ATLANTA,
Oct. 22, 2021 /PRNewswire/
-- MetroCity Bankshares, Inc. ("MetroCity" or the "Company")
(NASDAQ: MCBS), holding company for Metro City Bank (the "Bank"),
today reported net income of $16.9
million, or $0.66 per diluted
share, for the third quarter of 2021, compared to $14.4 million, or $0.56 per diluted share, for the second quarter
of 2021, and $9.4 million, or
$0.36 per diluted share, for the
third quarter of 2020. For the nine months ended September 30, 2021, the Company reported net
income of $44.3 million, or
$1.71 per diluted share, compared to
$26.9 million, or $1.05 per diluted share, for the same period in
2020.
Third Quarter 2021 Highlights:
- Annualized return on average assets was 2.61%, compared
to 2.53% for the second quarter of 2021 and 2.20% for the third
quarter of 2020.
- Annualized return on average equity was 25.23%, compared
to 22.51% for the second quarter of 2021 and 16.22% for the third
quarter of 2020.
- Efficiency ratio of 34.8%, compared to 36.2% for the
second quarter of 2021 and 42.5% for the third quarter of
2020.
- Total assets increased by $232.4
million, or 9.2%, to $2.75
billion from the previous quarter.
- Total loans increased by $269.9
million, or 12.9%, to $2.36
billion from the previous quarter.
- Total deposits increased by $137.0
million, or 6.9%, to $2.11
billion from the previous quarter.
- Net interest margin was 4.57%, compared to 4.60% for the
second quarter of 2021 and 3.97% for the third quarter of
2020.
Results of Operations
Net Income
Net income was $16.9 million
for the third quarter of 2021, an increase of $2.5 million, or 17.3%, from $14.4 million for the second quarter of 2021.
This increase was due to an increase in net interest income of
$3.4 million and an increase in
noninterest income of $938,000,
offset by an increase in provision for loan losses of $374,000, an increase in noninterest expense of
$1.0 million and an increase in
provision for income taxes of $421,000. Net income increased $7.5 million, or 79.9%, in the third quarter of
2021 compared to net income of $9.4
million for the third quarter of 2020. This increase was due
to an increase in net interest income of $12.2 million and an increase in noninterest
income of $1.6 million, offset by an
increase in provision for loan losses of $1.1 million, an increase in noninterest expense
of $3.0 million and an increase in
provision for income taxes of $2.2
million.
Net Interest Income and Net Interest Margin
Interest income totaled $29.3
million for the third quarter of 2021, an increase of
$3.4 million, or 13.3%, from the
previous quarter, primarily due to a $261.7
million increase in average loan balances. We also
recognized Paycheck Protection Program ("PPP") loan fee income of
$1.9 million during the third quarter
of 2021 compared to $1.7 million
recognized during the second quarter of 2021. As compared to the
third quarter of 2020, interest income for the third quarter of
2021 increased by $11.2 million, or
61.7%, primarily due to an increase in average loan balances of
$833.5 million.
Interest expense totaled $1.1
million for the third quarter of 2021, a slight increase of
$72,000, or 6.8%, from the previous
quarter, primarily due to a $92.0
million increase in average deposits as deposit costs
remained relatively flat. As compared to the third quarter of 2020,
interest expense for the third quarter of 2021 decreased by
$1.1 million, or 48.2%, primarily due
to a 66 basis points decrease in deposit costs coupled with a
$40.6 million decrease in higher cost
average time deposits.
The net interest margin for the third quarter of 2021 was
4.57% compared to 4.60% for the previous quarter, a decrease of
three basis points. The cost of average interest-bearing
liabilities for the third quarter of 2021 decreased by 3 basis
points to 0.28% compared with the previous quarter, while the yield
on average interest-earning assets for the third quarter of 2021
decreased by 4 basis points to 4.75% from 4.79% for the previous
quarter. Average earning assets increased by $280.5 million from the previous quarter,
primarily due to an increase in average loans of $261.7 million and an $18.7 million increase in average
interest-earning cash accounts. Average interest-bearing
liabilities increased by $238.3
million from the previous quarter as average
interest-bearing deposits increased by $92.0
million and average borrowings increased by $146.3 million. The inclusion of PPP loan average
balances, interest and fees had a 23 basis point impact on the
yield on average loans and a 22 basis points impact on the net
interest margin for the third quarter of 2021.
As compared to the same period in 2020, the net interest
margin for the third quarter of 2021 increased by 60 basis points
to 4.57% from 3.97%, primarily due to a 63 basis point decrease in
the cost of average interest-bearing liabilities of $1.62 billion and an increase of 24 basis points
in the yield on average interest-earning assets of $2.45 billion. Average earning assets for the
third quarter of 2021 increased by $848.1
million from the third quarter of 2020, primarily due to a
$833.5 million increase in average
loans and a $55.5 million increase in
average interest-earning cash accounts, offset by a $40.0 million decrease in average securities
purchased under agreements to resell. Average interest-bearing
liabilities for the third quarter of 2021 increased by $665.4 million from the third quarter of 2020,
driven by an increase in average interest-bearing deposits of
$509.3 million and an increase in
average borrowings of $156.1
million.
Noninterest Income
Noninterest income for the third quarter of 2021 was
$9.5 million, an increase of
$938,000, or 10.9%, from the second
quarter of 2021, primarily due to higher mortgage loan fees,
mortgage servicing income and gains on sale of SBA loans, partially
offset by a decrease in SBA servicing income. During the third
quarter of 2021, we recorded a $225,000 fair value adjustment charge on our SBA
servicing asset and a $420,000 fair
value impairment recovery on our mortgage servicing asset. These
servicing asset adjustments had a $0.01 per share impact on our diluted earnings
per share for the quarter.
Compared to the same period in 2020, noninterest income
for the third quarter of 2021 increased by $1.6 million, or 19.7%, primarily due to the
increase in mortgage loan fees and gains on sale of SBA loans,
partially offset by a decrease in mortgage and SBA servicing
income. Mortgage loan originations totaled $368.8 million during the third quarter of 2021
compared to $120.3 million during the
third quarter of 2020. There were no mortgage loan sales during the
third quarter of 2021 or 2020.
Noninterest Expense
Noninterest expense for the third quarter of 2021 totaled
$13.1 million, an increase of
$1.0 million, or 8.4%, from
$12.1 million for the second quarter
of 2021. This increase was primarily attributable to higher
salaries and employee benefits. Compared to the third quarter of
2020, noninterest expense during the third quarter of 2021
increased by $3.0 million, or 29.2%,
primarily due to higher salaries and employee benefits and
loan related expenses.
The Company's efficiency ratio was 34.8% for the third
quarter of 2021 compared to 36.2% and 42.5% for the second quarter
of 2021 and third quarter of 2020, respectively. For the nine
months ended September 30, 2021, the
efficiency ratio was 35.6% compared with 43.7% for the same period
in 2020.
Income Tax Expense
The Company's effective tax rate for the third quarter of
2021 was 23.4%, compared to 24.7% for the second quarter of 2021
and 23.7% for the third quarter of 2020.
Balance Sheet
Total Assets
Total assets were $2.75
billion at September 30, 2021,
an increase of $232.4 million, or
9.2%, from $2.52 billion at
June 30, 2021, and an increase of
$1.01 billion, or 58.1%, from
$1.74 billion at September 30, 2020. The $232.4 million increase in total assets at
September 30, 2021 compared to
June 30, 2021 was primarily due to
increases in loans of $269.9 million
and bank owned life insurance of $22.8
million, partially offset by a decrease in cash and due from
banks of $58.3 million and a
$2.6 million increase in the
allowance for loan losses. The $1.01
billion increase in total assets at September 30, 2021 compared to September 30, 2020 was primarily due to increases
in loans of $901.8 million, cash and
due from banks of $141.7 million and
bank owned life insurance of $23.5
million, partially offset by a $40.0
million decrease in securities purchased under agreements to
resell, a $6.0 million decrease in
the mortgage servicing asset and an increase in the allowance for
loan losses of $7.1
million.
Loans
Loans held for investment were $2.36 billion at September
30, 2021, an increase of $269.9
million, or 12.9%, compared to $2.09
billion at June 30, 2021, and
an increase of $901.8 million, or
61.8%, compared to $1.46 billion at
September 30, 2020. The increase in
loans held for investment at September 30,
2021 compared to June 30, 2021
was primarily due to a $287.8 million
increase in residential mortgages, a $27.8
million increase in commercial real estate loans and a
$5.5 million increase in construction
and development loans, offset by a $52.0
million decrease in commercial and industrial loans
primarily due to PPP loan forgiveness. Included in commercial and
industrial loans are PPP loans totaling $42.0 million as of September 30, 2021. There were no loans
classified as held for sale at September 30,
2021, June 30, 2021 or
September 30, 2020.
Deposits
Total deposits were $2.11
billion at September 30, 2021,
an increase of $137.0 million, or
6.9%, compared to total deposits of $1.97
billion at June 30, 2021, and
an increase of $774.0 million, or
57.9%, compared to total deposits of $1.34
billion at September 30, 2020.
The increase in total deposits at September
30, 2021 compared to June 30,
2021 was primarily due to the $22.3
million increase in noninterest-bearing demand deposits,
$126.6 million increase in money
market accounts and a $12.3 million
increase in interest-bearing demand deposits, offset by a
$24.6 million increase in time
deposits.
Noninterest-bearing deposits were $640.3 million at September 30, 2021, compared to $618.1 million at June 30,
2021 and $460.7 million at
September 30, 2020.
Noninterest-bearing deposits constituted 30.3% of total deposits at
September 30, 2021, compared to 31.3%
at June 30, 2021 and 34.4% at
September 30, 2020. Interest-bearing
deposits were $1.47 billion at
September 30, 2021, compared to
$1.36 billion at June 30, 2021 and $877.1
million at September 30, 2020.
Interest-bearing deposits constituted 69.7% of total deposits at
September 30, 2021, compared to 68.7%
at June 30, 2021 and 65.6% at
September 30, 2020.
Asset Quality
The Company recorded a provision for loan losses of
$2.6 million during the third quarter
of 2021. Annualized net charge-offs to average loans for the third
quarter of 2021 was 0.00%, compared to 0.02% for the second quarter
of 2021 and 0.00% for the third quarter of 2020. We continue to
include qualitative factors in our allowance for loan losses
calculation in light of the continued economic uncertainties caused
by the ongoing COVID-19 pandemic and related variants, partially
resulting in the increased provision expense recorded during the
third quarter of 2021 along with the growth in our loan portfolio.
The Company is not required to implement the provisions of the
current expected credit losses accounting standard issued by the
Financial Accounting Standards Board in the Accounting Standards
Update No. 2016-13 until January 1,
2023, and is continuing to account for the allowance for
loan losses under the incurred loss model.
Nonperforming assets totaled $13.1
million, or 0.47% of total assets, at September 30, 2021, a decrease of $1.1 million from $14.0
million, or 0.56% of total assets, at June 30, 2021, and a decrease of $4.4 million from $17.5
million, or 1.01% of total assets, at September 30, 2020. The decrease in nonperforming
assets at September 30, 2021 compared
to June 30, 2021 was primarily due to
a $668,000 decrease in nonaccrual
loans and a $282,000 decrease in
other real estate owned.
Allowance for loan losses as a percentage of total loans
was 0.69% at September 30, 2021,
compared to 0.66% at June 30, 2021
and 0.64% at September 30, 2020.
Excluding outstanding PPP loans of $42.0
million as of September 30,
2021, $93.1 million as of
June 30, 2021 and $96.9 million as of September 30, 2020, the allowance for loan losses
as a percentage of total loans was 0.71% at September 30, 2021, 0.69% at June 30, 2021 and 0.68% at September 30, 2020. Allowance for loan losses as
a percentage of nonperforming loans was 189.44% at September 30, 2021, compared to 147.82% and
54.24% at June 30, 2021 and
September 30, 2020,
respectively.
COVID-19
As of September 30, 2021, we
had two non-SBA commercial customers with outstanding loan balances
totaling $8.1 million that were under
approved payment deferrals. This is a decline from the active
payment deferrals as of June 30, 2021
that were granted to six non-SBA commercial customers with
outstanding balances totaling $15.3
million. As of September 30,
2021, we had six SBA loans with outstanding gross loan
balances totaling $11.7 million
($2.9 million unguaranteed book
balance) that were under approved payment deferrals. As of
October 20, 2021, the SBA had granted
forgiveness on (1) PPP loans totaling $93.5
million, or 96.4% of PPP loans funded from the first round
of PPP funding under the Coronavirus Aid, Relief and Economic
Security Act, and (2) PPP loans totaling $24.8 million, or 39.9% of PPP loans funded under
the Economic Aid Act.
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 19 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, including statements regarding the potential
effects of the ongoing COVID-19 pandemic and related variants on
our business and financial results and conditions, 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 of 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: general business and economic conditions,
particularly those affecting the financial services; the impact of
the ongoing COVID-19 pandemic and related variants on the Company's
assets, business, cash flows, financial condition, liquidity,
prospects and results of operations; potential increases in the
provision for loan losses resulting from the ongoing COVID-19
pandemic and related variants; changes in the interest rate
environment, including changes to the federal funds rate;
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, including changes to statutes, regulations or
regulatory policies or practices as a result of, or in response to,
the ongoing COVID-19 pandemic and related variants; changes in tax
laws; 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 related to the ongoing COVID-19
pandemic and related variants. 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)
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
Selected income statement
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
29,324
|
|
$
|
25,888
|
|
$
|
22,672
|
|
$
|
19,839
|
|
$
|
18,131
|
|
$
|
77,884
|
|
$
|
57,770
|
|
Interest
expense
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,336
|
|
|
10,078
|
|
Net interest
income
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
74,548
|
|
|
47,962
|
|
Provision for loan
losses
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
6,383
|
|
|
2,511
|
|
Noninterest
income
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
26,312
|
|
|
21,073
|
|
Noninterest
expense
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
35,912
|
|
|
30,023
|
|
Income tax
expense
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
14,309
|
|
|
9,291
|
|
Net income
|
|
|
16,882
|
|
|
14,393
|
|
|
12,981
|
|
|
9,454
|
|
|
9,385
|
|
|
44,256
|
|
|
26,940
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.51
|
|
$
|
0.37
|
|
$
|
0.37
|
|
$
|
1.73
|
|
$
|
1.05
|
|
Diluted income per
share
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.50
|
|
$
|
0.37
|
|
$
|
0.36
|
|
$
|
1.71
|
|
$
|
1.05
|
|
Dividends per
share
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.10
|
|
$
|
0.09
|
|
$
|
0.09
|
|
$
|
0.32
|
|
$
|
0.31
|
|
Book value per share
(at period end)
|
|
$
|
10.84
|
|
$
|
10.33
|
|
$
|
9.95
|
|
$
|
9.54
|
|
$
|
9.23
|
|
$
|
10.84
|
|
$
|
9.23
|
|
Shares of common stock
outstanding
|
|
|
25,465,236
|
|
|
25,578,668
|
|
|
25,674,573
|
|
|
25,674,573
|
|
|
25,674,067
|
|
|
25,465,236
|
|
|
25,674,067
|
|
Weighted average
diluted shares
|
|
|
25,729,043
|
|
|
25,833,328
|
|
|
25,881,827
|
|
|
25,870,885
|
|
|
25,858,741
|
|
|
25,805,480
|
|
|
25,774,500
|
|
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.61
|
%
|
|
2.53
|
%
|
|
2.62
|
%
|
|
2.14
|
%
|
|
2.20
|
%
|
|
2.59
|
%
|
|
2.17
|
%
|
Return on average
equity
|
|
|
25.23
|
|
|
22.51
|
|
|
21.35
|
|
|
15.78
|
|
|
16.22
|
|
|
23.09
|
|
|
16.10
|
|
Dividend payout
ratio
|
|
|
18.24
|
|
|
17.95
|
|
|
19.91
|
|
|
24.60
|
|
|
24.78
|
|
|
18.64
|
|
|
29.62
|
|
Yield on total
loans
|
|
|
5.16
|
|
|
5.21
|
|
|
5.20
|
|
|
5.14
|
|
|
5.05
|
|
|
5.19
|
|
|
5.60
|
|
Yield on average
earning assets
|
|
|
4.75
|
|
|
4.79
|
|
|
4.85
|
|
|
4.80
|
|
|
4.51
|
|
|
4.79
|
|
|
4.95
|
|
Cost of average
interest bearing liabilities
|
|
|
0.28
|
|
|
0.31
|
|
|
0.38
|
|
|
0.56
|
|
|
0.91
|
|
|
0.32
|
|
|
1.35
|
|
Cost of
deposits
|
|
|
0.28
|
|
|
0.29
|
|
|
0.36
|
|
|
0.55
|
|
|
0.94
|
|
|
0.30
|
|
|
1.41
|
|
Net interest
margin
|
|
|
4.57
|
|
|
4.60
|
|
|
4.60
|
|
|
4.46
|
|
|
3.97
|
|
|
4.59
|
|
|
4.08
|
|
Efficiency
ratio(1)
|
|
|
34.76
|
|
|
36.19
|
|
|
36.03
|
|
|
45.09
|
|
|
42.46
|
|
|
35.61
|
|
|
43.66
|
|
Asset quality data (at period
end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.55
|
|
|
0.67
|
|
|
0.84
|
|
|
1.03
|
|
|
1.19
|
|
|
0.55
|
|
|
1.19
|
|
ALL to nonperforming
loans
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
|
189.44
|
|
|
54.24
|
|
ALL to loans held for
investment
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.69
|
|
|
0.64
|
|
Balance sheet and capital
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
112.15
|
%
|
|
106.31
|
%
|
|
107.33
|
%
|
|
110.48
|
%
|
|
109.50
|
%
|
|
112.15
|
%
|
|
109.50
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
30.32
|
|
|
31.30
|
|
|
31.28
|
|
|
31.28
|
|
|
34.44
|
|
|
30.32
|
|
|
34.44
|
|
Common equity to
assets
|
|
|
10.04
|
|
|
10.50
|
|
|
11.85
|
|
|
12.90
|
|
|
13.63
|
|
|
10.04
|
|
|
13.63
|
|
Leverage
ratio
|
|
|
10.34
|
|
|
11.14
|
|
|
12.23
|
|
|
13.44
|
|
|
13.44
|
|
|
10.34
|
|
|
13.44
|
|
Common equity tier 1
ratio
|
|
|
16.64
|
|
|
17.75
|
|
|
18.97
|
|
|
20.00
|
|
|
21.09
|
|
|
16.64
|
|
|
21.09
|
|
Tier 1 risk-based
capital ratio
|
|
|
16.64
|
|
|
17.75
|
|
|
18.97
|
|
|
20.00
|
|
|
21.09
|
|
|
16.64
|
|
|
21.09
|
|
Total risk-based
capital ratio
|
|
|
17.67
|
|
|
18.72
|
|
|
19.88
|
|
|
20.86
|
|
|
21.96
|
|
|
17.67
|
|
|
21.96
|
|
Mortgage and SBA loan
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
669,358
|
|
$
|
746,660
|
|
$
|
856,432
|
|
$
|
961,670
|
|
$
|
1,063,500
|
|
$
|
669,358
|
|
$
|
1,063,500
|
|
Mortgage loan
production
|
|
|
368,790
|
|
|
326,507
|
|
|
263,698
|
|
|
194,951
|
|
|
120,337
|
|
|
958,995
|
|
|
289,263
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,737
|
|
SBA loans serviced for
others
|
|
|
549,818
|
|
|
549,238
|
|
|
521,182
|
|
|
507,442
|
|
|
500,047
|
|
|
549,818
|
|
|
500,047
|
|
SBA loan
production
|
|
|
85,265
|
|
|
67,376
|
|
|
80,466
|
|
|
34,631
|
|
|
52,742
|
|
|
233,107
|
|
|
211,088
|
|
SBA loan
sales
|
|
|
37,984
|
|
|
34,158
|
|
|
22,399
|
|
|
25,505
|
|
|
37,923
|
|
|
94,541
|
|
|
103,128
|
|
|
|
|
|
(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)
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
250,995
|
|
$
|
309,289
|
|
$
|
169,775
|
|
$
|
140,744
|
|
$
|
109,263
|
Federal funds
sold
|
|
|
2,294
|
|
|
4,644
|
|
|
4,444
|
|
|
9,944
|
|
|
17,268
|
Cash and cash
equivalents
|
|
|
253,289
|
|
|
313,933
|
|
|
174,219
|
|
|
150,688
|
|
|
126,531
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
Securities available
for sale (at fair value)
|
|
|
16,507
|
|
|
16,722
|
|
|
18,739
|
|
|
18,117
|
|
|
18,204
|
Equity
securities
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Loans
|
|
|
2,361,705
|
|
|
2,091,767
|
|
|
1,866,785
|
|
|
1,630,344
|
|
|
1,459,899
|
Allowance for loan
losses
|
|
|
(16,445)
|
|
|
(13,860)
|
|
|
(11,735)
|
|
|
(10,135)
|
|
|
(9,339)
|
Loans less allowance
for loan losses
|
|
|
2,345,260
|
|
|
2,077,907
|
|
|
1,855,050
|
|
|
1,620,209
|
|
|
1,450,560
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
10,737
|
|
|
10,668
|
|
|
10,515
|
|
|
10,671
|
|
|
7,999
|
Federal Home Loan
Bank stock
|
|
|
12,201
|
|
|
8,451
|
|
|
3,951
|
|
|
6,147
|
|
|
5,723
|
Premises and
equipment, net
|
|
|
13,302
|
|
|
13,557
|
|
|
13,663
|
|
|
13,854
|
|
|
14,083
|
Operating lease
right-of-use asset
|
|
|
9,672
|
|
|
10,078
|
|
|
10,483
|
|
|
10,348
|
|
|
10,786
|
Foreclosed real
estate, net
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
SBA servicing asset,
net
|
|
|
10,916
|
|
|
11,155
|
|
|
10,535
|
|
|
9,643
|
|
|
10,173
|
Mortgage servicing
asset, net
|
|
|
8,593
|
|
|
9,529
|
|
|
11,722
|
|
|
12,991
|
|
|
14,599
|
Bank owned life
insurance
|
|
|
59,061
|
|
|
36,263
|
|
|
36,033
|
|
|
35,806
|
|
|
35,578
|
Other
assets
|
|
|
5,323
|
|
|
4,921
|
|
|
5,606
|
|
|
5,171
|
|
|
5,355
|
Total assets
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
640,312
|
|
$
|
618,054
|
|
$
|
546,164
|
|
$
|
462,909
|
|
$
|
460,679
|
Interest-bearing
deposits
|
|
|
1,471,515
|
|
|
1,356,777
|
|
|
1,199,756
|
|
|
1,016,980
|
|
|
877,112
|
Total
deposits
|
|
|
2,111,827
|
|
|
1,974,831
|
|
|
1,745,920
|
|
|
1,479,889
|
|
|
1,337,791
|
Federal Home Loan
Bank advances
|
|
|
300,000
|
|
|
200,000
|
|
|
80,000
|
|
|
110,000
|
|
|
100,000
|
Other
borrowings
|
|
|
468
|
|
|
474
|
|
|
479
|
|
|
483
|
|
|
491
|
Operating lease
liability
|
|
|
10,241
|
|
|
10,648
|
|
|
11,048
|
|
|
10,910
|
|
|
11,342
|
Accrued interest
payable
|
|
|
208
|
|
|
202
|
|
|
206
|
|
|
222
|
|
|
310
|
Other
liabilities
|
|
|
51,330
|
|
|
67,431
|
|
|
61,332
|
|
|
51,154
|
|
|
52,843
|
Total
liabilities
|
|
$
|
2,474,074
|
|
$
|
2,253,586
|
|
$
|
1,898,985
|
|
$
|
1,652,658
|
|
$
|
1,502,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
255
|
|
|
256
|
|
|
257
|
|
|
257
|
|
|
257
|
Additional paid-in
capital
|
|
|
51,181
|
|
|
52,924
|
|
|
55,977
|
|
|
55,674
|
|
|
55,098
|
Retained
earnings
|
|
|
224,711
|
|
|
210,910
|
|
|
199,102
|
|
|
188,705
|
|
|
181,576
|
Accumulated other
comprehensive income (loss)
|
|
|
7
|
|
|
164
|
|
|
39
|
|
|
195
|
|
|
165
|
Total shareholders'
equity
|
|
|
276,154
|
|
|
264,254
|
|
|
255,375
|
|
|
244,831
|
|
|
237,096
|
Total liabilities and
shareholders' equity
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
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)
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
29,127
|
|
$
|
25,728
|
|
$
|
22,500
|
|
$
|
19,658
|
|
$
|
17,880
|
|
$
|
77,355
|
|
$
|
56,214
|
Other investment
income
|
|
|
196
|
|
|
159
|
|
|
170
|
|
|
164
|
|
|
187
|
|
|
525
|
|
|
1,265
|
Federal funds
sold
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
17
|
|
|
64
|
|
|
4
|
|
|
291
|
Total interest
income
|
|
|
29,324
|
|
|
25,888
|
|
|
22,672
|
|
|
19,839
|
|
|
18,131
|
|
|
77,884
|
|
|
57,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
968
|
|
|
919
|
|
|
992
|
|
|
1,262
|
|
|
2,046
|
|
|
2,879
|
|
|
9,656
|
FHLB advances and other
borrowings
|
|
|
167
|
|
|
144
|
|
|
146
|
|
|
149
|
|
|
146
|
|
|
457
|
|
|
422
|
Total interest
expense
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,336
|
|
|
10,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
74,548
|
|
|
47,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
6,383
|
|
|
2,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
25,610
|
|
|
22,620
|
|
|
19,935
|
|
|
17,472
|
|
|
14,489
|
|
|
68,165
|
|
|
45,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
446
|
|
|
411
|
|
|
373
|
|
|
350
|
|
|
309
|
|
|
1,230
|
|
|
962
|
Other service charges,
commissions and fees
|
|
|
4,147
|
|
|
3,877
|
|
|
3,398
|
|
|
3,223
|
|
|
2,076
|
|
|
11,422
|
|
|
5,322
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,529
|
Mortgage servicing
income, net
|
|
|
132
|
|
|
(957)
|
|
|
166
|
|
|
(82)
|
|
|
235
|
|
|
(659)
|
|
|
1,390
|
Gain on sale of SBA
loans
|
|
|
3,358
|
|
|
2,845
|
|
|
1,854
|
|
|
1,625
|
|
|
2,265
|
|
|
8,057
|
|
|
4,842
|
SBA servicing income,
net
|
|
|
1,212
|
|
|
1,905
|
|
|
2,133
|
|
|
724
|
|
|
2,931
|
|
|
5,250
|
|
|
5,406
|
Other income
|
|
|
237
|
|
|
513
|
|
|
262
|
|
|
298
|
|
|
148
|
|
|
1,012
|
|
|
622
|
Total noninterest
income
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
26,312
|
|
|
21,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
8,679
|
|
|
6,915
|
|
|
6,699
|
|
|
6,822
|
|
|
6,416
|
|
|
22,293
|
|
|
18,678
|
Occupancy
|
|
|
1,295
|
|
|
1,252
|
|
|
1,275
|
|
|
1,293
|
|
|
1,302
|
|
|
3,822
|
|
|
3,790
|
Data
Processing
|
|
|
257
|
|
|
283
|
|
|
308
|
|
|
313
|
|
|
287
|
|
|
848
|
|
|
765
|
Advertising
|
|
|
131
|
|
|
117
|
|
|
145
|
|
|
138
|
|
|
127
|
|
|
393
|
|
|
428
|
Other
expenses
|
|
|
2,749
|
|
|
3,526
|
|
|
2,281
|
|
|
2,511
|
|
|
2,018
|
|
|
8,556
|
|
|
6,362
|
Total noninterest
expense
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
35,912
|
|
|
30,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
22,031
|
|
|
19,121
|
|
|
17,413
|
|
|
12,533
|
|
|
12,303
|
|
|
58,565
|
|
|
36,231
|
Provision for income
taxes
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
14,309
|
|
|
9,291
|
Net income available
to common shareholders
|
|
$
|
16,882
|
|
$
|
14,393
|
|
$
|
12,981
|
|
$
|
9,454
|
|
$
|
9,385
|
|
$
|
44,256
|
|
$
|
26,940
|
METROCITY
BANKSHARES, INC. AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
Three Months Ended
|
|
|
|
September 30, 2021
|
|
June 30, 2021
|
|
September 30, 2020
|
|
|
|
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)
|
|
$
|
188,296
|
|
$
|
111
|
|
0.23
|
%
|
$
|
169,578
|
|
$
|
76
|
|
0.18
|
%
|
$
|
132,781
|
|
$
|
87
|
|
0.26
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
40,000
|
|
|
61
|
|
0.61
|
|
Securities available
for sale
|
|
|
17,244
|
|
|
86
|
|
1.98
|
|
|
17,080
|
|
|
84
|
|
1.97
|
|
|
18,161
|
|
|
103
|
|
2.26
|
|
Total
investments
|
|
|
205,540
|
|
|
197
|
|
0.38
|
|
|
186,658
|
|
|
160
|
|
0.34
|
|
|
190,942
|
|
|
251
|
|
0.52
|
|
Construction and
development
|
|
|
53,871
|
|
|
727
|
|
5.35
|
|
|
47,173
|
|
|
615
|
|
5.23
|
|
|
33,587
|
|
|
414
|
|
4.90
|
|
Commercial real
estate
|
|
|
507,039
|
|
|
7,648
|
|
5.98
|
|
|
510,241
|
|
|
7,344
|
|
5.77
|
|
|
476,174
|
|
|
6,547
|
|
5.47
|
|
Commercial and
industrial
|
|
|
102,813
|
|
|
2,576
|
|
9.94
|
|
|
146,408
|
|
|
2,558
|
|
7.01
|
|
|
139,083
|
|
|
870
|
|
2.49
|
|
Residential real
estate
|
|
|
1,577,276
|
|
|
18,144
|
|
4.56
|
|
|
1,275,555
|
|
|
15,180
|
|
4.77
|
|
|
757,982
|
|
|
10,002
|
|
5.25
|
|
Consumer and
other
|
|
|
208
|
|
|
32
|
|
61.04
|
|
|
179
|
|
|
31
|
|
69.46
|
|
|
844
|
|
|
47
|
|
22.15
|
|
Gross
loans(2)
|
|
|
2,241,207
|
|
|
29,127
|
|
5.16
|
|
|
1,979,556
|
|
|
25,728
|
|
5.21
|
|
|
1,407,670
|
|
|
17,880
|
|
5.05
|
|
Total earning
assets
|
|
|
2,446,747
|
|
|
29,324
|
|
4.75
|
|
|
2,166,214
|
|
|
25,888
|
|
4.79
|
|
|
1,598,612
|
|
|
18,131
|
|
4.51
|
|
Noninterest-earning
assets
|
|
|
123,888
|
|
|
|
|
|
|
|
112,161
|
|
|
|
|
|
|
|
96,234
|
|
|
|
|
|
|
Total
assets
|
|
|
2,570,635
|
|
|
|
|
|
|
|
2,278,375
|
|
|
|
|
|
|
|
1,694,846
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
115,775
|
|
|
59
|
|
0.20
|
|
|
107,072
|
|
|
53
|
|
0.20
|
|
|
73,299
|
|
|
42
|
|
0.23
|
|
Money market
deposits
|
|
|
757,654
|
|
|
432
|
|
0.23
|
|
|
659,173
|
|
|
373
|
|
0.23
|
|
|
250,200
|
|
|
341
|
|
0.54
|
|
Time
deposits
|
|
|
506,049
|
|
|
477
|
|
0.37
|
|
|
521,217
|
|
|
493
|
|
0.38
|
|
|
546,648
|
|
|
1,663
|
|
1.21
|
|
Total interest-bearing
deposits
|
|
|
1,379,478
|
|
|
968
|
|
0.28
|
|
|
1,287,462
|
|
|
919
|
|
0.29
|
|
|
870,147
|
|
|
2,046
|
|
0.94
|
|
Borrowings
|
|
|
240,704
|
|
|
167
|
|
0.28
|
|
|
94,435
|
|
|
144
|
|
0.61
|
|
|
84,564
|
|
|
146
|
|
0.69
|
|
Total interest-bearing
liabilities
|
|
|
1,620,182
|
|
|
1,135
|
|
0.28
|
|
|
1,381,897
|
|
|
1,063
|
|
0.31
|
|
|
954,711
|
|
|
2,192
|
|
0.91
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
600,388
|
|
|
|
|
|
|
|
561,170
|
|
|
|
|
|
|
|
445,970
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
84,568
|
|
|
|
|
|
|
|
78,822
|
|
|
|
|
|
|
|
64,045
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
684,956
|
|
|
|
|
|
|
|
639,992
|
|
|
|
|
|
|
|
510,015
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
265,497
|
|
|
|
|
|
|
|
256,486
|
|
|
|
|
|
|
|
230,120
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,570,635
|
|
|
|
|
|
|
$
|
2,278,375
|
|
|
|
|
|
|
$
|
1,694,846
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
28,189
|
|
|
|
|
|
|
$
|
24,825
|
|
|
|
|
|
|
$
|
15,939
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.47
|
|
|
|
|
|
|
|
4.48
|
|
|
|
|
|
|
|
3.60
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.57
|
|
|
|
|
|
|
|
4.60
|
|
|
|
|
|
|
|
3.97
|
|
|
|
|
|
(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, 2021
|
|
September 30, 2020
|
|
|
|
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)
|
|
$
|
161,420
|
|
$
|
260
|
|
0.22
|
%
|
$
|
164,287
|
|
$
|
986
|
|
0.80
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
37,354
|
|
|
258
|
|
0.92
|
|
Securities available
for sale
|
|
|
17,493
|
|
|
269
|
|
2.06
|
|
|
17,747
|
|
|
312
|
|
2.35
|
|
Total
investments
|
|
|
178,913
|
|
|
529
|
|
0.40
|
|
|
219,388
|
|
|
1,556
|
|
0.95
|
|
Construction and
development
|
|
|
47,380
|
|
|
1,874
|
|
5.29
|
|
|
30,822
|
|
|
1,232
|
|
5.34
|
|
Commercial real
estate
|
|
|
496,957
|
|
|
22,069
|
|
5.94
|
|
|
475,036
|
|
|
20,537
|
|
5.77
|
|
Commercial and
industrial
|
|
|
133,703
|
|
|
7,054
|
|
7.05
|
|
|
103,680
|
|
|
3,925
|
|
5.06
|
|
Residential real
estate
|
|
|
1,315,043
|
|
|
46,254
|
|
4.70
|
|
|
730,283
|
|
|
30,373
|
|
5.56
|
|
Consumer and
other
|
|
|
187
|
|
|
104
|
|
74.36
|
|
|
1,233
|
|
|
147
|
|
15.93
|
|
Gross
loans(2)
|
|
|
1,993,270
|
|
|
77,355
|
|
5.19
|
|
|
1,341,054
|
|
|
56,214
|
|
5.60
|
|
Total earning
assets
|
|
|
2,172,183
|
|
|
77,884
|
|
4.79
|
|
|
1,560,442
|
|
|
57,770
|
|
4.95
|
|
Noninterest-earning
assets
|
|
|
115,784
|
|
|
|
|
|
|
|
94,284
|
|
|
|
|
|
|
Total
assets
|
|
|
2,287,967
|
|
|
|
|
|
|
|
1,654,726
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
105,139
|
|
|
158
|
|
0.20
|
|
|
65,223
|
|
|
125
|
|
0.26
|
|
Money market
deposits
|
|
|
651,158
|
|
|
1,143
|
|
0.23
|
|
|
215,875
|
|
|
1,403
|
|
0.87
|
|
Time
deposits
|
|
|
506,445
|
|
|
1,578
|
|
0.42
|
|
|
634,657
|
|
|
8,128
|
|
1.71
|
|
Total interest-bearing
deposits
|
|
|
1,262,742
|
|
|
2,879
|
|
0.30
|
|
|
915,755
|
|
|
9,656
|
|
1.41
|
|
Borrowings
|
|
|
141,435
|
|
|
457
|
|
0.43
|
|
|
81,191
|
|
|
422
|
|
0.69
|
|
Total interest-bearing
liabilities
|
|
|
1,404,177
|
|
|
3,336
|
|
0.32
|
|
|
996,946
|
|
|
10,078
|
|
1.35
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
548,844
|
|
|
|
|
|
|
|
374,310
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
78,685
|
|
|
|
|
|
|
|
59,954
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
627,529
|
|
|
|
|
|
|
|
434,264
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
256,261
|
|
|
|
|
|
|
|
223,516
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,287,967
|
|
|
|
|
|
|
$
|
1,654,726
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
74,548
|
|
|
|
|
|
|
$
|
47,692
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.47
|
|
|
|
|
|
|
|
3.60
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.59
|
|
|
|
|
|
|
|
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, 2021
|
|
June 30, 2021
|
|
March 31, 2021
|
|
December 31, 2020
|
|
September 30, 2020
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
(Dollars in thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
64,140
|
|
2.7
|
%
|
$
|
58,668
|
|
2.8
|
%
|
$
|
52,202
|
|
2.8
|
%
|
$
|
45,653
|
|
2.8
|
%
|
$
|
38,607
|
|
2.6
|
%
|
Commercial Real
Estate
|
|
|
503,417
|
|
21.2
|
|
|
475,658
|
|
22.7
|
|
|
473,281
|
|
25.3
|
|
|
477,419
|
|
29.2
|
|
|
447,596
|
|
30.6
|
|
Commercial and
Industrial
|
|
|
82,099
|
|
3.5
|
|
|
134,076
|
|
6.4
|
|
|
166,915
|
|
8.9
|
|
|
137,239
|
|
8.4
|
|
|
146,880
|
|
10.0
|
|
Residential Real
Estate
|
|
|
1,718,593
|
|
72.6
|
|
|
1,430,843
|
|
68.1
|
|
|
1,181,385
|
|
63.0
|
|
|
974,445
|
|
59.6
|
|
|
831,334
|
|
56.7
|
|
Consumer and
other
|
|
|
238
|
|
—
|
|
|
169
|
|
—
|
|
|
169
|
|
—
|
|
|
183
|
|
—
|
|
|
505
|
|
0.1
|
|
Gross loans
|
|
$
|
2,368,487
|
|
100.0
|
%
|
$
|
2,099,414
|
|
100.0
|
%
|
$
|
1,873,952
|
|
100.0
|
%
|
$
|
1,634,939
|
|
100.0
|
%
|
$
|
1,464,922
|
|
100.0
|
%
|
Unearned
income
|
|
|
(6,782)
|
|
|
|
|
(7,647)
|
|
|
|
|
(7,167)
|
|
|
|
|
(4,595)
|
|
|
|
|
(5,023)
|
|
|
|
Allowance for loan
losses
|
|
|
(16,445)
|
|
|
|
|
(13,860)
|
|
|
|
|
(11,735)
|
|
|
|
|
(10,135)
|
|
|
|
|
(9,339)
|
|
|
|
Net loans
|
|
$
|
2,345,260
|
|
|
|
$
|
2,077,907
|
|
|
|
$
|
1,855,050
|
|
|
|
$
|
1,620,209
|
|
|
|
$
|
1,450,560
|
|
|
|
METROCITY
BANKSHARES, INC. NONPERFORMING ASSETS
|
|
|
|
As of the Quarter Ended
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(Dollars in thousands)
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
Nonaccrual
loans
|
|
$
|
5,955
|
|
$
|
6,623
|
|
$
|
9,071
|
|
$
|
10,203
|
|
$
|
9,730
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,726
|
|
|
2,753
|
|
|
2,863
|
|
|
2,891
|
|
|
7,487
|
|
Total non-performing
loans
|
|
|
8,681
|
|
|
9,376
|
|
|
11,934
|
|
|
13,094
|
|
|
17,217
|
|
Other real estate
owned
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
|
Total non-performing
assets
|
|
$
|
13,055
|
|
$
|
14,032
|
|
$
|
15,778
|
|
$
|
16,938
|
|
$
|
17,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.37
|
%
|
|
0.45
|
%
|
|
0.64
|
%
|
|
0.80
|
%
|
|
1.18
|
%
|
Nonperforming assets
to total assets
|
|
|
0.47
|
|
|
0.56
|
|
|
0.73
|
|
|
0.89
|
|
|
1.01
|
|
Allowance for loan
losses to non-performing loans
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
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)
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
Balance, beginning of
period
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
10,135
|
|
$
|
6,839
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(4)
|
|
|
23
|
|
|
(3)
|
|
|
107
|
|
|
(3)
|
|
|
16
|
|
|
(8)
|
|
Commercial and
industrial
|
|
|
—
|
|
|
60
|
|
|
4
|
|
|
51
|
|
|
—
|
|
|
64
|
|
|
(25)
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
(2)
|
|
|
(3)
|
|
|
(2)
|
|
|
2
|
|
|
8
|
|
|
(7)
|
|
|
44
|
|
Total net
charge-offs/(recoveries)
|
|
|
(6)
|
|
|
80
|
|
|
(1)
|
|
|
160
|
|
|
5
|
|
|
73
|
|
|
11
|
|
Provision for loan
losses
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
6,383
|
|
|
2,511
|
|
Balance, end of
period
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
16,445
|
|
$
|
9,339
|
|
Total loans at end of
period
|
|
$
|
2,368,487
|
|
$
|
2,099,414
|
|
$
|
1,873,952
|
|
$
|
1,634,939
|
|
$
|
1,464,922
|
|
$
|
2,368,487
|
|
$
|
1,464,922
|
|
Average
loans(1)
|
|
$
|
2,241,207
|
|
$
|
1,979,556
|
|
$
|
1,753,691
|
|
$
|
1,522,150
|
|
$
|
1,407,670
|
|
$
|
1,993,270
|
|
$
|
1,319,606
|
|
Net charge-offs to
average loans
|
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.69
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes loans held for
sale
|
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SOURCE MetroCity Bankshares, Inc.