ATLANTA, Jan. 24, 2022 /PRNewswire/ -- MetroCity
Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS),
holding company for Metro City Bank (the "Bank"), today reported
net income of $17.4 million, or
$0.68 per diluted share, for the
fourth quarter of 2021, compared to $16.9
million, or $0.66 per diluted
share, for the third quarter of 2021, and $9.5 million, or $0.37 per diluted share, for the fourth quarter
of 2020. For the year ended December 31,
2021, the Company reported net income of $61.7 million, or $2.39 per diluted share, compared to $36.4 million, or $1.41 per diluted share, for the year ended
December 31, 2020.
Fourth Quarter 2021 Highlights:
- Annualized return on average assets was 2.33%, compared to
2.61% for the third quarter of 2021 and 2.14% for the fourth
quarter of 2020.
- Annualized return on average equity was 24.80%, compared to
25.23% for the third quarter of 2021 and 15.78% for the fourth
quarter of 2020.
- Efficiency ratio of 33.7%, compared to 34.8% for the third
quarter of 2021 and 45.1% for the fourth quarter of 2020.
- Total assets increased by $355.9
million, or 12.9%, to $3.11
billion from the previous quarter.
- Total loans increased by $143.4
million, or 6.1%, to $2.51
billion from the previous quarter.
- Total deposits increased by $151.2
million, or 7.2%, to $2.26
billion from the previous quarter.
Full Year 2021 Highlights:
- Return on average assets was 2.51%, compared to 2.17% for
2020.
- Return on average equity was 23.55%, compared to 16.02% for
2020.
- Efficiency ratio of 35.1%, compared to 44.0% for 2020.
- Total assets increased by $1.21
billion, or 63.7%, to $3.11
billion from $1.90 billion at
December 31, 2020.
- Total loans increased by $874.7
million, or 53.7%, to $2.51
billion from $1.63 billion at
December 31, 2020.
- Total deposits increased by $783.1
million, or 52.9%, to $2.26
billion from $1.48 billion at
December 31, 2020.
- Net interest margin increased to 4.45% compared to 4.18% in
2020.
Results of Operations
Net Income
Net income was $17.4 million for
the fourth quarter of 2021, an increase of $563,000, or 3.3%, from $16.9 million for the third quarter of 2021. This
increase was due to an increase in net interest income of
$1.4 million, a decrease in provision
for loan losses of $2.0 million and a
decrease in noninterest expense of $599,000, offset by a decrease in noninterest
income of $2.0 million and an
increase in provision for taxes of $1.5
million. Net income increased $8.0
million, or 84.5%, in the fourth quarter of 2021 compared to
net income of $9.5 million for the
fourth quarter of 2020. This increase was due to an increase in net
interest income of $11.2 million, an
increase in noninterest income of $1.3
million and a decrease in provision for loan losses of
$410,000, offset by an increase in
noninterest expense of $1.4 million
and an increase in provision for income taxes of $3.5 million.
Net income was $61.7 million for
the year ended December 31, 2021, an
increase of $25.3 million, or 69.5%,
from $36.4 million for the year ended
December 31, 2020. This increase was
due to an increase in net interest income of $38.0 million and an increase in noninterest
income of $6.6 million, offset by an
increase in provision for loan losses of $3.5 million, an increase in noninterest expense
of $7.3 million and an increase in
provision for taxes of $8.5
million.
Net Interest Income and Net Interest Margin
Interest income totaled $30.9
million for the fourth quarter of 2021, an increase of
$1.5 million, or 5.2%, from the
previous quarter, primarily due to a $212.2
million increase in average loan balances. We recognized
Paycheck Protection Program ("PPP") loan fee income of $708,000 during the fourth quarter of 2021
compared to $1.9 million recognized
during the third quarter of 2021. As compared to the fourth quarter
of 2020, interest income for the fourth quarter of 2021 increased
by $11.0 million, or 55.5%, primarily
due to an increase in average loan balances of $931.3 million.
Interest expense totaled $1.2
million for the fourth quarter of 2021, an increase of
$101,000, or 8.9%, from the previous
quarter, primarily due to a $186.1
million increase in average interest-bearing deposits as
deposit costs remained relatively flat. As compared to the fourth
quarter of 2020, interest expense for the fourth quarter of 2021
decreased by $175,000, or 12.4%,
primarily due to a 28 basis points decrease in deposit costs.
The net interest margin for the fourth quarter of 2021 was 4.15%
compared to 4.57% for the previous quarter, a decrease of 42 basis
points. The yield on average interest-earning assets for the fourth
quarter of 2021 decreased by 43 basis points to 4.32% from 4.75%
for the previous quarter, while the cost of average
interest-bearing liabilities for the fourth quarter of 2021
decreased by four basis points to 0.24% compared with the previous
quarter. Average earning assets increased by $385.6 million from the previous quarter,
primarily due to an increase in average loans of $212.2 million and a $157.0 million increase in average
interest-earning cash accounts. Average interest-bearing
liabilities increased by $410.5
million from the previous quarter as average
interest-bearing deposits increased by $186.1 million and average borrowings increased
by $224.4 million. The inclusion of
PPP loan average balances, interest and fees had a six basis points
impact on both the yield on average loans and the net interest
margin for the fourth quarter of 2021.
As compared to the same period in 2020, the net interest margin
for the fourth quarter of 2021 decreased by 31 basis points to
4.15% from 4.46%, primarily due to a 48 basis point decrease in the
yield on average interest-earning assets of $2.83 billion and a 32 basis point decrease in
the cost of average interest-bearing liabilities of $2.03 billion. Average earning assets for the
fourth quarter of 2021 increased by $1.19
billion from the fourth quarter of 2020, primarily due to a
$931.3 million increase in average
loans and a $248.1 million increase
in average interest-earning cash accounts. Average interest-bearing
liabilities for the fourth quarter of 2021 increased by
$1.04 billion from the fourth quarter
of 2020, driven by an increase in average interest-bearing deposits
of $658.5 million and an increase in
average borrowings of $376.9
million.
Noninterest Income
Noninterest income for the fourth quarter of 2021 was
$7.5 million, a decrease of
$2.0 million, or 21.4%, from the
third quarter of 2021, primarily due to lower mortgage loan fees,
mortgage and Small Business Administration ("SBA") servicing income
and gains on sale of SBA loans, partially offset by an increase in
other income. Mortgage loan originations totaled $237.2 million during the fourth quarter of 2021
compared to $368.8 million during the
third quarter of 2021. During the fourth quarter of 2021, we
recorded a $676,000 fair value
adjustment charge on our SBA servicing asset and a $460,000 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
fourth quarter of 2021 increased by $1.4
million, or 22.0%, primarily due to the increase in service
charges on deposit accounts, mortgage servicing income and gains on
sale of SBA loans, partially offset by a decrease in SBA servicing
income.
Noninterest income for the year ended December 31, 2021 totaled $33.8 million, an increase of $6.6 million, or 24.2%, from the year ended
December 31, 2020, primarily due to
higher mortgage loan fees and gains on sale of SBA loans, offset by
decreases in mortgage and SBA serving income and gains on sale of
mortgage loans. Mortgage loan originations totaled $1.20 billion during the year ended December 31, 2021 compared to $484.2 million during the year ended December 31, 2020. There were no mortgage loan
sales during the year ended December 31,
2021 compared to $92.7 million
of mortgage loan sales during the year ended December 31, 2020.
Noninterest Expense
Noninterest expense for the fourth quarter of 2021 totaled
$12.5 million, a decrease of
$599,000, or 4.6%, from $13.1 million for the third quarter of 2021. This
decrease was primarily attributable to lower salaries and employee
benefits mainly due to a decrease in commissions earned as loan
volume declined during the quarter. Compared to the fourth quarter
of 2020, noninterest expense during the fourth quarter of 2021
increased by $1.4 million, or 13.0%,
primarily due to higher salaries and employee benefits, loan
related expenses and FDIC insurance premiums.
Noninterest expense for the year ended December 31, 2021 totaled $48.4 million, an increase of $7.3 million, or 17.8%, from $41.1 million for the year ended December 31, 2020. This increase was primarily
attributable to higher salaries and employee benefits due to
increased commissions earned from higher loan volume, loan and
other real estate owned related expenses and FDIC insurance
premiums.
The Company's efficiency ratio was 33.7% for the fourth quarter
of 2021 compared to 34.8% and 45.1% for the third quarter of 2021
and fourth quarter of 2020, respectively. For the year ended
December 31, 2021, the efficiency
ratio was 35.1% compared with 44.0% for the same period in
2020.
Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2021
was 27.5%, compared to 23.4% for the third quarter of 2021 and
24.6% for the fourth quarter of 2020. The effective tax rate for
the year ended December 31, 2021 was
25.3% compared to 25.4% for the year ended December 31, 2020.
Balance Sheet
Total Assets
Total assets were $3.11 billion at
December 31, 2021, an increase of
$355.9 million, or 12.9%, from
$2.75 billion at September 30, 2021, and an increase of
$1.21 billion, or 63.7%, from
$1.90 billion at December 31, 2020. The $355.9 million increase in total assets at
December 31, 2021 compared to
September 30, 2021 was primarily due
to increases in loans of $143.4
million, cash and cash equivalents of $188.1 million, equity securities of $10.4 million and securities available for sale
of $9.2 million. The $1.21 billion increase in total assets at
December 31, 2021 compared to
December 31, 2020 was primarily due
to increases in loans of $874.7
million, cash and due from banks of $291.8 million and bank owned life insurance of
$23.6 million, partially offset by a
$5.2 million decrease in the mortgage
servicing asset and an increase in the allowance for loan losses of
$6.8 million.
Loans
Loans held for investment were $2.51
billion at December 31, 2021,
an increase of $143.4 million, or
6.1%, compared to $2.36 billion at
September 30, 2021, and an increase
of $874.7 million, or 53.7%, compared
to $1.63 billion at December 31, 2020. The increase in loans held for
investment at December 31, 2021
compared to September 30, 2021 was
primarily due to a $160.4 million
increase in residential mortgages and a $17.1 million increase in commercial real estate
loans, offset by a $25.3 million
decrease in construction and development loans and a $9.0 million decrease in commercial and
industrial loans primarily due to PPP loan forgiveness. Included in
commercial and industrial loans are PPP loans totaling $31.0 million as of December 31, 2021. There were no loans classified
as held for sale at December 31,
2021, September 30, 2021 or
December 31, 2020.
Deposits
Total deposits were $2.26 billion
at December 31, 2021, an increase of
$151.2 million, or 7.2%, compared to
total deposits of $2.11 billion at
September 30, 2021, and an increase
of $783.1 million, or 52.9%, compared
to total deposits of $1.48 billion at
December 31, 2020. The increase in
total deposits at December 31, 2021
compared to September 30, 2021 was
primarily due to a $181.4 million
increase in money market accounts and a $46.9 million increase in interest-bearing demand
deposits, offset by a $47.9 million
decrease in noninterest-bearing demand deposits and $31.1 million decrease in time deposits.
Noninterest-bearing deposits were $592.4
million at December 31, 2021,
compared to $640.3 million at
September 30, 2021 and $462.9 million at December
31, 2020. Noninterest-bearing deposits constituted 26.2% of
total deposits at December 31, 2021,
compared to 30.3% at September 30,
2021 and 31.3% at December 31,
2020. Interest-bearing deposits were $1.67 billion at December
31, 2021, compared to $1.47
billion at September 30, 2021
and $1.02 billion at December 31, 2020. Interest-bearing deposits
constituted 73.8% of total deposits at December 31, 2021, compared to 69.7% at
September 30, 2021 and 68.7% at
December 31, 2020.
Asset Quality
The Company recorded a provision for loan losses of $546,000 during the fourth quarter of 2021,
compared to $2.6 million during the
third quarter of 2021 and $956,000
during the fourth quarter of 2020. Annualized net charge-offs to
average loans for the fourth quarter of 2021 was 0.01%, compared to
0.00% for the third quarter of 2021 and 0.04% for the fourth
quarter of 2020. 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 $15.4
million, or 0.50% of total assets, at December 31, 2021, an increase of $2.3 million from $13.1
million, or 0.47% of total assets, at September 30, 2021, and a decrease of
$1.5 million from $16.9 million, or 0.89% of total assets, at
December 31, 2020. The increase in
nonperforming assets at December 31,
2021 compared to September 30,
2021 was primarily due to a $2.8
million increase in nonaccrual loans and a $342,000 increase in loans past due ninety days
or more and still accruing, offset by a $756,000 decrease in other real estate owned.
Allowance for loan losses as a percentage of total loans was
0.67% at December 31, 2021, compared
to 0.69% at September 30, 2021 and
0.62% at December 31, 2020. Excluding
outstanding PPP loans of $31.0
million as of December 31,
2021, $42.0 million as of
September 30, 2021 and $92.4 million as of December 31, 2020, the allowance for loan losses
as a percentage of total loans was 0.68% at December 31, 2021, 0.71% at September 30, 2021 and 0.66% at December 31, 2020. Allowance for loan losses as a
percentage of nonperforming loans was 143.69% at December 31, 2021, compared to 189.44% and 77.40%
at September 30, 2021 and
December 31, 2020, respectively.
COVID-19
As of December 31, 2021, we had
two non-SBA commercial customers with outstanding loan balances
totaling $8.1 million that were under
approved payment deferrals. This is consistent with the active
payment deferrals as of September 30,
2021 that were granted to two non-SBA commercial customers
with outstanding balances totaling $8.1
million. As of December 31,
2021, we had four SBA loans with outstanding gross loan
balances totaling $6.5 million
($1.6 million unguaranteed book
balance) that were under approved payment deferrals. As of
January 20, 2022, the SBA had granted
forgiveness on (1) PPP loans totaling $95.1
million, or 98.0% 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 $34.9 million, or 56.3% 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
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 Year
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
30,857
|
|
$
|
29,324
|
|
$
|
25,888
|
|
$
|
22,672
|
|
$
|
19,839
|
|
$
|
108,741
|
|
$
|
77,609
|
|
Interest
expense
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
4,572
|
|
|
11,489
|
|
Net interest
income
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
104,169
|
|
|
66,120
|
|
Provision for loan
losses
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
6,929
|
|
|
3,467
|
|
Noninterest
income
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
33,803
|
|
|
27,211
|
|
Noninterest
expense
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
48,424
|
|
|
41,100
|
|
Income tax
expense
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
20,918
|
|
|
12,370
|
|
Net income
|
|
|
17,445
|
|
|
16,882
|
|
|
14,393
|
|
|
12,981
|
|
|
9,454
|
|
|
61,701
|
|
|
36,394
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.69
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.51
|
|
$
|
0.37
|
|
$
|
2.41
|
|
$
|
1.42
|
|
Diluted income per
share
|
|
$
|
0.68
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.50
|
|
$
|
0.37
|
|
$
|
2.39
|
|
$
|
1.41
|
|
Dividends per
share
|
|
$
|
0.14
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.10
|
|
$
|
0.09
|
|
$
|
0.46
|
|
$
|
0.40
|
|
Book value per share
(at period end)
|
|
$
|
11.40
|
|
$
|
10.84
|
|
$
|
10.33
|
|
$
|
9.95
|
|
$
|
9.54
|
|
$
|
11.40
|
|
$
|
9.54
|
|
Shares of common stock
outstanding
|
|
|
25,465,236
|
|
|
25,465,236
|
|
|
25,578,668
|
|
|
25,674,573
|
|
|
25,674,573
|
|
|
25,465,236
|
|
|
25,674,573
|
|
Weighted average
diluted shares
|
|
|
25,720,128
|
|
|
25,729,043
|
|
|
25,833,328
|
|
|
25,881,827
|
|
|
25,870,885
|
|
|
25,788,781
|
|
|
25,798,549
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.33
|
%
|
|
2.61
|
%
|
|
2.53
|
%
|
|
2.62
|
%
|
|
2.14
|
%
|
|
2.51
|
%
|
|
2.17
|
%
|
Return on average
equity
|
|
|
24.80
|
|
|
25.23
|
|
|
22.51
|
|
|
21.35
|
|
|
15.78
|
|
|
23.55
|
|
|
16.02
|
|
Dividend payout
ratio
|
|
|
20.52
|
|
|
18.24
|
|
|
17.95
|
|
|
19.91
|
|
|
24.60
|
|
|
19.17
|
|
|
28.32
|
|
Yield on total
loans
|
|
|
4.93
|
|
|
5.16
|
|
|
5.21
|
|
|
5.20
|
|
|
5.14
|
|
|
5.11
|
|
|
5.47
|
|
Yield on average
earning assets
|
|
|
4.32
|
|
|
4.75
|
|
|
4.79
|
|
|
4.85
|
|
|
4.80
|
|
|
4.65
|
|
|
4.91
|
|
Cost of average
interest bearing liabilities
|
|
|
0.24
|
|
|
0.28
|
|
|
0.31
|
|
|
0.38
|
|
|
0.56
|
|
|
0.29
|
|
|
1.15
|
|
Cost of
deposits
|
|
|
0.27
|
|
|
0.28
|
|
|
0.29
|
|
|
0.36
|
|
|
0.55
|
|
|
0.29
|
|
|
1.20
|
|
Net interest
margin
|
|
|
4.15
|
|
|
4.57
|
|
|
4.60
|
|
|
4.60
|
|
|
4.46
|
|
|
4.45
|
|
|
4.18
|
|
Efficiency
ratio(1)
|
|
|
33.71
|
|
|
34.76
|
|
|
36.19
|
|
|
36.03
|
|
|
45.09
|
|
|
35.10
|
|
|
44.04
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.01
|
%
|
|
0.01
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.61
|
|
|
0.55
|
|
|
0.67
|
|
|
0.84
|
|
|
1.03
|
|
|
0.61
|
|
|
1.03
|
|
ALL to nonperforming
loans
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
|
143.69
|
|
|
77.40
|
|
ALL to loans held for
investment
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.67
|
|
|
0.62
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
110.98
|
%
|
|
112.15
|
%
|
|
106.31
|
%
|
|
107.33
|
%
|
|
110.48
|
%
|
|
110.98
|
%
|
|
110.48
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
26.18
|
|
|
30.32
|
|
|
31.30
|
|
|
31.28
|
|
|
31.28
|
|
|
26.18
|
|
|
31.28
|
|
Common equity to
assets
|
|
|
9.34
|
|
|
10.04
|
|
|
10.50
|
|
|
11.85
|
|
|
12.90
|
|
|
9.34
|
|
|
12.90
|
|
Leverage
ratio
|
|
|
9.44
|
|
|
10.34
|
|
|
11.14
|
|
|
12.23
|
|
|
13.44
|
|
|
9.44
|
|
|
13.44
|
|
Common equity tier 1
ratio
|
|
|
16.72
|
|
|
16.61
|
|
|
17.75
|
|
|
18.97
|
|
|
20.00
|
|
|
16.72
|
|
|
20.00
|
|
Tier 1 risk-based
capital ratio
|
|
|
16.72
|
|
|
16.61
|
|
|
17.75
|
|
|
18.97
|
|
|
20.00
|
|
|
16.72
|
|
|
20.00
|
|
Total risk-based
capital ratio
|
|
|
17.73
|
|
|
17.64
|
|
|
18.72
|
|
|
19.88
|
|
|
20.86
|
|
|
17.73
|
|
|
20.86
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
608,208
|
|
$
|
669,358
|
|
$
|
746,660
|
|
$
|
856,432
|
|
$
|
961,670
|
|
$
|
608,208
|
|
$
|
961,670
|
|
Mortgage loan
production
|
|
|
237,195
|
|
|
368,790
|
|
|
326,507
|
|
|
263,698
|
|
|
194,951
|
|
|
1,196,190
|
|
|
484,214
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,737
|
|
SBA loans serviced for
others
|
|
|
542,991
|
|
|
549,818
|
|
|
549,238
|
|
|
521,182
|
|
|
507,442
|
|
|
542,991
|
|
|
507,442
|
|
SBA loan
production
|
|
|
52,727
|
|
|
85,265
|
|
|
67,376
|
|
|
80,466
|
|
|
34,631
|
|
|
285,834
|
|
|
245,719
|
|
SBA loan
sales
|
|
|
30,169
|
|
|
37,984
|
|
|
34,158
|
|
|
22,399
|
|
|
25,505
|
|
|
124,710
|
|
|
128,633
|
|
|
|
|
|
(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
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
(Dollars in
thousands, except per share data)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
432,523
|
|
$
|
250,995
|
|
$
|
309,289
|
|
$
|
169,775
|
|
$
|
140,744
|
Federal funds
sold
|
|
|
8,818
|
|
|
2,294
|
|
|
4,644
|
|
|
4,444
|
|
|
9,944
|
Cash and cash
equivalents
|
|
|
441,341
|
|
|
253,289
|
|
|
313,933
|
|
|
174,219
|
|
|
150,688
|
Equity
securities
|
|
|
11,386
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
—
|
Securities available
for sale (at fair value)
|
|
|
25,733
|
|
|
16,507
|
|
|
16,722
|
|
|
18,739
|
|
|
18,117
|
Loans
|
|
|
2,505,070
|
|
|
2,361,705
|
|
|
2,091,767
|
|
|
1,866,785
|
|
|
1,630,344
|
Allowance for loan
losses
|
|
|
(16,952)
|
|
|
(16,445)
|
|
|
(13,860)
|
|
|
(11,735)
|
|
|
(10,135)
|
Loans less allowance
for loan losses
|
|
|
2,488,118
|
|
|
2,345,260
|
|
|
2,077,907
|
|
|
1,855,050
|
|
|
1,620,209
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
11,052
|
|
|
10,737
|
|
|
10,668
|
|
|
10,515
|
|
|
10,671
|
Federal Home Loan
Bank stock
|
|
|
19,701
|
|
|
12,201
|
|
|
8,451
|
|
|
3,951
|
|
|
6,147
|
Premises and
equipment, net
|
|
|
13,068
|
|
|
13,302
|
|
|
13,557
|
|
|
13,663
|
|
|
13,854
|
Operating lease
right-of-use asset
|
|
|
9,338
|
|
|
9,672
|
|
|
10,078
|
|
|
10,483
|
|
|
10,348
|
Foreclosed real
estate, net
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
SBA servicing asset,
net
|
|
|
10,234
|
|
|
10,916
|
|
|
11,155
|
|
|
10,535
|
|
|
9,643
|
Mortgage servicing
asset, net
|
|
|
7,747
|
|
|
8,593
|
|
|
9,529
|
|
|
11,722
|
|
|
12,991
|
Bank owned life
insurance
|
|
|
59,437
|
|
|
59,061
|
|
|
36,263
|
|
|
36,033
|
|
|
35,806
|
Other
assets
|
|
|
5,385
|
|
|
5,323
|
|
|
4,921
|
|
|
5,606
|
|
|
5,171
|
Total assets
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
592,444
|
|
$
|
640,312
|
|
$
|
618,054
|
|
$
|
546,164
|
|
$
|
462,909
|
Interest-bearing
deposits
|
|
|
1,670,576
|
|
|
1,471,515
|
|
|
1,356,777
|
|
|
1,199,756
|
|
|
1,016,980
|
Total
deposits
|
|
|
2,263,020
|
|
|
2,111,827
|
|
|
1,974,831
|
|
|
1,745,920
|
|
|
1,479,889
|
Federal Home Loan
Bank advances
|
|
|
500,000
|
|
|
300,000
|
|
|
200,000
|
|
|
80,000
|
|
|
110,000
|
Other
borrowings
|
|
|
459
|
|
|
468
|
|
|
474
|
|
|
479
|
|
|
483
|
Operating lease
liability
|
|
|
9,861
|
|
|
10,241
|
|
|
10,648
|
|
|
11,048
|
|
|
10,910
|
Accrued interest
payable
|
|
|
204
|
|
|
208
|
|
|
202
|
|
|
206
|
|
|
222
|
Other
liabilities
|
|
|
42,391
|
|
|
51,330
|
|
|
67,431
|
|
|
61,332
|
|
|
51,154
|
Total
liabilities
|
|
$
|
2,815,935
|
|
$
|
2,474,074
|
|
$
|
2,253,586
|
|
$
|
1,898,985
|
|
$
|
1,652,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
255
|
|
|
255
|
|
|
256
|
|
|
257
|
|
|
257
|
Additional paid-in
capital
|
|
|
51,559
|
|
|
51,181
|
|
|
52,924
|
|
|
55,977
|
|
|
55,674
|
Retained
earnings
|
|
|
238,577
|
|
|
224,711
|
|
|
210,910
|
|
|
199,102
|
|
|
188,705
|
Accumulated other
comprehensive income (loss)
|
|
|
(168)
|
|
|
7
|
|
|
164
|
|
|
39
|
|
|
195
|
Total shareholders'
equity
|
|
|
290,223
|
|
|
276,154
|
|
|
264,254
|
|
|
255,375
|
|
|
244,831
|
Total liabilities and
shareholders' equity
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
METROCITY
BANKSHARES, INC.
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
(Dollars in
thousands, except per share data)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
30,496
|
|
$
|
29,127
|
|
$
|
25,728
|
|
$
|
22,500
|
|
$
|
19,658
|
|
$
|
107,851
|
|
$
|
75,872
|
Other investment
income
|
|
|
360
|
|
|
196
|
|
|
159
|
|
|
170
|
|
|
164
|
|
|
885
|
|
|
1,429
|
Federal funds
sold
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
17
|
|
|
5
|
|
|
308
|
Total interest
income
|
|
|
30,857
|
|
|
29,324
|
|
|
25,888
|
|
|
22,672
|
|
|
19,839
|
|
|
108,741
|
|
|
77,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,069
|
|
|
968
|
|
|
919
|
|
|
992
|
|
|
1,262
|
|
|
3,948
|
|
|
10,918
|
FHLB advances and other
borrowings
|
|
|
167
|
|
|
167
|
|
|
144
|
|
|
146
|
|
|
149
|
|
|
624
|
|
|
571
|
Total interest
expense
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
4,572
|
|
|
11,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
104,169
|
|
|
66,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
6,929
|
|
|
3,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
29,075
|
|
|
25,610
|
|
|
22,620
|
|
|
19,935
|
|
|
17,472
|
|
|
97,240
|
|
|
62,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
466
|
|
|
446
|
|
|
411
|
|
|
373
|
|
|
350
|
|
|
1,696
|
|
|
1,312
|
Other service charges,
commissions and fees
|
|
|
3,015
|
|
|
4,147
|
|
|
3,877
|
|
|
3,398
|
|
|
3,223
|
|
|
14,437
|
|
|
8,545
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,529
|
Mortgage servicing
income, net
|
|
|
95
|
|
|
132
|
|
|
(957)
|
|
|
166
|
|
|
(82)
|
|
|
(564)
|
|
|
1,308
|
Gain on sale of SBA
loans
|
|
|
2,895
|
|
|
3,358
|
|
|
2,845
|
|
|
1,854
|
|
|
1,625
|
|
|
10,952
|
|
|
6,467
|
SBA servicing income,
net
|
|
|
634
|
|
|
1,212
|
|
|
1,905
|
|
|
2,133
|
|
|
724
|
|
|
5,884
|
|
|
6,130
|
Other income
|
|
|
386
|
|
|
237
|
|
|
513
|
|
|
262
|
|
|
298
|
|
|
1,398
|
|
|
920
|
Total noninterest
income
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
33,803
|
|
|
27,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,819
|
|
|
8,679
|
|
|
6,915
|
|
|
6,699
|
|
|
6,822
|
|
|
30,112
|
|
|
25,500
|
Occupancy
|
|
|
1,206
|
|
|
1,295
|
|
|
1,252
|
|
|
1,275
|
|
|
1,293
|
|
|
5,028
|
|
|
5,083
|
Data
Processing
|
|
|
252
|
|
|
257
|
|
|
283
|
|
|
308
|
|
|
313
|
|
|
1,100
|
|
|
1,078
|
Advertising
|
|
|
148
|
|
|
131
|
|
|
117
|
|
|
145
|
|
|
138
|
|
|
541
|
|
|
566
|
Other
expenses
|
|
|
3,087
|
|
|
2,749
|
|
|
3,526
|
|
|
2,281
|
|
|
2,511
|
|
|
11,643
|
|
|
8,873
|
Total noninterest
expense
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
48,424
|
|
|
41,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
24,054
|
|
|
22,031
|
|
|
19,121
|
|
|
17,413
|
|
|
12,533
|
|
|
82,619
|
|
|
48,764
|
Provision for income
taxes
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
20,918
|
|
|
12,370
|
Net income available
to common shareholders
|
|
$
|
17,445
|
|
$
|
16,882
|
|
$
|
14,393
|
|
$
|
12,981
|
|
$
|
9,454
|
|
$
|
61,701
|
|
$
|
36,394
|
METROCITY
BANKSHARES, INC.
|
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
Three Months
Ended
|
|
|
|
December 31, 2021
|
|
September 30, 2021
|
|
December 31, 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)
|
|
$
|
345,311
|
|
$
|
241
|
|
0.28
|
%
|
$
|
188,296
|
|
$
|
111
|
|
0.23
|
%
|
$
|
97,228
|
|
$
|
70
|
|
0.29
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
7,826
|
|
|
13
|
|
0.66
|
|
Investment
securities
|
|
|
33,682
|
|
|
120
|
|
1.41
|
|
|
17,244
|
|
|
86
|
|
1.98
|
|
|
17,983
|
|
|
98
|
|
2.17
|
|
Total
investments
|
|
|
378,993
|
|
|
361
|
|
0.38
|
|
|
205,540
|
|
|
197
|
|
0.38
|
|
|
123,037
|
|
|
181
|
|
0.59
|
|
Construction and
development
|
|
|
50,142
|
|
|
639
|
|
5.06
|
|
|
53,871
|
|
|
727
|
|
5.35
|
|
|
34,145
|
|
|
453
|
|
5.28
|
|
Commercial real
estate
|
|
|
524,770
|
|
|
7,680
|
|
5.81
|
|
|
507,039
|
|
|
7,648
|
|
5.98
|
|
|
488,746
|
|
|
6,779
|
|
5.52
|
|
Commercial and
industrial
|
|
|
77,911
|
|
|
1,353
|
|
6.89
|
|
|
102,813
|
|
|
2,576
|
|
9.94
|
|
|
138,021
|
|
|
1,376
|
|
3.97
|
|
Residential real
estate
|
|
|
1,800,390
|
|
|
20,804
|
|
4.58
|
|
|
1,577,276
|
|
|
18,144
|
|
4.56
|
|
|
860,977
|
|
|
11,018
|
|
5.09
|
|
Consumer and
other
|
|
|
189
|
|
|
20
|
|
41.98
|
|
|
208
|
|
|
32
|
|
61.04
|
|
|
261
|
|
|
32
|
|
48.78
|
|
Gross
loans(2)
|
|
|
2,453,402
|
|
|
30,496
|
|
4.93
|
|
|
2,241,207
|
|
|
29,127
|
|
5.16
|
|
|
1,522,150
|
|
|
19,658
|
|
5.14
|
|
Total earning
assets
|
|
|
2,832,395
|
|
|
30,857
|
|
4.32
|
|
|
2,446,747
|
|
|
29,324
|
|
4.75
|
|
|
1,645,187
|
|
|
19,839
|
|
4.80
|
|
Noninterest-earning
assets
|
|
|
140,594
|
|
|
|
|
|
|
|
123,888
|
|
|
|
|
|
|
|
111,078
|
|
|
|
|
|
|
Total
assets
|
|
|
2,972,989
|
|
|
|
|
|
|
|
2,570,635
|
|
|
|
|
|
|
|
1,756,265
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
136,102
|
|
|
64
|
|
0.19
|
|
|
115,775
|
|
|
59
|
|
0.20
|
|
|
78,697
|
|
|
41
|
|
0.21
|
|
Money market
deposits
|
|
|
949,148
|
|
|
550
|
|
0.23
|
|
|
757,654
|
|
|
432
|
|
0.23
|
|
|
346,193
|
|
|
328
|
|
0.38
|
|
Time
deposits
|
|
|
480,303
|
|
|
455
|
|
0.38
|
|
|
506,049
|
|
|
477
|
|
0.37
|
|
|
482,162
|
|
|
893
|
|
0.74
|
|
Total interest-bearing
deposits
|
|
|
1,565,553
|
|
|
1,069
|
|
0.27
|
|
|
1,379,478
|
|
|
968
|
|
0.28
|
|
|
907,052
|
|
|
1,262
|
|
0.55
|
|
Borrowings
|
|
|
465,141
|
|
|
167
|
|
0.14
|
|
|
240,704
|
|
|
167
|
|
0.28
|
|
|
88,208
|
|
|
149
|
|
0.67
|
|
Total interest-bearing
liabilities
|
|
|
2,030,694
|
|
|
1,236
|
|
0.24
|
|
|
1,620,182
|
|
|
1,135
|
|
0.28
|
|
|
995,260
|
|
|
1,411
|
|
0.56
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
592,300
|
|
|
|
|
|
|
|
600,388
|
|
|
|
|
|
|
|
453,984
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
70,915
|
|
|
|
|
|
|
|
84,568
|
|
|
|
|
|
|
|
68,702
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
663,215
|
|
|
|
|
|
|
|
684,956
|
|
|
|
|
|
|
|
522,686
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
279,080
|
|
|
|
|
|
|
|
265,497
|
|
|
|
|
|
|
|
238,319
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,972,989
|
|
|
|
|
|
|
$
|
2,570,635
|
|
|
|
|
|
|
$
|
1,756,265
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
29,621
|
|
|
|
|
|
|
$
|
28,189
|
|
|
|
|
|
|
$
|
18,428
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.08
|
|
|
|
|
|
|
|
4.47
|
|
|
|
|
|
|
|
4.24
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.15
|
|
|
|
|
|
|
|
4.57
|
|
|
|
|
|
|
|
4.46
|
|
|
|
(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
|
|
|
|
Year
Ended
|
|
|
|
December 31, 2021
|
|
December 31, 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)
|
|
$
|
207,771
|
|
$
|
500
|
|
0.24
|
%
|
$
|
147,431
|
|
$
|
1,056
|
|
0.72
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
29,932
|
|
|
271
|
|
0.91
|
|
Investment
securities
|
|
|
21,573
|
|
|
390
|
|
1.81
|
|
|
17,806
|
|
|
410
|
|
2.30
|
|
Total
investments
|
|
|
229,344
|
|
|
890
|
|
0.39
|
|
|
195,169
|
|
|
1,737
|
|
0.89
|
|
Construction and
development
|
|
|
48,076
|
|
|
2,513
|
|
5.23
|
|
|
31,658
|
|
|
1,685
|
|
5.32
|
|
Commercial real
estate
|
|
|
503,968
|
|
|
29,750
|
|
5.90
|
|
|
478,481
|
|
|
27,316
|
|
5.71
|
|
Commercial and
industrial
|
|
|
119,640
|
|
|
8,407
|
|
7.03
|
|
|
112,313
|
|
|
5,301
|
|
4.72
|
|
Residential real
estate
|
|
|
1,437,377
|
|
|
67,058
|
|
4.67
|
|
|
763,136
|
|
|
41,391
|
|
5.42
|
|
Consumer and
other
|
|
|
188
|
|
|
123
|
|
65.43
|
|
|
989
|
|
|
179
|
|
18.10
|
|
Gross
loans(2)
|
|
|
2,109,249
|
|
|
107,851
|
|
5.11
|
|
|
1,386,577
|
|
|
75,872
|
|
5.47
|
|
Total earning
assets
|
|
|
2,338,593
|
|
|
108,741
|
|
4.65
|
|
|
1,581,746
|
|
|
77,609
|
|
4.91
|
|
Noninterest-earning
assets
|
|
|
122,038
|
|
|
|
|
|
|
|
98,504
|
|
|
|
|
|
|
Total
assets
|
|
|
2,460,631
|
|
|
|
|
|
|
|
1,680,250
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
112,943
|
|
|
222
|
|
0.20
|
|
|
68,610
|
|
|
166
|
|
0.24
|
|
Money market
deposits
|
|
|
726,268
|
|
|
1,693
|
|
0.23
|
|
|
248,633
|
|
|
1,731
|
|
0.70
|
|
Time
deposits
|
|
|
499,856
|
|
|
2,033
|
|
0.41
|
|
|
596,325
|
|
|
9,021
|
|
1.51
|
|
Total interest-bearing
deposits
|
|
|
1,339,067
|
|
|
3,948
|
|
0.29
|
|
|
913,568
|
|
|
10,918
|
|
1.20
|
|
Borrowings
|
|
|
223,027
|
|
|
624
|
|
0.28
|
|
|
82,955
|
|
|
571
|
|
0.69
|
|
Total interest-bearing
liabilities
|
|
|
1,562,094
|
|
|
4,572
|
|
0.29
|
|
|
996,523
|
|
|
11,489
|
|
1.15
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
559,797
|
|
|
|
|
|
|
|
394,338
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
76,727
|
|
|
|
|
|
|
|
62,153
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
636,524
|
|
|
|
|
|
|
|
456,491
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
262,013
|
|
|
|
|
|
|
|
227,236
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,460,631
|
|
|
|
|
|
|
$
|
1,680,250
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
104,169
|
|
|
|
|
|
|
$
|
66,120
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.36
|
|
|
|
|
|
|
|
3.76
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.45
|
|
|
|
|
|
|
|
4.18
|
|
|
|
(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
|
|
|
|
December 31, 2021
|
|
September 30, 2021
|
|
June 30, 2021
|
|
March 31, 2021
|
|
December 31, 2020
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
38,857
|
|
1.6
|
%
|
$
|
64,140
|
|
2.7
|
%
|
$
|
58,668
|
|
2.8
|
%
|
$
|
52,202
|
|
2.8
|
%
|
$
|
45,653
|
|
2.8
|
%
|
Commercial Real
Estate
|
|
|
520,488
|
|
20.7
|
|
|
503,417
|
|
21.2
|
|
|
475,658
|
|
22.7
|
|
|
473,281
|
|
25.3
|
|
|
477,419
|
|
29.2
|
|
Commercial and
Industrial
|
|
|
73,072
|
|
2.9
|
|
|
82,099
|
|
3.5
|
|
|
134,076
|
|
6.4
|
|
|
166,915
|
|
8.9
|
|
|
137,239
|
|
8.4
|
|
Residential Real
Estate
|
|
|
1,879,012
|
|
74.8
|
|
|
1,718,593
|
|
72.6
|
|
|
1,430,843
|
|
68.1
|
|
|
1,181,385
|
|
63.0
|
|
|
974,445
|
|
59.6
|
|
Consumer and
other
|
|
|
79
|
|
—
|
|
|
238
|
|
—
|
|
|
169
|
|
—
|
|
|
169
|
|
—
|
|
|
183
|
|
—
|
|
Gross loans
|
|
$
|
2,511,508
|
|
100.0
|
%
|
$
|
2,368,487
|
|
100.0
|
%
|
$
|
2,099,414
|
|
100.0
|
%
|
$
|
1,873,952
|
|
100.0
|
%
|
$
|
1,634,939
|
|
100.0
|
%
|
Unearned
income
|
|
|
(6,438)
|
|
|
|
|
(6,782)
|
|
|
|
|
(7,647)
|
|
|
|
|
(7,167)
|
|
|
|
|
(4,595)
|
|
|
|
Allowance for loan
losses
|
|
|
(16,952)
|
|
|
|
|
(16,445)
|
|
|
|
|
(13,860)
|
|
|
|
|
(11,735)
|
|
|
|
|
(10,135)
|
|
|
|
Net loans
|
|
$
|
2,488,118
|
|
|
|
$
|
2,345,260
|
|
|
|
$
|
2,077,907
|
|
|
|
$
|
1,855,050
|
|
|
|
$
|
1,620,209
|
|
|
|
METROCITY
BANKSHARES, INC.
|
NONPERFORMING
ASSETS
|
|
|
|
As of the Quarter Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
(Dollars in
thousands)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
Nonaccrual
loans
|
|
$
|
8,759
|
|
$
|
5,955
|
|
$
|
6,623
|
|
$
|
9,071
|
|
$
|
10,203
|
|
Past due loans 90
days or more and still accruing
|
|
|
342
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,697
|
|
|
2,726
|
|
|
2,753
|
|
|
2,863
|
|
|
2,891
|
|
Total non-performing
loans
|
|
|
11,798
|
|
|
8,681
|
|
|
9,376
|
|
|
11,934
|
|
|
13,094
|
|
Other real estate
owned
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
|
Total non-performing
assets
|
|
$
|
15,416
|
|
$
|
13,055
|
|
$
|
14,032
|
|
$
|
15,778
|
|
$
|
16,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.47
|
%
|
|
0.37
|
%
|
|
0.45
|
%
|
|
0.64
|
%
|
|
0.80
|
%
|
Nonperforming assets
to total assets
|
|
|
0.50
|
|
|
0.47
|
|
|
0.56
|
|
|
0.73
|
|
|
0.89
|
|
Allowance for loan
losses to non-performing loans
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
METROCITY
BANKSHARES, INC.
|
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
As of and for the Three
Months Ended
|
|
As of and for the Year
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
(Dollars in
thousands)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Balance, beginning of
period
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
10,135
|
|
$
|
6,839
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
39
|
|
|
(4)
|
|
|
23
|
|
|
(3)
|
|
|
107
|
|
|
55
|
|
|
99
|
|
Commercial and
industrial
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
4
|
|
|
51
|
|
|
64
|
|
|
26
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
|
(2)
|
|
|
2
|
|
|
(7)
|
|
|
46
|
|
Total net
charge-offs/(recoveries)
|
|
|
39
|
|
|
(6)
|
|
|
80
|
|
|
(1)
|
|
|
160
|
|
|
112
|
|
|
171
|
|
Provision for loan
losses
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
6,929
|
|
|
3,467
|
|
Balance, end of
period
|
|
$
|
16,952
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
16,952
|
|
$
|
10,135
|
|
Total loans at end of
period
|
|
$
|
2,511,508
|
|
$
|
2,368,487
|
|
$
|
2,099,414
|
|
$
|
1,873,952
|
|
$
|
1,634,939
|
|
$
|
2,511,508
|
|
$
|
1,634,939
|
|
Average
loans(1)
|
|
$
|
2,453,402
|
|
$
|
2,241,207
|
|
$
|
1,979,556
|
|
$
|
1,753,691
|
|
$
|
1,522,150
|
|
$
|
2,109,249
|
|
$
|
1,365,129
|
|
Net charge-offs to
average loans
|
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.01
|
%
|
|
0.01
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.67
|
|
|
0.62
|
|
|
|
(1)
|
Excludes loans held
for sale
|
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SOURCE MetroCity Bankshares, Inc.