ATLANTA, April 23, 2021 /PRNewswire/ -- MetroCity
Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS),
holding company for Metro City Bank (the "Bank"), today reported
net income of $13.0 million, or
$0.50 per diluted share, for the
first quarter of 2021, compared to $9.5
million, or $0.37 per diluted
share, for the fourth quarter of 2020, and $9.8 million, or $0.38 per diluted share, for the first quarter of
2020.
First Quarter 2021 Highlights:
- Annualized return on average assets was 2.62%, compared to
2.14% for the fourth quarter of 2020 and 2.44% for the first
quarter of 2020.
- Annualized return on average equity was 21.35%, compared to
15.78% for the fourth quarter of 2020 and 18.21% for the first
quarter of 2020.
- Efficiency ratio of 36.0%, compared to 45.1% for the fourth
quarter of 2020 and 42.9% for the first quarter of 2020.
- Total assets increased by $256.9
million, or 13.5%, to $2.15
billion from the previous quarter.
- Total loans increased by $236.4
million, or 14.5%, to $1.87
billion from the previous quarter.
- Total deposits increased by $266.0
million, or 18.0%, to $1.75
billion from the previous quarter.
- Net interest margin increased to 4.60%, compared to 4.46% for
the fourth quarter of 2020 and 4.19% for the first quarter of
2020.
COVID-19 Pandemic
The Company prioritizes the health and safety of its employees
and customers, and continues to take protective measures during the
ongoing coronavirus (COVID-19) pandemic, such as implementing
remote work arrangements to the fullest extent possible and by
adjusting banking center hours and operational measures to promote
social distancing. 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. Meanwhile,
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 twelve months. The Small
Business Administration (the "SBA") made debt relief payments for
the principal, interest and fee payments of all our SBA loan
customers for six months through the end of September 2020. As of March 31, 2021, we had nine non-SBA commercial
customers with outstanding loan balances totaling $26.5 million that were under approved payment
deferrals. This is a decline from the active payment deferrals as
of December 31, 2020 that were
granted to 14 non-SBA commercial customers with outstanding
balances totaling $42.0 million.
Included in the current non-SBA payment deferrals were four loans
totaling $10.7 million with a
weighted average loan-to-value ("LTV") of 37.3% in the hotel
industry and no loans in the restaurant industry, which are two
industries heavily impacted by the COVID-19 pandemic. As of
March 31, 2021, we had approved three
month payment deferrals for 14 SBA loans with outstanding gross
loan balances totaling $32.6 million
($8.1 million unguaranteed book
balance). Of these SBA payment deferrals, eight loans totaling
$18.0 million ($4.5 million unguaranteed book balance) were in
the restaurant industry and no loans were in the hotel industry. As
of March 31, 2021, the Company had 49
loans totaling $123.4 million in the
hotel industry and 117 loans totaling $36.7
million in the restaurant industry.
As of March 31, 2021, our
residential real estate loan portfolio made up 63.0% of our total
loan portfolio and had a weighted average amortized LTV of
approximately 55.6%. As of March 31,
2021, only 0.4% of our residential mortgages remain on
hardship payment deferral covering principal and interest payments
for two to six 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, and a slight
decrease from the last round of payment deferrals granted during
the fourth quarter of 2020, which made up 1.0% of our residential
mortgage balances as of December 31,
2020.
As a preferred SBA lender, we are participating in the Paycheck
Protection Program ("PPP") created under the Coronavirus Aid,
Relief and Economic Security Act and implemented by the SBA to help
provide loans to our business customers in need. During the first
round of PPP funding in the second and third quarters of 2020, the
Company approved and funded over 1,800 PPP loans totaling
$97.0 million. These PPP loans were
funded with our current cash balances and all PPP loans are fully
guaranteed by the SBA. As of April 20,
2021, the SBA had granted forgiveness for these PPP loans
totaling $29.1 million, or 30.0% of
PPP loans funded.
The Economic Aid Act, signed into law on December 27, 2020, authorized an additional
$284.5 billion in new PPP funding and
extends the authority of lenders to make PPP loans through
March 31, 2021. We participated in
this new round of PPP loan funding by offering first and second
draw loans. As of March 31, 2021, the
Company had approved and funded 773 loans totaling $46.7 million under this new round of PPP loan
funding.
Based on the Company's capital levels as of March 31, 2021, conservative underwriting
policies, low LTV ratios, and strong liquidity position, management
expects to be able to continue to assist the Company's customers
and communities during these difficult times, manage the economic
risks and uncertainties associated with the ongoing COVID-19
pandemic and remain well capitalized.
Results of Operations
Net Income
Net income was $13.0 million for
the first quarter of 2021, an increase of $3.5 million, or 37.3%, from $9.5 million for the fourth quarter of 2020. This
increase was due to an increase in net interest income of
$3.1 million, an increase in
noninterest income of $2.0 million
and a decrease in noninterest expense of $369,000, offset by an increase in provision for
loan losses of $643,000 and an
increase in provision for income taxes of $1.4 million. Net income increased
$3.2 million, or 32.2%, in the first
quarter of 2021 compared to net income of $9.8 million for the first quarter of 2020. This
increase was due to an increase in net interest income of
$5.6 million and an increase in
noninterest income of $577,000,
offset by an increase in provision for loan losses of $1.6 million, an increase in noninterest expense
of $559,000 and an increase in
provision for income taxes of $878,000.
Net Interest Income and Net Interest Margin
Interest income totaled $22.7
million for the first quarter of 2021, an increase of
$2.8 million, or 14.3%, from the
previous quarter, primarily due to a six basis points increase in
the yield on average loans and a $231.5
million increase in average loan balances. We also
recognized PPP loan fee income of $1.1
million during the first quarter of 2021. As compared to the
first quarter of 2020, interest income for the first quarter of
2021 increased by $2.1 million, or
10.3%, primarily due to an increase in average loan balances of
$469.7 million.
Interest expense totaled $1.1
million for the first quarter of 2021, a decrease of
$273,000, or 19.3%, from the previous
quarter, primarily due to a 12 basis points decrease in the cost of
average money market deposits and a 24 basis points decrease in the
cost of average time deposits. As compared to the first quarter of
2020, interest expense for the first quarter of 2021 decreased by
$3.5 million, or 75.5%, primarily due
to a 150 basis points decrease in deposit costs coupled with a
$234.1 million decrease in higher
cost average time deposits.
The net interest margin for the first quarter of 2021 was 4.60%
compared to 4.46% for the previous quarter, an increase of 14 basis
points. The cost of interest-bearing liabilities for the first
quarter of 2021 decreased by 18 basis points to 0.38% compared with
the previous quarter, while the yield on interest-earning assets
for the first quarter of 2021 increased by 5 basis points to 4.85%
from 4.80% for the previous quarter. Average earning assets
increased by $252.4 million from the
previous quarter, primarily due to an increase in average loans of
$231.5 million and a $28.5 million increase in average
interest-earning cash accounts. Average interest-bearing
liabilities increased by $210.6
million from the previous quarter as average
interest-bearing deposits increased by $211.4 million and average borrowings decreased
by $725,000. The inclusion of PPP
loan average balances, interest and fees had a one basis point
impact on the yield on average loans and a three basis points
impact on the net interest margin for the first quarter of
2021.
As compared to the same period in 2020, the net interest margin
for the first quarter of 2021 increased by 41 basis points to 4.60%
from 4.19%, primarily due to a 140 basis point decrease in the cost
of interest-bearing liabilities of $1.21
billion and a decrease of 57 basis points in the yield on
average interest-earning assets of $1.90
billion. Average earning assets for the first quarter of
2021 increased by $371.5 million from
the first quarter of 2020, primarily due to a $469.7 million increase in average loans, offset
by a $67.7 million decrease in
average interest-earning cash accounts and a $32.0 million decrease in average securities
purchased under agreements to resell. Average interest-bearing
liabilities for the first quarter of 2021 increased by $156.5 million from the first quarter of 2020,
driven by an increase in average interest-bearing deposits of
$144.9 million and an increase
in average borrowings of $11.6
million.
Noninterest Income
Noninterest income for the first quarter of 2021 was
$8.2 million, an increase of
$2.0 million, or 33.4%, from the
fourth quarter of 2020, primarily due to higher mortgage and SBA
servicing income and gains on sale of SBA loans. During the first
quarter of 2021, we recorded a $896,000 fair value adjustment gain on our SBA
servicing asset and a $200,000 fair
value impairment recovery on our mortgage servicing asset. These
servicing asset adjustments had a $0.03 per share impact on our diluted earnings
per share for the quarter.
Compared to the same period in 2020, noninterest income for the
first quarter of 2021 increased by $577,000, or 7.6%, primarily due to the increase
in mortgage loan fees and SBA servicing income, offset by a
decrease in gains earned from the sales of mortgage loans. Mortgage
loan originations totaled $263.7
million during the first quarter of 2021 compared to
$120.1 million during the first
quarter of 2021. There were no mortgage loan sales during the first
quarter of 2021 compared to mortgage loan sales of $92.7 million during the same period in 2020.
Noninterest Expense
Noninterest expense for the first quarter of 2021 totaled
$10.7 million, a decrease of
$369,000, or 3.3%, from $11.1 million for the fourth quarter of 2020.
This decrease was primarily attributable to lower salaries and
employee benefits and professional fees. Compared to the first
quarter of 2020, noninterest expense during the first quarter of
2021 increased by $559,000, or 5.5%,
primarily due to higher salaries and employee benefits and loan
related expenses.
The Company's efficiency ratio was 36.0% for the first quarter
of 2021 compared to 45.1% and 42.9% for the fourth quarter of 2020
and first quarter of 2020, respectively.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2021
was 25.5%, compared to 24.6% for the fourth quarter of 2020 and
26.6% for the first quarter of 2020.
Balance Sheet
Total Assets
Total assets were $2.15 billion at
March 31, 2021, an increase of
$256.9 million, or 13.5%, from
$1.90 billion at December 31, 2020, and an increase of
$549.8 million, or 34.3%, from
$1.60 billion at March 31, 2020. The $256.9
million increase in total assets at March 31, 2021 compared to December 31, 2020 was primarily due to increases
in loans of $236.4 million and cash
and due from banks of $29.0 million,
partially offset by a $5.5 million
decrease in federal funds sold and $1.6
million increase in the allowance for loan losses. The
$549.8 million increase in total
assets at March 31, 2021 compared to
March 31, 2020 was primarily due to
increases in loans of $605.2 million
and bank owned life insurance of $15.7
million, partially offset by decreases in cash and due from
banks of $31.2 million, securities
purchased under agreements to resell of $40.0 million and an increase in the allowance
for loan losses of $4.9
million.
Loans
Loans held for investment were $1.87
billion at March 31, 2021, an
increase of $236.4 million, or 14.5%,
compared to $1.63 billion at
December 31, 2020, and an increase of
$605.2 million, or 48.0%, compared to
$1.26 billion at March 31, 2020. The increase in loans held for
investment at March 31, 2021 compared
to December 31, 2020 was primarily
due to a $206.9 million increase in
residential mortgages, a $29.6
million increase in commercial and industrial loans and a
$6.5 million increase in construction
and development loans, offset by a $4.1
million decrease in commercial real estate loans. Included
in commercial and industrial loans are PPP loans totaling
$125.6 million as of March 31, 2021. There were no loans classified as
held for sale at March 31, 2021,
December 31, 2020 or March 31, 2020.
Deposits
Total deposits were $1.75 billion
at March 31, 2021, an increase of
$266.0 million, or 18.0%, compared to
total deposits of $1.48 billion at
December 31, 2020, and an increase of
$503.0 million, or 40.5%, compared to
total deposits of $1.24 billion at
March 31, 2020. The increase in total
deposits at March 31, 2021 compared
to December 31, 2020 was primarily
due to the $83.3 million increase in
noninterest-bearing demand deposits, $135.4
million increase in money market accounts, $11.7 million increase in interest-bearing demand
deposits, and a $34.6 million
increase in time deposits. The increase in money market accounts
was mostly due to the addition of $135.2
million in brokered money market accounts during the
quarter.
Noninterest-bearing deposits were $546.2
million at March 31, 2021,
compared to $462.9 million at
December 31, 2020 and $321.0 million at March
31, 2020. Noninterest-bearing deposits constituted 31.3% of
total deposits at March 31, 2021,
compared to 31.3% at December 31,
2020 and 25.8% at March 31,
2020. Interest-bearing deposits were $1.2 billion at March 31,
2021, compared to $1.0 billion
at December 31, 2020 and $921.9 million at March
31, 2020. Interest-bearing deposits constituted 68.7% of
total deposits at March 31, 2021,
compared to 68.7% at December 31,
2020 and 74.2% at March 31,
2020.
Asset Quality
The Company recorded a provision for loan losses of $1.6 million during the first quarter of 2021.
Annualized net charge-offs to average loans for the first quarter
of 2021 was 0.00%, compared to 0.04% for the fourth quarter of 2020
and a net recovery of 0.01% for the first quarter of 2020. We
continue to include qualitative factors in our allowance for loan
losses calculation in light of the continued economic uncertainties
caused by the ongoing COVID-19 pandemic, resulting in the increased
provision expense recorded during 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 $15.8
million, or 0.73% of total assets, at March 31, 2021, a decrease of $1.1 million from $16.9
million, or 0.89% of total assets, at December 31, 2020, and an increase of
$1.5 million from $14.3 million, or 0.89% of total assets, at
March 31, 2020. The decrease in
nonperforming assets at March 31,
2021 compared to December 31,
2020 was due to a $1.1 million
decrease in nonaccrual loans.
Allowance for loan losses as a percentage of total loans was
0.63% at March 31, 2021, compared to
0.62% at December 31, 2020 and 0.54%
at March 31, 2020. Excluding
outstanding PPP loans of $125.6
million as of March 31, 2021
and $92.4 million as of December 31, 2020, the allowance for loan losses
as a percentage of total loans was 0.67% at March 31, 2021 and 0.66% at December 31, 2020. Allowance for loan losses as a
percentage of nonperforming loans was 98.33% at March 31, 2021, compared to 77.40% and 49.47% at
December 31, 2020 and March 31, 2020, 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 on our business and financial results and
conditions, constitute "forward-looking statements" within the
meaning of, and subject to the protections of, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are not historical in nature and may be identified by
references to a future period or periods of by the use of the words
"believe," "expect," "anticipate," "intend," "plan," "estimate,"
"project," "outlook," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could," or
"may." The forward-looking statements in this press release should
not be relied on because they are based on current information and
on assumptions that we make about future events and circumstances
that are subject to a number of known and unknown risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, and other
factors, our actual financial results in the future could differ,
possibly materially, from those expressed in or implied by the
forward-looking statements contained in this press release and
could cause us to make changes to our future plans. Factors that
might cause such differences include, but are not limited to:
general business and economic conditions, particularly those
affecting the financial services; the impact of the ongoing
COVID-19 pandemic on the Company's assets, business, cash flows,
financial condition, liquidity, prospects and results of
operations; potential increases in the provision for loan losses
resulting from the ongoing COVID-19 pandemic; changes in the
interest rate environment, including changes to the federal funds
rate; competition in our markets that may result in increased
funding costs or reduced earning assets yields, thus reducing
margins and net interest income; interest rate fluctuations, which
could have an adverse effect on the Company's profitability;
legislation or regulatory changes which could adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations, including changes to statutes,
regulations or regulatory policies or practices as a result of, or
in response to, the ongoing COVID-19 pandemic; changes in tax laws;
and adverse results from current or future litigation, regulatory
examinations or other legal and/or regulatory actions, including as
a result of the Company's participation in and execution of
government programs related to the ongoing COVID-19 pandemic.
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
|
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
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
22,672
|
|
$
|
19,839
|
|
$
|
18,131
|
|
$
|
19,083
|
|
$
|
20,556
|
|
Interest
expense
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,240
|
|
|
4,646
|
|
Net interest
income
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
15,843
|
|
|
15,910
|
|
Provision for loan
losses
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
Noninterest
income
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
5,500
|
|
|
7,509
|
|
Noninterest
expense
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
9,724
|
|
|
10,049
|
|
Income tax
expense
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
2,819
|
|
|
3,554
|
|
Net income
|
|
|
12,981
|
|
|
9,454
|
|
|
9,385
|
|
|
7,739
|
|
|
9,816
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.51
|
|
$
|
0.37
|
|
$
|
0.37
|
|
$
|
0.30
|
|
$
|
0.38
|
|
Diluted income per
share
|
|
$
|
0.50
|
|
$
|
0.37
|
|
$
|
0.36
|
|
$
|
0.30
|
|
$
|
0.38
|
|
Dividends per
share
|
|
$
|
0.10
|
|
$
|
0.09
|
|
$
|
0.09
|
|
$
|
0.11
|
|
$
|
0.11
|
|
Book value per share
(at period end)
|
|
$
|
9.95
|
|
$
|
9.54
|
|
$
|
9.23
|
|
$
|
8.94
|
|
$
|
8.76
|
|
Shares of common stock
outstanding
|
|
|
25,674,573
|
|
|
25,674,573
|
|
|
25,674,067
|
|
|
25,674,067
|
|
|
25,529,891
|
|
Weighted average
diluted shares
|
|
|
25,881,827
|
|
|
25,870,885
|
|
|
25,858,741
|
|
|
25,717,339
|
|
|
25,736,435
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.62
|
%
|
|
2.14
|
%
|
|
2.20
|
%
|
|
1.89
|
%
|
|
2.44
|
%
|
Return on average
equity
|
|
|
21.35
|
|
|
15.78
|
|
|
16.22
|
|
|
13.92
|
|
|
18.21
|
|
Dividend payout
ratio
|
|
|
19.91
|
|
|
24.60
|
|
|
24.78
|
|
|
36.53
|
|
|
28.80
|
|
Yield on total
loans
|
|
|
5.20
|
|
|
5.14
|
|
|
5.05
|
|
|
5.69
|
|
|
6.11
|
|
Yield on average
earning assets
|
|
|
4.85
|
|
|
4.80
|
|
|
4.51
|
|
|
4.93
|
|
|
5.42
|
|
Cost of average
interest bearing liabilities
|
|
|
0.38
|
|
|
0.56
|
|
|
0.91
|
|
|
1.32
|
|
|
1.78
|
|
Cost of
deposits
|
|
|
0.36
|
|
|
0.55
|
|
|
0.94
|
|
|
1.38
|
|
|
1.86
|
|
Net interest
margin
|
|
|
4.60
|
|
|
4.46
|
|
|
3.97
|
|
|
4.09
|
|
|
4.19
|
|
Efficiency
ratio(1)
|
|
|
36.03
|
|
|
45.09
|
|
|
42.46
|
|
|
45.56
|
|
|
42.91
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.01
|
%
|
|
(0.01)
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.84
|
|
|
1.03
|
|
|
1.19
|
|
|
1.00
|
|
|
1.13
|
|
ALL to nonperforming
loans
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
|
59.66
|
|
|
49.47
|
|
ALL to loans held for
investment
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.58
|
|
|
0.54
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
107.33
|
%
|
|
110.48
|
%
|
|
109.50
|
%
|
|
101.48
|
%
|
|
101.67
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
31.28
|
|
|
31.28
|
|
|
34.44
|
|
|
33.28
|
|
|
25.83
|
|
Common equity to
assets
|
|
|
11.85
|
|
|
12.90
|
|
|
13.63
|
|
|
13.32
|
|
|
13.94
|
|
Leverage
ratio
|
|
|
12.23
|
|
|
13.44
|
|
|
13.44
|
|
|
13.44
|
|
|
13.40
|
|
Common equity tier 1
ratio
|
|
|
19.23
|
|
|
20.00
|
|
|
21.09
|
|
|
21.75
|
|
|
21.75
|
|
Tier 1 risk-based
capital ratio
|
|
|
19.23
|
|
|
20.00
|
|
|
21.09
|
|
|
21.75
|
|
|
21.75
|
|
Total risk-based
capital ratio
|
|
|
20.15
|
|
|
20.86
|
|
|
21.96
|
|
|
22.53
|
|
|
22.44
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
856,432
|
|
$
|
961,670
|
|
$
|
1,063,500
|
|
$
|
1,136,824
|
|
$
|
1,186,825
|
|
Mortgage loan
production
|
|
|
263,698
|
|
|
194,951
|
|
|
120,337
|
|
|
48,850
|
|
|
120,076
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,737
|
|
SBA loans serviced for
others
|
|
|
521,182
|
|
|
507,442
|
|
|
500,047
|
|
|
476,629
|
|
|
464,576
|
|
SBA loan
production
|
|
|
76,558
|
|
|
34,631
|
|
|
52,742
|
|
|
114,899
|
|
|
43,447
|
|
SBA loan
sales
|
|
|
22,399
|
|
|
25,505
|
|
|
37,923
|
|
|
35,247
|
|
|
29,958
|
|
|
(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)
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
169,775
|
|
$
|
140,744
|
|
$
|
109,263
|
|
$
|
208,325
|
|
$
|
201,020
|
Federal funds
sold
|
|
|
4,444
|
|
|
9,944
|
|
|
17,268
|
|
|
7,444
|
|
|
6,618
|
Cash and cash
equivalents
|
|
|
174,219
|
|
|
150,688
|
|
|
126,531
|
|
|
215,769
|
|
|
207,638
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
Securities available
for sale (at fair value)
|
|
|
18,739
|
|
|
18,117
|
|
|
18,204
|
|
|
18,415
|
|
|
18,182
|
Loans
|
|
|
1,866,785
|
|
|
1,630,344
|
|
|
1,459,899
|
|
|
1,364,989
|
|
|
1,261,603
|
Allowance for loan
losses
|
|
|
(11,735)
|
|
|
(10,135)
|
|
|
(9,339)
|
|
|
(7,894)
|
|
|
(6,859)
|
Loans less allowance
for loan losses
|
|
|
1,855,050
|
|
|
1,620,209
|
|
|
1,450,560
|
|
|
1,357,095
|
|
|
1,254,744
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
10,515
|
|
|
10,671
|
|
|
7,999
|
|
|
8,270
|
|
|
5,534
|
Federal Home Loan
Bank stock
|
|
|
3,951
|
|
|
6,147
|
|
|
5,723
|
|
|
4,873
|
|
|
4,873
|
Premises and
equipment, net
|
|
|
13,663
|
|
|
13,854
|
|
|
14,083
|
|
|
14,231
|
|
|
14,344
|
Operating lease
right-of-use asset
|
|
|
10,483
|
|
|
10,348
|
|
|
10,786
|
|
|
11,220
|
|
|
11,663
|
Foreclosed real
estate, net
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
|
|
423
|
|
|
423
|
SBA servicing asset,
net
|
|
|
10,535
|
|
|
9,643
|
|
|
10,173
|
|
|
8,446
|
|
|
7,598
|
Mortgage servicing
asset, net
|
|
|
11,722
|
|
|
12,991
|
|
|
14,599
|
|
|
16,064
|
|
|
16,791
|
Bank owned life
insurance
|
|
|
36,033
|
|
|
35,806
|
|
|
35,578
|
|
|
20,450
|
|
|
20,335
|
Other
assets
|
|
|
5,606
|
|
|
5,171
|
|
|
5,355
|
|
|
6,501
|
|
|
2,417
|
Total assets
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
546,164
|
|
$
|
462,909
|
|
$
|
460,679
|
|
$
|
449,185
|
|
$
|
320,982
|
Interest-bearing
deposits
|
|
|
1,199,756
|
|
|
1,016,980
|
|
|
877,112
|
|
|
900,713
|
|
|
921,899
|
Total
deposits
|
|
|
1,745,920
|
|
|
1,479,889
|
|
|
1,337,791
|
|
|
1,349,898
|
|
|
1,242,881
|
Federal Home Loan
Bank advances
|
|
|
80,000
|
|
|
110,000
|
|
|
100,000
|
|
|
80,000
|
|
|
80,000
|
Other
borrowings
|
|
|
479
|
|
|
483
|
|
|
491
|
|
|
3,060
|
|
|
3,097
|
Operating lease
liability
|
|
|
11,048
|
|
|
10,910
|
|
|
11,342
|
|
|
11,769
|
|
|
12,198
|
Accrued interest
payable
|
|
|
206
|
|
|
222
|
|
|
310
|
|
|
549
|
|
|
760
|
Other
liabilities
|
|
|
61,332
|
|
|
51,154
|
|
|
52,843
|
|
|
47,060
|
|
|
41,871
|
Total
liabilities
|
|
$
|
1,898,985
|
|
$
|
1,652,658
|
|
$
|
1,502,777
|
|
$
|
1,492,336
|
|
$
|
1,380,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
257
|
|
|
257
|
|
|
257
|
|
|
257
|
|
|
255
|
Additional paid-in
capital
|
|
|
55,977
|
|
|
55,674
|
|
|
55,098
|
|
|
54,524
|
|
|
54,142
|
Retained
earnings
|
|
|
199,102
|
|
|
188,705
|
|
|
181,576
|
|
|
174,518
|
|
|
169,606
|
Accumulated other
comprehensive income (loss)
|
|
|
39
|
|
|
195
|
|
|
165
|
|
|
122
|
|
|
(268)
|
Total shareholders'
equity
|
|
|
255,375
|
|
|
244,831
|
|
|
237,096
|
|
|
229,421
|
|
|
223,735
|
Total liabilities and
shareholders' equity
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
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)
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
22,500
|
|
$
|
19,658
|
|
$
|
17,880
|
|
$
|
18,826
|
|
$
|
19,508
|
|
Other investment
income
|
|
|
170
|
|
|
164
|
|
|
187
|
|
|
196
|
|
|
882
|
|
Federal funds
sold
|
|
|
2
|
|
|
17
|
|
|
64
|
|
|
61
|
|
|
166
|
|
Total interest
income
|
|
|
22,672
|
|
|
19,839
|
|
|
18,131
|
|
|
19,083
|
|
|
20,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
992
|
|
|
1,262
|
|
|
2,046
|
|
|
3,096
|
|
|
4,514
|
|
FHLB advances and other
borrowings
|
|
|
146
|
|
|
149
|
|
|
146
|
|
|
144
|
|
|
132
|
|
Total interest
expense
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,240
|
|
|
4,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
15,843
|
|
|
15,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
19,935
|
|
|
17,472
|
|
|
14,489
|
|
|
14,782
|
|
|
15,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
373
|
|
|
350
|
|
|
309
|
|
|
277
|
|
|
376
|
|
Other service charges,
commissions and fees
|
|
|
3,398
|
|
|
3,223
|
|
|
2,076
|
|
|
990
|
|
|
2,256
|
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,529
|
|
Mortgage servicing
income, net
|
|
|
166
|
|
|
(82)
|
|
|
235
|
|
|
783
|
|
|
372
|
|
Gain on sale of SBA
loans
|
|
|
1,854
|
|
|
1,625
|
|
|
2,265
|
|
|
1,276
|
|
|
1,301
|
|
SBA servicing income,
net
|
|
|
2,133
|
|
|
724
|
|
|
2,931
|
|
|
1,959
|
|
|
516
|
|
Other income
|
|
|
262
|
|
|
298
|
|
|
148
|
|
|
215
|
|
|
259
|
|
Total noninterest
income
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
5,500
|
|
|
7,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,699
|
|
|
6,822
|
|
|
6,416
|
|
|
5,749
|
|
|
6,513
|
|
Occupancy
|
|
|
1,275
|
|
|
1,293
|
|
|
1,302
|
|
|
1,277
|
|
|
1,211
|
|
Data
Processing
|
|
|
308
|
|
|
313
|
|
|
287
|
|
|
201
|
|
|
277
|
|
Advertising
|
|
|
145
|
|
|
138
|
|
|
127
|
|
|
140
|
|
|
161
|
|
Other
expenses
|
|
|
2,281
|
|
|
2,511
|
|
|
2,018
|
|
|
2,357
|
|
|
1,987
|
|
Total noninterest
expense
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
9,724
|
|
|
10,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
17,413
|
|
|
12,533
|
|
|
12,303
|
|
|
10,558
|
|
|
13,370
|
|
Provision for income
taxes
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
2,819
|
|
|
3,554
|
|
Net income available
to common shareholders
|
|
$
|
12,981
|
|
$
|
9,454
|
|
$
|
9,385
|
|
$
|
7,739
|
|
$
|
9,816
|
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2021
|
|
December 31, 2020
|
|
March 31, 2020
|
|
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
(Dollars in
thousands)
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other investments(1)
|
|
$
|
125,699
|
|
$
|
72
|
|
0.23
|
%
|
$
|
97,228
|
|
$
|
70
|
|
0.29
|
%
|
$
|
193,361
|
|
$
|
802
|
|
1.67
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
7,826
|
|
|
13
|
|
0.66
|
|
|
32,033
|
|
|
140
|
|
1.76
|
|
Securities available
for sale
|
|
|
18,164
|
|
|
100
|
|
2.23
|
|
|
17,983
|
|
|
98
|
|
2.17
|
|
|
16,664
|
|
|
106
|
|
2.56
|
|
Total
investments
|
|
|
143,863
|
|
|
172
|
|
0.48
|
|
|
123,037
|
|
|
181
|
|
0.59
|
|
|
242,058
|
|
|
1,048
|
|
1.74
|
|
Construction and
development
|
|
|
40,954
|
|
|
531
|
|
5.26
|
|
|
34,145
|
|
|
453
|
|
5.28
|
|
|
27,233
|
|
|
397
|
|
5.86
|
|
Commercial real
estate
|
|
|
491,635
|
|
|
7,078
|
|
5.84
|
|
|
488,746
|
|
|
6,779
|
|
5.52
|
|
|
476,684
|
|
|
7,520
|
|
6.34
|
|
Commercial and
industrial
|
|
|
152,433
|
|
|
1,920
|
|
5.11
|
|
|
138,021
|
|
|
1,376
|
|
3.97
|
|
|
60,019
|
|
|
979
|
|
6.56
|
|
Residential real
estate
|
|
|
1,068,495
|
|
|
12,930
|
|
4.91
|
|
|
860,977
|
|
|
11,018
|
|
5.09
|
|
|
718,469
|
|
|
10,571
|
|
5.92
|
|
Consumer and
other
|
|
|
174
|
|
|
41
|
|
95.56
|
|
|
261
|
|
|
32
|
|
48.78
|
|
|
1,629
|
|
|
41
|
|
10.12
|
|
Gross
loans(2)
|
|
|
1,753,691
|
|
|
22,500
|
|
5.20
|
|
|
1,522,150
|
|
|
19,658
|
|
5.14
|
|
|
1,284,034
|
|
|
19,508
|
|
6.11
|
|
Total earning
assets
|
|
|
1,897,554
|
|
|
22,672
|
|
4.85
|
|
|
1,645,187
|
|
|
19,839
|
|
4.80
|
|
|
1,526,092
|
|
|
20,556
|
|
5.42
|
|
Noninterest-earning
assets
|
|
|
111,164
|
|
|
|
|
|
|
|
111,078
|
|
|
|
|
|
|
|
93,504
|
|
|
|
|
|
|
Total
assets
|
|
|
2,008,718
|
|
|
|
|
|
|
|
1,756,265
|
|
|
|
|
|
|
|
1,619,596
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
92,312
|
|
|
47
|
|
0.21
|
|
|
78,697
|
|
|
41
|
|
0.21
|
|
|
58,202
|
|
|
43
|
|
0.30
|
|
Money market
deposits
|
|
|
534,192
|
|
|
337
|
|
0.26
|
|
|
346,193
|
|
|
328
|
|
0.38
|
|
|
189,262
|
|
|
669
|
|
1.42
|
|
Time
deposits
|
|
|
491,913
|
|
|
608
|
|
0.50
|
|
|
482,162
|
|
|
893
|
|
0.74
|
|
|
726,034
|
|
|
3,802
|
|
2.11
|
|
Total interest-bearing
deposits
|
|
|
1,118,417
|
|
|
992
|
|
0.36
|
|
|
907,052
|
|
|
1,262
|
|
0.55
|
|
|
973,498
|
|
|
4,514
|
|
1.86
|
|
Borrowings
|
|
|
87,483
|
|
|
146
|
|
0.68
|
|
|
88,208
|
|
|
149
|
|
0.67
|
|
|
75,876
|
|
|
132
|
|
0.70
|
|
Total interest-bearing
liabilities
|
|
|
1,205,900
|
|
|
1,138
|
|
0.38
|
|
|
995,260
|
|
|
1,411
|
|
0.56
|
|
|
1,049,374
|
|
|
4,646
|
|
1.78
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
483,691
|
|
|
|
|
|
|
|
453,984
|
|
|
|
|
|
|
|
299,088
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
72,534
|
|
|
|
|
|
|
|
68,702
|
|
|
|
|
|
|
|
54,325
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
556,225
|
|
|
|
|
|
|
|
522,686
|
|
|
|
|
|
|
|
353,413
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
246,593
|
|
|
|
|
|
|
|
238,319
|
|
|
|
|
|
|
|
216,809
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,008,718
|
|
|
|
|
|
|
$
|
1,756,265
|
|
|
|
|
|
|
$
|
1,619,596
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
21,534
|
|
|
|
|
|
|
$
|
18,428
|
|
|
|
|
|
|
$
|
15,910
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.47
|
|
|
|
|
|
|
|
4.24
|
|
|
|
|
|
|
|
3.64
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.60
|
|
|
|
|
|
|
|
4.46
|
|
|
|
|
|
|
|
4.19
|
|
|
|
(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, 2021
|
|
December 31, 2020
|
|
September 30, 2020
|
|
June 30, 2020
|
|
March 31, 2020
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
52,202
|
|
2.8
|
%
|
$
|
45,653
|
|
2.8
|
%
|
$
|
38,607
|
|
2.6
|
%
|
$
|
42,847
|
|
3.1
|
%
|
$
|
36,477
|
|
2.9
|
%
|
Commercial Real
Estate
|
|
|
473,281
|
|
25.3
|
|
|
477,419
|
|
29.2
|
|
|
447,596
|
|
30.6
|
|
|
429,019
|
|
31.3
|
|
|
431,205
|
|
34.1
|
|
Commercial and
Industrial
|
|
|
166,915
|
|
8.9
|
|
|
137,239
|
|
8.4
|
|
|
146,880
|
|
10.0
|
|
|
141,540
|
|
10.3
|
|
|
60,183
|
|
4.8
|
|
Residential Real
Estate
|
|
|
1,181,385
|
|
63.0
|
|
|
974,445
|
|
59.6
|
|
|
831,334
|
|
56.7
|
|
|
755,521
|
|
55.2
|
|
|
734,262
|
|
58.1
|
|
Consumer and
other
|
|
|
169
|
|
—
|
|
|
183
|
|
—
|
|
|
505
|
|
0.1
|
|
|
967
|
|
0.1
|
|
|
1,454
|
|
0.1
|
|
Gross loans
|
|
$
|
1,873,952
|
|
100.0
|
%
|
$
|
1,634,939
|
|
100.0
|
%
|
$
|
1,464,922
|
|
100.0
|
%
|
$
|
1,369,894
|
|
100.0
|
%
|
$
|
1,263,581
|
|
100.0
|
%
|
Unearned
income
|
|
|
(7,167)
|
|
|
|
|
(4,595)
|
|
|
|
|
(5,023)
|
|
|
|
|
(4,905)
|
|
|
|
|
(1,978)
|
|
|
|
Allowance for loan
losses
|
|
|
(11,735)
|
|
|
|
|
(10,135)
|
|
|
|
|
(9,339)
|
|
|
|
|
(7,894)
|
|
|
|
|
(6,859)
|
|
|
|
Net loans
|
|
$
|
1,855,050
|
|
|
|
$
|
1,620,209
|
|
|
|
$
|
1,450,560
|
|
|
|
$
|
1,357,095
|
|
|
|
$
|
1,254,744
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
|
As of the Quarter Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
Nonaccrual
loans
|
|
$
|
9,071
|
|
$
|
10,203
|
|
$
|
9,730
|
|
$
|
10,335
|
|
$
|
10,944
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,863
|
|
|
2,891
|
|
|
7,487
|
|
|
2,896
|
|
|
2,922
|
|
Total non-performing
loans
|
|
|
11,934
|
|
|
13,094
|
|
|
17,217
|
|
|
13,231
|
|
|
13,866
|
|
Other real estate
owned
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
|
|
423
|
|
|
423
|
|
Total non-performing
assets
|
|
$
|
15,778
|
|
$
|
16,938
|
|
$
|
17,499
|
|
$
|
13,654
|
|
$
|
14,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.64
|
%
|
|
0.80
|
%
|
|
1.18
|
%
|
|
0.97
|
%
|
|
1.10
|
%
|
Nonperforming assets
to total assets
|
|
|
0.73
|
|
|
0.89
|
|
|
1.01
|
|
|
0.79
|
|
|
0.89
|
|
Allowance for loan
losses to non-performing loans
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
|
59.66
|
|
|
49.47
|
|
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)
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
Balance, beginning of
period
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
6,859
|
|
$
|
6,839
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(3)
|
|
|
107
|
|
|
(3)
|
|
|
(3)
|
|
|
(2)
|
|
Commercial and
industrial
|
|
|
4
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
(2)
|
|
|
2
|
|
|
8
|
|
|
29
|
|
|
7
|
|
Total net
charge-offs/(recoveries)
|
|
|
(1)
|
|
|
160
|
|
|
5
|
|
|
26
|
|
|
(20)
|
|
Provision for loan
losses
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
—
|
|
Balance, end of
period
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
6,859
|
|
Total loans at end of
period
|
|
$
|
1,873,952
|
|
$
|
1,634,939
|
|
$
|
1,464,922
|
|
$
|
1,369,894
|
|
$
|
1,263,581
|
|
Average
loans(1)
|
|
$
|
1,753,691
|
|
$
|
1,522,150
|
|
$
|
1,407,670
|
|
$
|
1,330,729
|
|
$
|
1,241,138
|
|
Net charge-offs to
average loans
|
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.01
|
%
|
|
(0.01)
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.58
|
|
|
0.54
|
|
|
(1)
Excludes loans held for sale
|
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multimedia:http://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-first-quarter-2021-301275966.html
SOURCE MetroCity Bankshares, Inc.