ATLANTA, April 22, 2022 /PRNewswire/ -- MetroCity
Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS),
holding company for Metro City Bank (the "Bank"), today reported
net income of $19.4 million, or
$0.76 per diluted share, for the
first quarter of 2022, compared to $17.4
million, or $0.68 per diluted
share, for the fourth quarter of 2021, and $13.0 million, or $0.50 per diluted share, for the first quarter of
2021.
First Quarter 2022 Highlights:
- Annualized return on average assets was 2.52%, compared to
2.33% for the fourth quarter of 2021 and 2.62% for the first
quarter of 2021.
- Annualized return on average equity was 26.94%, compared to
24.80% for the fourth quarter of 2021 and 21.35% for the first
quarter of 2021.
- Efficiency ratio of 31.8%, compared to 33.7% for the fourth
quarter of 2021 and 36.0% for the first quarter of 2021.
- Total assets increased by $36.2
million, or 1.2%, to $3.14
billion from the previous quarter.
- Total loans, including loans held for sale, increased by
$45.2 million, or 1.8%, to
$2.55 billion from the previous
quarter.
- Total deposits increased by $119.1
million, or 5.3%, to $2.38
billion from the previous quarter.
Results of Operations
Net Income
Net income was $19.4 million for
the first quarter of 2022, an increase of $2.0 million, or 11.4%, from $17.4 million for the fourth quarter of 2021.
This increase was due to an increase in net interest income of
$1.0 million, a decrease in provision
for loan losses of $442,000, an
increase in noninterest income of $165,000, and a decrease in noninterest expense
of $333,000. Net income increased
$6.4 million, or 49.7%, in the first
quarter of 2022 compared to net income of $13.0 million for the first quarter of 2021. This
increase was due to an increase in net interest income of
$9.1 million and a decrease in
provision for loan losses of $1.5
million, offset by a decrease in noninterest income of
$530,000, an increase in noninterest
expense of $1.5 million and an
increase in provision for income taxes of $2.2 million.
Net Interest Income and Net Interest Margin
Interest income totaled $32.0
million for the first quarter of 2022, an increase of
$1.1 million, or 3.6%, from the
previous quarter, primarily due to a seven basis points increase in
the yield on average loans and a $98.8
million increase in average loan balances. We recognized
Paycheck Protection Program ("PPP") loan fee income of $503,000 during the first quarter of 2022
compared to $708,000 recognized
during the fourth quarter of 2021. As compared to the first quarter
of 2021, interest income for the first quarter of 2022 increased by
$9.3 million, or 40.9%, primarily due
to an increase in average loan balances of $798.5 million.
Interest expense totaled $1.3
million for the first quarter of 2022, an increase of
$64,000, or 5.2%, from the previous
quarter, primarily due to a $148.7
million increase in average interest-bearing deposits as
deposit costs remained flat. As compared to the first quarter of
2021, interest expense for the first quarter of 2022 increased by
$162,000, or 14.2%, primarily due to
a $595.8 million increase in average
interest-bearing deposit balances, partially offset with a nine
basis points decrease in deposit costs.
The net interest margin for the first quarter of 2022 was 4.16%
compared to 4.15% for the previous quarter, a slight increase of
one basis point. The yield on average interest-earning assets for
the first quarter of 2022 increased by two basis points to 4.34%
from 4.32% for the previous quarter, while the cost of average
interest-bearing liabilities for the first quarter of 2022 remained
flat at 0.24% compared with the previous quarter. Average earning
assets increased by $156.3 million
from the previous quarter, primarily due to an increase in average
loans of $98.8 million and a
$54.3 million increase in average
interest-earning cash accounts. Average interest-bearing
liabilities increased by $151.9
million from the previous quarter as average
interest-bearing deposits increased by $148.7 million and average borrowings increased
by $3.2 million. The inclusion of PPP
loan average balances, interest and fees had a four basis points
impact on both the yield on average loans and the net interest
margin for the first quarter of 2022.
As compared to the same period in 2021, the net interest margin
for the first quarter of 2022 decreased by 44 basis points to 4.16%
from 4.60%, primarily due to a 51 basis point decrease in the yield
on average interest-earning assets of $2.99
billion and a 14 basis point decrease in the cost of average
interest-bearing liabilities of $2.18
billion. Average earning assets for the first quarter of
2022 increased by $1.09 billion from
the first quarter of 2021, primarily due to a $798.5 million increase in average loans and a
$273.9 million increase in average
interest-earning cash accounts. Average interest-bearing
liabilities for the first quarter of 2022 increased by $976.7 million from the first quarter of 2021,
driven by an increase in average interest-bearing deposits of
$595.8 million and an increase in
average borrowings of $380.9
million.
Noninterest Income
Noninterest income for the first quarter of 2022 was
$7.7 million, an increase of
$165,000, or 2.2%, from the fourth
quarter of 2021, primarily due to higher Small Business
Administration ("SBA") servicing income and gains on sale of
mortgage loans, offset by lower mortgage loan fees and gains on
sale of SBA loans. During the first quarter of 2022, we recorded a
$323,000 fair value adjustment gain
on our SBA servicing asset and a $74,000 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 2021, noninterest income for the
first quarter of 2022 decreased by $530,000, or 6.5%, primarily due to lower
mortgage loan fees, SBA and mortgage servicing income, and gains on
sale of SBA loans, offset by higher gains on sale of mortgage
loans.
Noninterest Expense
Noninterest expense for the first quarter of 2022 totaled
$12.2 million, a decrease of
$333,000, or 2.7%, from $12.5 million for the fourth quarter of 2021.
This decrease was primarily attributable to lower salaries and
employee benefits partially due to a decrease in commissions earned
as loan volume declined during the quarter. Compared to the first
quarter of 2021, noninterest expense during the first quarter of
2022 increased by $1.5 million, or
13.7%, primarily due to higher salaries and employee benefits,
professional fees and FDIC insurance premiums.
The Company's efficiency ratio was 31.8% for the first quarter
of 2022 compared to 33.7% and 36.0% for the fourth quarter of 2021
and first quarter of 2021, respectively.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2022
was 25.3%, compared to 27.5% for the fourth quarter of 2021 and
25.5% for the first quarter of 2021.
Balance Sheet
Total Assets
Total assets were $3.14 billion at
March 31, 2022, an increase of
$36.2 million, or 1.2%, from
$3.11 billion at December 31, 2021, and an increase of
$988.0 million, or 45.9%, from
$2.15 billion at March 31, 2021. The $36.2
million increase in total assets at March 31, 2022 compared to December 31, 2021 was primarily due to increases
in loans held for investment of $7.2
million, loans held for sale of $37.9
million, bank owned life insurance of $8.4 million, and other assets of $6.7 million, partially offset by a $16.6 million decrease in cash and cash
equivalents. The $988.0 million
increase in total assets at March 31,
2022 compared to March 31,
2021 was primarily due to increases in loans of $645.5 million, cash and due from banks of
$249.2 million and bank owned life
insurance of $31.8 million, partially
offset by a $4.8 million decrease in
the mortgage servicing asset and an increase in the allowance for
loan losses of $4.9
million.
Loans
Loans, including loans held for sale, were $2.55 billion at March 31,
2022, an increase of $45.2
million, or 1.8%, compared to $2.51
billion at December 31, 2021,
and an increase of $683.4 million, or
36.6%, compared to $1.87 billion at
March 31, 2021. The increase in loans
at March 31, 2022 compared to
December 31, 2021 was primarily due
to a $46.5 million increase in
commercial real estate loans and a $5.4
million increase in residential mortgages, offset by a
$7.0 million decrease in commercial
and industrial loans primarily due to PPP loan forgiveness.
Included in commercial and industrial loans are PPP loans totaling
$19.8 million as of March 31, 2022. PPP Loans totaled $31.0 million as of December 31, 2021 and $125.6 million as of March
31, 2021. Loans held for sale were $37.9 million at March 31,
2022. There were no loans classified as held for sale at
December 31, 2021 or March 31, 2021.
Deposits
Total deposits were $2.38 billion
at March 31, 2022, an increase of
$119.1 million, or 5.3%, compared to
total deposits of $2.26 billion at
December 31, 2021, and an increase of
$636.2 million, or 36.4%, compared to
total deposits of $1.75 billion at
March 31, 2021. The increase in total
deposits at March 31, 2022 compared
to December 31, 2021 was primarily
due to a $23.2 million increase in
noninterest-bearing demand deposits, a $129.7 million increase in money market accounts
and a $29.9 million increase in
interest-bearing demand deposits, offset by a $64.5 million decrease in time deposits.
Noninterest-bearing deposits were $615.7
million at March 31, 2022,
compared to $592.4 million at
December 31, 2021 and $546.2 million at March
31, 2021. Noninterest-bearing deposits constituted 25.8% of
total deposits at March 31, 2022,
compared to 26.2% at December 31,
2021 and 31.3% at March 31,
2021. Interest-bearing deposits were $1.77 billion at March 31,
2022, compared to $1.67
billion at December 31, 2021
and $1.20 billion at March 31, 2021. Interest-bearing deposits
constituted 74.2% of total deposits at March
31, 2022, compared to 73.8% at December 31, 2021 and 68.7% at March 31, 2021.
Asset Quality
The Company recorded a provision for loan losses of $104,000 during the first quarter of 2022,
compared to $546,000 during the
fourth quarter of 2021 and $1.6
million during the first quarter of 2021. Annualized net
charge-offs to average loans for the first quarter of 2022 was
0.06%, compared to 0.01% for the fourth quarter of 2021 and 0.00%
for the first quarter of 2021. 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 $16.0
million, or 0.51% of total assets, at March 31, 2022, an increase of $553,000 from $15.4
million, or 0.50% of total assets, at December 31, 2021, and an increase of
$191,000 from $15.8 million, or 0.73% of total assets, at
March 31, 2021. The increase in
nonperforming assets at March 31,
2022 compared to December 31,
2021 was due to a $747,000
increase in nonaccrual loans and a $204,000 increase in accruing troubled debt
restructurings, offset by a $342,000
decrease in loans past due ninety days or more and still accruing
an a $56,000 decrease in other real
estate owned.
Allowance for loan losses as a percentage of total loans was
0.66% at March 31, 2022, compared to
0.67% at December 31, 2021 and 0.63%
at March 31, 2021. Excluding
outstanding PPP loans of $19.8
million as of March 31, 2022,
$31.0 million as of December 31, 2021 and $125.6 million as of March
31, 2021, the allowance for loan losses as a percentage of
total loans was 0.67% at March 31,
2022, 0.68% at December 31,
2021 and 0.67% at March 31,
2021. Allowance for loan losses as a percentage of
nonperforming loans was 134.39% at March 31,
2022, compared to 143.69% and 98.33% at December 31, 2021 and March 31, 2021, 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 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; 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; changes in tax laws; higher inflation and its impacts;
the effects of war or other conflicts including the impacts related
to or resulting from Russia's
military action in Ukraine; 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
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
31,953
|
|
$
|
30,857
|
|
$
|
29,324
|
|
$
|
25,888
|
|
$
|
22,672
|
|
Interest
expense
|
|
|
1,300
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
Net interest
income
|
|
|
30,653
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
Provision for loan
losses
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
Noninterest
income
|
|
|
7,656
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
Noninterest
expense
|
|
|
12,179
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
Income tax
expense
|
|
|
6,597
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
Net income
|
|
|
19,429
|
|
|
17,445
|
|
|
16,882
|
|
|
14,393
|
|
|
12,981
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.76
|
|
$
|
0.69
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.51
|
|
Diluted income per
share
|
|
$
|
0.76
|
|
$
|
0.68
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
0.50
|
|
Dividends per
share
|
|
$
|
0.15
|
|
$
|
0.14
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.10
|
|
Book value per share
(at period end)
|
|
$
|
12.19
|
|
$
|
11.40
|
|
$
|
10.84
|
|
$
|
10.33
|
|
$
|
9.95
|
|
Shares of common stock
outstanding
|
|
|
25,465,236
|
|
|
25,465,236
|
|
|
25,465,236
|
|
|
25,578,668
|
|
|
25,674,573
|
|
Weighted average
diluted shares
|
|
|
25,719,035
|
|
|
25,720,128
|
|
|
25,729,043
|
|
|
25,833,328
|
|
|
25,881,827
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.52
|
%
|
|
2.33
|
%
|
|
2.61
|
%
|
|
2.53
|
%
|
|
2.62
|
%
|
Return on average
equity
|
|
|
26.94
|
|
|
24.80
|
|
|
25.23
|
|
|
22.51
|
|
|
21.35
|
|
Dividend payout
ratio
|
|
|
19.76
|
|
|
20.52
|
|
|
18.24
|
|
|
17.95
|
|
|
19.91
|
|
Yield on total
loans
|
|
|
5.00
|
|
|
4.93
|
|
|
5.16
|
|
|
5.21
|
|
|
5.20
|
|
Yield on average
earning assets
|
|
|
4.34
|
|
|
4.32
|
|
|
4.75
|
|
|
4.79
|
|
|
4.85
|
|
Cost of average
interest bearing liabilities
|
|
|
0.24
|
|
|
0.24
|
|
|
0.28
|
|
|
0.31
|
|
|
0.38
|
|
Cost of
deposits
|
|
|
0.27
|
|
|
0.27
|
|
|
0.28
|
|
|
0.29
|
|
|
0.36
|
|
Net interest
margin
|
|
|
4.16
|
|
|
4.15
|
|
|
4.57
|
|
|
4.60
|
|
|
4.60
|
|
Efficiency
ratio(1)
|
|
|
31.79
|
|
|
33.71
|
|
|
34.76
|
|
|
36.19
|
|
|
36.03
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.06
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.63
|
|
|
0.61
|
|
|
0.55
|
|
|
0.67
|
|
|
0.84
|
|
ALL to nonperforming
loans
|
|
|
134.39
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
ALL to loans held for
investment
|
|
|
0.66
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
105.72
|
%
|
|
110.98
|
%
|
|
112.15
|
%
|
|
106.31
|
%
|
|
107.33
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
25.84
|
|
|
26.18
|
|
|
30.32
|
|
|
31.30
|
|
|
31.28
|
|
Common equity to
assets
|
|
|
9.88
|
|
|
9.34
|
|
|
10.04
|
|
|
10.50
|
|
|
11.85
|
|
Leverage
ratio
|
|
|
9.46
|
|
|
9.44
|
|
|
10.34
|
|
|
11.14
|
|
|
12.23
|
|
Common equity tier 1
ratio
|
|
|
17.24
|
|
|
16.76
|
|
|
16.61
|
|
|
17.75
|
|
|
18.97
|
|
Tier 1 risk-based
capital ratio
|
|
|
17.24
|
|
|
16.76
|
|
|
16.61
|
|
|
17.75
|
|
|
18.97
|
|
Total risk-based
capital ratio
|
|
|
18.22
|
|
|
17.77
|
|
|
17.64
|
|
|
18.72
|
|
|
19.88
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
605,112
|
|
$
|
608,208
|
|
$
|
669,358
|
|
$
|
746,660
|
|
$
|
856,432
|
|
Mortgage loan
production
|
|
|
162,933
|
|
|
237,195
|
|
|
368,790
|
|
|
326,507
|
|
|
263,698
|
|
Mortgage loan
sales
|
|
|
56,987
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
SBA loans serviced for
others
|
|
|
528,227
|
|
|
542,991
|
|
|
549,818
|
|
|
549,238
|
|
|
521,182
|
|
SBA loan
production
|
|
|
50,689
|
|
|
52,727
|
|
|
85,265
|
|
|
67,376
|
|
|
80,466
|
|
SBA loan
sales
|
|
|
22,898
|
|
|
30,169
|
|
|
37,984
|
|
|
34,158
|
|
|
22,399
|
|
(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
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
418,988
|
|
$
|
432,523
|
|
$
|
250,995
|
|
$
|
309,289
|
|
$
|
169,775
|
Federal funds
sold
|
|
|
5,743
|
|
|
8,818
|
|
|
2,294
|
|
|
4,644
|
|
|
4,444
|
Cash and cash
equivalents
|
|
|
424,731
|
|
|
441,341
|
|
|
253,289
|
|
|
313,933
|
|
|
174,219
|
Equity
securities
|
|
|
11,024
|
|
|
11,386
|
|
|
993
|
|
|
—
|
|
|
—
|
Securities available
for sale (at fair value)
|
|
|
23,886
|
|
|
25,733
|
|
|
16,507
|
|
|
16,722
|
|
|
18,739
|
Loans
|
|
|
2,512,300
|
|
|
2,505,070
|
|
|
2,361,705
|
|
|
2,091,767
|
|
|
1,866,785
|
Allowance for loan
losses
|
|
|
(16,674)
|
|
|
(16,952)
|
|
|
(16,445)
|
|
|
(13,860)
|
|
|
(11,735)
|
Loans less allowance
for loan losses
|
|
|
2,495,626
|
|
|
2,488,118
|
|
|
2,345,260
|
|
|
2,077,907
|
|
|
1,855,050
|
Loans held for
sale
|
|
|
37,928
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
10,644
|
|
|
11,052
|
|
|
10,737
|
|
|
10,668
|
|
|
10,515
|
Federal Home Loan
Bank stock
|
|
|
15,806
|
|
|
19,701
|
|
|
12,201
|
|
|
8,451
|
|
|
3,951
|
Premises and
equipment, net
|
|
|
12,814
|
|
|
13,068
|
|
|
13,302
|
|
|
13,557
|
|
|
13,663
|
Operating lease
right-of-use asset
|
|
|
8,925
|
|
|
9,338
|
|
|
9,672
|
|
|
10,078
|
|
|
10,483
|
Foreclosed real
estate, net
|
|
|
3,562
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
SBA servicing asset,
net
|
|
|
10,554
|
|
|
10,234
|
|
|
10,916
|
|
|
11,155
|
|
|
10,535
|
Mortgage servicing
asset, net
|
|
|
6,925
|
|
|
7,747
|
|
|
8,593
|
|
|
9,529
|
|
|
11,722
|
Bank owned life
insurance
|
|
|
67,841
|
|
|
59,437
|
|
|
59,061
|
|
|
36,263
|
|
|
36,033
|
Other
assets
|
|
|
12,051
|
|
|
5,385
|
|
|
5,323
|
|
|
4,921
|
|
|
5,606
|
Total assets
|
|
$
|
3,142,317
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
615,650
|
|
$
|
592,444
|
|
$
|
640,312
|
|
$
|
618,054
|
|
$
|
546,164
|
Interest-bearing
deposits
|
|
|
1,766,491
|
|
|
1,670,576
|
|
|
1,471,515
|
|
|
1,356,777
|
|
|
1,199,756
|
Total
deposits
|
|
|
2,382,141
|
|
|
2,263,020
|
|
|
2,111,827
|
|
|
1,974,831
|
|
|
1,745,920
|
Federal Home Loan
Bank advances
|
|
|
380,000
|
|
|
500,000
|
|
|
300,000
|
|
|
200,000
|
|
|
80,000
|
Other
borrowings
|
|
|
405
|
|
|
459
|
|
|
468
|
|
|
474
|
|
|
479
|
Operating lease
liability
|
|
|
9,445
|
|
|
9,861
|
|
|
10,241
|
|
|
10,648
|
|
|
11,048
|
Accrued interest
payable
|
|
|
207
|
|
|
204
|
|
|
208
|
|
|
202
|
|
|
206
|
Other
liabilities
|
|
|
59,709
|
|
|
42,391
|
|
|
51,330
|
|
|
67,431
|
|
|
61,332
|
Total
liabilities
|
|
$
|
2,831,907
|
|
$
|
2,815,935
|
|
$
|
2,474,074
|
|
$
|
2,253,586
|
|
$
|
1,898,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
255
|
|
|
255
|
|
|
255
|
|
|
256
|
|
|
257
|
Additional paid-in
capital
|
|
|
51,753
|
|
|
51,559
|
|
|
51,181
|
|
|
52,924
|
|
|
55,977
|
Retained
earnings
|
|
|
254,165
|
|
|
238,577
|
|
|
224,711
|
|
|
210,910
|
|
|
199,102
|
Accumulated other
comprehensive income (loss)
|
|
|
4,237
|
|
|
(168)
|
|
|
7
|
|
|
164
|
|
|
39
|
Total shareholders'
equity
|
|
|
310,410
|
|
|
290,223
|
|
|
276,154
|
|
|
264,254
|
|
|
255,375
|
Total liabilities and
shareholders' equity
|
|
$
|
3,142,317
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
METROCITY
BANKSHARES, INC.
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
31,459
|
|
$
|
30,496
|
|
$
|
29,127
|
|
$
|
25,728
|
|
$
|
22,500
|
|
Other investment
income
|
|
|
492
|
|
|
360
|
|
|
196
|
|
|
159
|
|
|
170
|
|
Federal funds
sold
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
Total interest
income
|
|
|
31,953
|
|
|
30,857
|
|
|
29,324
|
|
|
25,888
|
|
|
22,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,139
|
|
|
1,069
|
|
|
968
|
|
|
919
|
|
|
992
|
|
FHLB advances and other
borrowings
|
|
|
161
|
|
|
167
|
|
|
167
|
|
|
144
|
|
|
146
|
|
Total interest
expense
|
|
|
1,300
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
1,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
30,653
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
21,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
30,549
|
|
|
29,075
|
|
|
25,610
|
|
|
22,620
|
|
|
19,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
481
|
|
|
466
|
|
|
446
|
|
|
411
|
|
|
373
|
|
Other service charges,
commissions and fees
|
|
|
2,159
|
|
|
3,015
|
|
|
4,147
|
|
|
3,877
|
|
|
3,398
|
|
Gain on sale of
residential mortgage loans
|
|
|
1,211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage servicing
income, net
|
|
|
101
|
|
|
95
|
|
|
132
|
|
|
(957)
|
|
|
166
|
|
Gain on sale of SBA
loans
|
|
|
1,568
|
|
|
2,895
|
|
|
3,358
|
|
|
2,845
|
|
|
1,854
|
|
SBA servicing income,
net
|
|
|
1,644
|
|
|
634
|
|
|
1,212
|
|
|
1,905
|
|
|
2,133
|
|
Other income
|
|
|
492
|
|
|
386
|
|
|
237
|
|
|
513
|
|
|
262
|
|
Total noninterest
income
|
|
|
7,656
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
8,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,096
|
|
|
7,819
|
|
|
8,679
|
|
|
6,915
|
|
|
6,699
|
|
Occupancy
|
|
|
1,227
|
|
|
1,206
|
|
|
1,295
|
|
|
1,252
|
|
|
1,275
|
|
Data
Processing
|
|
|
277
|
|
|
252
|
|
|
257
|
|
|
283
|
|
|
308
|
|
Advertising
|
|
|
150
|
|
|
148
|
|
|
131
|
|
|
117
|
|
|
145
|
|
Other
expenses
|
|
|
3,429
|
|
|
3,087
|
|
|
2,749
|
|
|
3,526
|
|
|
2,281
|
|
Total noninterest
expense
|
|
|
12,179
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
10,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
26,026
|
|
|
24,054
|
|
|
22,031
|
|
|
19,121
|
|
|
17,413
|
|
Provision for income
taxes
|
|
|
6,597
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
4,432
|
|
Net income available
to common shareholders
|
|
$
|
19,429
|
|
$
|
17,445
|
|
$
|
16,882
|
|
$
|
14,393
|
|
$
|
12,981
|
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
March 31, 2021
|
|
|
|
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)
|
|
$
|
399,642
|
|
$
|
365
|
|
0.37
|
%
|
$
|
345,311
|
|
$
|
241
|
|
0.28
|
%
|
$
|
125,699
|
|
$
|
72
|
|
0.23
|
%
|
Investment
securities
|
|
|
36,842
|
|
|
129
|
|
1.42
|
|
|
33,682
|
|
|
120
|
|
1.41
|
|
|
18,164
|
|
|
100
|
|
2.23
|
|
Total
investments
|
|
|
436,484
|
|
|
494
|
|
0.46
|
|
|
378,993
|
|
|
361
|
|
0.38
|
|
|
143,863
|
|
|
172
|
|
0.48
|
|
Construction and
development
|
|
|
30,583
|
|
|
377
|
|
5.00
|
|
|
50,142
|
|
|
639
|
|
5.06
|
|
|
40,954
|
|
|
531
|
|
5.26
|
|
Commercial real
estate
|
|
|
549,132
|
|
|
7,887
|
|
5.82
|
|
|
524,770
|
|
|
7,680
|
|
5.81
|
|
|
491,635
|
|
|
7,078
|
|
5.84
|
|
Commercial and
industrial
|
|
|
65,450
|
|
|
1,076
|
|
6.67
|
|
|
77,911
|
|
|
1,353
|
|
6.89
|
|
|
152,433
|
|
|
1,920
|
|
5.11
|
|
Residential real
estate
|
|
|
1,906,847
|
|
|
22,074
|
|
4.69
|
|
|
1,800,390
|
|
|
20,804
|
|
4.58
|
|
|
1,068,495
|
|
|
12,930
|
|
4.91
|
|
Consumer and
other
|
|
|
206
|
|
|
45
|
|
88.59
|
|
|
189
|
|
|
20
|
|
41.98
|
|
|
174
|
|
|
41
|
|
95.56
|
|
Gross
loans(2)
|
|
|
2,552,218
|
|
|
31,459
|
|
5.00
|
|
|
2,453,402
|
|
|
30,496
|
|
4.93
|
|
|
1,753,691
|
|
|
22,500
|
|
5.20
|
|
Total earning
assets
|
|
|
2,988,702
|
|
|
31,953
|
|
4.34
|
|
|
2,832,395
|
|
|
30,857
|
|
4.32
|
|
|
1,897,554
|
|
|
22,672
|
|
4.85
|
|
Noninterest-earning
assets
|
|
|
142,042
|
|
|
|
|
|
|
|
140,594
|
|
|
|
|
|
|
|
111,164
|
|
|
|
|
|
|
Total
assets
|
|
|
3,130,744
|
|
|
|
|
|
|
|
2,972,989
|
|
|
|
|
|
|
|
2,008,718
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
187,259
|
|
|
75
|
|
0.16
|
|
|
136,102
|
|
|
64
|
|
0.19
|
|
|
92,312
|
|
|
47
|
|
0.21
|
|
Money market
deposits
|
|
|
1,085,751
|
|
|
658
|
|
0.25
|
|
|
949,148
|
|
|
550
|
|
0.23
|
|
|
534,192
|
|
|
337
|
|
0.26
|
|
Time
deposits
|
|
|
441,228
|
|
|
406
|
|
0.37
|
|
|
480,303
|
|
|
455
|
|
0.38
|
|
|
491,913
|
|
|
608
|
|
0.50
|
|
Total interest-bearing
deposits
|
|
|
1,714,238
|
|
|
1,139
|
|
0.27
|
|
|
1,565,553
|
|
|
1,069
|
|
0.27
|
|
|
1,118,417
|
|
|
992
|
|
0.36
|
|
Borrowings
|
|
|
468,348
|
|
|
161
|
|
0.14
|
|
|
465,141
|
|
|
167
|
|
0.14
|
|
|
87,483
|
|
|
146
|
|
0.68
|
|
Total interest-bearing
liabilities
|
|
|
2,182,586
|
|
|
1,300
|
|
0.24
|
|
|
2,030,694
|
|
|
1,236
|
|
0.24
|
|
|
1,205,900
|
|
|
1,138
|
|
0.38
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
588,343
|
|
|
|
|
|
|
|
592,300
|
|
|
|
|
|
|
|
483,691
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
67,301
|
|
|
|
|
|
|
|
70,915
|
|
|
|
|
|
|
|
72,534
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
655,644
|
|
|
|
|
|
|
|
663,215
|
|
|
|
|
|
|
|
556,225
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
292,514
|
|
|
|
|
|
|
|
279,080
|
|
|
|
|
|
|
|
246,593
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,130,744
|
|
|
|
|
|
|
$
|
2,972,989
|
|
|
|
|
|
|
$
|
2,008,718
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
30,653
|
|
|
|
|
|
|
$
|
29,621
|
|
|
|
|
|
|
$
|
21,534
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.10
|
|
|
|
|
|
|
|
4.08
|
|
|
|
|
|
|
|
4.47
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.16
|
|
|
|
|
|
|
|
4.15
|
|
|
|
|
|
|
|
4.60
|
|
(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
|
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
September 30, 2021
|
|
June 30, 2021
|
|
March 31, 2021
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
38,683
|
|
1.6
|
%
|
$
|
38,857
|
|
1.6
|
%
|
$
|
64,140
|
|
2.7
|
%
|
$
|
58,668
|
|
2.8
|
%
|
$
|
52,202
|
|
2.8
|
%
|
Commercial Real
Estate
|
|
|
567,031
|
|
22.5
|
|
|
520,488
|
|
20.7
|
|
|
503,417
|
|
21.2
|
|
|
475,658
|
|
22.7
|
|
|
473,281
|
|
25.3
|
|
Commercial and
Industrial
|
|
|
66,073
|
|
2.6
|
|
|
73,072
|
|
2.9
|
|
|
82,099
|
|
3.5
|
|
|
134,076
|
|
6.4
|
|
|
166,915
|
|
8.9
|
|
Residential Real
Estate
|
|
|
1,846,434
|
|
73.3
|
|
|
1,879,012
|
|
74.8
|
|
|
1,718,593
|
|
72.6
|
|
|
1,430,843
|
|
68.1
|
|
|
1,181,385
|
|
63.0
|
|
Consumer and
other
|
|
|
130
|
|
—
|
|
|
79
|
|
—
|
|
|
238
|
|
—
|
|
|
169
|
|
—
|
|
|
169
|
|
—
|
|
Gross loans
|
|
$
|
2,518,351
|
|
100.0
|
%
|
$
|
2,511,508
|
|
100.0
|
%
|
$
|
2,368,487
|
|
100.0
|
%
|
$
|
2,099,414
|
|
100.0
|
%
|
$
|
1,873,952
|
|
100.0
|
%
|
Unearned
income
|
|
|
(6,051)
|
|
|
|
|
(6,438)
|
|
|
|
|
(6,782)
|
|
|
|
|
(7,647)
|
|
|
|
|
(7,167)
|
|
|
|
Allowance for loan
losses
|
|
|
(16,674)
|
|
|
|
|
(16,952)
|
|
|
|
|
(16,445)
|
|
|
|
|
(13,860)
|
|
|
|
|
(11,735)
|
|
|
|
Net loans
|
|
$
|
2,495,626
|
|
|
|
$
|
2,488,118
|
|
|
|
$
|
2,345,260
|
|
|
|
$
|
2,077,907
|
|
|
|
$
|
1,855,050
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
Nonaccrual
loans
|
|
$
|
9,506
|
|
$
|
8,759
|
|
$
|
5,955
|
|
$
|
6,623
|
|
$
|
9,071
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
342
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,901
|
|
|
2,697
|
|
|
2,726
|
|
|
2,753
|
|
|
2,863
|
|
Total non-performing
loans
|
|
|
12,407
|
|
|
11,798
|
|
|
8,681
|
|
|
9,376
|
|
|
11,934
|
|
Other real estate
owned
|
|
|
3,562
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
|
|
3,844
|
|
Total non-performing
assets
|
|
$
|
15,969
|
|
$
|
15,416
|
|
$
|
13,055
|
|
$
|
14,032
|
|
$
|
15,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.49
|
%
|
|
0.47
|
%
|
|
0.37
|
%
|
|
0.45
|
%
|
|
0.64
|
%
|
Nonperforming assets
to total assets
|
|
|
0.51
|
|
|
0.50
|
|
|
0.47
|
|
|
0.56
|
|
|
0.73
|
|
Allowance for loan
losses to non-performing loans
|
|
|
134.39
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
|
98.33
|
|
METROCITY
BANKSHARES, INC.
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three
Months Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
Balance, beginning of
period
|
|
$
|
16,952
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(2)
|
|
|
39
|
|
|
(4)
|
|
|
23
|
|
|
(3)
|
|
Commercial and
industrial
|
|
|
389
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
4
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
(5)
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
|
(2)
|
|
Total net
charge-offs/(recoveries)
|
|
|
382
|
|
|
39
|
|
|
(6)
|
|
|
80
|
|
|
(1)
|
|
Provision for loan
losses
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
1,599
|
|
Balance, end of
period
|
|
$
|
16,674
|
|
$
|
16,952
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
Total loans at end of
period
|
|
$
|
2,518,351
|
|
$
|
2,511,508
|
|
$
|
2,368,487
|
|
$
|
2,099,414
|
|
$
|
1,873,952
|
|
Average
loans(1)
|
|
$
|
2,533,254
|
|
$
|
2,453,402
|
|
$
|
2,241,207
|
|
$
|
1,979,556
|
|
$
|
1,753,691
|
|
Net charge-offs to
average loans
|
|
|
0.06
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.00
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.66
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.63
|
|
(1)
|
Excludes loans held
for sale
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-first-quarter-2022-301530963.html
SOURCE MetroCity Bankshares, Inc.