ATLANTA, July 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
$16.1 million, or $0.63 per diluted share, for the second quarter
of 2022, compared to $19.4 million,
or $0.76 per diluted share, for the
first quarter of 2022, and $14.4
million, or $0.56 per diluted
share, for the second quarter of 2021. For the six months ended
June 30, 2022, the Company reported
net income of $35.5 million, or
$1.38 per diluted share, compared to
$27.4 million, or $1.06 per diluted share, for the same period in
2021.
Second Quarter 2022 Highlights:
- Annualized return on average assets was 2.16%, compared to
2.52% for the first quarter of 2022 and 2.53% for the second
quarter of 2021.
- Annualized return on average equity was 20.65%, compared to
26.94% for the first quarter of 2022 and 22.51% for the second
quarter of 2021.
- Efficiency ratio of 37.6%, compared to 31.8% for the first
quarter of 2022 and 36.2% for the second quarter of 2021.
- Total loans increased by $257.7
million, or 10.3%, to $2.77
billion from the previous quarter.
- Net interest margin was 4.26%, compared to 4.16% for the first
quarter of 2022 and 4.60% for the second quarter of 2021.
Results of Operations
Net Income
Net income was $16.1 million for
the second quarter of 2022, a decrease of $3.3 million, or 17.1%, from $19.4 million for the first quarter of 2022. This
decrease was due to an decrease in noninterest income of
$3.0 million, a decrease in net
interest income of $433,000 and an
increase in noninterest expense of $940,000, offset by a decrease in income tax
expense of $943,000. Net income
increased $1.7 million, or 11.9%, in
the second quarter of 2022 compared to net income of $14.4 million for the second quarter of 2021.
This increase was due to an increase in net interest income of
$5.4 million and a decrease in
provision for loan losses of $2.2
million, offset by a decrease in noninterest income of
$3.9 million, an increase in
noninterest expense of $1.0 million
and an increase in provision for income taxes of $926,000.
Net Interest Income and Net Interest Margin
Interest income totaled $33.0
million for the second quarter of 2022, an increase of
$1.1 million, or 3.4%, from the
previous quarter, primarily due to a $63.8
million increase in average loan balances. We recognized
Paycheck Protection Program ("PPP") loan fee income of $341,000 during the second quarter of 2022
compared to $503,000 recognized
during the first quarter of 2022. As compared to the second quarter
of 2021, interest income for the second quarter of 2022 increased
by $7.1 million, or 27.6%, primarily
due to an increase in average loan balances of $636.4 million.
Interest expense totaled $2.8
million for the second quarter of 2022, an increase of
$1.5 million, or 115.8%, from the
previous quarter, primarily due to a 28 basis points increase in
deposit costs and a 54 basis points increase in borrowing costs. As
compared to the second quarter of 2021, interest expense for the
second quarter of 2022 increased by $1.7
million, or 163.9%, primarily due to a $465.7 million increase in average
interest-bearing deposit balances coupled with a 26 basis points
increase in deposit costs.
The net interest margin for the second quarter of 2022 was 4.26%
compared to 4.16% for the previous quarter, an increase of ten
basis points. The yield on average interest-earning assets for the
second quarter of 2022 increased by 31 basis points to 4.65% from
4.34% for the previous quarter, while the cost of average
interest-bearing liabilities for the second quarter of 2022
increased by 32 basis points to 0.56% from 0.24% for the previous
quarter. Average earning assets decreased by $143.0 million from the previous quarter,
primarily due to a decrease of $205.7
million in average interest-earning cash accounts offset by
an increase in average loans of $63.8
million. Average interest-bearing liabilities decreased by
$182.6 million from the previous
quarter as average borrowings decreased by $221.5 million and interest-bearing deposits
increased by $38.9 million. The
inclusion of PPP loan average balances, interest and fees had a
three basis points impact on both the yield on average loans and
the net interest margin for the second quarter of 2022.
As compared to the same period in 2021, the net interest margin
for the second quarter of 2022 decreased by 34 basis points to
4.26% from 4.60%, primarily due to a 14 basis point decrease in the
yield on average interest-earning assets of $2.85 billion and a 25 basis point increase in
the cost of average interest-bearing liabilities of $2.00 billion. Average earning assets for the
second quarter of 2022 increased by $679.5
million from the second quarter of 2021, due to a
$636.4 million increase in average
loans and a $43.1 million increase in
total investments. Average interest-bearing liabilities for the
second quarter of 2022 increased by $618.0
million from the second quarter of 2021, driven by an
increase in average interest-bearing deposits of $465.7 million and an increase in average
borrowings of $152.3 million.
Noninterest Income
Noninterest income for the second quarter of 2022 was
$4.7 million, a decrease of
$3.0 million, or 39.2%, from the
first quarter of 2022, primarily due to a significant decrease in
Small Business Administration ("SBA") servicing income and gains on
sale of SBA loans, partially offset by higher mortgage loan fees as
mortgage loan originations totaled $327.0 million during the second quarter of 2022
compared to $162.9 million for the
previous quarter. We elected not to sell any SBA loans during the
second quarter of 2022 as premiums drastically declined during the
quarter. During the second quarter of 2022, we recorded a
$2.3 million fair value loss on our
SBA servicing asset and an $88,000
fair value impairment recovery on our mortgage servicing asset.
These servicing asset adjustments had a $0.07 per share impact on our diluted earnings
per share for the quarter.
Compared to the same period in 2021, noninterest income for the
second quarter of 2022 decreased by $3.9
million, or 45.9%, primarily due to much lower SBA servicing
income and gains on sale of SBA loans, offset by higher gains on
sale of mortgage loans and mortgage serving income.
Noninterest Expense
Noninterest expense for the second quarter of 2022 totaled
$13.1 million, an increase of
$940,000, or 7.7%, from $12.2 million for the first quarter of 2022. This
increase was primarily attributable to higher salaries and employee
benefits partially due to an increase in commissions earned as loan
volume increased during the quarter. Compared to the second quarter
of 2021, noninterest expense during the second quarter of 2022
increased by $1.0 million, or 8.5%,
primarily due to higher salaries and employee benefits and
IT-related expenses.
The Company's efficiency ratio was 37.6% for the second quarter
of 2022 compared to 31.8% and 36.2% for the first quarter of 2022
and second quarter of 2021, respectively. For the six months ended
June 30, 2022, the efficiency ratio
was 34.6% compared with 36.1% for the same period in 2021.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2022
was 26.0%, compared to 25.3% for the first quarter of 2022 and
24.7% for the second quarter of 2021.
Balance Sheet
Total Assets
Total assets were $3.17 billion at
June 30, 2022, an increase of
$25.5 million, or 0.8%, from
$3.14 billion at March 31, 2022, and an increase of $650.0 million, or 25.8%, from $2.52 billion at June 30,
2021. The $25.5 million
increase in total assets at June 30,
2022 compared to March 31,
2022 was primarily due to increases in loans held for
investment of $257.7 million and
other assets of $13.1 million,
partially offset by decreases in cash and cash equivalents of
$201.6 million and loans held for
sale of $37.9 million. The
$650.0 million increase in total
assets at June 30, 2022 compared to
June 30, 2021 was primarily due to
increases in loans of $678.3 million,
equity securities of $10.8 million,
bank owned life insurance of $32.0
million and other assets of $20.2
million, offset by a $90.8
million decrease in cash and cash equivalents and an
increase in the allowance for loan losses of $2.8 million.
Loans
Loans held for investment were $2.77
billion at June 30, 2022, an
increase of $257.7 million, or 10.3%,
compared to $2.51 billion at
March 31, 2022, and an increase of
$678.3 million, or 32.4%, compared to
$2.09 billion at June 30, 2021. The increase in loans at
June 30, 2022 compared to
March 31, 2022 was primarily due to a
$6.4 million increase in construction
and development loans, a $14.2
million increase in commercial real estate loans and a
$246.5 million increase in
residential mortgages, offset by a $8.2
million decrease in commercial and industrial loans
primarily due to PPP loan forgiveness. Included in commercial and
industrial loans are PPP loans totaling $8.9
million as of June 30, 2022.
PPP Loans totaled $19.8 million as of
March 31, 2022 and $93.1 million as of June
30, 2021. There were no loans classified as held for sale at
June 30, 2022 or June 30, 2021. Loans held for sale were
$37.9 million at March 31, 2022.
Deposits
Total deposits were $2.40 billion
at June 30, 2022, an increase of
$14.9 million, or 0.6%, compared to
total deposits of $2.38 billion at
March 31, 2022, and an increase of
$422.2 million, or 21.4%, compared to
total deposits of $1.97 billion at
June 30, 2021. The increase in total
deposits at June 30, 2022 compared to
March 31, 2022 was due to an
$11.3 million increase in money
market accounts, a $4.5 million
increase in noninterest-bearing demand deposits, a $2.7 million increase in time deposits and a
$0.7 million increase in
interest-bearing demand deposits, offset by a $4.3 million decrease in savings accounts.
Noninterest-bearing deposits were $620.2
million at June 30, 2022,
compared to $615.7 million at
March 31, 2022 and $618.1 million at June 30,
2021. Noninterest-bearing deposits constituted 25.9% of
total deposits at June 30, 2022,
compared to 25.8% at March 31, 2022
and 31.3% at June 30, 2021.
Interest-bearing deposits were $1.78
billion at June 30, 2022,
compared to $1.77 billion at
March 31, 2022 and $1.36 billion at June 30,
2021. Interest-bearing deposits constituted 74.1% of total
deposits at June 30, 2022, compared
to 74.2% at March 31, 2022 and 68.7%
at June 30, 2021.
Asset Quality
The Company recorded no provision for loan losses during the
second quarter of 2022, compared to $104,000 during the first quarter of 2022 and
$2.2 million during the second
quarter of 2021. Annualized net charge-offs to average loans for
the second quarter of 2022 was 0.00%, compared to 0.06% for the
first quarter of 2022 and 0.02% for the second 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 $34.0
million, or 1.07% of total assets, at June 30, 2022, an increase of $18.0 million from $16.0
million, or 0.51% of total assets, at March 31, 2022, and an increase of $20.0 million from $14.0
million, or 0.56% of total assets, at June 30, 2021. The increase in nonperforming
assets at June 30, 2022 compared to
March 31, 2022 was due to a
$10.4 million increase in nonaccrual
loans and a $7.6 million increase in
accruing troubled debt restructurings.
Allowance for loan losses as a percentage of total loans was
0.60% at June 30, 2022, compared to
0.66% at both March 31, 2022 and
June 30, 2021. Excluding outstanding
PPP loans of $8.9 million as of
June 30, 2022, $19.8 million as of March
31, 2022 and $93.1 million as
of June 30, 2021, the allowance for
loan losses as a percentage of total loans was 0.60% at
June 30, 2022, 0.67% at March 31, 2022 and 0.69% at June 30, 2021. Allowance for loan losses as a
percentage of nonperforming loans was 54.79% at June 30, 2022, compared to 134.39% and 147.82% at
March 31, 2022 and June 30, 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 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; changes in prices,
values and sales volumes of residential and commercial real estate;
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
|
|
As of and for the Six Months
Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
33,025
|
|
$
|
31,953
|
|
$
|
30,857
|
|
$
|
29,324
|
|
$
|
25,888
|
|
$
|
64,978
|
|
$
|
48,560
|
|
Interest
expense
|
|
|
2,805
|
|
|
1,300
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
4,105
|
|
|
2,201
|
|
Net interest
income
|
|
|
30,220
|
|
|
30,653
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
60,873
|
|
|
46,359
|
|
Provision for loan
losses
|
|
|
—
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
104
|
|
|
3,804
|
|
Noninterest
income
|
|
|
4,653
|
|
|
7,656
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
12,309
|
|
|
16,780
|
|
Noninterest
expense
|
|
|
13,119
|
|
|
12,179
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
25,298
|
|
|
22,801
|
|
Income tax
expense
|
|
|
5,654
|
|
|
6,597
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
12,251
|
|
|
9,160
|
|
Net income
|
|
|
16,100
|
|
|
19,429
|
|
|
17,445
|
|
|
16,882
|
|
|
14,393
|
|
|
35,529
|
|
|
27,374
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.63
|
|
$
|
0.76
|
|
$
|
0.69
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
1.40
|
|
$
|
1.07
|
|
Diluted income per
share
|
|
$
|
0.63
|
|
$
|
0.76
|
|
$
|
0.68
|
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
1.38
|
|
$
|
1.06
|
|
Dividends per
share
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.14
|
|
$
|
0.12
|
|
$
|
0.10
|
|
$
|
0.30
|
|
$
|
0.20
|
|
Book value per share
(at period end)
|
|
$
|
12.69
|
|
$
|
12.19
|
|
$
|
11.40
|
|
$
|
10.84
|
|
$
|
10.33
|
|
$
|
12.69
|
|
$
|
10.33
|
|
Shares of common stock
outstanding
|
|
|
25,451,125
|
|
|
25,465,236
|
|
|
25,465,236
|
|
|
25,465,236
|
|
|
25,578,668
|
|
|
25,451,125
|
|
|
25,578,668
|
|
Weighted average
diluted shares
|
|
|
25,729,156
|
|
|
25,719,035
|
|
|
25,720,128
|
|
|
25,729,043
|
|
|
25,833,328
|
|
|
25,746,691
|
|
|
25,840,530
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.16
|
%
|
|
2.52
|
%
|
|
2.33
|
%
|
|
2.61
|
%
|
|
2.53
|
%
|
|
2.34
|
%
|
|
2.57
|
%
|
Return on average
equity
|
|
|
20.65
|
|
|
26.94
|
|
|
24.80
|
|
|
25.23
|
|
|
22.51
|
|
|
23.67
|
|
|
21.94
|
|
Dividend payout
ratio
|
|
|
23.85
|
|
|
19.76
|
|
|
20.52
|
|
|
18.24
|
|
|
17.95
|
|
|
21.62
|
|
|
18.88
|
|
Yield on total
loans
|
|
|
4.95
|
|
|
5.00
|
|
|
4.93
|
|
|
5.16
|
|
|
5.21
|
|
|
4.98
|
|
|
5.21
|
|
Yield on average
earning assets
|
|
|
4.65
|
|
|
4.34
|
|
|
4.32
|
|
|
4.75
|
|
|
4.79
|
|
|
4.49
|
|
|
4.82
|
|
Cost of average
interest bearing liabilities
|
|
|
0.56
|
|
|
0.24
|
|
|
0.24
|
|
|
0.28
|
|
|
0.31
|
|
|
0.40
|
|
|
0.34
|
|
Cost of
deposits
|
|
|
0.55
|
|
|
0.27
|
|
|
0.27
|
|
|
0.28
|
|
|
0.29
|
|
|
0.41
|
|
|
0.32
|
|
Net interest
margin
|
|
|
4.26
|
|
|
4.16
|
|
|
4.15
|
|
|
4.57
|
|
|
4.60
|
|
|
4.21
|
|
|
4.60
|
|
Efficiency
ratio(1)
|
|
|
37.62
|
|
|
31.79
|
|
|
33.71
|
|
|
34.76
|
|
|
36.19
|
|
|
34.57
|
|
|
36.11
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.00
|
%
|
|
0.06
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
0.01
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
1.22
|
|
|
0.63
|
|
|
0.61
|
|
|
0.55
|
|
|
0.67
|
|
|
1.22
|
|
|
0.67
|
|
ALL to nonperforming
loans
|
|
|
54.79
|
|
|
134.39
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
|
54.79
|
|
|
147.82
|
|
ALL to loans held for
investment
|
|
|
0.60
|
|
|
0.66
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.60
|
|
|
0.66
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
115.86
|
%
|
|
105.72
|
%
|
|
110.98
|
%
|
|
112.15
|
%
|
|
106.31
|
%
|
|
115.86
|
%
|
|
106.31
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
25.87
|
|
|
25.84
|
|
|
26.18
|
|
|
30.32
|
|
|
31.30
|
|
|
25.87
|
|
|
31.30
|
|
Common equity to
assets
|
|
|
10.20
|
|
|
9.88
|
|
|
9.34
|
|
|
10.04
|
|
|
10.50
|
|
|
10.20
|
|
|
10.50
|
|
Leverage
ratio
|
|
|
10.31
|
|
|
9.46
|
|
|
9.44
|
|
|
10.34
|
|
|
11.14
|
|
|
10.31
|
|
|
11.14
|
|
Common equity tier 1
ratio
|
|
|
16.70
|
|
|
17.24
|
|
|
16.76
|
|
|
16.61
|
|
|
17.75
|
|
|
16.70
|
|
|
17.75
|
|
Tier 1 risk-based
capital ratio
|
|
|
16.70
|
|
|
17.24
|
|
|
16.76
|
|
|
16.61
|
|
|
17.75
|
|
|
16.70
|
|
|
17.75
|
|
Total risk-based
capital ratio
|
|
|
17.60
|
|
|
18.22
|
|
|
17.77
|
|
|
17.64
|
|
|
18.72
|
|
|
17.60
|
|
|
18.72
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
589,500
|
|
$
|
605,112
|
|
$
|
608,208
|
|
$
|
669,358
|
|
$
|
746,660
|
|
$
|
589,500
|
|
$
|
746,660
|
|
Mortgage loan
production
|
|
|
326,968
|
|
|
162,933
|
|
|
237,195
|
|
|
368,790
|
|
|
326,507
|
|
|
489,901
|
|
|
590,205
|
|
Mortgage loan
sales
|
|
|
37,928
|
|
|
56,987
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,915
|
|
|
—
|
|
SBA loans serviced for
others
|
|
|
504,894
|
|
|
528,227
|
|
|
542,991
|
|
|
549,818
|
|
|
549,238
|
|
|
504,894
|
|
|
549,238
|
|
SBA loan
production
|
|
|
21,407
|
|
|
50,689
|
|
|
52,727
|
|
|
85,265
|
|
|
67,376
|
|
|
72,096
|
|
|
147,842
|
|
SBA loan
sales
|
|
|
—
|
|
|
22,898
|
|
|
30,169
|
|
|
37,984
|
|
|
34,158
|
|
|
22,898
|
|
|
56,557
|
|
________________________
|
(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
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
220,027
|
|
$
|
418,988
|
|
$
|
432,523
|
|
$
|
250,995
|
|
$
|
309,289
|
Federal funds
sold
|
|
|
3,069
|
|
|
5,743
|
|
|
8,818
|
|
|
2,294
|
|
|
4,644
|
Cash and cash
equivalents
|
|
|
223,096
|
|
|
424,731
|
|
|
441,341
|
|
|
253,289
|
|
|
313,933
|
Equity
securities
|
|
|
10,778
|
|
|
11,024
|
|
|
11,386
|
|
|
993
|
|
|
—
|
Securities available
for sale (at fair value)
|
|
|
21,394
|
|
|
23,886
|
|
|
25,733
|
|
|
16,507
|
|
|
16,722
|
Loans
|
|
|
2,770,020
|
|
|
2,512,300
|
|
|
2,505,070
|
|
|
2,361,705
|
|
|
2,091,767
|
Allowance for loan
losses
|
|
|
(16,678)
|
|
|
(16,674)
|
|
|
(16,952)
|
|
|
(16,445)
|
|
|
(13,860)
|
Loans less allowance
for loan losses
|
|
|
2,753,342
|
|
|
2,495,626
|
|
|
2,488,118
|
|
|
2,345,260
|
|
|
2,077,907
|
Loans held for
sale
|
|
|
—
|
|
|
37,928
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
10,990
|
|
|
10,644
|
|
|
11,052
|
|
|
10,737
|
|
|
10,668
|
Federal Home Loan Bank
stock
|
|
|
15,619
|
|
|
15,806
|
|
|
19,701
|
|
|
12,201
|
|
|
8,451
|
Premises and equipment,
net
|
|
|
12,847
|
|
|
12,814
|
|
|
13,068
|
|
|
13,302
|
|
|
13,557
|
Operating lease
right-of-use asset
|
|
|
8,518
|
|
|
8,925
|
|
|
9,338
|
|
|
9,672
|
|
|
10,078
|
Foreclosed real estate,
net
|
|
|
3,562
|
|
|
3,562
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
SBA servicing asset,
net
|
|
|
8,216
|
|
|
10,554
|
|
|
10,234
|
|
|
10,916
|
|
|
11,155
|
Mortgage servicing
asset, net
|
|
|
6,090
|
|
|
6,925
|
|
|
7,747
|
|
|
8,593
|
|
|
9,529
|
Bank owned life
insurance
|
|
|
68,267
|
|
|
67,841
|
|
|
59,437
|
|
|
59,061
|
|
|
36,263
|
Other assets
|
|
|
25,131
|
|
|
12,051
|
|
|
5,385
|
|
|
5,323
|
|
|
4,921
|
Total assets
|
|
$
|
3,167,850
|
|
$
|
3,142,317
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
620,182
|
|
$
|
615,650
|
|
$
|
592,444
|
|
$
|
640,312
|
|
$
|
618,054
|
Interest-bearing
deposits
|
|
|
1,776,826
|
|
|
1,766,491
|
|
|
1,670,576
|
|
|
1,471,515
|
|
|
1,356,777
|
Total
deposits
|
|
|
2,397,008
|
|
|
2,382,141
|
|
|
2,263,020
|
|
|
2,111,827
|
|
|
1,974,831
|
Federal Home Loan Bank
advances
|
|
|
375,000
|
|
|
380,000
|
|
|
500,000
|
|
|
300,000
|
|
|
200,000
|
Other
borrowings
|
|
|
399
|
|
|
405
|
|
|
459
|
|
|
468
|
|
|
474
|
Operating lease
liability
|
|
|
9,031
|
|
|
9,445
|
|
|
9,861
|
|
|
10,241
|
|
|
10,648
|
Accrued interest
payable
|
|
|
703
|
|
|
207
|
|
|
204
|
|
|
208
|
|
|
202
|
Other
liabilities
|
|
|
62,640
|
|
|
59,709
|
|
|
42,391
|
|
|
51,330
|
|
|
67,431
|
Total
liabilities
|
|
$
|
2,844,781
|
|
$
|
2,831,907
|
|
$
|
2,815,935
|
|
$
|
2,474,074
|
|
$
|
2,253,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common stock
|
|
|
255
|
|
|
255
|
|
|
255
|
|
|
255
|
|
|
256
|
Additional paid-in
capital
|
|
|
49,831
|
|
|
51,753
|
|
|
51,559
|
|
|
51,181
|
|
|
52,924
|
Retained
earnings
|
|
|
266,426
|
|
|
254,165
|
|
|
238,577
|
|
|
224,711
|
|
|
210,910
|
Accumulated other
comprehensive income (loss)
|
|
|
6,557
|
|
|
4,237
|
|
|
(168)
|
|
|
7
|
|
|
164
|
Total shareholders'
equity
|
|
|
323,069
|
|
|
310,410
|
|
|
290,223
|
|
|
276,154
|
|
|
264,254
|
Total liabilities and
shareholders' equity
|
|
$
|
3,167,850
|
|
$
|
3,142,317
|
|
$
|
3,106,158
|
|
$
|
2,750,228
|
|
$
|
2,517,840
|
METROCITY BANKSHARES, INC.
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(Dollars in
thousands, except per share data)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
32,310
|
|
$
|
31,459
|
|
$
|
30,496
|
|
$
|
29,127
|
|
$
|
25,728
|
|
$
|
63,769
|
|
$
|
48,228
|
Other investment
income
|
|
|
711
|
|
|
492
|
|
|
360
|
|
|
196
|
|
|
159
|
|
|
1,203
|
|
|
329
|
Federal funds
sold
|
|
|
4
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
6
|
|
|
3
|
Total interest
income
|
|
|
33,025
|
|
|
31,953
|
|
|
30,857
|
|
|
29,324
|
|
|
25,888
|
|
|
64,978
|
|
|
48,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,384
|
|
|
1,139
|
|
|
1,069
|
|
|
968
|
|
|
919
|
|
|
3,523
|
|
|
1,911
|
FHLB advances and other
borrowings
|
|
|
421
|
|
|
161
|
|
|
167
|
|
|
167
|
|
|
144
|
|
|
582
|
|
|
290
|
Total interest
expense
|
|
|
2,805
|
|
|
1,300
|
|
|
1,236
|
|
|
1,135
|
|
|
1,063
|
|
|
4,105
|
|
|
2,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
30,220
|
|
|
30,653
|
|
|
29,621
|
|
|
28,189
|
|
|
24,825
|
|
|
60,873
|
|
|
46,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
—
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
104
|
|
|
3,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
30,220
|
|
|
30,549
|
|
|
29,075
|
|
|
25,610
|
|
|
22,620
|
|
|
60,769
|
|
|
42,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
518
|
|
|
481
|
|
|
466
|
|
|
446
|
|
|
411
|
|
|
999
|
|
|
784
|
Other service charges,
commissions and fees
|
|
|
3,647
|
|
|
2,159
|
|
|
3,015
|
|
|
4,147
|
|
|
3,877
|
|
|
5,806
|
|
|
7,275
|
Gain on sale of
residential mortgage loans
|
|
|
806
|
|
|
1,211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,017
|
|
|
—
|
Mortgage servicing
income, net
|
|
|
(5)
|
|
|
101
|
|
|
95
|
|
|
132
|
|
|
(957)
|
|
|
96
|
|
|
(791)
|
Gain on sale of SBA
loans
|
|
|
—
|
|
|
1,568
|
|
|
2,895
|
|
|
3,358
|
|
|
2,845
|
|
|
1,568
|
|
|
4,699
|
SBA servicing income,
net
|
|
|
(1,077)
|
|
|
1,644
|
|
|
634
|
|
|
1,212
|
|
|
1,905
|
|
|
567
|
|
|
4,038
|
Other income
|
|
|
764
|
|
|
492
|
|
|
386
|
|
|
237
|
|
|
513
|
|
|
1,256
|
|
|
775
|
Total noninterest
income
|
|
|
4,653
|
|
|
7,656
|
|
|
7,491
|
|
|
9,532
|
|
|
8,594
|
|
|
12,309
|
|
|
16,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,929
|
|
|
7,096
|
|
|
7,819
|
|
|
8,679
|
|
|
6,915
|
|
|
15,025
|
|
|
13,614
|
Occupancy
|
|
|
1,200
|
|
|
1,227
|
|
|
1,206
|
|
|
1,295
|
|
|
1,252
|
|
|
2,427
|
|
|
2,527
|
Data
Processing
|
|
|
261
|
|
|
277
|
|
|
252
|
|
|
257
|
|
|
283
|
|
|
538
|
|
|
591
|
Advertising
|
|
|
126
|
|
|
150
|
|
|
148
|
|
|
131
|
|
|
117
|
|
|
276
|
|
|
262
|
Other
expenses
|
|
|
3,603
|
|
|
3,429
|
|
|
3,087
|
|
|
2,749
|
|
|
3,526
|
|
|
7,032
|
|
|
5,807
|
Total noninterest
expense
|
|
|
13,119
|
|
|
12,179
|
|
|
12,512
|
|
|
13,111
|
|
|
12,093
|
|
|
25,298
|
|
|
22,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
21,754
|
|
|
26,026
|
|
|
24,054
|
|
|
22,031
|
|
|
19,121
|
|
|
47,780
|
|
|
36,534
|
Provision for income
taxes
|
|
|
5,654
|
|
|
6,597
|
|
|
6,609
|
|
|
5,149
|
|
|
4,728
|
|
|
12,251
|
|
|
9,160
|
Net income available
to common shareholders
|
|
$
|
16,100
|
|
$
|
19,429
|
|
$
|
17,445
|
|
$
|
16,882
|
|
$
|
14,393
|
|
$
|
35,529
|
|
$
|
27,374
|
METROCITY BANKSHARES, INC.
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
Three Months
Ended
|
|
|
|
June 30, 2022
|
|
March 31, 2022
|
|
June 30, 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)
|
|
$
|
193,955
|
|
$
|
592
|
|
1.22
|
%
|
$
|
399,642
|
|
$
|
365
|
|
0.37
|
%
|
$
|
169,578
|
|
$
|
76
|
|
0.18
|
%
|
Investment
securities
|
|
|
35,754
|
|
|
123
|
|
1.38
|
|
|
36,842
|
|
|
129
|
|
1.42
|
|
|
17,080
|
|
|
84
|
|
1.97
|
|
Total
investments
|
|
|
229,709
|
|
|
715
|
|
1.25
|
|
|
436,484
|
|
|
494
|
|
0.46
|
|
|
186,658
|
|
|
160
|
|
0.34
|
|
Construction and
development
|
|
|
32,647
|
|
|
414
|
|
5.09
|
|
|
30,583
|
|
|
377
|
|
5.00
|
|
|
47,173
|
|
|
615
|
|
5.23
|
|
Commercial real
estate
|
|
|
575,917
|
|
|
8,403
|
|
5.85
|
|
|
549,132
|
|
|
7,887
|
|
5.82
|
|
|
510,241
|
|
|
7,344
|
|
5.77
|
|
Commercial and
industrial
|
|
|
54,423
|
|
|
915
|
|
6.74
|
|
|
65,450
|
|
|
1,076
|
|
6.67
|
|
|
146,408
|
|
|
2,558
|
|
7.01
|
|
Residential real
estate
|
|
|
1,952,730
|
|
|
22,545
|
|
4.63
|
|
|
1,906,847
|
|
|
22,074
|
|
4.69
|
|
|
1,275,555
|
|
|
15,180
|
|
4.77
|
|
Consumer and
other
|
|
|
266
|
|
|
33
|
|
49.76
|
|
|
206
|
|
|
45
|
|
88.59
|
|
|
179
|
|
|
31
|
|
69.46
|
|
Gross
loans(2)
|
|
|
2,615,983
|
|
|
32,310
|
|
4.95
|
|
|
2,552,218
|
|
|
31,459
|
|
5.00
|
|
|
1,979,556
|
|
|
25,728
|
|
5.21
|
|
Total earning
assets
|
|
|
2,845,692
|
|
|
33,025
|
|
4.65
|
|
|
2,988,702
|
|
|
31,953
|
|
4.34
|
|
|
2,166,214
|
|
|
25,888
|
|
4.79
|
|
Noninterest-earning
assets
|
|
|
146,669
|
|
|
|
|
|
|
|
142,042
|
|
|
|
|
|
|
|
112,161
|
|
|
|
|
|
|
Total
assets
|
|
|
2,992,361
|
|
|
|
|
|
|
|
3,130,744
|
|
|
|
|
|
|
|
2,278,375
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
197,460
|
|
|
102
|
|
0.21
|
|
|
187,259
|
|
|
75
|
|
0.16
|
|
|
107,072
|
|
|
53
|
|
0.20
|
|
Money market
deposits
|
|
|
1,166,272
|
|
|
1,860
|
|
0.64
|
|
|
1,085,751
|
|
|
658
|
|
0.25
|
|
|
659,173
|
|
|
373
|
|
0.23
|
|
Time
deposits
|
|
|
389,449
|
|
|
422
|
|
0.43
|
|
|
441,228
|
|
|
406
|
|
0.37
|
|
|
521,217
|
|
|
493
|
|
0.38
|
|
Total interest-bearing
deposits
|
|
|
1,753,181
|
|
|
2,384
|
|
0.55
|
|
|
1,714,238
|
|
|
1,139
|
|
0.27
|
|
|
1,287,462
|
|
|
919
|
|
0.29
|
|
Borrowings
|
|
|
246,779
|
|
|
421
|
|
0.68
|
|
|
468,348
|
|
|
161
|
|
0.14
|
|
|
94,435
|
|
|
144
|
|
0.61
|
|
Total interest-bearing
liabilities
|
|
|
1,999,960
|
|
|
2,805
|
|
0.56
|
|
|
2,182,586
|
|
|
1,300
|
|
0.24
|
|
|
1,381,897
|
|
|
1,063
|
|
0.31
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
611,763
|
|
|
|
|
|
|
|
588,343
|
|
|
|
|
|
|
|
561,170
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
67,979
|
|
|
|
|
|
|
|
67,301
|
|
|
|
|
|
|
|
78,822
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
679,742
|
|
|
|
|
|
|
|
655,644
|
|
|
|
|
|
|
|
639,992
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
312,659
|
|
|
|
|
|
|
|
292,514
|
|
|
|
|
|
|
|
256,486
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,992,361
|
|
|
|
|
|
|
$
|
3,130,744
|
|
|
|
|
|
|
$
|
2,278,375
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
30,220
|
|
|
|
|
|
|
$
|
30,653
|
|
|
|
|
|
|
$
|
24,825
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.09
|
|
|
|
|
|
|
|
4.10
|
|
|
|
|
|
|
|
4.48
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.26
|
|
|
|
|
|
|
|
4.16
|
|
|
|
|
|
|
|
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.
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
Six Months
Ended
|
|
|
|
June 30, 2022
|
|
June 30, 2021
|
|
|
|
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)
|
|
$
|
296,230
|
|
$
|
956
|
|
0.65
|
%
|
$
|
147,760
|
|
$
|
149
|
|
0.20
|
%
|
Investment
securities
|
|
|
36,295
|
|
|
253
|
|
1.41
|
|
|
17,619
|
|
|
183
|
|
2.09
|
|
Total
investments
|
|
|
332,525
|
|
|
1,209
|
|
0.73
|
|
|
165,379
|
|
|
332
|
|
0.40
|
|
Construction and
development
|
|
|
31,621
|
|
|
792
|
|
5.05
|
|
|
44,081
|
|
|
1,147
|
|
5.25
|
|
Commercial real
estate
|
|
|
562,598
|
|
|
16,290
|
|
5.84
|
|
|
500,989
|
|
|
14,422
|
|
5.81
|
|
Commercial and
industrial
|
|
|
59,906
|
|
|
1,991
|
|
6.70
|
|
|
149,403
|
|
|
4,478
|
|
6.04
|
|
Residential real
estate
|
|
|
1,929,915
|
|
|
44,619
|
|
4.66
|
|
|
1,172,597
|
|
|
28,109
|
|
4.83
|
|
Consumer and
other
|
|
|
236
|
|
|
77
|
|
65.80
|
|
|
177
|
|
|
72
|
|
82.03
|
|
Gross
loans(2)
|
|
|
2,584,276
|
|
|
63,769
|
|
4.98
|
|
|
1,867,247
|
|
|
48,228
|
|
5.21
|
|
Total earning
assets
|
|
|
2,916,801
|
|
|
64,978
|
|
4.49
|
|
|
2,032,626
|
|
|
48,560
|
|
4.82
|
|
Noninterest-earning
assets
|
|
|
144,368
|
|
|
|
|
|
|
|
111,665
|
|
|
|
|
|
|
Total
assets
|
|
|
3,061,169
|
|
|
|
|
|
|
|
2,144,291
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
192,388
|
|
|
178
|
|
0.19
|
|
|
99,732
|
|
|
99
|
|
0.20
|
|
Money market
deposits
|
|
|
1,126,233
|
|
|
2,517
|
|
0.45
|
|
|
597,028
|
|
|
711
|
|
0.24
|
|
Time
deposits
|
|
|
415,196
|
|
|
828
|
|
0.40
|
|
|
506,646
|
|
|
1,101
|
|
0.44
|
|
Total interest-bearing
deposits
|
|
|
1,733,817
|
|
|
3,523
|
|
0.41
|
|
|
1,203,406
|
|
|
1,911
|
|
0.32
|
|
Borrowings
|
|
|
356,951
|
|
|
582
|
|
0.33
|
|
|
90,978
|
|
|
290
|
|
0.64
|
|
Total interest-bearing
liabilities
|
|
|
2,090,768
|
|
|
4,105
|
|
0.40
|
|
|
1,294,384
|
|
|
2,201
|
|
0.34
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
600,117
|
|
|
|
|
|
|
|
522,645
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
67,642
|
|
|
|
|
|
|
|
75,695
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
667,759
|
|
|
|
|
|
|
|
598,340
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
302,642
|
|
|
|
|
|
|
|
251,567
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,061,169
|
|
|
|
|
|
|
$
|
2,144,291
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
60,873
|
|
|
|
|
|
|
$
|
46,359
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.09
|
|
|
|
|
|
|
|
4.48
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.21
|
|
|
|
|
|
|
|
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
|
|
|
|
June 30, 2022
|
|
March 31, 2022
|
|
December 31, 2021
|
|
September 30, 2021
|
|
June 30, 2021
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
45,042
|
|
1.6
|
%
|
$
|
38,683
|
|
1.6
|
%
|
$
|
38,857
|
|
1.6
|
%
|
$
|
64,140
|
|
2.7
|
%
|
$
|
58,668
|
|
2.8
|
%
|
Commercial Real
Estate
|
|
|
581,234
|
|
20.9
|
|
|
567,031
|
|
22.5
|
|
|
520,488
|
|
20.7
|
|
|
503,417
|
|
21.2
|
|
|
475,658
|
|
22.7
|
|
Commercial and
Industrial
|
|
|
57,843
|
|
2.1
|
|
|
66,073
|
|
2.6
|
|
|
73,072
|
|
2.9
|
|
|
82,099
|
|
3.5
|
|
|
134,076
|
|
6.4
|
|
Residential Real
Estate
|
|
|
2,092,952
|
|
75.4
|
|
|
1,846,434
|
|
73.3
|
|
|
1,879,012
|
|
74.8
|
|
|
1,718,593
|
|
72.6
|
|
|
1,430,843
|
|
68.1
|
|
Consumer and
other
|
|
|
165
|
|
—
|
|
|
130
|
|
—
|
|
|
79
|
|
—
|
|
|
238
|
|
—
|
|
|
169
|
|
—
|
|
Gross loans
|
|
$
|
2,777,236
|
|
100.0
|
%
|
$
|
2,518,351
|
|
100.0
|
%
|
$
|
2,511,508
|
|
100.0
|
%
|
$
|
2,368,487
|
|
100.0
|
%
|
$
|
2,099,414
|
|
100.0
|
%
|
Unearned
income
|
|
|
(7,216)
|
|
|
|
|
(6,051)
|
|
|
|
|
(6,438)
|
|
|
|
|
(6,782)
|
|
|
|
|
(7,647)
|
|
|
|
Allowance for loan
losses
|
|
|
(16,678)
|
|
|
|
|
(16,674)
|
|
|
|
|
(16,952)
|
|
|
|
|
(16,445)
|
|
|
|
|
(13,860)
|
|
|
|
Net loans
|
|
$
|
2,753,342
|
|
|
|
$
|
2,495,626
|
|
|
|
$
|
2,488,118
|
|
|
|
$
|
2,345,260
|
|
|
|
$
|
2,077,907
|
|
|
|
METROCITY BANKSHARES, INC.
NONPERFORMING ASSETS
|
|
|
|
As of the Quarter Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
(Dollars in
thousands)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
Nonaccrual
loans
|
|
$
|
19,966
|
|
$
|
9,506
|
|
$
|
8,759
|
|
$
|
5,955
|
|
$
|
6,623
|
|
Past due loans 90 days
or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
342
|
|
|
—
|
|
|
—
|
|
Accruing troubled debt
restructured loans
|
|
|
10,474
|
|
|
2,901
|
|
|
2,697
|
|
|
2,726
|
|
|
2,753
|
|
Total non-performing
loans
|
|
|
30,440
|
|
|
12,407
|
|
|
11,798
|
|
|
8,681
|
|
|
9,376
|
|
Other real estate
owned
|
|
|
3,562
|
|
|
3,562
|
|
|
3,618
|
|
|
4,374
|
|
|
4,656
|
|
Total non-performing
assets
|
|
$
|
34,002
|
|
$
|
15,969
|
|
$
|
15,416
|
|
$
|
13,055
|
|
$
|
14,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
gross loans
|
|
|
1.10
|
%
|
|
0.49
|
%
|
|
0.47
|
%
|
|
0.37
|
%
|
|
0.45
|
%
|
Nonperforming assets to
total assets
|
|
|
1.07
|
|
|
0.51
|
|
|
0.50
|
|
|
0.47
|
|
|
0.56
|
|
Allowance for loan
losses to non-performing loans
|
|
|
54.79
|
|
|
134.39
|
|
|
143.69
|
|
|
189.44
|
|
|
147.82
|
|
METROCITY BANKSHARES, INC.
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
As of and for the Three
Months Ended
|
|
As of and for the Six
Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
(Dollars in
thousands)
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2022
|
|
2021
|
|
Balance, beginning of
period
|
|
$
|
16,674
|
|
$
|
16,952
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
16,952
|
|
$
|
10,135
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(2)
|
|
|
(2)
|
|
|
39
|
|
|
(4)
|
|
|
23
|
|
|
(4)
|
|
|
20
|
|
Commercial and
industrial
|
|
|
(2)
|
|
|
389
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
387
|
|
|
64
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
|
(5)
|
|
|
(5)
|
|
Total net
charge-offs/(recoveries)
|
|
|
(4)
|
|
|
382
|
|
|
39
|
|
|
(6)
|
|
|
80
|
|
|
378
|
|
|
79
|
|
Provision for loan
losses
|
|
|
—
|
|
|
104
|
|
|
546
|
|
|
2,579
|
|
|
2,205
|
|
|
104
|
|
|
3,804
|
|
Balance, end of
period
|
|
$
|
16,678
|
|
$
|
16,674
|
|
$
|
16,952
|
|
$
|
16,445
|
|
$
|
13,860
|
|
$
|
16,678
|
|
$
|
13,860
|
|
Total loans at end of
period
|
|
$
|
2,777,236
|
|
$
|
2,518,351
|
|
$
|
2,511,508
|
|
$
|
2,368,487
|
|
$
|
2,099,414
|
|
$
|
2,777,236
|
|
$
|
2,099,414
|
|
Average
loans(1)
|
|
$
|
2,597,019
|
|
$
|
2,533,254
|
|
$
|
2,453,402
|
|
$
|
2,241,207
|
|
$
|
1,979,556
|
|
$
|
2,571,633
|
|
$
|
1,867,247
|
|
Net charge-offs to
average loans
|
|
|
0.00
|
%
|
|
0.06
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
0.01
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.60
|
|
|
0.66
|
|
|
0.67
|
|
|
0.69
|
|
|
0.66
|
|
|
0.60
|
|
|
0.66
|
|
___________________________________
|
(1)
Excludes loans held for sale
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-second-quarter-2022-301591804.html
SOURCE MetroCity Bankshares, Inc.