
|
%
|
|
112.27
|
%
|
|
114.27
|
%
|
|
114.94
|
%
|
|
116.21
|
%
|
|
111.77
|
%
|
|
116.21
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
20.58
|
|
|
21.32
|
|
|
21.83
|
|
|
22.95
|
|
|
23.43
|
|
|
20.58
|
|
|
23.43
|
|
Investment securities
to assets
|
|
|
0.79
|
|
|
0.84
|
|
|
0.87
|
|
|
0.86
|
|
|
0.91
|
|
|
0.79
|
|
|
0.91
|
|
Common equity to
assets
|
|
|
10.96
|
|
|
10.74
|
|
|
10.32
|
|
|
10.20
|
|
|
10.42
|
|
|
10.96
|
|
|
10.42
|
|
Leverage
ratio
|
|
|
10.07
|
|
|
10.03
|
|
|
9.72
|
|
|
9.57
|
|
|
9.90
|
|
|
10.07
|
|
|
9.90
|
|
Common equity tier 1
ratio
|
|
|
17.03
|
|
|
16.69
|
|
|
16.55
|
|
|
15.99
|
|
|
16.18
|
|
|
17.03
|
|
|
16.18
|
|
Tier 1 risk-based
capital ratio
|
|
|
17.03
|
|
|
16.69
|
|
|
16.55
|
|
|
15.99
|
|
|
16.18
|
|
|
17.03
|
|
|
16.18
|
|
Total risk-based
capital ratio
|
|
|
17.91
|
|
|
17.59
|
|
|
17.51
|
|
|
16.68
|
|
|
16.94
|
|
|
17.91
|
|
|
16.94
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
464,823
|
|
$
|
487,787
|
|
$
|
506,012
|
|
$
|
526,719
|
|
$
|
550,587
|
|
$
|
464,823
|
|
$
|
550,587
|
|
Mortgage loan
production
|
|
|
91,891
|
|
|
72,830
|
|
|
43,335
|
|
|
88,045
|
|
|
255,662
|
|
|
208,056
|
|
|
745,568
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,915
|
|
SBA loans serviced for
others
|
|
|
487,827
|
|
|
493,579
|
|
|
485,663
|
|
|
465,120
|
|
|
489,120
|
|
|
487,827
|
|
|
489,120
|
|
SBA loan
production
|
|
|
13,212
|
|
|
16,110
|
|
|
26,239
|
|
|
42,419
|
|
|
22,193
|
|
|
55,561
|
|
|
94,289
|
|
SBA loan
sales
|
|
|
5,169
|
|
|
30,298
|
|
|
36,458
|
|
|
—
|
|
|
8,588
|
|
|
71,925
|
|
|
31,486
|
|
|
|
(1)
|
Represents noninterest
expense divided by the sum of net interest income plus noninterest
income.
|
METROCITY
BANKSHARES, INC.
CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
|
|
|
As of the Quarter Ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
279,106
|
|
$
|
250,503
|
|
$
|
216,167
|
|
$
|
150,964
|
|
$
|
164,054
|
Federal funds
sold
|
|
|
2,951
|
|
|
12,224
|
|
|
7,897
|
|
|
28,521
|
|
|
15,669
|
Cash and cash
equivalents
|
|
|
282,057
|
|
|
262,727
|
|
|
224,064
|
|
|
179,485
|
|
|
179,723
|
Equity
securities
|
|
|
10,113
|
|
|
10,358
|
|
|
10,428
|
|
|
10,300
|
|
|
10,452
|
Securities available
for sale (at fair value)
|
|
|
17,664
|
|
|
18,696
|
|
|
19,174
|
|
|
19,245
|
|
|
19,978
|
Loans
|
|
|
3,029,947
|
|
|
3,020,714
|
|
|
3,012,020
|
|
|
3,055,689
|
|
|
2,978,318
|
Allowance for credit
losses
|
|
|
(17,660)
|
|
|
(18,091)
|
|
|
(18,947)
|
|
|
(13,888)
|
|
|
(14,982)
|
Loans less allowance
for credit losses
|
|
|
3,012,287
|
|
|
3,002,623
|
|
|
2,993,073
|
|
|
3,041,801
|
|
|
2,963,336
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
14,612
|
|
|
13,877
|
|
|
13,642
|
|
|
13,171
|
|
|
11,732
|
Federal Home Loan Bank
stock
|
|
|
17,846
|
|
|
15,534
|
|
|
17,659
|
|
|
17,493
|
|
|
15,619
|
Premises and equipment,
net
|
|
|
17,459
|
|
|
16,374
|
|
|
15,165
|
|
|
14,257
|
|
|
13,664
|
Operating lease
right-of-use asset
|
|
|
7,340
|
|
|
7,761
|
|
|
8,030
|
|
|
8,463
|
|
|
8,835
|
Foreclosed real estate,
net
|
|
|
761
|
|
|
1,001
|
|
|
766
|
|
|
4,328
|
|
|
4,328
|
SBA servicing asset,
net
|
|
|
7,107
|
|
|
8,018
|
|
|
7,791
|
|
|
7,085
|
|
|
8,324
|
Mortgage servicing
asset, net
|
|
|
1,823
|
|
|
2,514
|
|
|
3,205
|
|
|
3,973
|
|
|
4,975
|
Bank owned life
insurance
|
|
|
70,462
|
|
|
70,010
|
|
|
69,565
|
|
|
69,130
|
|
|
68,697
|
Other assets
|
|
|
51,496
|
|
|
45,594
|
|
|
36,451
|
|
|
38,508
|
|
|
38,776
|
Total assets
|
|
$
|
3,511,027
|
|
$
|
3,475,087
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
$
|
3,348,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
559,540
|
|
$
|
575,301
|
|
$
|
577,282
|
|
$
|
611,991
|
|
$
|
602,246
|
Interest-bearing
deposits
|
|
|
2,159,048
|
|
|
2,123,181
|
|
|
2,066,811
|
|
|
2,054,847
|
|
|
1,968,607
|
Total
deposits
|
|
|
2,718,588
|
|
|
2,698,482
|
|
|
2,644,093
|
|
|
2,666,838
|
|
|
2,570,853
|
Federal Home Loan Bank
advances
|
|
|
325,000
|
|
|
325,000
|
|
|
375,000
|
|
|
375,000
|
|
|
375,000
|
Other
borrowings
|
|
|
—
|
|
|
387
|
|
|
387
|
|
|
392
|
|
|
396
|
Operating lease
liability
|
|
|
7,537
|
|
|
7,985
|
|
|
8,438
|
|
|
8,885
|
|
|
9,303
|
Accrued interest
payable
|
|
|
3,915
|
|
|
3,859
|
|
|
3,681
|
|
|
2,739
|
|
|
1,489
|
Other
liabilities
|
|
|
71,283
|
|
|
66,211
|
|
|
34,453
|
|
|
23,964
|
|
|
42,369
|
Total
liabilities
|
|
$
|
3,126,323
|
|
$
|
3,101,924
|
|
$
|
3,066,052
|
|
$
|
3,077,818
|
|
$
|
2,999,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common stock
|
|
|
252
|
|
|
253
|
|
|
251
|
|
|
252
|
|
|
254
|
Additional paid-in
capital
|
|
|
45,580
|
|
|
45,516
|
|
|
45,044
|
|
|
45,298
|
|
|
48,914
|
Retained
earnings
|
|
|
308,589
|
|
|
301,752
|
|
|
293,139
|
|
|
285,832
|
|
|
279,475
|
Accumulated other
comprehensive income
|
|
|
30,283
|
|
|
25,642
|
|
|
14,527
|
|
|
18,039
|
|
|
20,386
|
Total shareholders'
equity
|
|
|
384,704
|
|
|
373,163
|
|
|
352,961
|
|
|
349,421
|
|
|
349,029
|
Total liabilities and
shareholders' equity
|
|
$
|
3,511,027
|
|
$
|
3,475,087
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
$
|
3,348,439
|
METROCITY
BANKSHARES, INC.
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
45,695
|
|
$
|
44,839
|
|
$
|
43,982
|
|
$
|
41,783
|
|
$
|
37,263
|
|
$
|
134,516
|
|
$
|
101,032
|
Other investment
income
|
|
|
2,979
|
|
|
2,582
|
|
|
1,939
|
|
|
2,116
|
|
|
1,011
|
|
|
7,500
|
|
|
2,214
|
Federal funds
sold
|
|
|
35
|
|
|
61
|
|
|
44
|
|
|
46
|
|
|
23
|
|
|
140
|
|
|
29
|
Total interest
income
|
|
|
48,709
|
|
|
47,482
|
|
|
45,965
|
|
|
43,945
|
|
|
38,297
|
|
|
142,156
|
|
|
103,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
21,736
|
|
|
19,804
|
|
|
17,376
|
|
|
13,071
|
|
|
6,964
|
|
|
58,916
|
|
|
10,487
|
FHLB advances and other
borrowings
|
|
|
2,819
|
|
|
2,708
|
|
|
2,356
|
|
|
1,924
|
|
|
1,545
|
|
|
7,883
|
|
|
2,127
|
Total interest
expense
|
|
|
24,555
|
|
|
22,512
|
|
|
19,732
|
|
|
14,995
|
|
|
8,509
|
|
|
66,799
|
|
|
12,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
24,154
|
|
|
24,970
|
|
|
26,233
|
|
|
28,950
|
|
|
29,788
|
|
|
75,357
|
|
|
90,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
(381)
|
|
|
(416)
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
(797)
|
|
|
(1,599)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
24,535
|
|
|
25,386
|
|
|
26,233
|
|
|
30,118
|
|
|
31,491
|
|
|
76,154
|
|
|
92,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
490
|
|
|
464
|
|
|
449
|
|
|
483
|
|
|
509
|
|
|
1,403
|
|
|
1,508
|
Other service charges,
commissions and fees
|
|
|
1,478
|
|
|
1,266
|
|
|
874
|
|
|
1,243
|
|
|
2,676
|
|
|
3,618
|
|
|
8,482
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,017
|
Mortgage servicing
income, net
|
|
|
(85)
|
|
|
(51)
|
|
|
(96)
|
|
|
(299)
|
|
|
(358)
|
|
|
(232)
|
|
|
(262)
|
Gain on sale of SBA
loans
|
|
|
244
|
|
|
1,054
|
|
|
1,969
|
|
|
—
|
|
|
500
|
|
|
3,267
|
|
|
2,068
|
SBA servicing income,
net
|
|
|
270
|
|
|
1,388
|
|
|
1,814
|
|
|
(72)
|
|
|
1,330
|
|
|
3,472
|
|
|
1,897
|
Other income
|
|
|
505
|
|
|
640
|
|
|
1,006
|
|
|
439
|
|
|
444
|
|
|
2,151
|
|
|
1,700
|
Total noninterest
income
|
|
|
2,902
|
|
|
4,761
|
|
|
6,016
|
|
|
1,794
|
|
|
5,101
|
|
|
13,679
|
|
|
17,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,864
|
|
|
7,103
|
|
|
6,366
|
|
|
7,721
|
|
|
7,756
|
|
|
20,333
|
|
|
22,781
|
Occupancy
|
|
|
1,272
|
|
|
1,039
|
|
|
1,214
|
|
|
1,263
|
|
|
1,167
|
|
|
3,525
|
|
|
3,594
|
Data
Processing
|
|
|
300
|
|
|
353
|
|
|
275
|
|
|
287
|
|
|
270
|
|
|
928
|
|
|
808
|
Advertising
|
|
|
143
|
|
|
165
|
|
|
146
|
|
|
172
|
|
|
158
|
|
|
454
|
|
|
434
|
Other
expenses
|
|
|
3,206
|
|
|
2,874
|
|
|
2,678
|
|
|
2,936
|
|
|
3,337
|
|
|
8,758
|
|
|
10,369
|
Total noninterest
expense
|
|
|
11,785
|
|
|
11,534
|
|
|
10,679
|
|
|
12,379
|
|
|
12,688
|
|
|
33,998
|
|
|
37,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
15,652
|
|
|
18,613
|
|
|
21,570
|
|
|
19,533
|
|
|
23,904
|
|
|
55,835
|
|
|
71,684
|
Provision for income
taxes
|
|
|
4,224
|
|
|
5,505
|
|
|
5,840
|
|
|
9,353
|
|
|
7,011
|
|
|
15,569
|
|
|
19,262
|
Net income available
to common shareholders
|
|
$
|
11,428
|
|
$
|
13,108
|
|
$
|
15,730
|
|
$
|
10,180
|
|
$
|
16,893
|
|
$
|
40,266
|
|
$
|
52,422
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
Three Months
Ended
|
|
|
|
September 30, 2023
|
|
June 30, 2023
|
|
September 30, 2022
|
|
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
(Dollars in
thousands)
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other investments(1)
|
|
$
|
200,245
|
|
$
|
2,807
|
|
5.56
|
%
|
$
|
169,976
|
|
$
|
2,445
|
|
5.77
|
%
|
$
|
151,177
|
|
$
|
864
|
|
2.27
|
%
|
Investment
securities
|
|
|
32,172
|
|
|
207
|
|
2.55
|
|
|
32,525
|
|
|
198
|
|
2.44
|
|
|
34,792
|
|
|
170
|
|
1.94
|
|
Total
investments
|
|
|
232,417
|
|
|
3,014
|
|
5.14
|
|
|
202,501
|
|
|
2,643
|
|
5.24
|
|
|
185,969
|
|
|
1,034
|
|
2.21
|
|
Construction and
development
|
|
|
30,584
|
|
|
442
|
|
5.73
|
|
|
40,386
|
|
|
555
|
|
5.51
|
|
|
38,636
|
|
|
530
|
|
5.44
|
|
Commercial real
estate
|
|
|
647,244
|
|
|
14,435
|
|
8.85
|
|
|
654,021
|
|
|
14,362
|
|
8.81
|
|
|
601,370
|
|
|
9,905
|
|
6.53
|
|
Commercial and
industrial
|
|
|
61,774
|
|
|
1,488
|
|
9.56
|
|
|
47,836
|
|
|
1,119
|
|
9.38
|
|
|
50,605
|
|
|
909
|
|
7.13
|
|
Residential real
estate
|
|
|
2,289,428
|
|
|
29,296
|
|
5.08
|
|
|
2,282,264
|
|
|
28,777
|
|
5.06
|
|
|
2,201,186
|
|
|
25,885
|
|
4.67
|
|
Consumer and
other
|
|
|
201
|
|
|
34
|
|
67.11
|
|
|
153
|
|
|
26
|
|
68.16
|
|
|
137
|
|
|
34
|
|
98.46
|
|
Gross
loans(2)
|
|
|
3,029,231
|
|
|
45,695
|
|
5.98
|
|
|
3,024,660
|
|
|
44,839
|
|
5.95
|
|
|
2,891,934
|
|
|
37,263
|
|
5.11
|
|
Total earning
assets
|
|
|
3,261,648
|
|
|
48,709
|
|
5.92
|
|
|
3,227,161
|
|
|
47,482
|
|
5.90
|
|
|
3,077,903
|
|
|
38,297
|
|
4.94
|
|
Noninterest-earning
assets
|
|
|
214,834
|
|
|
|
|
|
|
|
167,506
|
|
|
|
|
|
|
|
158,579
|
|
|
|
|
|
|
Total
assets
|
|
|
3,476,482
|
|
|
|
|
|
|
|
3,394,667
|
|
|
|
|
|
|
|
3,236,482
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
125,078
|
|
|
381
|
|
1.21
|
|
|
160,967
|
|
|
839
|
|
2.09
|
|
|
186,459
|
|
|
338
|
|
0.72
|
|
Money market
deposits
|
|
|
1,036,955
|
|
|
11,709
|
|
4.48
|
|
|
956,598
|
|
|
10,370
|
|
4.35
|
|
|
1,179,954
|
|
|
5,189
|
|
1.74
|
|
Time
deposits
|
|
|
966,408
|
|
|
9,646
|
|
3.96
|
|
|
927,478
|
|
|
8,595
|
|
3.72
|
|
|
499,577
|
|
|
1,437
|
|
1.14
|
|
Total interest-bearing
deposits
|
|
|
2,128,441
|
|
|
21,736
|
|
4.05
|
|
|
2,045,043
|
|
|
19,804
|
|
3.88
|
|
|
1,865,990
|
|
|
6,964
|
|
1.48
|
|
Borrowings
|
|
|
325,025
|
|
|
2,819
|
|
3.44
|
|
|
371,000
|
|
|
2,708
|
|
2.93
|
|
|
375,405
|
|
|
1,545
|
|
1.63
|
|
Total interest-bearing
liabilities
|
|
|
2,453,466
|
|
|
24,555
|
|
3.97
|
|
|
2,416,043
|
|
|
22,512
|
|
3.74
|
|
|
2,241,395
|
|
|
8,509
|
|
1.51
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
555,074
|
|
|
|
|
|
|
|
558,907
|
|
|
|
|
|
|
|
599,902
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
94,528
|
|
|
|
|
|
|
|
66,037
|
|
|
|
|
|
|
|
69,131
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
649,602
|
|
|
|
|
|
|
|
624,944
|
|
|
|
|
|
|
|
669,033
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
373,414
|
|
|
|
|
|
|
|
353,680
|
|
|
|
|
|
|
|
326,054
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,476,482
|
|
|
|
|
|
|
$
|
3,394,667
|
|
|
|
|
|
|
$
|
3,236,482
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
24,154
|
|
|
|
|
|
|
$
|
24,970
|
|
|
|
|
|
|
$
|
29,788
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
1.95
|
|
|
|
|
|
|
|
2.16
|
|
|
|
|
|
|
|
3.43
|
|
Net interest
margin
|
|
|
|
|
|
|
|
2.94
|
|
|
|
|
|
|
|
3.10
|
|
|
|
|
|
|
|
3.84
|
|
|
|
(1)
|
Includes income and
average balances for term federal funds sold, interest-earning cash
accounts and other miscellaneous interest-earning
assets.
|
(2)
|
Average loan balances
include nonaccrual loans and loans held for sale.
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
Nine Months
Ended
|
|
|
|
September 30, 2023
|
|
September 30, 2022
|
|
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
(Dollars in
thousands)
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other investments(1)
|
|
$
|
167,411
|
|
$
|
7,057
|
|
5.64
|
%
|
$
|
247,348
|
|
$
|
1,747
|
|
0.94
|
%
|
Investment
securities
|
|
|
32,547
|
|
|
583
|
|
2.39
|
|
|
35,789
|
|
|
496
|
|
1.85
|
|
Total
investments
|
|
|
199,958
|
|
|
7,640
|
|
5.11
|
|
|
283,137
|
|
|
2,243
|
|
1.06
|
|
Construction and
development
|
|
|
36,658
|
|
|
1,520
|
|
5.54
|
|
|
33,985
|
|
|
1,322
|
|
5.20
|
|
Commercial real
estate
|
|
|
657,700
|
|
|
42,776
|
|
8.70
|
|
|
575,664
|
|
|
26,195
|
|
6.08
|
|
Commercial and
industrial
|
|
|
52,292
|
|
|
3,637
|
|
9.30
|
|
|
56,772
|
|
|
2,900
|
|
6.83
|
|
Residential real
estate
|
|
|
2,287,788
|
|
|
86,495
|
|
5.05
|
|
|
2,021,332
|
|
|
70,504
|
|
4.66
|
|
Consumer and
other
|
|
|
174
|
|
|
88
|
|
67.62
|
|
|
203
|
|
|
111
|
|
73.11
|
|
Gross
loans(2)
|
|
|
3,034,612
|
|
|
134,516
|
|
5.93
|
|
|
2,687,956
|
|
|
101,032
|
|
5.03
|
|
Total earning
assets
|
|
|
3,234,570
|
|
|
142,156
|
|
5.88
|
|
|
2,971,093
|
|
|
103,275
|
|
4.65
|
|
Noninterest-earning
assets
|
|
|
190,616
|
|
|
|
|
|
|
|
149,157
|
|
|
|
|
|
|
Total
assets
|
|
|
3,425,186
|
|
|
|
|
|
|
|
3,120,250
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
150,849
|
|
|
1,869
|
|
1.66
|
|
|
190,390
|
|
|
515
|
|
0.36
|
|
Money market
deposits
|
|
|
991,048
|
|
|
31,738
|
|
4.28
|
|
|
1,144,337
|
|
|
7,706
|
|
0.90
|
|
Time
deposits
|
|
|
923,891
|
|
|
25,309
|
|
3.66
|
|
|
443,632
|
|
|
2,266
|
|
0.68
|
|
Total interest-bearing
deposits
|
|
|
2,065,788
|
|
|
58,916
|
|
3.81
|
|
|
1,778,359
|
|
|
10,487
|
|
0.79
|
|
Borrowings
|
|
|
366,112
|
|
|
7,883
|
|
2.88
|
|
|
363,170
|
|
|
2,127
|
|
0.78
|
|
Total interest-bearing
liabilities
|
|
|
2,431,900
|
|
|
66,799
|
|
3.67
|
|
|
2,141,529
|
|
|
12,614
|
|
0.79
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
564,233
|
|
|
|
|
|
|
|
600,045
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
69,078
|
|
|
|
|
|
|
|
68,144
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
633,311
|
|
|
|
|
|
|
|
668,189
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
359,975
|
|
|
|
|
|
|
|
310,532
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,425,186
|
|
|
|
|
|
|
$
|
3,120,250
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
75,357
|
|
|
|
|
|
|
$
|
90,661
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.21
|
|
|
|
|
|
|
|
3.86
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.11
|
|
|
|
|
|
|
|
4.08
|
|
|
|
(1)
|
Includes income and
average balances for term federal funds sold, interest-earning cash
accounts and other miscellaneous interest-earning
assets.
|
(2)
|
Average loan balances
include nonaccrual loans and loans held for sale.
|
METROCITY BANKSHARES,
INC.
LOAN DATA
|
|
|
As of the Quarter Ended
|
|
|
|
September 30, 2023
|
|
June 30, 2023
|
|
March 31, 2023
|
|
December 31, 2022
|
|
September 30, 2022
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
41,783
|
|
1.4
|
%
|
$
|
51,759
|
|
1.7
|
%
|
$
|
49,209
|
|
1.6
|
%
|
$
|
47,779
|
|
1.6
|
%
|
$
|
51,300
|
|
1.7
|
%
|
Commercial Real
Estate
|
|
|
624,122
|
|
20.5
|
|
|
625,111
|
|
20.6
|
|
|
639,951
|
|
21.2
|
|
|
657,246
|
|
21.4
|
|
|
608,700
|
|
20.4
|
|
Commercial and
Industrial
|
|
|
61,332
|
|
2.0
|
|
|
63,502
|
|
2.1
|
|
|
46,208
|
|
1.5
|
|
|
53,173
|
|
1.7
|
|
|
52,693
|
|
1.8
|
|
Residential Real
Estate
|
|
|
2,310,981
|
|
76.1
|
|
|
2,289,050
|
|
75.6
|
|
|
2,285,902
|
|
75.7
|
|
|
2,306,915
|
|
75.3
|
|
|
2,274,679
|
|
76.1
|
|
Consumer and
other
|
|
|
240
|
|
—
|
|
|
102
|
|
—
|
|
|
50
|
|
—
|
|
|
216
|
|
—
|
|
|
198
|
|
—
|
|
Gross loans
|
|
$
|
3,038,458
|
|
100.0
|
%
|
$
|
3,029,524
|
|
100.0
|
%
|
$
|
3,021,320
|
|
100.0
|
%
|
$
|
3,065,329
|
|
100.0
|
%
|
$
|
2,987,570
|
|
100.0
|
%
|
Unearned
income
|
|
|
(8,511)
|
|
|
|
|
(8,810)
|
|
|
|
|
(9,300)
|
|
|
|
|
(9,640)
|
|
|
|
|
(9,252)
|
|
|
|
Allowance for credit
losses
|
|
|
(17,660)
|
|
|
|
|
(18,091)
|
|
|
|
|
(18,947)
|
|
|
|
|
(13,888)
|
|
|
|
|
(14,982)
|
|
|
|
Net loans
|
|
$
|
3,012,287
|
|
|
|
$
|
3,002,623
|
|
|
|
$
|
2,993,073
|
|
|
|
$
|
3,041,801
|
|
|
|
$
|
2,963,336
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
As of the Quarter Ended
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(Dollars in
thousands)
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
Nonaccrual
loans
|
|
$
|
15,127
|
|
$
|
13,037
|
|
$
|
9,064
|
|
$
|
10,065
|
|
$
|
17,700
|
|
Past due loans 90 days
or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
—
|
|
Accruing restructured
loans
|
|
|
21,964
|
|
|
9,611
|
|
|
9,654
|
|
|
9,919
|
|
|
10,437
|
|
Total non-performing
loans
|
|
|
37,091
|
|
|
22,648
|
|
|
18,718
|
|
|
20,164
|
|
|
28,137
|
|
Other real estate
owned
|
|
|
761
|
|
|
1,001
|
|
|
766
|
|
|
4,328
|
|
|
4,328
|
|
Total non-performing
assets
|
|
$
|
37,852
|
|
$
|
23,649
|
|
$
|
19,484
|
|
$
|
24,492
|
|
$
|
32,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
gross loans
|
|
|
1.22
|
%
|
|
0.75
|
%
|
|
0.62
|
%
|
|
0.66
|
%
|
|
0.94
|
%
|
Nonperforming assets to
total assets
|
|
|
1.08
|
|
|
0.68
|
|
|
0.57
|
|
|
0.71
|
|
|
0.97
|
|
Allowance for credit
losses to non-performing loans
|
|
|
47.61
|
|
|
79.88
|
|
|
101.22
|
|
|
68.88
|
|
|
53.25
|
|
METROCITY
BANKSHARES, INC.
ALLOWANCE FOR LOAN
LOSSES
|
|
|
As of and for the Three
Months Ended
|
|
As of and for the Nine
Months Ended
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
(Dollars in
thousands)
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2023
|
|
2022
|
|
Balance, beginning of
period
|
|
$
|
18,091
|
|
$
|
18,947
|
|
$
|
13,888
|
|
$
|
14,982
|
|
$
|
16,678
|
|
$
|
13,888
|
|
$
|
16,952
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(1)
|
|
|
230
|
|
|
(2)
|
|
|
(2)
|
|
|
(1)
|
|
|
227
|
|
|
(5)
|
|
Commercial and
industrial
|
|
|
(3)
|
|
|
208
|
|
|
(2)
|
|
|
(72)
|
|
|
(6)
|
|
|
203
|
|
|
381
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
Total net
charge-offs/(recoveries)
|
|
|
(4)
|
|
|
438
|
|
|
(4)
|
|
|
(74)
|
|
|
(7)
|
|
|
430
|
|
|
371
|
|
Adoption of ASU 2016-13
(CECL)
|
|
|
—
|
|
|
—
|
|
|
5,055
|
|
|
—
|
|
|
—
|
|
|
5,055
|
|
|
—
|
|
Provision for loan
losses
|
|
|
(435)
|
|
|
(418)
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
(853)
|
|
|
(1,599)
|
|
Balance, end of
period
|
|
$
|
17,660
|
|
$
|
18,091
|
|
$
|
18,947
|
|
$
|
13,888
|
|
$
|
14,982
|
|
$
|
17,660
|
|
$
|
14,982
|
|
Total loans at end of
period
|
|
$
|
3,038,458
|
|
$
|
3,029,524
|
|
$
|
3,021,320
|
|
$
|
3,065,329
|
|
$
|
2,987,570
|
|
$
|
3,038,458
|
|
$
|
2,987,570
|
|
Average
loans(1)
|
|
$
|
3,029,231
|
|
$
|
3,024,660
|
|
$
|
3,050,176
|
|
$
|
3,016,144
|
|
$
|
2,891,934
|
|
$
|
3,034,612
|
|
$
|
2,678,474
|
|
Net
charge-offs/(recoveries) to average loans
|
|
|
(0.00)
|
%
|
|
0.06
|
%
|
|
(0.00)
|
%
|
|
(0.01)
|
%
|
|
(0.00)
|
%
|
|
0.02
|
%
|
|
0.02
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.58
|
|
|
0.60
|
|
|
0.63
|
|
|
0.45
|
|
|
0.50
|
|
|
0.58
|
|
|
0.50
|
|
(1)
|
Excludes loans held for
sale
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-third-quarter-2023-301963157.html
SOURCE MetroCity Bankshares, Inc.