ATLANTA, April 21,
2023 /PRNewswire/ -- MetroCity Bankshares, Inc.
("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for
Metro City Bank (the "Bank"), today reported net income of
$15.7 million, or $0.62 per diluted share, for the first quarter of
2023, compared to $10.2 million, or
$0.40 per diluted share, for the
fourth quarter of 2022, and $19.4
million, or $0.76 per diluted
share, for the first quarter of 2022.
First Quarter 2023 Highlights:
- Annualized return on average assets was 1.87%, compared to
1.19% for the fourth quarter of 2022 and 2.52% for the first
quarter of 2022.
- Annualized return on average equity was 18.09%, compared to
11.57% for the fourth quarter of 2022 and 26.94% for the first
quarter of 2022.
- Efficiency ratio of 33.1%, compared to 40.3% for the fourth
quarter of 2022 and 31.8% for the first quarter of 2022.
- Annualized net recoveries to average loans for the quarter was
0.00%, compared to a net recovery ratio of 0.01% for the fourth
quarter of 2022 and a net charge-off ratio of 0.06% for the first
quarter of 2022.
Results of Operations
Net Income
Net income was $15.7 million for
the first quarter of 2023, an increase of $5.5 million, or 54.5%, from $10.2 million for the fourth quarter of 2022.
This increase was due to an increase in noninterest income of
$4.2 million, a decrease in
noninterest expense of $1.7 million
and a decrease in income tax expense of $3.5
million, offset by a decrease in net interest income of
$2.7 million and an increase in
provision for credit losses of $1.2
million. Net income decreased by $3.7
million, or 19.0%, in the first quarter of 2023 compared to
net income of $19.4 million for the
first quarter of 2022. This decrease was due to a decrease in net
interest income of $4.4 million and a
decrease in noninterest income of $1.6
million, offset by a decrease in noninterest expense of
$1.5 million and a decrease in
provision for income taxes of $757,000.
Net Interest Income and Net Interest Margin
Interest income totaled $46.0
million for the first quarter of 2023, an increase of
$2.0 million, or 4.6%, from the
previous quarter, primarily due to a 35 basis points increase in
the loan yield coupled with a $34.0
million increase in average loan balances. As compared to
the first quarter of 2022, interest income for the first quarter of
2023 increased by $14.0 million, or
43.9%, primarily due to an increase in average loan balances of
$498.0 million coupled with an 85
basis points increase in the loan yield.
Interest expense totaled $19.7
million for the first quarter of 2023, an increase of
$4.7 million, or 31.6%, from the
previous quarter, primarily due to a 87 basis points increase in
deposit costs and a 48 basis points increase in borrowing costs
coupled with a $38.0 million increase
in average interest-bearing deposits. As compared to the first
quarter of 2022, interest expense for the first quarter of 2023
increased by $18.4 million, or
1,417.8%, due to a 321 basis points increase in deposit costs and a
223 basis points increase in borrowing costs coupled with a
$308.5 million increase in average
interest-bearing deposits.
The net interest margin for the first quarter of 2023 was 3.30%
compared to 3.58% for the previous quarter, a decrease of 28 basis
points. The yield on average interest-earning assets for the first
quarter of 2023 increased by 34 basis points to 5.77% from 5.43%
for the previous quarter, while the cost of average
interest-bearing liabilities for the first quarter of 2023
increased by 81 basis points to 3.30% from 2.49% for the previous
quarter. Average earning assets increased by $19.6 million from the previous quarter, due to
an increase in average loans of $34.0
million offset by a decrease in average total investments of
$14.4 million. Average
interest-bearing liabilities increased by $38.1 million from the previous quarter as
average interest-bearing deposits increased by $38.0 million while average borrowings remained
flat.
As compared to the same period in 2022, the net interest margin
for the first quarter of 2023 decreased by 86 basis points to 3.30%
from 4.16%, primarily due to a 306 basis point increase in the cost
of average interest-bearing liabilities of $2.43 billion, offset by a 143 basis point
increase in the yield on average interest-earning assets of
$3.23 billion. Average earning assets
for the first quarter of 2023 increased by $240.0 million from the first quarter of 2022,
primarily due to a $498.0 million
increase in average loans, offset by a $254.3 million decrease in average
interest-earning cash accounts. Average interest-bearing
liabilities for the first quarter of 2023 increased by $243.3 million from the first quarter of 2022,
driven by an increase in average interest-bearing deposits of
$308.5 million, offset by a decrease
in average borrowings of $65.2
million.
Noninterest Income
Noninterest income for the first quarter of 2023 was
$6.0 million, an increase of
$4.2 million, or 235.3%, from the
fourth quarter of 2022, primarily due to higher gains on sale of
Small Business Administration ("SBA") loans, SBA servicing income
and other income, partially offset by lower mortgage loan fees. SBA
loan sales totaled $36.5 million
during the first quarter of 2023 compared to no loan sales during
the fourth quarter of 2022. Mortgage loan originations totaled
$43.3 million during the first
quarter 2023 compared to $88.0
million during the fourth quarter of 2022. During the first
quarter of 2023, we recorded a $708,000 fair value adjustment gain on our SBA
servicing asset which had a $0.02 per
share impact on our diluted earnings per share for the quarter.
Compared to the same period in 2022, noninterest income for the
first quarter of 2023 decreased by $1.6
million, or 21.4%, primarily due to lower mortgage loan fees
as a result of lower volume and lower gains on sale of mortgage
loans as no mortgage loans were sold during the first quarter of
2023.
Noninterest Expense
Noninterest expense for the first quarter of 2023 totaled
$10.7 million, a decrease of
$1.7 million, or 13.7%, from
$12.4 million for the fourth quarter
of 2022. This decrease was primarily attributable to a decrease in
salaries and employee benefits partially due to lower commissions
from lower loan volume, as well as lower loan related expenses and
FDIC deposit insurance premiums. Compared to the first quarter of
2022, noninterest expense during the first quarter of 2023
decreased by $1.5 million, or 12.3%,
primarily due to lower salaries and employee benefits, FDIC deposit
insurance premiums and fair value losses on our equity
securities.
The Company's efficiency ratio was 33.1 % for the first quarter
of 2023 compared to 40.3% and 31.8% for the fourth quarter of 2022
and first quarter of 2022, respectively.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2023
was 27.1%, compared to 47.9% for the fourth quarter of 2022 and
25.3% for the first quarter of 2022. The significant elevated
effective tax rate during the fourth quarter of 2022 was due to the
re-allocation of state income tax apportionment schedules for prior
year's tax returns, as well as corrections made for the treatments
of prior year's state tax credits.
Balance Sheet
Total Assets
Total assets were $3.42 billion at
March 31, 2023, a decrease of
$8.2 million, or 0.2%, from
$3.43 billion at December 31, 2022, and an increase of
$276.7 million, or 8.8%, from
$3.14 billion at March 31, 2022. The $8.2
million decrease in total assets at March 31, 2023 compared to December 31, 2022 was primarily due to decreases
in loans of $43.7 million, federal
funds sold of $20.6 million, other
real estate owned of $3.6 million and
other assets of $2.1 million,
partially offset by an increase in cash and due from banks of
$65.2 million. The $276.7 million increase in total assets at
March 31, 2023 compared to
March 31, 2022 was primarily due to
increases in loans of $499.7 million
and other assets of $24.4 million,
partially offset by a $202.8 million
decrease in cash and due from banks.
Our investment securities portfolio made up only 0.87% of our
total assets at March 31, 2023
compared to 0.86% and 1.11% at December 31,
2022 and March 31, 2022,
respectively.
Loans
Loans held for investment were $3.01
billion at March 31, 2023, a
decrease of $43.7 million, or 1.4%,
compared to $3.06 billion at
December 31, 2022, and an increase of
$499.7 million, or 19.9%, compared to
$2.51 billion at March 31, 2022. The decrease in loans at
March 31, 2023 compared to
December 31, 2022 was primarily due
to a $21.0 million decrease in
residential mortgage loans, a $17.3
million decrease in commercial real estate loans and a
$7.0 million decrease in commercial
and industrial loans, offset by a $1.4
million increase in construction and development loans.
There were no loans classified as held for sale at March 31, 2023, December
31, 2022 or March 31,
2022.
Deposits
Total deposits were $2.64 billion
at March 31, 2023, a decrease of
$22.7 million, or 0.9%, compared to
total deposits of $2.67 billion at
December 31, 2022, and an increase of
$262.0 million, or 11.0%, compared to
total deposits of $2.38 billion at
March 31, 2022. The decrease in total
deposits at March 31, 2023 compared
to December 31, 2022 was due to a
$82.5 million decrease in money
market accounts, a $34.7 million
decrease in noninterest-bearing deposits and a $3.1 million decrease in savings accounts, offset
by a $93.2 million increase in time
deposits and a $4.4 million increase
interest-bearing demand deposits.
Noninterest-bearing deposits were $577.3
million at March 31, 2023,
compared to $612.0 million at
December 31, 2022 and $615.7 million at March
31, 2022. Noninterest-bearing deposits constituted 21.8% of
total deposits at March 31, 2023,
compared to 22.9% at December 31,
2022 and 25.8% at March 31,
2022. Interest-bearing deposits were $2.07 billion at March 31,
2023, compared to $2.05
billion at December 31, 2022
and $1.77 billion at March 31, 2022. Interest-bearing deposits
constituted 78.2% of total deposits at March
31, 2023, compared to 77.1% at December 31, 2022 and 74.2% at March 31, 2022.
Uninsured deposits were 31.9% of total deposits at March 31, 2023, compared to 32.5% and 27.4% at
December 31, 2022 and March 31, 2022, respectively. As of March 31, 2023, we had $1.13 billion of available borrowing capacity at
the Federal Home Loan Bank ($657.0
million), Federal Reserve Discount Window ($429.0 million) and various other financial
institutions (fed fund lines totaling $47.5
million).
Asset Quality
On January 1, 2023, the Company
adopted ASC 326, which provides for an expected credit loss model,
referred to as the "Current Expected Credit Loss" ("CECL") model.
The adoption of this standard resulted in an increase to the
allowance for loan losses of $5.1
million and the creation of an allowance for unfunded
commitments of $239,000. These
one-time cumulative adjustments resulted in a $3.9 million tax-effected decrease to retained
earnings.
The Company recorded no provision for credit losses during the
first quarter of 2023, compared to a $1.2
million credit provision recorded during the fourth quarter
of 2022 and a $104,000 provision
expense recorded during the first quarter of 2022. Annualized net
recoveries to average loans for the first quarter of 2023 was
0.00%, compared to a net recovery of 0.01% for the fourth quarter
of 2022 and net charge-offs of 0.06% for the first quarter of
2022.
Nonperforming assets totaled $19.5
million, or 0.57% of total assets, at March 31, 2023, a decrease of $5.0 million from $24.5
million, or 0.71% of total assets, at December 31, 2022, and an increase of
$3.5 million from $16.0 million, or 0.51% of total assets, at
March 31, 2022. The decrease in
nonperforming assets at March 31,
2023 compared to December 31,
2022 was primarily due to a $1.0
million decrease in nonaccrual loans and a $3.6 million decrease in other real estate owned.
Allowance for credit losses as a percentage of total loans was
0.63% at March 31, 2023, compared to
0.45% at December 31, 2022 and 0.66%
at March 31, 2022. Allowance for
credit losses as a percentage of nonperforming loans was 101.22% at
March 31, 2023, compared to 68.88%
and 134.39% at December 31, 2022 and
March 31, 2022, 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,
constitute "forward-looking statements" within the meaning of, and
subject to the protections of, Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
not historical in nature and may be identified by references to a
future period or periods by the use of the words "believe,"
"expect," "anticipate," "intend," "plan," "estimate," "project,"
"outlook," or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could," or "may." The
forward-looking statements in this press release should not be
relied on because they are based on current information and on
assumptions that we make about future events and circumstances that
are subject to a number of known and unknown risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, and other
factors, our actual financial results in the future could differ,
possibly materially, from those expressed in or implied by the
forward-looking statements contained in this press release and
could cause us to make changes to our future plans. Factors that
might cause such differences include, but are not limited to: the
impact of current and future economic conditions, particularly
those affecting the financial services industry, including the
effects of declines in the real estate market, high unemployment
rates, inflationary pressures, elevated interest rates and
slowdowns in economic growth, as well as the financial stress on
borrowers as a result of the foregoing; potential impacts of the
recent adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; risks arising from media coverage of the banking industry;
risks arising from perceived instability in the banking sector;
changes in the interest rate environment, including changes to the
federal funds rate; changes in prices, values and sales volumes of
residential and commercial real estate; developments in our
mortgage banking business, including loan modifications, general
demand, and the effects of judicial or regulatory requirements or
guidance; competition in our markets that may result in increased
funding costs or reduced earning assets yields, thus reducing
margins and net interest income; interest rate fluctuations, which
could have an adverse effect on the Company's profitability;
legislation or regulatory changes which could adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations; changes in tax laws; significant
turbulence or a disruption in the capital or financial markets and
the effect of a fall in stock market prices on our investment
securities; the effects of war or other conflicts including the
impacts related to or resulting from Russia's military action in Ukraine; and adverse results from current or
future litigation, regulatory examinations or other legal and/or
regulatory actions, including as a result of the Company's
participation in and execution of government programs. Therefore,
the Company can give no assurance that the results contemplated in
the forward-looking statements will be realized. Additional
information regarding these and other risks and uncertainties to
which our business and future financial performance are subject is
contained in the sections titled "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q on file with the U.S. Securities and Exchange Commission
(the "SEC"), and in other documents that we file with the SEC from
time to time, which are available on the SEC's website,
http://www.sec.gov. In addition, our actual financial results in
the future may differ from those currently expected due to
additional risks and uncertainties of which we are not currently
aware or which we do not currently view as, but in the future may
become, material to our business or operating results. Due to these
and other possible uncertainties and risks, readers are cautioned
not to place undue reliance on the forward-looking statements
contained in this press release or to make predictions based solely
on historical financial performance. Any forward-looking statement
speaks only as of the date on which it is made, and we do not
undertake any obligation to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law. All
forward-looking statements, express or implied, included in this
press release are qualified in their entirety by this cautionary
statement.
Contacts
|
|
Farid Tan
|
Lucas
Stewart
|
President
|
Chief Financial
Officer
|
770-455-4978
|
678-580-6414
|
faridtan@metrocitybank.bank
|
lucasstewart@metrocitybank.bank
|
METROCITY
BANKSHARES, INC.
SELECTED FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months
Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
45,965
|
|
$
|
43,945
|
|
$
|
38,297
|
|
$
|
33,025
|
|
$
|
31,953
|
|
Interest
expense
|
|
|
19,732
|
|
|
14,995
|
|
|
8,509
|
|
|
2,805
|
|
|
1,300
|
|
Net interest
income
|
|
|
26,233
|
|
|
28,950
|
|
|
29,788
|
|
|
30,220
|
|
|
30,653
|
|
Provision for credit
losses
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
—
|
|
|
104
|
|
Noninterest
income
|
|
|
6,016
|
|
|
1,794
|
|
|
5,101
|
|
|
4,653
|
|
|
7,656
|
|
Noninterest
expense
|
|
|
10,679
|
|
|
12,379
|
|
|
12,688
|
|
|
13,119
|
|
|
12,179
|
|
Income tax
expense
|
|
|
5,840
|
|
|
9,353
|
|
|
7,011
|
|
|
5,654
|
|
|
6,597
|
|
Net income
|
|
|
15,730
|
|
|
10,180
|
|
|
16,893
|
|
|
16,100
|
|
|
19,429
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.63
|
|
$
|
0.40
|
|
$
|
0.66
|
|
$
|
0.63
|
|
$
|
0.76
|
|
Diluted income per
share
|
|
$
|
0.62
|
|
$
|
0.40
|
|
$
|
0.66
|
|
$
|
0.63
|
|
$
|
0.76
|
|
Dividends per
share
|
|
$
|
0.18
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
Book value per share
(at period end)
|
|
$
|
14.04
|
|
$
|
13.88
|
|
$
|
13.76
|
|
$
|
12.69
|
|
$
|
12.19
|
|
Shares of common stock
outstanding
|
|
|
25,143,675
|
|
|
25,169,709
|
|
|
25,370,417
|
|
|
25,451,125
|
|
|
25,465,236
|
|
Weighted average
diluted shares
|
|
|
25,405,855
|
|
|
25,560,138
|
|
|
25,702,023
|
|
|
25,729,156
|
|
|
25,719,035
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.87
|
%
|
|
1.19
|
%
|
|
2.07
|
%
|
|
2.16
|
%
|
|
2.52
|
%
|
Return on average
equity
|
|
|
18.09
|
|
|
11.57
|
|
|
20.56
|
|
|
20.65
|
|
|
26.94
|
|
Dividend payout
ratio
|
|
|
28.98
|
|
|
37.55
|
|
|
22.75
|
|
|
23.85
|
|
|
19.76
|
|
Yield on total
loans
|
|
|
5.85
|
|
|
5.50
|
|
|
5.11
|
|
|
4.95
|
|
|
5.00
|
|
Yield on average
earning assets
|
|
|
5.77
|
|
|
5.43
|
|
|
4.94
|
|
|
4.65
|
|
|
4.34
|
|
Cost of average
interest bearing liabilities
|
|
|
3.30
|
|
|
2.49
|
|
|
1.51
|
|
|
0.56
|
|
|
0.24
|
|
Cost of
deposits
|
|
|
3.48
|
|
|
2.61
|
|
|
1.48
|
|
|
0.55
|
|
|
0.27
|
|
Net interest
margin
|
|
|
3.30
|
|
|
3.58
|
|
|
3.84
|
|
|
4.26
|
|
|
4.16
|
|
Efficiency
ratio(1)
|
|
|
33.11
|
|
|
40.26
|
|
|
36.37
|
|
|
37.62
|
|
|
31.79
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
(0.00)
|
%
|
|
(0.01)
|
%
|
|
(0.00)
|
%
|
|
(0.00)
|
%
|
|
0.06
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
0.64
|
|
|
0.80
|
|
|
1.09
|
|
|
1.22
|
|
|
0.63
|
|
ACL to nonperforming
loans
|
|
|
101.22
|
|
|
68.88
|
|
|
53.25
|
|
|
54.79
|
|
|
134.39
|
|
ACL to loans held for
investment
|
|
|
0.63
|
|
|
0.45
|
|
|
0.50
|
|
|
0.60
|
|
|
0.66
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
114.27
|
%
|
|
114.94
|
%
|
|
116.21
|
%
|
|
115.86
|
%
|
|
105.72
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
21.83
|
|
|
22.95
|
|
|
23.43
|
|
|
25.87
|
|
|
25.84
|
|
Investment securities
to assets
|
|
|
0.87
|
|
|
0.86
|
|
|
0.91
|
|
|
1.02
|
|
|
1.11
|
|
Common equity to
assets
|
|
|
10.32
|
|
|
10.20
|
|
|
10.42
|
|
|
10.20
|
|
|
9.88
|
|
Leverage
ratio
|
|
|
9.72
|
|
|
9.57
|
|
|
9.90
|
|
|
10.31
|
|
|
9.46
|
|
Common equity tier 1
ratio
|
|
|
16.55
|
|
|
15.99
|
|
|
16.18
|
|
|
16.70
|
|
|
17.24
|
|
Tier 1 risk-based
capital ratio
|
|
|
16.55
|
|
|
15.99
|
|
|
16.18
|
|
|
16.70
|
|
|
17.24
|
|
Total risk-based
capital ratio
|
|
|
17.50
|
|
|
16.68
|
|
|
16.94
|
|
|
17.60
|
|
|
18.22
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
506,012
|
|
$
|
526,719
|
|
$
|
550,587
|
|
$
|
589,500
|
|
$
|
605,112
|
|
Mortgage loan
production
|
|
|
43,335
|
|
|
88,045
|
|
|
255,662
|
|
|
326,973
|
|
|
162,933
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,928
|
|
|
56,987
|
|
SBA loans serviced for
others
|
|
|
485,663
|
|
|
465,120
|
|
|
489,120
|
|
|
504,894
|
|
|
528,227
|
|
SBA loan
production
|
|
|
15,352
|
|
|
42,419
|
|
|
22,193
|
|
|
21,407
|
|
|
50,689
|
|
SBA loan
sales
|
|
|
36,458
|
|
|
—
|
|
|
8,588
|
|
|
—
|
|
|
22,898
|
|
___________________________________
|
(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)
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
216,167
|
|
$
|
150,964
|
|
$
|
164,054
|
|
$
|
220,027
|
|
$
|
418,988
|
Federal funds
sold
|
|
|
7,897
|
|
|
28,521
|
|
|
15,669
|
|
|
3,069
|
|
|
5,743
|
Cash and cash
equivalents
|
|
|
224,064
|
|
|
179,485
|
|
|
179,723
|
|
|
223,096
|
|
|
424,731
|
Equity
securities
|
|
|
10,428
|
|
|
10,300
|
|
|
10,452
|
|
|
10,778
|
|
|
11,024
|
Securities available
for sale (at fair value)
|
|
|
19,174
|
|
|
19,245
|
|
|
19,978
|
|
|
21,394
|
|
|
23,886
|
Loans
|
|
|
3,012,020
|
|
|
3,055,689
|
|
|
2,978,318
|
|
|
2,770,020
|
|
|
2,512,300
|
Allowance for credit
losses
|
|
|
(18,947)
|
|
|
(13,888)
|
|
|
(14,982)
|
|
|
(16,678)
|
|
|
(16,674)
|
Loans less allowance
for credit losses
|
|
|
2,993,073
|
|
|
3,041,801
|
|
|
2,963,336
|
|
|
2,753,342
|
|
|
2,495,626
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,928
|
Accrued interest
receivable
|
|
|
13,642
|
|
|
13,171
|
|
|
11,732
|
|
|
10,990
|
|
|
10,644
|
Federal Home Loan Bank
stock
|
|
|
17,659
|
|
|
17,493
|
|
|
15,619
|
|
|
15,619
|
|
|
15,806
|
Premises and equipment,
net
|
|
|
15,165
|
|
|
14,257
|
|
|
13,664
|
|
|
12,847
|
|
|
12,814
|
Operating lease
right-of-use asset
|
|
|
8,030
|
|
|
8,463
|
|
|
8,835
|
|
|
8,518
|
|
|
8,925
|
Foreclosed real estate,
net
|
|
|
766
|
|
|
4,328
|
|
|
4,328
|
|
|
3,562
|
|
|
3,562
|
SBA servicing asset,
net
|
|
|
7,791
|
|
|
7,085
|
|
|
8,324
|
|
|
8,216
|
|
|
10,554
|
Mortgage servicing
asset, net
|
|
|
3,205
|
|
|
3,973
|
|
|
4,975
|
|
|
6,090
|
|
|
6,925
|
Bank owned life
insurance
|
|
|
69,565
|
|
|
69,130
|
|
|
68,697
|
|
|
68,267
|
|
|
67,841
|
Other assets
|
|
|
36,451
|
|
|
38,508
|
|
|
38,776
|
|
|
25,131
|
|
|
12,051
|
Total assets
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
$
|
3,348,439
|
|
$
|
3,167,850
|
|
$
|
3,142,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
577,282
|
|
$
|
611,991
|
|
$
|
602,246
|
|
$
|
620,182
|
|
$
|
615,650
|
Interest-bearing
deposits
|
|
|
2,066,811
|
|
|
2,054,847
|
|
|
1,968,607
|
|
|
1,776,826
|
|
|
1,766,491
|
Total
deposits
|
|
|
2,644,093
|
|
|
2,666,838
|
|
|
2,570,853
|
|
|
2,397,008
|
|
|
2,382,141
|
Federal Home Loan Bank
advances
|
|
|
375,000
|
|
|
375,000
|
|
|
375,000
|
|
|
375,000
|
|
|
380,000
|
Other
borrowings
|
|
|
387
|
|
|
392
|
|
|
396
|
|
|
399
|
|
|
405
|
Operating lease
liability
|
|
|
8,438
|
|
|
8,885
|
|
|
9,303
|
|
|
9,031
|
|
|
9,445
|
Accrued interest
payable
|
|
|
3,681
|
|
|
2,739
|
|
|
1,489
|
|
|
703
|
|
|
207
|
Other
liabilities
|
|
|
34,453
|
|
|
23,964
|
|
|
42,369
|
|
|
62,640
|
|
|
59,709
|
Total
liabilities
|
|
$
|
3,066,052
|
|
$
|
3,077,818
|
|
$
|
2,999,410
|
|
$
|
2,844,781
|
|
$
|
2,831,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common stock
|
|
|
251
|
|
|
252
|
|
|
254
|
|
|
255
|
|
|
255
|
Additional paid-in
capital
|
|
|
45,044
|
|
|
45,298
|
|
|
48,914
|
|
|
49,831
|
|
|
51,753
|
Retained
earnings
|
|
|
293,139
|
|
|
285,832
|
|
|
279,475
|
|
|
266,426
|
|
|
254,165
|
Accumulated other
comprehensive income (loss)
|
|
|
14,527
|
|
|
18,039
|
|
|
20,386
|
|
|
6,557
|
|
|
4,237
|
Total shareholders'
equity
|
|
|
352,961
|
|
|
349,421
|
|
|
349,029
|
|
|
323,069
|
|
|
310,410
|
Total liabilities and
shareholders' equity
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
$
|
3,348,439
|
|
$
|
3,167,850
|
|
$
|
3,142,317
|
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)
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
43,982
|
|
$
|
41,783
|
|
$
|
37,263
|
|
$
|
32,310
|
|
$
|
31,459
|
|
Other investment
income
|
|
|
1,939
|
|
|
2,116
|
|
|
1,011
|
|
|
711
|
|
|
492
|
|
Federal funds
sold
|
|
|
44
|
|
|
46
|
|
|
23
|
|
|
4
|
|
|
2
|
|
Total interest
income
|
|
|
45,965
|
|
|
43,945
|
|
|
38,297
|
|
|
33,025
|
|
|
31,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
17,376
|
|
|
13,071
|
|
|
6,964
|
|
|
2,384
|
|
|
1,139
|
|
FHLB advances and other
borrowings
|
|
|
2,356
|
|
|
1,924
|
|
|
1,545
|
|
|
421
|
|
|
161
|
|
Total interest
expense
|
|
|
19,732
|
|
|
14,995
|
|
|
8,509
|
|
|
2,805
|
|
|
1,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
26,233
|
|
|
28,950
|
|
|
29,788
|
|
|
30,220
|
|
|
30,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
—
|
|
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
26,233
|
|
|
30,118
|
|
|
31,491
|
|
|
30,220
|
|
|
30,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
449
|
|
|
483
|
|
|
509
|
|
|
518
|
|
|
481
|
|
Other service charges,
commissions and fees
|
|
|
874
|
|
|
1,243
|
|
|
2,676
|
|
|
3,647
|
|
|
2,159
|
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
806
|
|
|
1,211
|
|
Mortgage servicing
income, net
|
|
|
(96)
|
|
|
(299)
|
|
|
(358)
|
|
|
(5)
|
|
|
101
|
|
Gain on sale of SBA
loans
|
|
|
1,969
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
1,568
|
|
SBA servicing income,
net
|
|
|
1,814
|
|
|
(72)
|
|
|
1,330
|
|
|
(1,077)
|
|
|
1,644
|
|
Other income
|
|
|
1,006
|
|
|
439
|
|
|
444
|
|
|
764
|
|
|
492
|
|
Total noninterest
income
|
|
|
6,016
|
|
|
1,794
|
|
|
5,101
|
|
|
4,653
|
|
|
7,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,366
|
|
|
7,721
|
|
|
7,756
|
|
|
7,929
|
|
|
7,096
|
|
Occupancy
|
|
|
1,214
|
|
|
1,263
|
|
|
1,167
|
|
|
1,200
|
|
|
1,227
|
|
Data
Processing
|
|
|
275
|
|
|
287
|
|
|
270
|
|
|
261
|
|
|
277
|
|
Advertising
|
|
|
146
|
|
|
172
|
|
|
158
|
|
|
126
|
|
|
150
|
|
Other
expenses
|
|
|
2,678
|
|
|
2,936
|
|
|
3,337
|
|
|
3,603
|
|
|
3,429
|
|
Total noninterest
expense
|
|
|
10,679
|
|
|
12,379
|
|
|
12,688
|
|
|
13,119
|
|
|
12,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
21,570
|
|
|
19,533
|
|
|
23,904
|
|
|
21,754
|
|
|
26,026
|
|
Provision for income
taxes
|
|
|
5,840
|
|
|
9,353
|
|
|
7,011
|
|
|
5,654
|
|
|
6,597
|
|
Net income available
to common shareholders
|
|
$
|
15,730
|
|
$
|
10,180
|
|
$
|
16,893
|
|
$
|
16,100
|
|
$
|
19,429
|
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2023
|
|
December 31, 2022
|
|
March 31, 2022
|
|
|
|
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)
|
|
$
|
145,354
|
|
$
|
1,805
|
|
5.04
|
%
|
$
|
159,297
|
|
$
|
1,777
|
|
4.43
|
%
|
$
|
399,642
|
|
$
|
324
|
|
0.33
|
%
|
Investment
securities
|
|
|
32,952
|
|
|
178
|
|
2.19
|
|
|
33,405
|
|
|
385
|
|
4.57
|
|
|
36,842
|
|
|
170
|
|
1.87
|
|
Total
investments
|
|
|
178,306
|
|
|
1,983
|
|
4.51
|
|
|
192,702
|
|
|
2,162
|
|
4.45
|
|
|
436,484
|
|
|
494
|
|
0.46
|
|
Construction and
development
|
|
|
39,097
|
|
|
523
|
|
5.43
|
|
|
40,244
|
|
|
575
|
|
5.67
|
|
|
30,583
|
|
|
377
|
|
5.00
|
|
Commercial real
estate
|
|
|
672,109
|
|
|
13,979
|
|
8.44
|
|
|
628,641
|
|
|
12,387
|
|
7.82
|
|
|
549,132
|
|
|
7,887
|
|
5.82
|
|
Commercial and
industrial
|
|
|
47,105
|
|
|
1,030
|
|
8.87
|
|
|
51,788
|
|
|
1,021
|
|
7.82
|
|
|
65,450
|
|
|
1,076
|
|
6.67
|
|
Residential real
estate
|
|
|
2,291,699
|
|
|
28,422
|
|
5.03
|
|
|
2,295,309
|
|
|
27,773
|
|
4.80
|
|
|
1,906,847
|
|
|
22,074
|
|
4.69
|
|
Consumer and
other
|
|
|
166
|
|
|
28
|
|
68.41
|
|
|
162
|
|
|
27
|
|
66.12
|
|
|
206
|
|
|
45
|
|
88.59
|
|
Gross
loans(2)
|
|
|
3,050,176
|
|
|
43,982
|
|
5.85
|
|
|
3,016,144
|
|
|
41,783
|
|
5.50
|
|
|
2,552,218
|
|
|
31,459
|
|
5.00
|
|
Total earning
assets
|
|
|
3,228,482
|
|
|
45,965
|
|
5.77
|
|
|
3,208,846
|
|
|
43,945
|
|
5.43
|
|
|
2,988,702
|
|
|
31,953
|
|
4.34
|
|
Noninterest-earning
assets
|
|
|
175,110
|
|
|
|
|
|
|
|
177,040
|
|
|
|
|
|
|
|
142,042
|
|
|
|
|
|
|
Total
assets
|
|
|
3,403,592
|
|
|
|
|
|
|
|
3,385,886
|
|
|
|
|
|
|
|
3,130,744
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
166,962
|
|
|
648
|
|
1.57
|
|
|
173,214
|
|
|
531
|
|
1.22
|
|
|
187,259
|
|
|
75
|
|
0.16
|
|
Money market
deposits
|
|
|
978,954
|
|
|
9,659
|
|
4.00
|
|
|
1,089,198
|
|
|
8,361
|
|
3.05
|
|
|
1,085,751
|
|
|
658
|
|
0.25
|
|
Time
deposits
|
|
|
876,803
|
|
|
7,069
|
|
3.27
|
|
|
722,285
|
|
|
4,179
|
|
2.30
|
|
|
441,228
|
|
|
406
|
|
0.37
|
|
Total interest-bearing
deposits
|
|
|
2,022,719
|
|
|
17,376
|
|
3.48
|
|
|
1,984,697
|
|
|
13,071
|
|
2.61
|
|
|
1,714,238
|
|
|
1,139
|
|
0.27
|
|
Borrowings
|
|
|
403,170
|
|
|
2,356
|
|
2.37
|
|
|
403,113
|
|
|
1,924
|
|
1.89
|
|
|
468,348
|
|
|
161
|
|
0.14
|
|
Total interest-bearing
liabilities
|
|
|
2,425,889
|
|
|
19,732
|
|
3.30
|
|
|
2,387,810
|
|
|
14,995
|
|
2.49
|
|
|
2,182,586
|
|
|
1,300
|
|
0.24
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
578,978
|
|
|
|
|
|
|
|
597,250
|
|
|
|
|
|
|
|
588,343
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
46,138
|
|
|
|
|
|
|
|
51,692
|
|
|
|
|
|
|
|
67,301
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
625,116
|
|
|
|
|
|
|
|
648,942
|
|
|
|
|
|
|
|
655,644
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
352,587
|
|
|
|
|
|
|
|
349,134
|
|
|
|
|
|
|
|
292,514
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,403,592
|
|
|
|
|
|
|
$
|
3,385,886
|
|
|
|
|
|
|
$
|
3,130,744
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
26,233
|
|
|
|
|
|
|
$
|
28,950
|
|
|
|
|
|
|
$
|
30,653
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.47
|
|
|
|
|
|
|
|
2.94
|
|
|
|
|
|
|
|
4.10
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.30
|
|
|
|
|
|
|
|
3.58
|
|
|
|
|
|
|
|
4.16
|
|
___________________________________
|
(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, 2023
|
|
December 31, 2022
|
|
September 30, 2022
|
|
June 30, 2022
|
|
March 31, 2022
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
49,209
|
|
1.6
|
%
|
$
|
47,779
|
|
1.6
|
%
|
$
|
51,300
|
|
1.7
|
%
|
$
|
45,042
|
|
1.6
|
%
|
$
|
38,683
|
|
1.6
|
%
|
Commercial Real
Estate
|
|
|
639,951
|
|
21.2
|
|
|
657,246
|
|
21.4
|
|
|
608,700
|
|
20.4
|
|
|
581,234
|
|
20.9
|
|
|
567,031
|
|
22.5
|
|
Commercial and
Industrial
|
|
|
46,208
|
|
1.5
|
|
|
53,173
|
|
1.7
|
|
|
52,693
|
|
1.8
|
|
|
57,843
|
|
2.1
|
|
|
66,073
|
|
2.6
|
|
Residential Real
Estate
|
|
|
2,285,902
|
|
75.7
|
|
|
2,306,915
|
|
75.3
|
|
|
2,274,679
|
|
76.1
|
|
|
2,092,952
|
|
75.4
|
|
|
1,846,434
|
|
73.3
|
|
Consumer and
other
|
|
|
50
|
|
—
|
|
|
216
|
|
—
|
|
|
198
|
|
—
|
|
|
165
|
|
—
|
|
|
130
|
|
—
|
|
Gross loans
|
|
$
|
3,021,320
|
|
100.0
|
%
|
$
|
3,065,329
|
|
100.0
|
%
|
$
|
2,987,570
|
|
100.0
|
%
|
$
|
2,777,236
|
|
100.0
|
%
|
$
|
2,518,351
|
|
100.0
|
%
|
Unearned
income
|
|
|
(9,300)
|
|
|
|
|
(9,640)
|
|
|
|
|
(9,252)
|
|
|
|
|
(7,216)
|
|
|
|
|
(6,051)
|
|
|
|
Allowance for credit
losses
|
|
|
(18,947)
|
|
|
|
|
(13,888)
|
|
|
|
|
(14,982)
|
|
|
|
|
(16,678)
|
|
|
|
|
(16,674)
|
|
|
|
Net loans
|
|
$
|
2,993,073
|
|
|
|
$
|
3,041,801
|
|
|
|
$
|
2,963,336
|
|
|
|
$
|
2,753,342
|
|
|
|
$
|
2,495,626
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Nonaccrual
loans
|
|
$
|
9,064
|
|
$
|
10,065
|
|
$
|
17,700
|
|
$
|
19,966
|
|
$
|
9,506
|
|
Past due loans 90 days
or more and still accruing
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accruing restructured
loans
|
|
|
9,654
|
|
|
9,919
|
|
|
10,437
|
|
|
10,474
|
|
|
2,901
|
|
Total non-performing
loans
|
|
|
18,718
|
|
|
20,164
|
|
|
28,137
|
|
|
30,440
|
|
|
12,407
|
|
Other real estate
owned
|
|
|
766
|
|
|
4,328
|
|
|
4,328
|
|
|
3,562
|
|
|
3,562
|
|
Total non-performing
assets
|
|
$
|
19,484
|
|
$
|
24,492
|
|
$
|
32,465
|
|
$
|
34,002
|
|
$
|
15,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
gross loans
|
|
|
0.62
|
%
|
|
0.66
|
%
|
|
0.94
|
%
|
|
1.10
|
%
|
|
0.49
|
%
|
Nonperforming assets to
total assets
|
|
|
0.57
|
|
|
0.71
|
|
|
0.97
|
|
|
1.07
|
|
|
0.51
|
|
Allowance for credit
losses to non-performing loans
|
|
|
101.22
|
|
|
68.88
|
|
|
53.25
|
|
|
54.79
|
|
|
134.39
|
|
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)
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Balance, beginning of
period
|
|
$
|
13,888
|
|
$
|
14,982
|
|
$
|
16,678
|
|
$
|
16,674
|
|
$
|
16,952
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(2)
|
|
|
(2)
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
Commercial and
industrial
|
|
|
(2)
|
|
|
(72)
|
|
|
(6)
|
|
|
(2)
|
|
|
389
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
Total net
charge-offs/(recoveries)
|
|
|
(4)
|
|
|
(74)
|
|
|
(7)
|
|
|
(4)
|
|
|
382
|
|
Adoption of ASU 2016-13
(CECL)
|
|
|
5,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Provision for credit
losses
|
|
|
—
|
|
|
(1,168)
|
|
|
(1,703)
|
|
|
—
|
|
|
104
|
|
Balance, end of
period
|
|
$
|
18,947
|
|
$
|
13,888
|
|
$
|
14,982
|
|
$
|
16,678
|
|
$
|
16,674
|
|
Total loans at end of
period
|
|
$
|
3,021,320
|
|
$
|
3,065,329
|
|
$
|
2,987,570
|
|
$
|
2,777,236
|
|
$
|
2,518,351
|
|
Average
loans(1)
|
|
$
|
3,050,176
|
|
$
|
3,016,144
|
|
$
|
2,891,934
|
|
$
|
2,597,019
|
|
$
|
2,533,254
|
|
Net
charge-offs/(recoveries) to average loans
|
|
|
0.00
|
%
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.06
|
%
|
Allowance for credit
losses to total loans
|
|
|
0.63
|
|
|
0.45
|
|
|
0.50
|
|
|
0.60
|
|
|
0.66
|
|
___________________________________
|
(1)
|
Excludes loans held for
sale
|
View original content to download
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SOURCE MetroCity Bankshares, Inc.