ATLANTA, July 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 $14.4 million, or
$0.56 per diluted share, for the
second quarter of 2021, compared to $13.0
million, or $0.50 per diluted
share, for the first quarter of 2021, and $7.7 million, or $0.30 per diluted share, for the second quarter
of 2020. For the six months ended June 30,
2021, the Company reported net income of $27.4 million, or $1.06 per diluted share, compared to $17.6 million, or $0.68 per diluted share, for the same period in
2020.
Second Quarter 2021 Highlights:
- Annualized return on average assets was 2.53%, compared to
2.62% for the first quarter of 2021 and 1.89% for the second
quarter of 2020.
- Annualized return on average equity was 22.51%, compared to
21.35% for the first quarter of 2021 and 13.92% for the second
quarter of 2020.
- Efficiency ratio of 36.2%, compared to 36.0% for the first
quarter of 2021 and 45.6% for the second quarter of 2020.
- Total assets increased by $363.5
million, or 16.9%, to $2.52
billion from the previous quarter.
- Total loans increased by $225.0
million, or 12.1%, to $2.09
billion from the previous quarter.
- Total deposits increased by $228.9
million, or 13.1%, to $1.97
billion from the previous quarter.
- Net interest margin was 4.60%, compared to 4.60% for the first
quarter of 2021 and 4.09% for the second quarter of 2020.
Results of Operations
Net Income
Net income was $14.4 million for
the second quarter of 2021, an increase of $1.4 million, or 10.9%, from $13.0 million for the first quarter of 2021. This
increase was due to an increase in net interest income of
$3.3 million and an increase in
noninterest income of $408,000,
offset by an increase in provision for loan losses of $606,000, an increase in noninterest expense of
$1.4 million and an increase in
provision for income taxes of $296,000. Net income increased $6.7 million, or 86.0%, in the second quarter of
2021 compared to net income of $7.7
million for the second quarter of 2020. This increase was
due to an increase in net interest income of $9.0 million and an increase in noninterest
income of $3.1 million, offset by an
increase in provision for loan losses of $1.1 million, an increase in noninterest expense
of $2.4 million and an increase in
provision for income taxes of $1.9
million.
Net Interest Income and Net Interest Margin
Interest income totaled $25.9
million for the second quarter of 2021, an increase of
$3.2 million, or 14.2%, from the
previous quarter, primarily due to a $225.9
million increase in average loan balances. We also
recognized Paycheck Protection Program ("PPP") loan fee income of
$1.7 million during the second
quarter of 2021 compared to $1.1
million recognized during the first quarter of 2021. As
compared to the second quarter of 2020, interest income for the
second quarter of 2021 increased by $6.8
million, or 35.7%, primarily due to an increase in average
loan balances of $648.8 million.
Interest expense totaled $1.1
million for the second quarter of 2021, a slight decrease of
$75,000, or 6.6%, from the previous
quarter, primarily due to a three basis points decrease in the cost
of average money market deposits and a 12 basis points decrease in
the cost of average time deposits. As compared to the second
quarter of 2020, interest expense for the second quarter of 2021
decreased by $2.2 million, or 67.2%,
primarily due to a 109 basis points decrease in deposit costs
coupled with a $111.0 million
decrease in higher cost average time deposits.
The net interest margin for the second and first quarter of 2021
was 4.60%. The cost of average interest-bearing liabilities for the
second quarter of 2021 decreased by 7 basis points to 0.31%
compared with the previous quarter, while the yield on average
interest-earning assets for the second quarter of 2021 decreased by
6 basis points to 4.79% from 4.85% for the previous quarter.
Average earning assets increased by $268.7
million from the previous quarter, primarily due to an
increase in average loans of $225.9
million and a $43.9 million
increase in average interest-earning cash accounts. Average
interest-bearing liabilities increased by $176.0 million from the previous quarter as
average interest-bearing deposits increased by $169.0 million and average borrowings increased
by $7.0 million. The inclusion of PPP
loan average balances, interest and fees had a 14 basis point
impact on the yield on average loans and a 16 basis points impact
on the net interest margin for the second quarter of 2021.
As compared to the same period in 2020, the net interest margin
for the second quarter of 2021 increased by 51 basis points to
4.60% from 4.09%, primarily due to a 101 basis point decrease in
the cost of average interest-bearing liabilities of $1.38 billion and a decrease of 14 basis points
in the yield on average interest-earning assets of $2.17 billion. Average earning assets for the
second quarter of 2021 increased by $610.0
million from the second quarter of 2020, primarily due to a
$648.8 million increase in average
loans, offset by a $40.0 million
decrease in average securities purchased under agreements to
resell. Average interest-bearing liabilities for the second quarter
of 2021 increased by $394.7 million
from the second quarter of 2020, driven by an increase in average
interest-bearing deposits of $383.3
million and an increase in average borrowings of
$11.3 million.
Noninterest Income
Noninterest income for the second quarter of 2021 was
$8.6 million, an increase of
$408,000, or 5.0%, from the first
quarter of 2021, primarily due to higher mortgage loan fees and
gains on sale of SBA loans, partially offset by decreases in
mortgage and SBA servicing income. During the second quarter of
2021, we recorded a $624,000 fair
value adjustment gain on our SBA servicing asset and a $603,000 fair value impairment charge on our
mortgage servicing asset. These servicing asset adjustments had no
impact on our diluted earnings per share for the quarter.
Compared to the same period in 2020, noninterest income for the
second quarter of 2021 increased by $3.1
million, or 56.3%, primarily due to the increase in mortgage
loan fees and gains on sale of SBA loans, partially offset by a
decrease in mortgage servicing income. Mortgage loan originations
totaled $326.5 million during the
second quarter of 2021 compared to $48.9
million during the second quarter of 2020. There were no
mortgage loan sales during the second quarter of 2021 or 2020.
Noninterest Expense
Noninterest expense for the second quarter of 2021 totaled
$12.1 million, an increase of
$1.4 million, or 12.9%, from
$10.7 million for the first quarter
of 2021. This increase was primarily attributable to higher
salaries and employee benefits, professional fees and expenses
related to other real estate owned. Compared to the second quarter
of 2020, noninterest expense during the second quarter of 2021
increased by $2.4 million, or 24.4%,
primarily due to higher salaries and employee benefits, loan
related expenses and other real estate owned related expenses.
The Company's efficiency ratio was 36.2% for the second quarter
of 2021 compared to 36.0% and 45.6% for the first quarter of 2021
and second quarter of 2020, respectively. For the six months ended
June 30, 2021, the efficiency ratio
was 36.1% compared with 44.3% for the same period in 2020.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2021
was 24.7%, compared to 25.5% for the first quarter of 2021 and
26.7% for the second quarter of 2020.
Balance Sheet
Total Assets
Total assets were $2.52 billion at
June 30, 2021, an increase of
$363.5 million, or 16.9%, from
$2.15 billion at March 31, 2021, and an increase of $796.1 million, or 46.2%, from $1.72 billion at June 30,
2020. The $363.5 million
increase in total assets at June 30,
2021 compared to March 31,
2021 was primarily due to increases in loans of $225.0 million and cash and due from banks of
$139.5 million, partially offset by a
$2.1 million increase in the
allowance for loan losses. The $796.1
million increase in total assets at June 30, 2021 compared to June 30, 2020 was primarily due to increases in
loans of $726.8 million, cash and due
from banks of $101.0 million and bank
owned life insurance of $15.8
million, partially offset by a decrease in the mortgage
servicing asset of $6.5 million and
an increase in the allowance for loan losses of $6.0 million.
Loans
Loans held for investment were $2.09
billion at June 30, 2021, an
increase of $225.0 million, or 12.1%,
compared to $1.87 billion at
March 31, 2021, and an increase of
$726.8 million, or 53.2%, compared to
$1.36 billion at June 30, 2020. The increase in loans held for
investment at June 30, 2021 compared
to March 31, 2021 was primarily due
to a $249.5 million increase in
residential mortgages, a $6.5 million
increase in construction and development loans and a $2.4 million increase in commercial real estate
loans, offset by a $32.8 million
decrease in commercial and industrial loans primarily due to PPP
loan forgiveness. Included in commercial and industrial loans are
PPP loans totaling $93.1 million as
of June 30, 2021. There were no loans
classified as held for sale at June 30,
2021, March 31, 2021 or
June 30, 2020.
Deposits
Total deposits were $1.97 billion
at June 30, 2021, an increase of
$228.9 million, or 13.1%, compared to
total deposits of $1.75 billion at
March 31, 2021, and an increase of
$624.9 million, or 46.3%, compared to
total deposits of $1.35 billion at
June 30, 2020. The increase in total
deposits at June 30, 2021 compared to
March 31, 2021 was primarily due to
the $71.9 million increase in
noninterest-bearing demand deposits, $131.5
million increase in money market accounts, $9.5 million increase in interest-bearing demand
deposits, and a $11.6 million
increase in time deposits. The increase in money market accounts
was primarily due to the increase of $119.6
million in brokered money market balances during the
quarter.
Noninterest-bearing deposits were $618.1
million at June 30, 2021,
compared to $546.2 million at
March 31, 2021 and $449.2 million at June 30,
2020. Noninterest-bearing deposits constituted 31.3% of
total deposits at June 30, 2021,
compared to 31.3% at March 31, 2021
and 33.3% at June 30, 2020.
Interest-bearing deposits were $1.36
billion at June 30, 2021,
compared to $1.20 billion at
March 31, 2021 and $900.7 million at June 30,
2020. Interest-bearing deposits constituted 68.7% of total
deposits at June 30, 2021, compared
to 68.7% at March 31, 2021 and 66.7%
at June 30, 2020.
Asset Quality
The Company recorded a provision for loan losses of $2.2 million during the second quarter of 2021.
Annualized net charge-offs to average loans for the second quarter
of 2021 was 0.02%, compared to 0.00% for the first quarter of 2021
and 0.01% for the second 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, partially resulting in the increased provision
expense recorded during the second quarter of 2021 along with the
growth in our loan portfolio. 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 $14.0
million, or 0.56% of total assets, at June 30, 2021, a decrease of $1.8 million from $15.8
million, or 0.73% of total assets, at March 31, 2021, and a slight increase of
$378,000 from $13.7 million, or 0.79% of total assets, at
June 30, 2020. The decrease in
nonperforming assets at June 30, 2021
compared to March 31, 2021 was
primarily due to a $2.4 million
decrease in nonaccrual loans, partially offset by an $812,000 increase in other real estate owned.
Allowance for loan losses as a percentage of total loans was
0.66% at June 30, 2021, compared to
0.63% at March 31, 2021 and 0.58% at
June 30, 2020. Excluding outstanding
PPP loans of $93.1 million as of
June 30, 2021, $125.6 million as of March
31, 2021 and $96.1 million as
of June 30, 2020, the allowance for
loan losses as a percentage of total loans was 0.69% at
June 30, 2021, 0.67% at March 31, 2021 and 0.62% at June 30, 2020. Allowance for loan losses as a
percentage of nonperforming loans was 147.82% at June 30, 2021, compared to 98.33% and 59.66% at
March 31, 2021 and June 30, 2020, respectively.
COVID-19
As of June 30, 2021, we had six
non-SBA commercial customers with outstanding loan balances
totaling $15.3 million that were
under approved payment deferrals. This is a decline from the active
payment deferrals as of March 31,
2021 that were granted to nine non-SBA commercial customers
with outstanding balances totaling $26.5
million. As of June 30, 2021,
we had seven SBA loans with outstanding gross loan balances
totaling $13.3 million ($3.3 million unguaranteed book balance) that were
under approved payment deferrals. As of July 20, 2021, the SBA had granted forgiveness on
(1) PPP loans totaling $71.8 million,
or 74.1% of PPP loans funded from the first round of PPP funding
under the Coronavirus Aid, Relief and Economic Security Act, and
(2) PPP loans totaling $3.9 million,
or 6.3% of PPP loans funded under the Economic Aid Act.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank
holding company for its wholly-owned banking subsidiary, Metro City
Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in
2006, Metro City Bank currently operates 19 full-service branch
locations in multi-ethnic communities in Alabama, Florida, Georgia, New
York, New Jersey,
Texas and Virginia. To learn more about Metro City Bank,
visit www.metrocitybank.bank.
Forward-Looking Statements
Statements in this press release regarding future events and our
expectations and beliefs about our future financial performance and
financial condition, as well as trends in our business and markets,
including statements regarding the potential effects of the ongoing
COVID-19 pandemic 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.
|
|
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 Six Months
Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
(Dollars in
thousands, except per share data)
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
25,888
|
|
$
|
22,672
|
|
$
|
19,839
|
|
$
|
18,131
|
|
$
|
19,083
|
|
$
|
48,560
|
|
$
|
39,639
|
|
Interest
expense
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,240
|
|
|
2,201
|
|
|
7,886
|
|
Net interest
income
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
15,843
|
|
|
46,359
|
|
|
31,753
|
|
Provision for loan
losses
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
3,804
|
|
|
1,061
|
|
Noninterest
income
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
5,500
|
|
|
16,780
|
|
|
13,109
|
|
Noninterest
expense
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
9,724
|
|
|
22,801
|
|
|
19,873
|
|
Income tax
expense
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
2,819
|
|
|
9,160
|
|
|
6,373
|
|
Net income
|
|
|
14,393
|
|
|
12,981
|
|
|
9,454
|
|
|
9,385
|
|
|
7,739
|
|
|
27,374
|
|
|
17,555
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.56
|
|
$
|
0.51
|
|
$
|
0.37
|
|
$
|
0.37
|
|
$
|
0.30
|
|
$
|
1.07
|
|
$
|
0.69
|
|
Diluted income per
share
|
|
$
|
0.56
|
|
$
|
0.50
|
|
$
|
0.37
|
|
$
|
0.36
|
|
$
|
0.30
|
|
$
|
1.06
|
|
$
|
0.68
|
|
Dividends per
share
|
|
$
|
0.10
|
|
$
|
0.10
|
|
$
|
0.09
|
|
$
|
0.09
|
|
$
|
0.11
|
|
$
|
0.20
|
|
$
|
0.22
|
|
Book value per share
(at period end)
|
|
$
|
10.33
|
|
$
|
9.95
|
|
$
|
9.54
|
|
$
|
9.23
|
|
$
|
8.94
|
|
$
|
10.33
|
|
$
|
8.94
|
|
Shares of common stock
outstanding
|
|
|
25,578,668
|
|
|
25,674,573
|
|
|
25,674,573
|
|
|
25,674,067
|
|
|
25,674,067
|
|
|
25,578,668
|
|
|
25,674,067
|
|
Weighted average
diluted shares
|
|
|
25,833,328
|
|
|
25,881,827
|
|
|
25,870,885
|
|
|
25,858,741
|
|
|
25,717,339
|
|
|
25,840,530
|
|
|
25,731,714
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.53
|
%
|
|
2.62
|
%
|
|
2.14
|
%
|
|
2.20
|
%
|
|
1.89
|
%
|
|
2.57
|
%
|
|
2.16
|
%
|
Return on average
equity
|
|
|
22.51
|
|
|
21.35
|
|
|
15.78
|
|
|
16.22
|
|
|
13.92
|
|
|
21.94
|
|
|
16.03
|
|
Dividend payout
ratio
|
|
|
17.95
|
|
|
19.91
|
|
|
24.60
|
|
|
24.78
|
|
|
36.53
|
|
|
18.88
|
|
|
32.21
|
|
Yield on total
loans
|
|
|
5.21
|
|
|
5.20
|
|
|
5.14
|
|
|
5.05
|
|
|
5.69
|
|
|
5.21
|
|
|
5.90
|
|
Yield on average
earning assets
|
|
|
4.79
|
|
|
4.85
|
|
|
4.80
|
|
|
4.51
|
|
|
4.93
|
|
|
4.82
|
|
|
5.17
|
|
Cost of average
interest bearing liabilities
|
|
|
0.31
|
|
|
0.38
|
|
|
0.56
|
|
|
0.91
|
|
|
1.32
|
|
|
0.34
|
|
|
1.56
|
|
Cost of
deposits
|
|
|
0.29
|
|
|
0.36
|
|
|
0.55
|
|
|
0.94
|
|
|
1.38
|
|
|
0.32
|
|
|
1.63
|
|
Net interest
margin
|
|
|
4.60
|
|
|
4.60
|
|
|
4.46
|
|
|
3.97
|
|
|
4.09
|
|
|
4.60
|
|
|
4.14
|
|
Efficiency
ratio(1)
|
|
|
36.19
|
|
|
36.03
|
|
|
45.09
|
|
|
42.46
|
|
|
45.56
|
|
|
36.11
|
|
|
44.30
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.01
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.67
|
|
|
0.84
|
|
|
1.03
|
|
|
1.19
|
|
|
1.00
|
|
|
0.67
|
|
|
1.00
|
|
ALL to nonperforming
loans
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
|
59.66
|
|
|
147.82
|
|
|
59.66
|
|
ALL to loans held for
investment
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.58
|
|
|
0.66
|
|
|
0.58
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
106.31
|
%
|
|
107.33
|
%
|
|
110.48
|
%
|
|
109.50
|
%
|
|
101.48
|
%
|
|
106.31
|
%
|
|
101.48
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
31.30
|
|
|
31.28
|
|
|
31.28
|
|
|
34.44
|
|
|
33.28
|
|
|
31.30
|
|
|
33.28
|
|
Common equity to
assets
|
|
|
10.50
|
|
|
11.85
|
|
|
12.90
|
|
|
13.63
|
|
|
13.32
|
|
|
10.50
|
|
|
13.32
|
|
Leverage
ratio
|
|
|
11.14
|
|
|
12.23
|
|
|
13.44
|
|
|
13.44
|
|
|
13.44
|
|
|
11.14
|
|
|
13.44
|
|
Common equity tier 1
ratio
|
|
|
17.71
|
|
|
18.97
|
|
|
20.00
|
|
|
21.09
|
|
|
21.75
|
|
|
17.71
|
|
|
21.75
|
|
Tier 1 risk-based
capital ratio
|
|
|
17.71
|
|
|
18.97
|
|
|
20.00
|
|
|
21.09
|
|
|
21.75
|
|
|
17.71
|
|
|
21.75
|
|
Total risk-based
capital ratio
|
|
|
18.68
|
|
|
19.88
|
|
|
20.86
|
|
|
21.96
|
|
|
22.53
|
|
|
18.68
|
|
|
22.53
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
746,660
|
|
$
|
856,432
|
|
$
|
961,670
|
|
$
|
1,063,500
|
|
$
|
1,136,824
|
|
$
|
746,660
|
|
$
|
1,136,824
|
|
Mortgage loan
production
|
|
|
326,507
|
|
|
263,698
|
|
|
194,951
|
|
|
120,337
|
|
|
48,850
|
|
|
590,205
|
|
|
168,926
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,737
|
|
SBA loans serviced for
others
|
|
|
549,238
|
|
|
521,182
|
|
|
507,442
|
|
|
500,047
|
|
|
476,629
|
|
|
549,238
|
|
|
476,629
|
|
SBA loan
production
|
|
|
67,376
|
|
|
80,466
|
|
|
34,631
|
|
|
52,742
|
|
|
114,899
|
|
|
147,842
|
|
|
158,435
|
|
SBA loan
sales
|
|
|
34,158
|
|
|
22,399
|
|
|
25,505
|
|
|
37,923
|
|
|
35,247
|
|
|
56,557
|
|
|
65,205
|
|
________________________________________
|
(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)
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
309,289
|
|
$
|
169,775
|
|
$
|
140,744
|
|
$
|
109,263
|
|
$
|
208,325
|
Federal funds
sold
|
|
|
4,644
|
|
|
4,444
|
|
|
9,944
|
|
|
17,268
|
|
|
7,444
|
Cash and cash
equivalents
|
|
|
313,933
|
|
|
174,219
|
|
|
150,688
|
|
|
126,531
|
|
|
215,769
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
40,000
|
Securities available
for sale (at fair value)
|
|
|
16,722
|
|
|
18,739
|
|
|
18,117
|
|
|
18,204
|
|
|
18,415
|
Loans
|
|
|
2,091,767
|
|
|
1,866,785
|
|
|
1,630,344
|
|
|
1,459,899
|
|
|
1,364,989
|
Allowance for loan
losses
|
|
|
(13,860)
|
|
|
(11,735)
|
|
|
(10,135)
|
|
|
(9,339)
|
|
|
(7,894)
|
Loans less allowance
for loan losses
|
|
|
2,077,907
|
|
|
1,855,050
|
|
|
1,620,209
|
|
|
1,450,560
|
|
|
1,357,095
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Accrued interest
receivable
|
|
|
10,668
|
|
|
10,515
|
|
|
10,671
|
|
|
7,999
|
|
|
8,270
|
Federal Home Loan
Bank stock
|
|
|
8,451
|
|
|
3,951
|
|
|
6,147
|
|
|
5,723
|
|
|
4,873
|
Premises and
equipment, net
|
|
|
13,557
|
|
|
13,663
|
|
|
13,854
|
|
|
14,083
|
|
|
14,231
|
Operating lease
right-of-use asset
|
|
|
10,078
|
|
|
10,483
|
|
|
10,348
|
|
|
10,786
|
|
|
11,220
|
Foreclosed real
estate, net
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
|
|
423
|
SBA servicing asset,
net
|
|
|
11,155
|
|
|
10,535
|
|
|
9,643
|
|
|
10,173
|
|
|
8,446
|
Mortgage servicing
asset, net
|
|
|
9,529
|
|
|
11,722
|
|
|
12,991
|
|
|
14,599
|
|
|
16,064
|
Bank owned life
insurance
|
|
|
36,263
|
|
|
36,033
|
|
|
35,806
|
|
|
35,578
|
|
|
20,450
|
Other
assets
|
|
|
4,921
|
|
|
5,606
|
|
|
5,171
|
|
|
5,355
|
|
|
6,501
|
Total assets
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
|
$
|
1,721,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
618,054
|
|
$
|
546,164
|
|
$
|
462,909
|
|
$
|
460,679
|
|
$
|
449,185
|
Interest-bearing
deposits
|
|
|
1,356,777
|
|
|
1,199,756
|
|
|
1,016,980
|
|
|
877,112
|
|
|
900,713
|
Total
deposits
|
|
|
1,974,831
|
|
|
1,745,920
|
|
|
1,479,889
|
|
|
1,337,791
|
|
|
1,349,898
|
Federal Home Loan
Bank advances
|
|
|
200,000
|
|
|
80,000
|
|
|
110,000
|
|
|
100,000
|
|
|
80,000
|
Other
borrowings
|
|
|
474
|
|
|
479
|
|
|
483
|
|
|
491
|
|
|
3,060
|
Operating lease
liability
|
|
|
10,648
|
|
|
11,048
|
|
|
10,910
|
|
|
11,342
|
|
|
11,769
|
Accrued interest
payable
|
|
|
202
|
|
|
206
|
|
|
222
|
|
|
310
|
|
|
549
|
Other
liabilities
|
|
|
67,431
|
|
|
61,332
|
|
|
51,154
|
|
|
52,843
|
|
|
47,060
|
Total
liabilities
|
|
$
|
2,253,586
|
|
$
|
1,898,985
|
|
$
|
1,652,658
|
|
$
|
1,502,777
|
|
$
|
1,492,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
256
|
|
|
257
|
|
|
257
|
|
|
257
|
|
|
257
|
Additional paid-in
capital
|
|
|
52,924
|
|
|
55,977
|
|
|
55,674
|
|
|
55,098
|
|
|
54,524
|
Retained
earnings
|
|
|
210,910
|
|
|
199,102
|
|
|
188,705
|
|
|
181,576
|
|
|
174,518
|
Accumulated other
comprehensive income (loss)
|
|
|
164
|
|
|
39
|
|
|
195
|
|
|
165
|
|
|
122
|
Total shareholders'
equity
|
|
|
264,254
|
|
|
255,375
|
|
|
244,831
|
|
|
237,096
|
|
|
229,421
|
Total liabilities and
shareholders' equity
|
|
$
|
2,517,840
|
|
$
|
2,154,360
|
|
$
|
1,897,489
|
|
$
|
1,739,873
|
|
$
|
1,721,757
|
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)
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
25,728
|
|
$
|
22,500
|
|
$
|
19,658
|
|
$
|
17,880
|
|
$
|
18,826
|
|
$
|
48,228
|
|
$
|
38,334
|
Other investment
income
|
|
|
159
|
|
|
170
|
|
|
164
|
|
|
187
|
|
|
196
|
|
|
329
|
|
|
1,078
|
Federal funds
sold
|
|
|
1
|
|
|
2
|
|
|
17
|
|
|
64
|
|
|
61
|
|
|
3
|
|
|
227
|
Total interest
income
|
|
|
25,888
|
|
|
22,672
|
|
|
19,839
|
|
|
18,131
|
|
|
19,083
|
|
|
48,560
|
|
|
39,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
919
|
|
|
992
|
|
|
1,262
|
|
|
2,046
|
|
|
3,096
|
|
|
1,911
|
|
|
7,610
|
FHLB advances and other
borrowings
|
|
|
144
|
|
|
146
|
|
|
149
|
|
|
146
|
|
|
144
|
|
|
290
|
|
|
276
|
Total interest
expense
|
|
|
1,063
|
|
|
1,138
|
|
|
1,411
|
|
|
2,192
|
|
|
3,240
|
|
|
2,201
|
|
|
7,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
24,825
|
|
|
21,534
|
|
|
18,428
|
|
|
15,939
|
|
|
15,843
|
|
|
46,359
|
|
|
31,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
3,804
|
|
|
1,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
22,620
|
|
|
19,935
|
|
|
17,472
|
|
|
14,489
|
|
|
14,782
|
|
|
42,555
|
|
|
30,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
411
|
|
|
373
|
|
|
350
|
|
|
309
|
|
|
277
|
|
|
784
|
|
|
653
|
Other service charges,
commissions and fees
|
|
|
3,877
|
|
|
3,398
|
|
|
3,223
|
|
|
2,076
|
|
|
990
|
|
|
7,275
|
|
|
3,245
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,529
|
Mortgage servicing
income, net
|
|
|
(957)
|
|
|
166
|
|
|
(82)
|
|
|
235
|
|
|
783
|
|
|
(791)
|
|
|
1,155
|
Gain on sale of SBA
loans
|
|
|
2,845
|
|
|
1,854
|
|
|
1,625
|
|
|
2,265
|
|
|
1,276
|
|
|
4,699
|
|
|
2,577
|
SBA servicing income,
net
|
|
|
1,905
|
|
|
2,133
|
|
|
724
|
|
|
2,931
|
|
|
1,959
|
|
|
4,038
|
|
|
2,475
|
Other income
|
|
|
513
|
|
|
262
|
|
|
298
|
|
|
148
|
|
|
215
|
|
|
775
|
|
|
475
|
Total noninterest
income
|
|
|
8,594
|
|
|
8,186
|
|
|
6,138
|
|
|
7,964
|
|
|
5,500
|
|
|
16,780
|
|
|
13,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,915
|
|
|
6,699
|
|
|
6,822
|
|
|
6,416
|
|
|
5,749
|
|
|
13,614
|
|
|
12,262
|
Occupancy
|
|
|
1,252
|
|
|
1,275
|
|
|
1,293
|
|
|
1,302
|
|
|
1,277
|
|
|
2,527
|
|
|
2,488
|
Data
Processing
|
|
|
283
|
|
|
308
|
|
|
313
|
|
|
287
|
|
|
201
|
|
|
591
|
|
|
478
|
Advertising
|
|
|
117
|
|
|
145
|
|
|
138
|
|
|
127
|
|
|
140
|
|
|
262
|
|
|
301
|
Other
expenses
|
|
|
3,526
|
|
|
2,281
|
|
|
2,511
|
|
|
2,018
|
|
|
2,357
|
|
|
5,807
|
|
|
4,344
|
Total noninterest
expense
|
|
|
12,093
|
|
|
10,708
|
|
|
11,077
|
|
|
10,150
|
|
|
9,724
|
|
|
22,801
|
|
|
19,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
19,121
|
|
|
17,413
|
|
|
12,533
|
|
|
12,303
|
|
|
10,558
|
|
|
36,534
|
|
|
23,928
|
Provision for income
taxes
|
|
|
4,728
|
|
|
4,432
|
|
|
3,079
|
|
|
2,918
|
|
|
2,819
|
|
|
9,160
|
|
|
6,373
|
Net income available
to common shareholders
|
|
$
|
14,393
|
|
$
|
12,981
|
|
$
|
9,454
|
|
$
|
9,385
|
|
$
|
7,739
|
|
$
|
27,374
|
|
$
|
17,555
|
METROCITY
BANKSHARES, INC.
|
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
Three Months
Ended
|
|
|
|
June 30, 2021
|
|
March 31, 2021
|
|
June 30, 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)
|
|
$
|
169,578
|
|
$
|
76
|
|
0.18
|
%
|
$
|
125,699
|
|
$
|
72
|
|
0.23
|
%
|
$
|
167,059
|
|
$
|
97
|
|
0.23
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
40,000
|
|
|
57
|
|
0.57
|
|
Securities available
for sale
|
|
|
17,080
|
|
|
84
|
|
1.97
|
|
|
18,164
|
|
|
100
|
|
2.23
|
|
|
18,410
|
|
|
103
|
|
2.25
|
|
Total
investments
|
|
|
186,658
|
|
|
160
|
|
0.34
|
|
|
143,863
|
|
|
172
|
|
0.48
|
|
|
225,469
|
|
|
257
|
|
0.46
|
|
Construction and
development
|
|
|
47,173
|
|
|
615
|
|
5.23
|
|
|
40,954
|
|
|
531
|
|
5.26
|
|
|
31,617
|
|
|
421
|
|
5.36
|
|
Commercial real
estate
|
|
|
510,241
|
|
|
7,344
|
|
5.77
|
|
|
491,635
|
|
|
7,078
|
|
5.84
|
|
|
472,113
|
|
|
6,470
|
|
5.51
|
|
Commercial and
industrial
|
|
|
146,408
|
|
|
2,558
|
|
7.01
|
|
|
152,433
|
|
|
1,920
|
|
5.11
|
|
|
111,629
|
|
|
2,076
|
|
7.48
|
|
Residential real
estate
|
|
|
1,275,555
|
|
|
15,180
|
|
4.77
|
|
|
1,068,495
|
|
|
12,930
|
|
4.91
|
|
|
714,095
|
|
|
9,801
|
|
5.52
|
|
Consumer and
other
|
|
|
179
|
|
|
31
|
|
69.46
|
|
|
174
|
|
|
41
|
|
95.56
|
|
|
1,275
|
|
|
58
|
|
18.30
|
|
Gross
loans(2)
|
|
|
1,979,556
|
|
|
25,728
|
|
5.21
|
|
|
1,753,691
|
|
|
22,500
|
|
5.20
|
|
|
1,330,729
|
|
|
18,826
|
|
5.69
|
|
Total earning
assets
|
|
|
2,166,214
|
|
|
25,888
|
|
4.79
|
|
|
1,897,554
|
|
|
22,672
|
|
4.85
|
|
|
1,556,198
|
|
|
19,083
|
|
4.93
|
|
Noninterest-earning
assets
|
|
|
112,161
|
|
|
|
|
|
|
|
111,164
|
|
|
|
|
|
|
|
93,152
|
|
|
|
|
|
|
Total
assets
|
|
|
2,278,375
|
|
|
|
|
|
|
|
2,008,718
|
|
|
|
|
|
|
|
1,649,350
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
107,072
|
|
|
53
|
|
0.20
|
|
|
92,312
|
|
|
47
|
|
0.21
|
|
|
64,081
|
|
|
40
|
|
0.26
|
|
Money market
deposits
|
|
|
659,173
|
|
|
373
|
|
0.23
|
|
|
534,192
|
|
|
337
|
|
0.26
|
|
|
207,785
|
|
|
393
|
|
0.76
|
|
Time
deposits
|
|
|
521,217
|
|
|
493
|
|
0.38
|
|
|
491,913
|
|
|
608
|
|
0.50
|
|
|
632,257
|
|
|
2,663
|
|
1.69
|
|
Total interest-bearing
deposits
|
|
|
1,287,462
|
|
|
919
|
|
0.29
|
|
|
1,118,417
|
|
|
992
|
|
0.36
|
|
|
904,123
|
|
|
3,096
|
|
1.38
|
|
Borrowings
|
|
|
94,435
|
|
|
144
|
|
0.61
|
|
|
87,483
|
|
|
146
|
|
0.68
|
|
|
83,096
|
|
|
144
|
|
0.70
|
|
Total interest-bearing
liabilities
|
|
|
1,381,897
|
|
|
1,063
|
|
0.31
|
|
|
1,205,900
|
|
|
1,138
|
|
0.38
|
|
|
987,219
|
|
|
3,240
|
|
1.32
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
561,170
|
|
|
|
|
|
|
|
483,691
|
|
|
|
|
|
|
|
377,136
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
78,822
|
|
|
|
|
|
|
|
72,534
|
|
|
|
|
|
|
|
61,449
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
639,992
|
|
|
|
|
|
|
|
556,225
|
|
|
|
|
|
|
|
438,585
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
256,486
|
|
|
|
|
|
|
|
246,593
|
|
|
|
|
|
|
|
223,546
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,278,375
|
|
|
|
|
|
|
$
|
2,008,718
|
|
|
|
|
|
|
$
|
1,649,350
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
24,825
|
|
|
|
|
|
|
$
|
21,534
|
|
|
|
|
|
|
$
|
15,843
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.48
|
|
|
|
|
|
|
|
4.47
|
|
|
|
|
|
|
|
3.61
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.60
|
|
|
|
|
|
|
|
4.60
|
|
|
|
|
|
|
|
4.09
|
|
________________________________________
|
(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, 2021
|
|
June 30, 2020
|
|
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
Average
|
|
Interest
and
|
|
Yield
/
|
|
(Dollars in
thousands)
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Balance
|
|
Fees
|
|
Rate
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other investments(1)
|
|
$
|
147,760
|
|
$
|
149
|
|
0.20
|
%
|
$
|
180,214
|
|
$
|
899
|
|
1.00
|
%
|
Securities purchased
under agreements to resell
|
|
|
—
|
|
|
—
|
|
—
|
|
|
36,016
|
|
|
197
|
|
1.10
|
|
Securities available
for sale
|
|
|
17,619
|
|
|
183
|
|
2.09
|
|
|
17,537
|
|
|
209
|
|
2.40
|
|
Total
investments
|
|
|
165,379
|
|
|
332
|
|
0.40
|
|
|
233,767
|
|
|
1,305
|
|
1.12
|
|
Construction and
development
|
|
|
44,081
|
|
|
1,147
|
|
5.25
|
|
|
29,425
|
|
|
817
|
|
5.58
|
|
Commercial real
estate
|
|
|
500,989
|
|
|
14,422
|
|
5.81
|
|
|
474,464
|
|
|
13,991
|
|
5.93
|
|
Commercial and
industrial
|
|
|
149,403
|
|
|
4,478
|
|
6.04
|
|
|
85,781
|
|
|
3,055
|
|
7.16
|
|
Residential real
estate
|
|
|
1,172,597
|
|
|
28,109
|
|
4.83
|
|
|
716,282
|
|
|
20,371
|
|
5.72
|
|
Consumer and
other
|
|
|
177
|
|
|
72
|
|
82.03
|
|
|
1,430
|
|
|
100
|
|
14.06
|
|
Gross
loans(2)
|
|
|
1,867,247
|
|
|
48,228
|
|
5.21
|
|
|
1,307,382
|
|
|
38,334
|
|
5.90
|
|
Total earning
assets
|
|
|
2,032,626
|
|
|
48,560
|
|
4.82
|
|
|
1,541,149
|
|
|
39,639
|
|
5.17
|
|
Noninterest-earning
assets
|
|
|
111,665
|
|
|
|
|
|
|
|
93,323
|
|
|
|
|
|
|
Total
assets
|
|
|
2,144,291
|
|
|
|
|
|
|
|
1,634,472
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
99,732
|
|
|
99
|
|
0.20
|
|
|
61,141
|
|
|
83
|
|
0.27
|
|
Money market
deposits
|
|
|
597,028
|
|
|
711
|
|
0.24
|
|
|
198,524
|
|
|
1,062
|
|
1.08
|
|
Time
deposits
|
|
|
506,646
|
|
|
1,101
|
|
0.44
|
|
|
679,145
|
|
|
6,465
|
|
1.91
|
|
Total interest-bearing
deposits
|
|
|
1,203,406
|
|
|
1,911
|
|
0.32
|
|
|
938,810
|
|
|
7,610
|
|
1.63
|
|
Borrowings
|
|
|
90,978
|
|
|
290
|
|
0.64
|
|
|
79,486
|
|
|
276
|
|
0.70
|
|
Total interest-bearing
liabilities
|
|
|
1,294,384
|
|
|
2,201
|
|
0.34
|
|
|
1,018,296
|
|
|
7,886
|
|
1.56
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
522,645
|
|
|
|
|
|
|
|
338,112
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
75,695
|
|
|
|
|
|
|
|
57,887
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
598,340
|
|
|
|
|
|
|
|
395,999
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
251,567
|
|
|
|
|
|
|
|
220,177
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,144,291
|
|
|
|
|
|
|
$
|
1,634,472
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
46,359
|
|
|
|
|
|
|
$
|
31,753
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
4.48
|
|
|
|
|
|
|
|
3.61
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.60
|
|
|
|
|
|
|
|
4.14
|
|
________________________________________
|
(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, 2021
|
|
March 31, 2021
|
|
December 31, 2020
|
|
September 30, 2020
|
|
June 30, 2020
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
58,668
|
|
2.8
|
%
|
$
|
52,202
|
|
2.8
|
%
|
$
|
45,653
|
|
2.8
|
%
|
$
|
38,607
|
|
2.6
|
%
|
$
|
42,847
|
|
3.1
|
%
|
Commercial Real
Estate
|
|
|
475,658
|
|
22.7
|
|
|
473,281
|
|
25.3
|
|
|
477,419
|
|
29.2
|
|
|
447,596
|
|
30.6
|
|
|
429,019
|
|
31.3
|
|
Commercial and
Industrial
|
|
|
134,076
|
|
6.4
|
|
|
166,915
|
|
8.9
|
|
|
137,239
|
|
8.4
|
|
|
146,880
|
|
10.0
|
|
|
141,540
|
|
10.3
|
|
Residential Real
Estate
|
|
|
1,430,843
|
|
68.1
|
|
|
1,181,385
|
|
63.0
|
|
|
974,445
|
|
59.6
|
|
|
831,334
|
|
56.7
|
|
|
755,521
|
|
55.2
|
|
Consumer and
other
|
|
|
169
|
|
—
|
|
|
169
|
|
—
|
|
|
183
|
|
—
|
|
|
505
|
|
0.1
|
|
|
967
|
|
0.1
|
|
Gross loans
|
|
$
|
2,099,414
|
|
100.0
|
%
|
$
|
1,873,952
|
|
100.0
|
%
|
$
|
1,634,939
|
|
100.0
|
%
|
$
|
1,464,922
|
|
100.0
|
%
|
$
|
1,369,894
|
|
100.0
|
%
|
Unearned
income
|
|
|
(7,647)
|
|
|
|
|
(7,167)
|
|
|
|
|
(4,595)
|
|
|
|
|
(5,023)
|
|
|
|
|
(4,905)
|
|
|
|
Allowance for loan
losses
|
|
|
(13,860)
|
|
|
|
|
(11,735)
|
|
|
|
|
(10,135)
|
|
|
|
|
(9,339)
|
|
|
|
|
(7,894)
|
|
|
|
Net loans
|
|
$
|
2,077,907
|
|
|
|
$
|
1,855,050
|
|
|
|
$
|
1,620,209
|
|
|
|
$
|
1,450,560
|
|
|
|
$
|
1,357,095
|
|
|
|
METROCITY
BANKSHARES, INC.
|
NONPERFORMING
ASSETS
|
|
|
|
As of the Quarter Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
(Dollars in
thousands)
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
Nonaccrual
loans
|
|
$
|
6,623
|
|
$
|
9,071
|
|
$
|
10,203
|
|
$
|
9,730
|
|
$
|
10,335
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,753
|
|
|
2,863
|
|
|
2,891
|
|
|
7,487
|
|
|
2,896
|
|
Total non-performing
loans
|
|
|
9,376
|
|
|
11,934
|
|
|
13,094
|
|
|
17,217
|
|
|
13,231
|
|
Other real estate
owned
|
|
|
4,656
|
|
|
3,844
|
|
|
3,844
|
|
|
282
|
|
|
423
|
|
Total non-performing
assets
|
|
$
|
14,032
|
|
$
|
15,778
|
|
$
|
16,938
|
|
$
|
17,499
|
|
$
|
13,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.45
|
%
|
|
0.64
|
%
|
|
0.80
|
%
|
|
1.18
|
%
|
|
0.97
|
%
|
Nonperforming assets
to total assets
|
|
|
0.56
|
|
|
0.73
|
|
|
0.89
|
|
|
1.01
|
|
|
0.79
|
|
Allowance for loan
losses to non-performing loans
|
|
|
147.82
|
|
|
98.33
|
|
|
77.40
|
|
|
54.24
|
|
|
59.66
|
|
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)
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
Balance, beginning of
period
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
6,859
|
|
$
|
10,135
|
|
$
|
6,839
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
23
|
|
|
(3)
|
|
|
107
|
|
|
(3)
|
|
|
(3)
|
|
|
20
|
|
|
(5)
|
|
Commercial and
industrial
|
|
|
60
|
|
|
4
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
(25)
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
(3)
|
|
|
(2)
|
|
|
2
|
|
|
8
|
|
|
29
|
|
|
(5)
|
|
|
36
|
|
Total net
charge-offs/(recoveries)
|
|
|
80
|
|
|
(1)
|
|
|
160
|
|
|
5
|
|
|
26
|
|
|
79
|
|
|
6
|
|
Provision for loan
losses
|
|
|
2,205
|
|
|
1,599
|
|
|
956
|
|
|
1,450
|
|
|
1,061
|
|
|
3,804
|
|
|
1,061
|
|
Balance, end of
period
|
|
$
|
13,860
|
|
$
|
11,735
|
|
$
|
10,135
|
|
$
|
9,339
|
|
$
|
7,894
|
|
$
|
13,860
|
|
$
|
7,894
|
|
Total loans at end of
period
|
|
$
|
2,099,414
|
|
$
|
1,873,952
|
|
$
|
1,634,939
|
|
$
|
1,464,922
|
|
$
|
1,369,894
|
|
$
|
2,099,414
|
|
$
|
1,369,894
|
|
Average
loans(1)
|
|
$
|
1,979,556
|
|
$
|
1,753,691
|
|
$
|
1,522,150
|
|
$
|
1,407,670
|
|
$
|
1,330,729
|
|
$
|
1,867,247
|
|
$
|
1,278,784
|
|
Net charge-offs to
average loans
|
|
|
0.02
|
%
|
|
0.00
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.01
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.64
|
|
|
0.58
|
|
|
0.66
|
|
|
0.58
|
|
________________________________________
|
(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-2021-301340213.html
SOURCE MetroCity Bankshares, Inc.