ATLANTA, Oct. 23, 2020 /PRNewswire/ -- MetroCity
Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS),
holding company for Metro City Bank (the "Bank"), today reported
net income of $9.4 million, or
$0.36 per diluted share, for the
third quarter of 2020, compared to $7.7
million, or $0.30 per diluted
share, for the second quarter of 2020, and $12.4 million, or $0.50 per diluted share, for the third quarter of
2019.
Third Quarter 2020 Highlights:
- Annualized return on average assets was 2.20%, compared to
1.89% for the second quarter of 2020 and 3.07% for the third
quarter of 2019.
- Annualized return on average equity was 16.22%, compared to
13.92% for the second quarter of 2020 and 26.44% for the third
quarter of 2019.
- Efficiency ratio of 42.5%, compared to 45.6% for the second
quarter of 2020 and 37.7% for the third quarter of 2019.
- Total loans increased by $94.9
million, or 7.0%, to $1.46
billion from the previous quarter.
- Annualized net charge-off to average loans for the quarter was
0.00%, compared to 0.01% for the second quarter of 2020 and a net
recovery ratio of 0.11% for the third quarter of 2019.
COVID-19 Pandemic
The Company prioritizes the health and safety of its employees
and customers, and has taken protective measures such as
implementing remote work arrangements to the fullest extent
possible and by adjusting banking center hours and operational
measures to promote social distancing, and it will continue to do
so throughout the duration of the pandemic. At the same time, the
Company continues to closely monitor the effects of the COVID-19
pandemic on our loan and deposit customers, and is assessing the
risks in our loan portfolio and working with our customers to
reduce the pandemic's impact on them while minimizing losses for
the Company. In addition, the Company remains focused on improving
shareholder value, managing credit exposure, monitoring expenses,
enhancing the customer experience and supporting the communities it
serves.
We have implemented loan programs to allow customers who are
experiencing hardships from the COVID-19 pandemic to defer loan
principal and interest payments for up to six months. The Small
Business Administration (SBA) also guaranteed the principal and
interest payments of all our SBA loan customers for six months
through the end of September 2020. As
of September 30, 2020, we had 24
non-SBA commercial customers with outstanding loan balances
totaling $82.5 million who were
approved for a second round of payment deferrals. This is a
significant decline from the first round of payment deferrals that
were granted to our non-SBA commercial customers (89 non-SBA
commercial customers with outstanding balances totaling
$157.5 million as of June 30, 2020). Included in the second round of
non-SBA payment deferrals were 15 loans totaling $61.5 million with a weighted average
loan-to-value ("LTV") of 54.6% in the hotel industry and only one
loan totaling $495,000 in the
restaurant industry, which are two industries heavily impacted by
the COVID-19 pandemic. As of September 30,
2020, the Company had 50 loans totaling $122.9 million in the hotel industry and 116
loans totaling $35.6 million in the
restaurant industry.
As a preferred SBA lender, we participated in the SBA Paycheck
Protection Program under the Coronavirus Aid, Relief and Economic
Security Act to help provide loans to our business customers in
need. As of September 30, 2020, the
Company had approved and funded over 1,800 PPP loans totaling
$96.9 million. The PPP loans were
funded with our current cash balances. As of October 22, 2020, none of our PPP loans had been
granted a loan forgiveness by the SBA.
As of September 30, 2020, our
residential real estate loan portfolio made up 56.7% of our total
loan portfolio and had a weighted average amortized LTV of
approximately 55.8%. As of September 30,
2020, only 1.7% of our residential mortgages had been
granted a second hardship payment deferral covering principal and
interest payments for up to three months. This is a
significant decrease from the first round of payment deferrals
granted during the second quarter of 2020, which made up 19.2% of
our residential mortgage balances as of June
30, 2020.
Based on the Company's capital levels, conservative underwriting
policies, low loan-to-value ratios, and strong liquidity position,
management expects to be able to assist the Company's customers and
communities during these difficult times, manage the economic risks
and uncertainties associated with the COVID-19 pandemic and remain
adequately capitalized.
Results of Operations
Net Income
Net income was $9.4 million for
the third quarter of 2020, an increase of $1.7 million, or 21.3%, from $7.7 million for the second quarter of 2020. This
increase was primarily due to the increase in noninterest income of
$2.5 million, partially offset by the
increase in provision for loan losses of $389,000 and the increase in noninterest expense
of $426,000 while net interest income
remained flat. Net income decreased $3.0
million, or 24.0%, in the third quarter of 2020 compared to
net income of $12.4 million for the
third quarter of 2019. This decrease was primarily due to the
decrease in noninterest income of $3.0
million and a $1.5 million
increase in provision for loan losses, partially offset by the
decrease in provision for income taxes of $1.5 while net interest income and noninterest
expense remained flat.
Net Interest Income and Net Interest Margin
Interest income totaled $18.1
million for the third quarter of 2020, a decrease of
$952,000, or 5.0%, from the previous
quarter, primarily due to a 64 basis points decrease in the yield
on average loans. We recognized no PPP loan fee income during the
third quarter of 2020 compared to $1.2
million recognized during the second quarter of 2020 as we
reevaluated the estimated life of our PPP loan fee amortization
period, extending it from 9 months to 24 months due to the
uncertainty of the PPP loan forgiveness process. As compared to the
third quarter of 2019, interest income decreased by $3.8 million, or 17.2%, primarily due to a 117
basis points decrease in the yield on average loans.
Interest expense totaled $2.2
million for the third quarter of 2020, a decrease of
$1.0 million, or 32.3%, from the
previous quarter, primarily due to a 44 basis points decrease in
deposit costs coupled with a $34.0
million decrease in average balances for total
interest-bearing deposits. As compared to the third quarter of
2019, interest expense decreased by $3.7
million, or 63.0%, primarily due to a 135 basis points
decrease in deposit costs coupled with a $270.1 million decrease in average time deposit
balances.
The net interest margin for the third quarter of 2020 was 3.97%
compared to 4.09% for the previous quarter, a decrease of 12 basis
points. The cost of interest-bearing liabilities for the third
quarter of 2020 decreased by 41 basis points to 0.91% compared with
the previous quarter, while the yield on interest-earning assets
for the third quarter of 2020 decreased by 42 basis points to 4.51%
from 4.93% for the previous quarter. Average earning assets
increased by $42.4 million from the
previous quarter, primarily due to an increase in average loans of
$76.9 million, offset by a
$34.3 million decrease in average
interest-earning cash accounts. Average interest-bearing
liabilities decreased by $32.5
million from the previous quarter as average
interest-bearing deposits decreased by $34.0
million and average borrowings increased by only
$1.5 million. The inclusion of PPP
loan average balances had a 36 basis points impact on the yield on
average loans and a 25 basis points impact on the net interest
margin.
As compared to the same period a year ago, the net interest
margin for the third quarter of 2020 decreased by 25 basis points
to 3.97% from 4.22%, primarily due to a 132 basis point decrease in
the cost of interest-bearing liabilities of $954.7 million and a decrease of 127 basis points
in the yield on average interest-earning assets of $1.60 billion. Average earning assets increased
by $95.4 million from the third
quarter of 2019, primarily due to an increase of $25.0 million in securities purchased under
agreements to resell and a $77.2
million increase in average loans. Average interest-bearing
liabilities decreased by $101.9
million from the third quarter of 2019, primarily driven by
a decrease in average interest-bearing deposits of $149.4 million, offset by an increase in average
borrowings of $47.5 million.
Noninterest Income
Noninterest income for the third quarter of 2020 was
$8.0 million, an increase of
$2.5 million, or 44.8%, from the
second quarter of 2020, primarily due to a $1.7 million fair value adjustment gain on our
SBA servicing asset and higher mortgage loan fees as mortgage
volume significantly increased during the quarter. We also recorded
a $89,000 fair value impairment
charge on our mortgage servicing asset. These servicing asset
adjustments had a $0.05 per share
impact on our diluted earnings per share for the quarter.
Compared to the same period a year ago, noninterest income for
the quarter decreased by $3.0
million, or 27.6%, primarily due to the decrease in mortgage
loan fees, mortgage servicing income and gains earned from the
sales of mortgage loans. Mortgage loan originations totaled
$120.3 million during the third
quarter of 2020 compared to $163.5
million during the third quarter of 2019. There were no
mortgage loan sales during the third quarter of 2020 compared to
mortgage loan sales of $152.5 million
during the same period a year ago.
Noninterest Expense
Noninterest expense for the third quarter of 2020 totaled
$10.2 million, an increase of
$426,000, or 4.4%, from $9.7 million for the second quarter of 2020. The
increase was primarily attributable to higher salaries and employee
benefits. Noninterest expense remained flat compared to the third
quarter of 2019.
The Company's efficiency ratio was 42.5% in the third quarter of
2020 compared with 45.6% and 37.7% for the second quarter of 2020
and third quarter of 2019, respectively. For the nine months ended
September 30, 2020, the efficiency
ratio was 43.7% compared with 39.4% for the same period in
2019.
Income Tax Expense
The Company's effective tax rate for the third quarter of 2020
was 23.7%, compared to 26.7% for the second quarter of 2020 and
26.5% for the third quarter of 2019. The decrease in the effective
tax rate for the third quarter of 2020 was due to Georgia state tax credits recognized during
the quarter.
Balance Sheet
Total Assets
Total assets were $1.74 billion at
September 30, 2020, an increase of
$18.1 million, or 1.1%, from
$1.72 billion at June 30, 2020, and an increase of $95.1 million, or 5.8%, from $1.64 billion at September
30, 2019. The $18.1 million
increase from the prior quarter was primarily due to increases in
loans of $94.9 million and bank owned
life insurance of $15.1 million,
partially offset by a $99.1 million
decrease in cash and due from banks. The $95.1 million increase from the prior year
quarter was primarily due to increases in securities purchased
under agreements to resell of $25.0
million, loans of $200.9
million, and bank owned life insurance of $15.5 million, partially offset by a $155.7 million decrease in cash and due from
banks.
Loans
Loans held for investment at September
30, 2020, were $1.46 billion,
an increase of $94.9 million, or
7.0%, compared to $1.36 billion at
June 30, 2020, and an increase of
$200.9 million, or 16.0%, compared to
$1.26 billion at September 30, 2019. The increase from prior
quarter was primarily due to a $75.8
million increase in residential mortgages, $18.6 million increase in commercial real estate
loans and a $5.3 million increase in
commercial and industrial loans. Included in commercial and
industrial loans are PPP loans totaling $96.9 million as of September 30, 2020. There were no loans
classified as held for sale at September 30,
2020, June 30, 2020 or
September 30, 2019.
Deposits
Total deposits at September 30,
2020 were $1.34 billion, a
decrease of $12.1 million, or 0.9%,
compared to total deposits of $1.35
billion at June 30, 2020, and
slight increase of $2.4 million, or
0.2%, compared to total deposits of $1.34
billion at September 30, 2019.
The decrease from the prior quarter was primarily due to the
$110.2 million decrease in time
deposits, partially offset by a $82.0
million increase in money market accounts and an
$11.5 million increase in noninterest
bearing deposits. The increase in money market accounts was
partially due to the addition of a $40.0
million brokered money market account during the
quarter.
Noninterest bearing deposits were $460.7
million at September 30, 2020,
compared to $449.2 million at
June 30, 2020, and $311.2 million at September 30, 2019. Noninterest bearing deposits
constituted 34.4% of total deposits at September 30, 2020, compared to 33.3% at
June 30, 2020, and 23.3% at
September 30, 2019. Interest bearing
deposits were $877.1 million at
September 30, 2020, compared to
$900.7 million at June 30, 2020, and $1.0
billion at September 30, 2019.
Interest bearing deposits constituted 65.6% of total deposits at
September 30, 2020, compared to 66.7%
at June 30, 2020, and 76.7% at
September 30, 2019.
Asset Quality
The Company recorded provision for loan losses of $1.5 million during the third quarter of 2020.
Annualized net charge-offs to average loans for the third quarter
of 2020 was 0.00%, compared to 0.01% for the second quarter of
2020, and a net recovery of 0.11% for the third quarter of 2019. We
continue to increase the qualitative factors in our allowance for
loan losses calculation for the economic uncertainties caused by
the COVID-19 pandemic resulting in the increased provision expense
recorded during the quarter. 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 $17.5
million, or 1.01% of total assets, at September 30, 2020, an increase of $3.8 million from $13.7
million, or 0.79% of total assets, at June 30, 2020, and an increase of $2.6 million from $14.9
million, or 0.91% of total assets, at September 30, 2019. The increase during the
quarter was primarily due to a $4.6
million increase in accruing troubled debt restructured
loans, offset by a $605,000 decrease
in nonaccrual loans and $141,000
decrease in other real estate owned.
Allowance for loan losses as a percentage of total loans was
0.64% at September 30, 2020, compared
to 0.58% at June 30, 2020 and 0.54%
at September 30, 2019. Excluding
outstanding PPP loans of $96.9
million as of September 30,
2020, the allowance for loan losses as a percentage of total
loans was 0.68%. Allowance for loan losses as a percentage of
nonperforming loans was 54.24% at September
30, 2020, compared to 59.66% and 47.19% at June 30, 2020 and September 30, 2019, respectively.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a bank holding company
for its wholly-owned banking subsidiary, Metro City Bank, which is
headquartered in the Atlanta
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 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 COVID-19 pandemic
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 often include words such as "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 are based on current information
and on assumptions that we make about future events and
circumstances that are subject to a number of risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, 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: business and economic
conditions, particularly those affecting the financial services;
the impact of the COVID-19 pandemic 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 COVID-19 pandemic; 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 COVID-19; 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 COVID-19 pandemic. 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 Annual Report on Form 10-K for the
year ended December 31, 2019, filed
with the SEC on March 19, 2020, 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
|
Chief Accounting
Officer
|
770-455-4978
|
678-580-6414
|
faridtan@metrocitybank.bank
|
lucasstewart@metrocitybank.bank
|
|
|
METROCITY
BANKSHARES, INC.
|
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months
Ended
|
|
As of and for the Nine Months
Ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
(Dollars in
thousands, except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
18,131
|
|
$
|
19,083
|
|
$
|
20,556
|
|
$
|
20,625
|
|
$
|
21,908
|
|
$
|
57,770
|
|
$
|
62,588
|
|
Interest
expense
|
|
2,192
|
|
|
3,240
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
10,078
|
|
|
16,557
|
|
Net interest
income
|
|
15,939
|
|
|
15,843
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
47,962
|
|
|
46,031
|
|
Provision for loan
losses
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,511
|
|
|
—
|
|
Noninterest
income
|
|
7,964
|
|
|
5,500
|
|
|
7,509
|
|
|
9,360
|
|
|
11,001
|
|
|
21,073
|
|
|
30,533
|
|
Noninterest
expense
|
|
10,150
|
|
|
9,724
|
|
|
10,049
|
|
|
9,840
|
|
|
10,162
|
|
|
30,023
|
|
|
30,160
|
|
Income tax
expense
|
|
2,918
|
|
|
2,819
|
|
|
3,554
|
|
|
3,794
|
|
|
4,462
|
|
|
9,291
|
|
|
12,356
|
|
Net income
|
|
9,385
|
|
|
7,739
|
|
|
9,816
|
|
|
10,670
|
|
|
12,356
|
|
|
26,940
|
|
|
34,048
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
$
|
0.37
|
|
$
|
0.30
|
|
$
|
0.38
|
|
$
|
0.42
|
|
$
|
0.51
|
|
$
|
1.05
|
|
$
|
1.40
|
|
Diluted income per
share
|
$
|
0.36
|
|
$
|
0.30
|
|
$
|
0.38
|
|
$
|
0.42
|
|
$
|
0.50
|
|
$
|
1.05
|
|
$
|
1.39
|
|
Dividends per
share
|
$
|
0.09
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.31
|
|
$
|
0.31
|
|
Book value per share
(at period end)
|
$
|
9.23
|
|
$
|
8.94
|
|
$
|
8.76
|
|
$
|
8.49
|
|
$
|
8.00
|
|
$
|
9.23
|
|
$
|
8.00
|
|
Shares of common stock
outstanding
|
|
25,674,067
|
|
|
25,674,067
|
|
|
25,529,891
|
|
|
25,529,891
|
|
|
24,305,378
|
|
|
25,674,067
|
|
|
24,305,378
|
|
Weighted average
diluted shares
|
|
25,858,741
|
|
|
25,717,339
|
|
|
25,736,435
|
|
|
25,586,733
|
|
|
24,502,621
|
|
|
25,774,500
|
|
|
24,440,485
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
2.20
|
%
|
|
1.89
|
%
|
|
2.44
|
%
|
|
2.57
|
%
|
|
3.07
|
%
|
|
2.17
|
%
|
|
2.98
|
%
|
Return on average
equity
|
|
16.22
|
|
|
13.92
|
|
|
18.21
|
|
|
20.40
|
|
|
26.44
|
|
|
16.10
|
|
|
25.81
|
|
Dividend payout
ratio
|
|
24.78
|
|
|
36.53
|
|
|
28.80
|
|
|
26.36
|
|
|
21.79
|
|
|
29.62
|
|
|
22.29
|
|
Yield on total
loans
|
|
5.05
|
|
|
5.69
|
|
|
6.11
|
|
|
6.04
|
|
|
6.22
|
|
|
5.60
|
|
|
6.17
|
|
Yield on average
earning assets
|
|
4.51
|
|
|
4.93
|
|
|
5.42
|
|
|
5.27
|
|
|
5.78
|
|
|
4.95
|
|
|
5.80
|
|
Cost of average
interest bearing liabilities
|
|
0.91
|
|
|
1.32
|
|
|
1.78
|
|
|
2.06
|
|
|
2.23
|
|
|
1.35
|
|
|
2.19
|
|
Cost of
deposits
|
|
0.94
|
|
|
1.38
|
|
|
1.86
|
|
|
2.15
|
|
|
2.29
|
|
|
1.41
|
|
|
2.21
|
|
Net interest
margin
|
|
3.97
|
|
|
4.09
|
|
|
4.19
|
|
|
3.82
|
|
|
4.22
|
|
|
4.08
|
|
|
4.27
|
|
Efficiency
ratio(1)
|
|
42.46
|
|
|
45.56
|
|
|
42.91
|
|
|
40.49
|
|
|
37.66
|
|
|
43.66
|
|
|
39.39
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
0.00
|
%
|
|
0.01
|
%
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.00
|
%
|
|
(0.02)
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
1.19
|
|
|
1.00
|
|
|
1.13
|
|
|
1.30
|
|
|
1.18
|
|
|
1.19
|
|
|
1.18
|
|
ALL to nonperforming
loans
|
|
54.24
|
|
|
59.66
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
54.24
|
|
|
47.19
|
|
ALL to loans held for
investment
|
|
0.64
|
|
|
0.58
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.64
|
|
|
0.54
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
109.50
|
%
|
|
101.48
|
%
|
|
101.67
|
%
|
|
88.97
|
%
|
|
94.46
|
%
|
|
109.50
|
%
|
|
94.46
|
%
|
Noninterest bearing
deposits to deposits
|
|
34.44
|
|
|
33.28
|
|
|
25.83
|
|
|
22.34
|
|
|
23.30
|
|
|
34.44
|
|
|
23.30
|
|
Common equity to
assets
|
|
13.63
|
|
|
13.32
|
|
|
13.94
|
|
|
13.28
|
|
|
11.82
|
|
|
13.63
|
|
|
11.82
|
|
Leverage
ratio
|
|
13.44
|
|
|
13.44
|
|
|
13.40
|
|
|
12.70
|
|
|
11.68
|
|
|
13.44
|
|
|
11.68
|
|
Common equity tier 1
ratio
|
|
20.20
|
|
|
21.75
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
20.20
|
|
|
18.82
|
|
Tier 1 risk-based
capital ratio
|
|
20.20
|
|
|
21.75
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
20.20
|
|
|
18.82
|
|
Total risk-based
capital ratio
|
|
21.03
|
|
|
22.53
|
|
|
22.44
|
|
|
22.01
|
|
|
19.51
|
|
|
21.03
|
|
|
19.51
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
$
|
1,063,500
|
|
$
|
1,136,824
|
|
$
|
1,186,825
|
|
$
|
1,168,601
|
|
$
|
1,122,551
|
|
$
|
1,063,500
|
|
$
|
1,122,551
|
|
Mortgage loan
production
|
|
120,337
|
|
|
48,850
|
|
|
120,076
|
|
|
112,259
|
|
|
163,517
|
|
|
289,263
|
|
|
503,298
|
|
Mortgage loan
sales
|
|
—
|
|
|
—
|
|
|
92,737
|
|
|
106,548
|
|
|
152,503
|
|
|
92,737
|
|
|
413,519
|
|
SBA loans serviced for
others
|
|
500,047
|
|
|
476,629
|
|
|
464,576
|
|
|
441,593
|
|
|
446,266
|
|
|
500,047
|
|
|
446,266
|
|
SBA loan
production
|
|
52,742
|
|
|
114,899
|
|
|
43,447
|
|
|
30,763
|
|
|
48,878
|
|
|
211,088
|
|
|
124,284
|
|
SBA loan
sales
|
|
37,923
|
|
|
35,247
|
|
|
29,958
|
|
|
30,065
|
|
|
28,914
|
|
|
103,128
|
|
|
88,340
|
|
|
(1)
Represents noninterest expense divided by the sum of net interest
income plus noninterest income.
|
|
|
|
METROCITY
BANKSHARES, INC.
|
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
(Dollars in
thousands, except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
109,263
|
|
$
|
208,325
|
|
$
|
201,020
|
|
$
|
270,496
|
|
$
|
264,981
|
Federal funds
sold
|
|
17,268
|
|
|
7,444
|
|
|
6,618
|
|
|
5,917
|
|
|
9,567
|
Cash and cash
equivalents
|
|
126,531
|
|
|
215,769
|
|
|
207,638
|
|
|
276,413
|
|
|
274,548
|
Securities purchased
under agreements to resell
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
|
|
15,000
|
|
|
15,000
|
Securities available
for sale (at fair value)
|
|
18,204
|
|
|
18,415
|
|
|
18,182
|
|
|
15,695
|
|
|
15,913
|
Loans
|
|
1,459,899
|
|
|
1,364,989
|
|
|
1,261,603
|
|
|
1,161,162
|
|
|
1,259,046
|
Allowance for loan
losses
|
|
(9,339)
|
|
|
(7,894)
|
|
|
(6,859)
|
|
|
(6,839)
|
|
|
(6,850)
|
Loans less allowance
for loan losses
|
|
1,450,560
|
|
|
1,357,095
|
|
|
1,254,744
|
|
|
1,154,323
|
|
|
1,252,196
|
Loans held for
sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,793
|
|
|
—
|
Accrued interest
receivable
|
|
7,999
|
|
|
8,270
|
|
|
5,534
|
|
|
5,101
|
|
|
5,465
|
Federal Home Loan
Bank stock
|
|
5,723
|
|
|
4,873
|
|
|
4,873
|
|
|
3,842
|
|
|
3,842
|
Premises and
equipment, net
|
|
14,083
|
|
|
14,231
|
|
|
14,344
|
|
|
14,460
|
|
|
14,484
|
Operating lease
right-of-use asset
|
|
10,786
|
|
|
11,220
|
|
|
11,663
|
|
|
11,957
|
|
|
12,431
|
Foreclosed real
estate, net
|
|
282
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
423
|
SBA servicing asset,
net
|
|
10,173
|
|
|
8,446
|
|
|
7,598
|
|
|
8,188
|
|
|
8,566
|
Mortgage servicing
asset, net
|
|
14,599
|
|
|
16,064
|
|
|
16,791
|
|
|
18,068
|
|
|
17,740
|
Bank owned life
insurance
|
|
35,578
|
|
|
20,450
|
|
|
20,335
|
|
|
20,219
|
|
|
20,101
|
Other
assets
|
|
5,355
|
|
|
6,501
|
|
|
2,417
|
|
|
2,376
|
|
|
4,036
|
Total assets
|
$
|
1,739,873
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
460,679
|
|
$
|
449,185
|
|
$
|
320,982
|
|
$
|
292,008
|
|
$
|
311,198
|
Interest-bearing
deposits
|
|
877,112
|
|
|
900,713
|
|
|
921,899
|
|
|
1,015,369
|
|
|
1,024,154
|
Total
deposits
|
|
1,337,791
|
|
|
1,349,898
|
|
|
1,242,881
|
|
|
1,307,377
|
|
|
1,335,352
|
Federal Home Loan
Bank advances
|
|
100,000
|
|
|
80,000
|
|
|
80,000
|
|
|
60,000
|
|
|
60,000
|
Other
borrowings
|
|
491
|
|
|
3,060
|
|
|
3,097
|
|
|
3,129
|
|
|
3,154
|
Operating lease
liability
|
|
11,342
|
|
|
11,769
|
|
|
12,198
|
|
|
12,476
|
|
|
12,922
|
Accrued interest
payable
|
|
310
|
|
|
549
|
|
|
760
|
|
|
890
|
|
|
940
|
Other
liabilities
|
|
52,843
|
|
|
47,060
|
|
|
41,871
|
|
|
31,262
|
|
|
37,955
|
Total
liabilities
|
$
|
1,502,777
|
|
$
|
1,492,336
|
|
$
|
1,380,807
|
|
$
|
1,415,134
|
|
$
|
1,450,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
257
|
|
|
257
|
|
|
255
|
|
|
255
|
|
|
243
|
Additional paid-in
capital
|
|
55,098
|
|
|
54,524
|
|
|
54,142
|
|
|
53,854
|
|
|
39,526
|
Retained
earnings
|
|
181,576
|
|
|
174,518
|
|
|
169,606
|
|
|
162,616
|
|
|
154,652
|
Accumulated other
comprehensive income (loss)
|
|
165
|
|
|
122
|
|
|
(268)
|
|
|
(1)
|
|
|
1
|
Total shareholders'
equity
|
|
237,096
|
|
|
229,421
|
|
|
223,735
|
|
|
216,724
|
|
|
194,422
|
Total liabilities and
shareholders' equity
|
$
|
1,739,873
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
|
|
METROCITY
BANKSHARES, INC.
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
(Dollars in
thousands, except per share data)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
$
|
17,880
|
|
$
|
18,826
|
|
$
|
19,508
|
|
$
|
19,483
|
|
$
|
20,857
|
|
$
|
56,214
|
|
$
|
59,855
|
Other investment
income
|
|
187
|
|
|
196
|
|
|
882
|
|
|
1,023
|
|
|
907
|
|
|
1,265
|
|
|
2,271
|
Federal funds
sold
|
|
64
|
|
|
61
|
|
|
166
|
|
|
119
|
|
|
144
|
|
|
291
|
|
|
462
|
Total interest
income
|
|
18,131
|
|
|
19,083
|
|
|
20,556
|
|
|
20,625
|
|
|
21,908
|
|
|
57,770
|
|
|
62,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
2,046
|
|
|
3,096
|
|
|
4,514
|
|
|
5,576
|
|
|
5,873
|
|
|
9,656
|
|
|
16,375
|
FHLB advances and other
borrowings
|
|
146
|
|
|
144
|
|
|
132
|
|
|
105
|
|
|
56
|
|
|
422
|
|
|
182
|
Total interest
expense
|
|
2,192
|
|
|
3,240
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
10,078
|
|
|
16,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
15,939
|
|
|
15,843
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
47,692
|
|
|
46,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,511
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
14,489
|
|
|
14,782
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
45,181
|
|
|
46,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
215
|
|
|
202
|
|
|
287
|
|
|
296
|
|
|
294
|
|
|
704
|
|
|
811
|
Other service charges,
commissions and fees
|
|
2,023
|
|
|
970
|
|
|
2,203
|
|
|
2,335
|
|
|
2,592
|
|
|
5,196
|
|
|
8,049
|
Gain on sale of
residential mortgage loans
|
|
—
|
|
|
—
|
|
|
2,529
|
|
|
2,687
|
|
|
2,901
|
|
|
2,529
|
|
|
6,454
|
Mortgage servicing
income, net
|
|
235
|
|
|
783
|
|
|
372
|
|
|
2,046
|
|
|
2,594
|
|
|
1,390
|
|
|
7,248
|
Gain on sale of SBA
loans
|
|
2,265
|
|
|
1,276
|
|
|
1,301
|
|
|
1,148
|
|
|
1,404
|
|
|
4,842
|
|
|
3,080
|
SBA servicing income,
net
|
|
2,931
|
|
|
1,959
|
|
|
516
|
|
|
665
|
|
|
900
|
|
|
5,406
|
|
|
4,296
|
Other income
|
|
295
|
|
|
310
|
|
|
401
|
|
|
183
|
|
|
316
|
|
|
1,006
|
|
|
595
|
Total noninterest
income
|
|
7,964
|
|
|
5,500
|
|
|
7,609
|
|
|
9,360
|
|
|
11,001
|
|
|
21,073
|
|
|
30,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
6,416
|
|
|
5,749
|
|
|
6,513
|
|
|
5,997
|
|
|
6,573
|
|
|
18,678
|
|
|
18,926
|
Occupancy
|
|
1,302
|
|
|
1,277
|
|
|
1,211
|
|
|
1,202
|
|
|
1,161
|
|
|
3,790
|
|
|
3,547
|
Data
Processing
|
|
287
|
|
|
201
|
|
|
277
|
|
|
264
|
|
|
245
|
|
|
765
|
|
|
765
|
Advertising
|
|
127
|
|
|
140
|
|
|
161
|
|
|
194
|
|
|
142
|
|
|
428
|
|
|
455
|
Other
expenses
|
|
2,018
|
|
|
2,357
|
|
|
1,987
|
|
|
2,183
|
|
|
2,041
|
|
|
6,362
|
|
|
6,467
|
Total noninterest
expense
|
|
10,150
|
|
|
9,724
|
|
|
10,149
|
|
|
9,840
|
|
|
10,162
|
|
|
30,023
|
|
|
30,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
12,303
|
|
|
10,558
|
|
|
13,370
|
|
|
14,464
|
|
|
16,818
|
|
|
36,231
|
|
|
46,404
|
Provision for income
taxes
|
|
2,918
|
|
|
2,819
|
|
|
3,554
|
|
|
3,794
|
|
|
4,462
|
|
|
9,291
|
|
|
12,356
|
Net income available
to common shareholders
|
$
|
9,385
|
|
$
|
7,739
|
|
$
|
9,816
|
|
$
|
10,670
|
|
$
|
12,356
|
|
$
|
26,940
|
|
$
|
34,048
|
|
|
|
METROCITY
BANKSHARES, INC.
|
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30, 2020
|
|
June 30, 2020
|
|
September 30, 2019
|
|
|
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)
|
$
|
132,781
|
|
$
|
87
|
|
0.26
|
%
|
$
|
167,059
|
|
$
|
97
|
|
0.23
|
%
|
$
|
141,239
|
|
$
|
842
|
|
2.37
|
%
|
Securities purchased
under agreements to resell
|
|
40,000
|
|
|
61
|
|
0.61
|
|
|
40,000
|
|
|
57
|
|
0.57
|
|
|
15,000
|
|
|
107
|
|
2.83
|
|
Securities available
for sale
|
|
18,161
|
|
|
103
|
|
2.26
|
|
|
18,410
|
|
|
103
|
|
2.25
|
|
|
16,486
|
|
|
102
|
|
2.45
|
|
Total
investments
|
|
190,942
|
|
|
251
|
|
0.52
|
|
|
225,469
|
|
|
257
|
|
0.46
|
|
|
172,725
|
|
|
1,051
|
|
2.41
|
|
Construction and
development
|
|
33,587
|
|
|
414
|
|
4.90
|
|
|
31,617
|
|
|
421
|
|
5.36
|
|
|
34,903
|
|
|
579
|
|
6.58
|
|
Commercial real
estate
|
|
476,174
|
|
|
6,417
|
|
5.36
|
|
|
472,113
|
|
|
6,246
|
|
5.32
|
|
|
474,455
|
|
|
8,210
|
|
6.87
|
|
Commercial and
industrial
|
|
139,083
|
|
|
870
|
|
2.49
|
|
|
111,629
|
|
|
2,076
|
|
7.48
|
|
|
46,931
|
|
|
837
|
|
7.08
|
|
Residential real
estate
|
|
757,982
|
|
|
10,132
|
|
5.32
|
|
|
714,095
|
|
|
10,025
|
|
5.65
|
|
|
772,068
|
|
|
11,181
|
|
5.75
|
|
Consumer and
other
|
|
844
|
|
|
47
|
|
22.15
|
|
|
1,275
|
|
|
58
|
|
18.30
|
|
|
2,142
|
|
|
50
|
|
9.26
|
|
Gross
loans(2)
|
|
1,407,670
|
|
|
17,880
|
|
5.05
|
|
|
1,330,729
|
|
|
18,826
|
|
5.69
|
|
|
1,330,499
|
|
|
20,857
|
|
6.22
|
|
Total earning
assets
|
|
1,598,612
|
|
|
18,131
|
|
4.51
|
|
|
1,556,198
|
|
|
19,083
|
|
4.93
|
|
|
1,503,224
|
|
|
21,908
|
|
5.78
|
|
Noninterest-earning
assets
|
|
96,234
|
|
|
|
|
|
|
|
93,152
|
|
|
|
|
|
|
|
95,437
|
|
|
|
|
|
|
Total
assets
|
|
1,694,846
|
|
|
|
|
|
|
|
1,649,350
|
|
|
|
|
|
|
|
1,598,661
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
73,299
|
|
|
42
|
|
0.23
|
|
|
64,081
|
|
|
40
|
|
0.25
|
|
|
49,880
|
|
|
40
|
|
0.32
|
|
Money market
deposits
|
|
250,200
|
|
|
341
|
|
0.54
|
|
|
207,785
|
|
|
393
|
|
0.76
|
|
|
152,867
|
|
|
822
|
|
2.13
|
|
Time
deposits
|
|
546,648
|
|
|
1,663
|
|
1.21
|
|
|
632,257
|
|
|
2,663
|
|
1.69
|
|
|
816,752
|
|
|
5,011
|
|
2.43
|
|
Total interest-bearing
deposits
|
|
870,147
|
|
|
2,046
|
|
0.94
|
|
|
904,123
|
|
|
3,096
|
|
1.38
|
|
|
1,019,499
|
|
|
5,873
|
|
2.29
|
|
Borrowings
|
|
84,564
|
|
|
146
|
|
0.69
|
|
|
83,096
|
|
|
144
|
|
0.70
|
|
|
37,075
|
|
|
56
|
|
0.60
|
|
Total interest-bearing
liabilities
|
|
954,711
|
|
|
2,192
|
|
0.91
|
|
|
987,219
|
|
|
3,240
|
|
1.32
|
|
|
1,056,574
|
|
|
5,929
|
|
2.23
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
445,970
|
|
|
|
|
|
|
|
377,136
|
|
|
|
|
|
|
|
303,759
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
64,045
|
|
|
|
|
|
|
|
61,449
|
|
|
|
|
|
|
|
52,954
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
510,015
|
|
|
|
|
|
|
|
438,585
|
|
|
|
|
|
|
|
356,713
|
|
|
|
|
|
|
Shareholders'
equity
|
|
230,120
|
|
|
|
|
|
|
|
223,546
|
|
|
|
|
|
|
|
185,374
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,694,846
|
|
|
|
|
|
|
$
|
1,649,350
|
|
|
|
|
|
|
$
|
1,598,661
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
15,939
|
|
|
|
|
|
|
$
|
15,843
|
|
|
|
|
|
|
$
|
15,979
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
3.60
|
|
|
|
|
|
|
|
3.61
|
|
|
|
|
|
|
|
3.55
|
|
Net interest
margin
|
|
|
|
|
|
|
3.97
|
|
|
|
|
|
|
|
4.09
|
|
|
|
|
|
|
|
4.22
|
|
|
(1)
Includes income and average balances for term federal funds sold,
interest-earning cash accounts and other miscellaneous
interest-earning assets.
|
|
(2)
Average loan balances include nonaccrual loans and loans held for
sale.
|
|
|
|
METROCITY
BANKSHARES, INC.
|
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September 30, 2020
|
|
September 30, 2019
|
|
|
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)
|
$
|
164,287
|
|
$
|
986
|
|
0.80
|
%
|
$
|
112,310
|
|
$
|
2,056
|
|
2.45
|
%
|
Securities purchased
under agreements to resell
|
|
37,354
|
|
|
258
|
|
0.92
|
|
|
15,000
|
|
|
334
|
|
2.98
|
|
Securities available
for sale
|
|
17,747
|
|
|
312
|
|
2.35
|
|
|
17,949
|
|
|
343
|
|
2.55
|
|
Total
investments
|
|
219,388
|
|
|
1,556
|
|
0.95
|
|
|
145,259
|
|
|
2,733
|
|
2.52
|
|
Construction and
development
|
|
30,822
|
|
|
1,232
|
|
5.34
|
|
|
34,598
|
|
|
1,721
|
|
6.65
|
|
Commercial real
estate
|
|
475,036
|
|
|
19,913
|
|
5.60
|
|
|
453,741
|
|
|
23,109
|
|
6.81
|
|
Commercial and
industrial
|
|
103,680
|
|
|
3,925
|
|
5.06
|
|
|
41,096
|
|
|
2,229
|
|
7.25
|
|
Residential real
estate
|
|
730,283
|
|
|
30,997
|
|
5.67
|
|
|
764,873
|
|
|
32,636
|
|
5.70
|
|
Consumer and
other
|
|
1,233
|
|
|
147
|
|
15.93
|
|
|
2,490
|
|
|
160
|
|
8.59
|
|
Gross
loans(2)
|
|
1,341,054
|
|
|
56,214
|
|
5.60
|
|
|
1,296,798
|
|
|
59,855
|
|
6.17
|
|
Total earning
assets
|
|
1,560,442
|
|
|
57,770
|
|
4.95
|
|
|
1,442,057
|
|
|
62,588
|
|
5.80
|
|
Noninterest-earning
assets
|
|
94,284
|
|
|
|
|
|
|
|
83,947
|
|
|
|
|
|
|
Total
assets
|
|
1,654,726
|
|
|
|
|
|
|
|
1,526,004
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
65,223
|
|
|
125
|
|
0.26
|
|
|
52,007
|
|
|
132
|
|
0.34
|
|
Money market
deposits
|
|
231,414
|
|
|
1,403
|
|
0.81
|
|
|
119,931
|
|
|
1,957
|
|
2.18
|
|
Time
deposits
|
|
619,118
|
|
|
8,128
|
|
1.75
|
|
|
819,510
|
|
|
14,286
|
|
2.33
|
|
Total interest-bearing
deposits
|
|
915,755
|
|
|
9,656
|
|
1.41
|
|
|
991,448
|
|
|
16,375
|
|
2.21
|
|
Borrowings
|
|
81,191
|
|
|
422
|
|
0.69
|
|
|
21,529
|
|
|
182
|
|
1.13
|
|
Total interest-bearing
liabilities
|
|
996,946
|
|
|
10,078
|
|
1.35
|
|
|
1,012,977
|
|
|
16,557
|
|
2.19
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
374,310
|
|
|
|
|
|
|
|
300,851
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
59,954
|
|
|
|
|
|
|
|
35,791
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
434,264
|
|
|
|
|
|
|
|
336,642
|
|
|
|
|
|
|
Shareholders'
equity
|
|
223,516
|
|
|
|
|
|
|
|
176,385
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,654,726
|
|
|
|
|
|
|
$
|
1,526,004
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
47,692
|
|
|
|
|
|
|
$
|
46,031
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
3.60
|
|
|
|
|
|
|
|
3.61
|
|
Net interest
margin
|
|
|
|
|
|
|
4.08
|
|
|
|
|
|
|
|
4.27
|
|
|
(1)
Includes income and average balances for term federal funds sold,
interest-earning cash accounts and other miscellaneous
interest-earning assets.
|
|
(2)
Average loan balances include nonaccrual loans and loans held for
sale.
|
|
|
|
METROCITY
BANKSHARES, INC.
|
LOAN
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
September 30, 2020
|
|
June 30, 2020
|
|
March 31, 2020
|
|
December 31, 2019
|
|
September 30, 2019
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
$
|
38,607
|
|
2.6
|
%
|
$
|
42,847
|
|
3.1
|
%
|
$
|
36,477
|
|
2.9
|
%
|
$
|
31,739
|
|
2.7
|
%
|
$
|
42,106
|
|
3.3
|
%
|
Commercial Real
Estate
|
|
447,596
|
|
30.6
|
|
|
429,019
|
|
31.3
|
|
|
431,205
|
|
34.1
|
|
|
424,950
|
|
36.5
|
|
|
436,692
|
|
34.6
|
|
Commercial and
Industrial
|
|
146,880
|
|
10.0
|
|
|
141,540
|
|
10.3
|
|
|
60,183
|
|
4.8
|
|
|
53,105
|
|
4.6
|
|
|
47,247
|
|
3.8
|
|
Residential Real
Estate
|
|
831,334
|
|
56.7
|
|
|
755,521
|
|
55.2
|
|
|
734,262
|
|
58.1
|
|
|
651,645
|
|
56.0
|
|
|
733,702
|
|
58.2
|
|
Consumer and
other
|
|
505
|
|
0.1
|
|
|
967
|
|
0.1
|
|
|
1,454
|
|
0.1
|
|
|
1,768
|
|
0.2
|
|
|
1,658
|
|
0.1
|
|
Gross loans
|
$
|
1,464,922
|
|
100.0
|
%
|
$
|
1,369,894
|
|
100.0
|
%
|
$
|
1,263,581
|
|
100.0
|
%
|
$
|
1,163,207
|
|
100.0
|
%
|
$
|
1,261,405
|
|
100.0
|
%
|
Unearned
income
|
|
(5,023)
|
|
|
|
|
(4,905)
|
|
|
|
|
(1,978)
|
|
|
|
|
(2,045)
|
|
|
|
|
(2,359)
|
|
|
|
Allowance for loan
losses
|
|
(9,339)
|
|
|
|
|
(7,894)
|
|
|
|
|
(6,859)
|
|
|
|
|
(6,839)
|
|
|
|
|
(6,850)
|
|
|
|
Net loans
|
$
|
1,450,560
|
|
|
|
$
|
1,357,095
|
|
|
|
$
|
1,254,744
|
|
|
|
$
|
1,154,323
|
|
|
|
$
|
1,252,196
|
|
|
|
|
|
|
METROCITY
BANKSHARES, INC.
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(Dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
Nonaccrual
loans
|
$
|
9,730
|
|
$
|
10,335
|
|
$
|
10,944
|
|
$
|
12,236
|
|
$
|
11,039
|
|
Past due loans 90
days or more and still accruing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
509
|
|
Accruing troubled
debt restructured loans
|
|
7,487
|
|
|
2,896
|
|
|
2,922
|
|
|
2,459
|
|
|
2,969
|
|
Total non-performing
loans
|
|
17,217
|
|
|
13,231
|
|
|
13,866
|
|
|
14,695
|
|
|
14,517
|
|
Other real estate
owned
|
|
282
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
423
|
|
Total non-performing
assets
|
$
|
17,499
|
|
$
|
13,654
|
|
$
|
14,289
|
|
$
|
15,118
|
|
$
|
14,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
1.18
|
%
|
|
0.97
|
%
|
|
1.10
|
%
|
|
1.26
|
%
|
|
1.15
|
%
|
Nonperforming assets
to total assets
|
|
1.01
|
|
|
0.79
|
|
|
0.89
|
|
|
0.93
|
|
|
0.91
|
|
Allowance for loan
losses to non-performing loans
|
|
54.24
|
|
|
59.66
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
|
|
METROCITY
BANKSHARES, INC.
|
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three
Months Ended
|
|
As of and for the Nine
Months Ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
(Dollars in
thousands)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
|
Balance, beginning of
period
|
$
|
7,894
|
|
$
|
6,859
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
6,483
|
|
$
|
6,839
|
|
$
|
6,645
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
(3)
|
|
|
(3)
|
|
|
(2)
|
|
|
(3)
|
|
|
(501)
|
|
|
(8)
|
|
|
(512)
|
|
Commercial and
industrial
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
14
|
|
Residential real
estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
8
|
|
|
29
|
|
|
7
|
|
|
14
|
|
|
134
|
|
|
44
|
|
|
293
|
|
Total net
charge-offs/(recoveries)
|
|
5
|
|
|
26
|
|
|
(20)
|
|
|
11
|
|
|
(367)
|
|
|
11
|
|
|
(205)
|
|
Provision for loan
losses
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,511
|
|
|
—
|
|
Balance, end of
period
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
6,859
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
9,339
|
|
$
|
6,850
|
|
Total loans at end of
period
|
$
|
1,464,922
|
|
$
|
1,369,894
|
|
$
|
1,263,581
|
|
$
|
1,163,207
|
|
$
|
1,261,405
|
|
$
|
1,464,922
|
|
$
|
1,261,405
|
|
Average
loans(1)
|
$
|
1,407,670
|
|
$
|
1,330,729
|
|
$
|
1,241,138
|
|
$
|
1,236,392
|
|
$
|
1,295,657
|
|
$
|
1,319,606
|
|
$
|
1,229,866
|
|
Net charge-offs to
average loans
|
|
0.00
|
%
|
|
0.01
|
%
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.00
|
%
|
|
(0.02)
|
%
|
Allowance for loan
losses to total loans
|
|
0.64
|
|
|
0.58
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.64
|
|
|
0.54
|
|
|
(1)
Excludes loans held for sale
|
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SOURCE MetroCity Bankshares, Inc.