ATLANTA, Jan. 23,
2024 /PRNewswire/ -- MetroCity Bankshares, Inc.
("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for
Metro City Bank (the "Bank"), today reported net income of
$11.3 million, or $0.44 per diluted share, for the fourth quarter
of 2023, compared to $11.4 million,
or $0.45 per diluted share, for the
third quarter of 2023, and $10.2
million, or $0.40 per diluted
share, for the fourth quarter of 2022. For the year ended
December 31, 2023, the Company
reported net income of $51.6 million,
or $2.02 per diluted share, compared
to $62.6 million, or $2.44 per diluted share, for the year ended
December 31, 2022.
Fourth Quarter 2023 Highlights:
- Annualized return on average assets was 1.29%, compared to
1.30% for the third quarter of 2023 and 1.19% for the fourth
quarter of 2022.
- Annualized return on average equity was 11.71%, compared to
12.14% for the third quarter of 2023 and 11.57% for the fourth
quarter of 2022. Excluding average accumulated other comprehensive
income, our return on average equity was 12.69% for the fourth
quarter of 2023, compared to 13.04% for the third quarter of 2023
and 12.28% for the fourth quarter of 2022.
- Efficiency ratio of 45.1%, compared to 43.0% for the third
quarter of 2023 and 40.0% for the fourth quarter of 2022.
- Total loans, including loans held for sale, increased by
$134.4 million, or 4.4%, to
$3.16 billion from the previous
quarter.
- Net interest margin increased by 23 basis points to 3.17% from
2.94% for the previous quarter.
Full Year 2023 Highlights:
- Return on average assets was 1.50%, compared to 1.96% for
2022.
- Return on average equity was 14.10%, compared to 19.55% for
2022. Excluding average accumulated other comprehensive income, our
return on average equity was 15.00% for 2023, compared to 20.02%
for 2022.
- Efficiency ratio of 39.9%, compared to 35.8% for 2022.
- Total assets increased by $75.6
million, or 2.2%, to $3.50
billion from $3.43 billion at
December 31, 2022.
- Total loans, including loans held for sale, increased by
$108.7 million, or 3.6%, to
$3.16 billion from $3.06 billion at December
31, 2022.
Results of Operations
Net Income
Net income was $11.3 million for
the fourth quarter of 2023, a decrease of $81,000, or 0.7%, from $11.4 million for the third quarter of 2023. This
decrease was due to an increase in noninterest expense of
$2.4 million, an increase in
provision for credit losses of $1.2
million and an increase in income tax expense of
$566,000, offset by an increase in
noninterest income of $2.1 million
and an increase in net interest income of $2.0 million, Net income increased by
$1.2 million, or 11.5%, in the fourth
quarter of 2023 compared to net income of $10.2 million for the fourth quarter of 2022.
This increase was due to an increase in noninterest income of
$3.1 million and a decrease in income
tax expense of $4.6 million, offset
by a decrease in net interest income of $2.8
million, an increase in provision for credit losses of
$2.0 million and an increase in
noninterest expense of $1.7
million.
Net income was $51.6 million for
the year ended December 31, 2023, a
decrease of $11.0 million, or 17.6%,
from $62.6 million for the year ended
December 31, 2022. This decrease was
due to a decrease in net interest income of $18.1 million and an increase in provision for
credit losses of $2.8 million, offset
by a decrease in noninterest expense of $1.5
million and a decrease in income tax expense of $8.3 million.
Net Interest Income and Net Interest Margin
Interest income totaled $50.7
million for the fourth quarter of 2023, an increase of
$2.0 million, or 4.0%, from the
previous quarter, primarily due to a 13 basis points increase in
the loan yield and a $46.3 million
increase in average loan balances. As compared to the fourth
quarter of 2022, interest income for the fourth quarter of 2023
increased by $6.7 million, or 15.3%,
primarily due to a 61 basis points increase in the loan yield
coupled with a $59.4 million increase
in average loan balances, as well as a 219 basis points increase in
the total investment yield.
Interest expense totaled $24.5
million for the fourth quarter of 2023, a slight decrease of
$6,000 from the previous quarter,
primarily due to a 10 basis points decrease in deposit costs,
offset by a $48.5 million increase in
average interest-bearing deposits and a 16 basis point increase in
borrowing costs. As compared to the fourth quarter of 2022,
interest expense for the fourth quarter of 2023 increased by
$9.6 million, or 63.7%, due to a 134
basis points increase in deposit costs and a 171 basis points
increase in borrowing costs coupled with a $192.3 million increase in average
interest-bearing deposits. The Company currently has interest rate
derivative agreements totaling $850.0
million that are designated as cash flow hedges of our
deposit accounts indexed to the Federal Funds Effective rate
(currently 5.33%). The weighted average pay rate for these interest
rate derivatives is 2.29%. During the fourth quarter of 2023, we
recorded a credit to interest expense of $2.9 million from the benefit received on these
interest rate derivatives compared to a $1.3
million benefit recorded during the third quarter of 2023.
We received no benefit from these interest rate derivatives during
the fourth quarter of 2022. Of the $850.0
million interest rate derivatives, only $500.0 million were making payments as of
December 31, 2023 and the remaining
$350.0 million will begin making
payments in the second quarter of 2024.
The net interest margin for the fourth quarter of 2023 was 3.17%
compared to 2.94% for the previous quarter, an increase of 23 basis
points. The yield on average interest-earning assets for the fourth
quarter of 2023 increased by 22 basis points to 6.14% from 5.92%
for the previous quarter, while the cost of average
interest-bearing liabilities for the fourth quarter of 2023
decreased by 6 basis points to 3.91% from 3.97% for the previous
quarter. Average earning assets increased by $11.5 million from the previous quarter, due to
an increase in average loans of $46.3
million, offset by a decrease in average total investments
of $34.9 million. Average
interest-bearing liabilities increased by $38.2 million from the previous quarter as
average interest-bearing deposits increased by $48.5 million while average borrowings decreased
by $10.3 million.
As compared to the same period in 2022, the net interest margin
for the fourth quarter of 2023 decreased by 41 basis points to
3.17% from 3.58%, primarily due to a 142 basis point increase in
the cost of average interest-bearing liabilities of $2.49 billion, offset by a 71 basis point
increase in the yield on average interest-earning assets of
$3.27 billion. Average earning assets
for the fourth quarter of 2023 increased by $64.3 million from the fourth quarter of 2022,
due to a $59.4 million increase in
average loans and a $4.9 million
increase in average total investments. Average interest-bearing
liabilities for the fourth quarter of 2023 increased by
$103.9 million from the fourth
quarter of 2022, driven by an increase in average interest-bearing
deposits of $192.3 million, offset by
a decrease in average borrowings of $88.4
million.
Noninterest Income
Noninterest income for the fourth quarter of 2023 was
$4.7 million, an increase of
$2.1 million, or 77.3%, from the
third quarter of 2023, primarily due to higher mortgage loan fees,
Small Business Administration ("SBA") servicing income, mortgage
servicing income and other income, partially offset by lower gains
on sale of SBA loans as no SBA loans were sold during the quarter.
Mortgage loan originations totaled $128.9
million during the fourth quarter 2023 compared to
$91.9 million during the third
quarter of 2023. During the fourth quarter of 2023, we recorded a
$147,000 fair value adjustment gain
on our SBA servicing asset compared to a fair value adjustment
charge of $909,000 during the third
quarter of 2023.
Compared to the same period in 2022, noninterest income for the
fourth quarter of 2023 increased by $3.1
million, or 186.8%, primarily due to higher mortgage and SBA
servicing income and mortgage loan fees from higher volume, as well
as higher other income due to lower fair value losses on our equity
securities. During the fourth quarter of 2022, we recorded a
$1.2 million fair value adjustment
charge on our SBA servicing asset.
Noninterest income for the year ended December 31, 2023 totaled $18.2 million, an increase of $86,000, or 0.5%, from the year ended
December 31, 2022, primarily due to
higher gains on sale of SBA loans, SBA and mortgage servicing
income and other income due to lower fair value losses on our
equity securities, offset by lower mortgage loan fees from lower
volume and lower gains on sale of mortgage loans as no mortgage
loans were sold during 2023.
Noninterest Expense
Noninterest expense for the fourth quarter of 2023 totaled
$13.9 million, an increase of
$2.4 million, or 20.6%, from
$11.5 million for the third quarter
of 2023. This increase was primarily attributable to increases in
salary and employee benefits, occupancy expense, professional fees
and FDIC insurance premiums, partially offset by lower other real
estate owned related expenses. Compared to the fourth quarter of
2022, noninterest expense during the fourth quarter of 2023
increased by $1.7 million, or 13.8%,
primarily due to higher salary and employee benefits, occupancy
expense, professional fees and FDIC insurance premiums, partially
offset by lower loan related expenses.
Noninterest expense for the year ended December 31, 2023 totaled $47.7 million, a decrease of $1.6 million, or 3.2%, from $49.3 million for the year ended December 31, 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 communication expenses,
partially offset by higher FDIC insurance premiums and professional
fees.
The Company's efficiency ratio was 45.1% for the fourth quarter
of 2023 compared to 43.0% and 40.0% for the third quarter of 2023
and fourth quarter of 2022, respectively. For the year ended
December 31, 2023, the efficiency
ratio was 39.9% compared to 35.8% for the year ended December 31, 2022.
Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2023
was 29.7%, compared to 27.0% for the third quarter of 2023 and
47.9% for the fourth quarter of 2022. The Company's effective tax
rate for the year ended December 31,
2023 was 28.3% compared to 31.4% for the year ended
December 31, 2022. The elevated
effective tax rate during the fourth quarter of 2022, as well as
the year ended December 31, 2022, was
due to the re-allocation of state income tax apportionment
schedules for prior year's tax returns, as well as corrections for
the treatment of prior year's state tax credits. The effective tax
rate of 28.3% for the year ended December
31, 2023 will be the more normalized tax rate for the
Company going forward.
Balance Sheet
Total Assets
Total assets were $3.50 billion at
December 31, 2023, a decrease of
$8.2 million, or 0.2%, from
$3.51 billion at September 30, 2023, and an increase of
$75.6 million, or 2.2%, from
$3.43 billion at December 31, 2022. The $8.2 million decrease in total assets at
December 31, 2023 compared to
September 30, 2023 was primarily due
to decreases in cash and cash equivalents of $137.3 million and interest rate derivatives of
$14.7 million, partially offset by
increases in loans held for investment of $110.0 million and loans held for sale of
$24.4 million. The $75.6 million increase in total assets at
December 31, 2023 compared to
December 31, 2022 was primarily due
to increases in loans held for investment of $84.3 million and loans held for sale of
$24.4 million, partially offset by a
decrease in cash and cash equivalents of $34.7 million.
Our investment securities portfolio made up only 0.82% of our
total assets at December 31, 2023
compared to 0.86% at December 31,
2022.
Loans
Loans held for investment were $3.14
billion at December 31, 2023,
an increase of $110.0 million, or
3.6%, compared to $3.03 billion at
September 30, 2023, and an increase
of $84.3 million, or 2.8%, compared
to $3.06 billion at December 31, 2022. The increase in loans at
December 31, 2023 compared to
September 30, 2023 was due to a
$87.1 million increase in commercial
real estate loans, a $37.2 million
increase in residential mortgage loans and a $4.6 million increase in commercial and
industrial loans, offset by a $18.5
million decrease in construction and development loans.
Loans held for sale were $24.4
million at December 31, 2023.
There were no loans classified as held for sale at September 30, 2023 or December 31, 2022.
Deposits
Total deposits were $2.73 billion
at December 31, 2023, an increase of
$12.3 million, or 0.5%, compared to
total deposits of $2.72 billion at
September 30, 2023, and an increase
of $64.1 million, or 2.4%, compared
to total deposits of $2.67 billion at
December 31, 2022. The increase in
total deposits at December 31, 2023
compared to September 30, 2023 was
due to a $41.3 million increase in
interest-bearing demand deposits, an $11.1
million increase in time deposits and an $8.1 million increase in money market accounts,
offset by a $47.5 million decrease in
noninterest-bearing demand deposits and a $643,000 decrease in savings accounts.
Noninterest-bearing deposits were $512.05
million at December 31, 2023,
compared to $559.5 million at
September 30, 2023 and $612.0 million at December
31, 2022. Noninterest-bearing deposits constituted 18.7% of
total deposits at December 31, 2023,
compared to 20.6% at September 30,
2023 and 22.9% at December 31,
2022. Interest-bearing deposits were $2.22 billion at December
31, 2023, compared to $2.16
billion at September 30, 2023
and $2.05 billion at December 31, 2022. Interest-bearing deposits
constituted 81.3% of total deposits at December 31, 2023, compared to 79.4% at
September 30, 2023 and 77.1% at
December 31, 2022.
Uninsured deposits were 26.5% of total deposits at December 31, 2023, compared to 27.2% and 32.5% at
September 30, 2023 and December 31, 2022, respectively. As of
December 31, 2023, we had
$1.21 billion of available borrowing
capacity at the Federal Home Loan Bank ($721.1 million), Federal Reserve Discount Window
($446.3 million) and various other
financial institutions (fed fund lines totaling $47.5 million).
Asset Quality
The Company recorded a provision for credit losses of
$782,000 during the fourth quarter of
2023, compared to a credit provision for credit losses of
$381,000 and $1.2 million recorded during the third quarter of
2023 and fourth quarter of 2022, respectively. The provision for
credit losses recorded during the fourth quarter of 2023 was
primarily due the increase in loan balances during the quarter.
Annualized net charge-offs to average loans for the fourth quarter
of 2023 was 0.04%, compared to a net recovery of 0.00% for the
third quarter of 2023 and a net recovery of 0.01% for the fourth
quarter of 2022.
Nonperforming assets totaled $38.4
million, or 1.10% of total assets, at December 31, 2023, an increase of $529,000 from $37.9
million, or 1.08% of total assets, at September 30, 2023, and an increase of
$13.9 million from $24.5 million, or 0.71% of total assets, at
December 31, 2022. The increase in
nonperforming assets at December 31,
2023 compared to September 30,
2023 was due to a $705,000
increase in other real estate owned and a $269,000 increase in accruing restructured loans,
offset by $445,000 decrease in
nonaccrual loans.
Allowance for credit losses as a percentage of total loans was
0.58% at December 31, 2023, compared
to 0.58% at September 30, 2023 and
0.45% at December 31, 2022. Allowance
for credit losses as a percentage of nonperforming loans was 49.06%
at December 31, 2023, compared to
47.61% and 68.88% at September 30,
2023 and December 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 20 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
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 or the conflict in Israel; 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
|
|
As of and for the Year
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
50,671
|
|
$
|
48,709
|
|
$
|
47,482
|
|
$
|
45,965
|
|
$
|
43,945
|
|
$
|
192,827
|
|
$
|
147,220
|
|
|
Interest
expense
|
|
|
24,549
|
|
|
24,555
|
|
|
22,512
|
|
|
19,732
|
|
|
14,995
|
|
|
91,348
|
|
|
27,609
|
|
|
Net interest
income
|
|
|
26,122
|
|
|
24,154
|
|
|
24,970
|
|
|
26,233
|
|
|
28,950
|
|
|
101,479
|
|
|
119,611
|
|
|
Provision for credit
losses
|
|
|
782
|
|
|
(381)
|
|
|
(416)
|
|
|
—
|
|
|
(1,168)
|
|
|
(15)
|
|
|
(2,767)
|
|
|
Noninterest
income
|
|
|
4,712
|
|
|
2,657
|
|
|
4,691
|
|
|
6,144
|
|
|
1,643
|
|
|
18,204
|
|
|
18,118
|
|
|
Noninterest
expense
|
|
|
13,915
|
|
|
11,540
|
|
|
11,464
|
|
|
10,807
|
|
|
12,228
|
|
|
47,726
|
|
|
49,279
|
|
|
Income tax
expense
|
|
|
4,790
|
|
|
4,224
|
|
|
5,505
|
|
|
5,840
|
|
|
9,353
|
|
|
20,359
|
|
|
28,615
|
|
|
Net income
|
|
|
11,347
|
|
|
11,428
|
|
|
13,108
|
|
|
15,730
|
|
|
10,180
|
|
|
51,613
|
|
|
62,602
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.45
|
|
$
|
0.45
|
|
$
|
0.52
|
|
$
|
0.63
|
|
$
|
0.40
|
|
$
|
2.05
|
|
$
|
2.46
|
|
|
Diluted income per
share
|
|
$
|
0.44
|
|
$
|
0.45
|
|
$
|
0.51
|
|
$
|
0.62
|
|
$
|
0.40
|
|
$
|
2.02
|
|
$
|
2.44
|
|
|
Dividends per
share
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.15
|
|
$
|
0.72
|
|
$
|
0.60
|
|
|
Book value per share
(at period end)
|
|
$
|
15.14
|
|
$
|
15.24
|
|
$
|
14.76
|
|
$
|
14.04
|
|
$
|
13.88
|
|
$
|
15.14
|
|
$
|
13.88
|
|
|
Shares of common stock
outstanding
|
|
|
25,205,506
|
|
|
25,241,157
|
|
|
25,279,846
|
|
|
25,143,675
|
|
|
25,169,709
|
|
|
25,205,506
|
|
|
25,169,709
|
|
|
Weighted average
diluted shares
|
|
|
25,543,861
|
|
|
25,591,874
|
|
|
25,477,143
|
|
|
25,405,855
|
|
|
25,560,138
|
|
|
25,518,516
|
|
|
25,688,969
|
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.29
|
%
|
|
1.30
|
%
|
|
1.55
|
%
|
|
1.87
|
%
|
|
1.19
|
%
|
|
1.50
|
%
|
|
1.96
|
%
|
|
Return on average
equity
|
|
|
11.71
|
|
|
12.14
|
|
|
14.87
|
|
|
18.09
|
|
|
11.57
|
|
|
14.10
|
|
|
19.55
|
|
|
Dividend payout
ratio
|
|
|
40.36
|
|
|
40.18
|
|
|
34.77
|
|
|
28.98
|
|
|
37.55
|
|
|
35.43
|
|
|
24.52
|
|
|
Yield on total
loans
|
|
|
6.11
|
|
|
5.98
|
|
|
5.95
|
|
|
5.85
|
|
|
5.50
|
|
|
5.97
|
|
|
5.15
|
|
|
Yield on average
earning assets
|
|
|
6.14
|
|
|
5.92
|
|
|
5.90
|
|
|
5.77
|
|
|
5.43
|
|
|
5.94
|
|
|
4.86
|
|
|
Cost of average
interest bearing liabilities
|
|
|
3.91
|
|
|
3.97
|
|
|
3.74
|
|
|
3.30
|
|
|
2.49
|
|
|
3.73
|
|
|
1.25
|
|
|
Cost of
deposits
|
|
|
3.95
|
|
|
4.05
|
|
|
3.88
|
|
|
3.48
|
|
|
2.61
|
|
|
3.85
|
|
|
1.29
|
|
|
Net interest
margin
|
|
|
3.17
|
|
|
2.94
|
|
|
3.10
|
|
|
3.30
|
|
|
3.58
|
|
|
3.13
|
|
|
3.95
|
|
|
Efficiency
ratio(1)
|
|
|
45.13
|
|
|
43.04
|
|
|
38.65
|
|
|
33.38
|
|
|
39.97
|
|
|
39.88
|
|
|
35.78
|
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.04
|
%
|
|
(0.00)
|
%
|
|
0.06
|
%
|
|
(0.00)
|
%
|
|
(0.01)
|
%
|
|
0.02
|
%
|
|
0.01
|
%
|
|
Nonperforming assets to
gross loans and OREO
|
|
|
1.22
|
|
|
1.25
|
|
|
0.78
|
|
|
0.64
|
|
|
0.80
|
|
|
1.22
|
|
|
0.80
|
|
|
ACL to nonperforming
loans
|
|
|
49.06
|
|
|
47.61
|
|
|
79.88
|
|
|
101.22
|
|
|
68.88
|
|
|
49.06
|
|
|
68.88
|
|
|
ACL to loans held for
investment
|
|
|
0.58
|
|
|
0.58
|
|
|
0.60
|
|
|
0.63
|
|
|
0.45
|
|
|
0.58
|
|
|
0.45
|
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
115.30
|
%
|
|
111.77
|
%
|
|
112.27
|
%
|
|
114.27
|
%
|
|
114.94
|
%
|
|
115.30
|
%
|
|
114.94
|
%
|
|
Noninterest bearing
deposits to deposits
|
|
|
18.75
|
|
|
20.58
|
|
|
21.32
|
|
|
21.83
|
|
|
22.95
|
|
|
18.75
|
|
|
22.95
|
|
|
Investment securities
to assets
|
|
|
0.82
|
|
|
0.79
|
|
|
0.84
|
|
|
0.87
|
|
|
0.86
|
|
|
0.82
|
|
|
0.86
|
|
|
Common equity to
assets
|
|
|
10.89
|
|
|
10.96
|
|
|
10.74
|
|
|
10.32
|
|
|
10.20
|
|
|
10.89
|
|
|
10.20
|
|
|
Leverage
ratio
|
|
|
10.20
|
|
|
10.07
|
|
|
10.03
|
|
|
9.72
|
|
|
9.57
|
|
|
10.20
|
|
|
9.57
|
|
|
Common equity tier 1
ratio
|
|
|
16.73
|
|
|
17.03
|
|
|
16.69
|
|
|
16.55
|
|
|
15.99
|
|
|
16.73
|
|
|
15.99
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
16.73
|
|
|
17.03
|
|
|
16.69
|
|
|
16.55
|
|
|
15.99
|
|
|
16.73
|
|
|
15.99
|
|
|
Total risk-based
capital ratio
|
|
|
17.60
|
|
|
17.91
|
|
|
17.59
|
|
|
17.51
|
|
|
16.68
|
|
|
17.60
|
|
|
16.68
|
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
443,072
|
|
$
|
464,823
|
|
$
|
487,787
|
|
$
|
506,012
|
|
$
|
526,719
|
|
$
|
443,072
|
|
$
|
526,719
|
|
|
Mortgage loan
production
|
|
|
128,931
|
|
|
91,891
|
|
|
72,830
|
|
|
43,335
|
|
|
88,045
|
|
|
336,987
|
|
|
833,613
|
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,915
|
|
|
SBA/USDA loans serviced
for others
|
|
|
508,000
|
|
|
487,827
|
|
|
493,579
|
|
|
485,663
|
|
|
465,120
|
|
|
508,000
|
|
|
465,120
|
|
|
SBA loan
production
|
|
|
27,529
|
|
|
18,212
|
|
|
16,110
|
|
|
26,239
|
|
|
42,419
|
|
|
88,090
|
|
|
136,708
|
|
|
SBA loan
sales
|
|
|
—
|
|
|
5,169
|
|
|
30,298
|
|
|
36,458
|
|
|
—
|
|
|
71,925
|
|
|
31,486
|
|
|
____________________
|
|
(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
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
142,152
|
|
$
|
279,106
|
|
$
|
250,503
|
|
$
|
216,167
|
|
$
|
150,964
|
|
Federal funds
sold
|
|
|
2,653
|
|
|
2,951
|
|
|
12,224
|
|
|
7,897
|
|
|
28,521
|
|
Cash and cash
equivalents
|
|
|
144,805
|
|
|
282,057
|
|
|
262,727
|
|
|
224,064
|
|
|
179,485
|
|
Equity
securities
|
|
|
10,335
|
|
|
10,113
|
|
|
10,358
|
|
|
10,428
|
|
|
10,300
|
|
Securities available
for sale (at fair value)
|
|
|
18,493
|
|
|
17,664
|
|
|
18,696
|
|
|
19,174
|
|
|
19,245
|
|
Loans
|
|
|
3,139,993
|
|
|
3,029,947
|
|
|
3,020,714
|
|
|
3,012,020
|
|
|
3,055,689
|
|
Allowance for credit
losses
|
|
|
(18,112)
|
|
|
(17,660)
|
|
|
(18,091)
|
|
|
(18,947)
|
|
|
(13,888)
|
|
Loans less allowance
for credit losses
|
|
|
3,121,881
|
|
|
3,012,287
|
|
|
3,002,623
|
|
|
2,993,073
|
|
|
3,041,801
|
|
Loans held for
sale
|
|
|
24,379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accrued interest
receivable
|
|
|
15,125
|
|
|
14,612
|
|
|
13,877
|
|
|
13,642
|
|
|
13,171
|
|
Federal Home Loan Bank
stock
|
|
|
17,846
|
|
|
17,846
|
|
|
15,534
|
|
|
17,659
|
|
|
17,493
|
|
Premises and equipment,
net
|
|
|
18,132
|
|
|
17,459
|
|
|
16,374
|
|
|
15,165
|
|
|
14,257
|
|
Operating lease
right-of-use asset
|
|
|
8,472
|
|
|
7,340
|
|
|
7,761
|
|
|
8,030
|
|
|
8,463
|
|
Foreclosed real estate,
net
|
|
|
1,466
|
|
|
761
|
|
|
1,001
|
|
|
766
|
|
|
4,328
|
|
SBA servicing asset,
net
|
|
|
7,251
|
|
|
7,107
|
|
|
8,018
|
|
|
7,791
|
|
|
7,085
|
|
Mortgage servicing
asset, net
|
|
|
1,273
|
|
|
1,823
|
|
|
2,514
|
|
|
3,205
|
|
|
3,973
|
|
Bank owned life
insurance
|
|
|
70,957
|
|
|
70,462
|
|
|
70,010
|
|
|
69,565
|
|
|
69,130
|
|
Interest rate
derivatives
|
|
|
31,781
|
|
|
46,502
|
|
|
39,284
|
|
|
24,008
|
|
|
28,781
|
|
Other assets
|
|
|
10,627
|
|
|
4,994
|
|
|
6,310
|
|
|
12,443
|
|
|
9,727
|
|
Total assets
|
|
$
|
3,502,823
|
|
$
|
3,511,027
|
|
$
|
3,475,087
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
512,045
|
|
$
|
559,540
|
|
$
|
575,301
|
|
$
|
577,282
|
|
$
|
611,991
|
|
Interest-bearing
deposits
|
|
|
2,218,891
|
|
|
2,159,048
|
|
|
2,123,181
|
|
|
2,066,811
|
|
|
2,054,847
|
|
Total
deposits
|
|
|
2,730,936
|
|
|
2,718,588
|
|
|
2,698,482
|
|
|
2,644,093
|
|
|
2,666,838
|
|
Federal Home Loan Bank
advances
|
|
|
325,000
|
|
|
325,000
|
|
|
325,000
|
|
|
375,000
|
|
|
375,000
|
|
Other
borrowings
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
387
|
|
|
392
|
|
Operating lease
liability
|
|
|
8,651
|
|
|
7,537
|
|
|
7,985
|
|
|
8,438
|
|
|
8,885
|
|
Accrued interest
payable
|
|
|
4,133
|
|
|
3,915
|
|
|
3,859
|
|
|
3,681
|
|
|
2,739
|
|
Other
liabilities
|
|
|
52,586
|
|
|
71,283
|
|
|
66,211
|
|
|
34,453
|
|
|
23,964
|
|
Total
liabilities
|
|
$
|
3,121,306
|
|
$
|
3,126,323
|
|
$
|
3,101,924
|
|
$
|
3,066,052
|
|
$
|
3,077,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common stock
|
|
|
252
|
|
|
252
|
|
|
253
|
|
|
251
|
|
|
252
|
|
Additional paid-in
capital
|
|
|
45,699
|
|
|
45,580
|
|
|
45,516
|
|
|
45,044
|
|
|
45,298
|
|
Retained
earnings
|
|
|
315,356
|
|
|
308,589
|
|
|
301,752
|
|
|
293,139
|
|
|
285,832
|
|
Accumulated other
comprehensive income
|
|
|
20,210
|
|
|
30,283
|
|
|
25,642
|
|
|
14,527
|
|
|
18,039
|
|
Total shareholders'
equity
|
|
|
381,517
|
|
|
384,704
|
|
|
373,163
|
|
|
352,961
|
|
|
349,421
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,502,823
|
|
$
|
3,511,027
|
|
$
|
3,475,087
|
|
$
|
3,419,013
|
|
$
|
3,427,239
|
|
METROCITY BANKSHARES, INC.
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
47,367
|
|
$
|
45,695
|
|
$
|
44,839
|
|
$
|
43,982
|
|
$
|
41,783
|
|
$
|
181,883
|
|
$
|
142,815
|
|
Other investment
income
|
|
|
3,267
|
|
|
2,979
|
|
|
2,582
|
|
|
1,939
|
|
|
2,116
|
|
|
10,767
|
|
|
4,330
|
|
Federal funds
sold
|
|
|
37
|
|
|
35
|
|
|
61
|
|
|
44
|
|
|
46
|
|
|
177
|
|
|
75
|
|
Total interest
income
|
|
|
50,671
|
|
|
48,709
|
|
|
47,482
|
|
|
45,965
|
|
|
43,945
|
|
|
192,827
|
|
|
147,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
21,691
|
|
|
21,736
|
|
|
19,804
|
|
|
17,376
|
|
|
13,071
|
|
|
80,607
|
|
|
23,558
|
|
FHLB advances and other
borrowings
|
|
|
2,858
|
|
|
2,819
|
|
|
2,708
|
|
|
2,356
|
|
|
1,924
|
|
|
10,741
|
|
|
4,051
|
|
Total interest
expense
|
|
|
24,549
|
|
|
24,555
|
|
|
22,512
|
|
|
19,732
|
|
|
14,995
|
|
|
91,348
|
|
|
27,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
26,122
|
|
|
24,154
|
|
|
24,970
|
|
|
26,233
|
|
|
28,950
|
|
|
101,479
|
|
|
119,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
782
|
|
|
(381)
|
|
|
(416)
|
|
|
—
|
|
|
(1,168)
|
|
|
(15)
|
|
|
(2,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
25,340
|
|
|
24,535
|
|
|
25,386
|
|
|
26,233
|
|
|
30,118
|
|
|
101,494
|
|
|
122,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
515
|
|
|
490
|
|
|
464
|
|
|
449
|
|
|
483
|
|
|
1,918
|
|
|
1,991
|
|
Other service charges,
commissions and fees
|
|
|
2,039
|
|
|
1,478
|
|
|
1,266
|
|
|
874
|
|
|
1,243
|
|
|
5,657
|
|
|
9,725
|
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,017
|
|
Mortgage servicing
income, net
|
|
|
39
|
|
|
(85)
|
|
|
(51)
|
|
|
(96)
|
|
|
(299)
|
|
|
(193)
|
|
|
(561)
|
|
Gain on sale of SBA
loans
|
|
|
—
|
|
|
244
|
|
|
1,054
|
|
|
1,969
|
|
|
—
|
|
|
3,299
|
|
|
2,068
|
|
SBA servicing income,
net
|
|
|
1,324
|
|
|
270
|
|
|
1,388
|
|
|
1,814
|
|
|
(72)
|
|
|
4,796
|
|
|
1,825
|
|
Other income
|
|
|
795
|
|
|
260
|
|
|
570
|
|
|
1,134
|
|
|
288
|
|
|
2,727
|
|
|
1,053
|
|
Total noninterest
income
|
|
|
4,712
|
|
|
2,657
|
|
|
4,691
|
|
|
6,144
|
|
|
1,643
|
|
|
18,204
|
|
|
18,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
8,971
|
|
|
6,864
|
|
|
7,103
|
|
|
6,366
|
|
|
7,721
|
|
|
29,304
|
|
|
30,502
|
|
Occupancy
|
|
|
1,368
|
|
|
1,272
|
|
|
1,039
|
|
|
1,214
|
|
|
1,263
|
|
|
4,893
|
|
|
4,857
|
|
Data
Processing
|
|
|
301
|
|
|
300
|
|
|
353
|
|
|
275
|
|
|
287
|
|
|
1,229
|
|
|
1,095
|
|
Advertising
|
|
|
160
|
|
|
143
|
|
|
165
|
|
|
146
|
|
|
172
|
|
|
614
|
|
|
606
|
|
Other
expenses
|
|
|
3,115
|
|
|
2,961
|
|
|
2,804
|
|
|
2,806
|
|
|
2,785
|
|
|
11,686
|
|
|
12,219
|
|
Total noninterest
expense
|
|
|
13,915
|
|
|
11,540
|
|
|
11,464
|
|
|
10,807
|
|
|
12,228
|
|
|
47,726
|
|
|
49,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
16,137
|
|
|
15,652
|
|
|
18,613
|
|
|
21,570
|
|
|
19,533
|
|
|
71,972
|
|
|
91,217
|
|
Provision for income
taxes
|
|
|
4,790
|
|
|
4,224
|
|
|
5,505
|
|
|
5,840
|
|
|
9,353
|
|
|
20,359
|
|
|
28,615
|
|
Net income available
to common shareholders
|
|
$
|
11,347
|
|
$
|
11,428
|
|
$
|
13,108
|
|
$
|
15,730
|
|
$
|
10,180
|
|
$
|
51,613
|
|
$
|
62,602
|
|
METROCITY BANKSHARES, INC.
|
|
AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
December 31, 2023
|
|
September 30, 2023
|
|
December 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)
|
|
$
|
165,877
|
|
$
|
2,938
|
|
7.03
|
%
|
$
|
200,245
|
|
$
|
2,807
|
|
5.56
|
%
|
$
|
159,297
|
|
$
|
1,777
|
|
4.43
|
%
|
|
Investment
securities
|
|
|
31,685
|
|
|
366
|
|
4.58
|
|
|
32,172
|
|
|
207
|
|
2.55
|
|
|
33,405
|
|
|
385
|
|
4.57
|
|
|
Total
investments
|
|
|
197,562
|
|
|
3,304
|
|
6.64
|
|
|
232,417
|
|
|
3,014
|
|
5.14
|
|
|
192,702
|
|
|
2,162
|
|
4.45
|
|
|
Construction and
development
|
|
|
18,002
|
|
|
344
|
|
7.58
|
|
|
30,584
|
|
|
442
|
|
5.73
|
|
|
40,244
|
|
|
575
|
|
5.67
|
|
|
Commercial real
estate
|
|
|
664,570
|
|
|
14,934
|
|
8.92
|
|
|
647,244
|
|
|
14,435
|
|
8.85
|
|
|
628,641
|
|
|
12,387
|
|
7.82
|
|
|
Commercial and
industrial
|
|
|
59,465
|
|
|
1,473
|
|
9.83
|
|
|
61,774
|
|
|
1,488
|
|
9.56
|
|
|
51,788
|
|
|
1,021
|
|
7.82
|
|
|
Residential real
estate
|
|
|
2,333,247
|
|
|
30,577
|
|
5.20
|
|
|
2,289,428
|
|
|
29,296
|
|
5.08
|
|
|
2,295,309
|
|
|
27,773
|
|
4.80
|
|
|
Consumer and
other
|
|
|
258
|
|
|
39
|
|
59.97
|
|
|
201
|
|
|
34
|
|
67.11
|
|
|
162
|
|
|
27
|
|
66.12
|
|
|
Gross
loans(2)
|
|
|
3,075,542
|
|
|
47,367
|
|
6.11
|
|
|
3,029,231
|
|
|
45,695
|
|
5.98
|
|
|
3,016,144
|
|
|
41,783
|
|
5.50
|
|
|
Total earning
assets
|
|
|
3,273,104
|
|
|
50,671
|
|
6.14
|
|
|
3,261,648
|
|
|
48,709
|
|
5.92
|
|
|
3,208,846
|
|
|
43,945
|
|
5.43
|
|
|
Noninterest-earning
assets
|
|
|
223,630
|
|
|
|
|
|
|
|
214,834
|
|
|
|
|
|
|
|
177,040
|
|
|
|
|
|
|
|
Total
assets
|
|
|
3,496,734
|
|
|
|
|
|
|
|
3,476,482
|
|
|
|
|
|
|
|
3,385,886
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
133,765
|
|
|
396
|
|
1.17
|
|
|
125,078
|
|
|
381
|
|
1.21
|
|
|
173,214
|
|
|
531
|
|
1.22
|
|
|
Money market
deposits
|
|
|
1,051,797
|
|
|
10,609
|
|
4.00
|
|
|
1,036,955
|
|
|
11,709
|
|
4.48
|
|
|
1,089,198
|
|
|
8,361
|
|
3.05
|
|
|
Time
deposits
|
|
|
991,416
|
|
|
10,686
|
|
4.28
|
|
|
966,408
|
|
|
9,646
|
|
3.96
|
|
|
722,285
|
|
|
4,179
|
|
2.30
|
|
|
Total interest-bearing
deposits
|
|
|
2,176,978
|
|
|
21,691
|
|
3.95
|
|
|
2,128,441
|
|
|
21,736
|
|
4.05
|
|
|
1,984,697
|
|
|
13,071
|
|
2.61
|
|
|
Borrowings
|
|
|
314,682
|
|
|
2,858
|
|
3.60
|
|
|
325,025
|
|
|
2,819
|
|
3.44
|
|
|
403,113
|
|
|
1,924
|
|
1.89
|
|
|
Total interest-bearing
liabilities
|
|
|
2,491,660
|
|
|
24,549
|
|
3.91
|
|
|
2,453,466
|
|
|
24,555
|
|
3.97
|
|
|
2,387,810
|
|
|
14,995
|
|
2.49
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
530,935
|
|
|
|
|
|
|
|
555,074
|
|
|
|
|
|
|
|
597,250
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
89,615
|
|
|
|
|
|
|
|
94,528
|
|
|
|
|
|
|
|
51,692
|
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
620,550
|
|
|
|
|
|
|
|
649,602
|
|
|
|
|
|
|
|
648,942
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
384,524
|
|
|
|
|
|
|
|
373,414
|
|
|
|
|
|
|
|
349,134
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,496,734
|
|
|
|
|
|
|
$
|
3,476,482
|
|
|
|
|
|
|
$
|
3,385,886
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
26,122
|
|
|
|
|
|
|
$
|
24,154
|
|
|
|
|
|
|
$
|
28,950
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.23
|
|
|
|
|
|
|
|
1.95
|
|
|
|
|
|
|
|
2.94
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.17
|
|
|
|
|
|
|
|
2.94
|
|
|
|
|
|
|
|
3.58
|
|
|
____________________
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 31, 2023
|
|
December 31, 2022
|
|
|
|
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)
|
|
$
|
167,024
|
|
$
|
9,995
|
|
5.98
|
%
|
$
|
225,154
|
|
$
|
3,524
|
|
1.57
|
%
|
|
Investment
securities
|
|
|
32,330
|
|
|
949
|
|
2.94
|
|
|
35,188
|
|
|
881
|
|
2.50
|
|
|
Total
investments
|
|
|
199,354
|
|
|
10,944
|
|
5.49
|
|
|
260,342
|
|
|
4,405
|
|
1.69
|
|
|
Construction and
development
|
|
|
31,955
|
|
|
1,864
|
|
5.83
|
|
|
35,562
|
|
|
1,898
|
|
5.34
|
|
|
Commercial real
estate
|
|
|
659,432
|
|
|
57,710
|
|
8.75
|
|
|
589,017
|
|
|
38,582
|
|
6.55
|
|
|
Commercial and
industrial
|
|
|
54,100
|
|
|
5,110
|
|
9.45
|
|
|
55,516
|
|
|
3,920
|
|
7.06
|
|
|
Residential real
estate
|
|
|
2,299,246
|
|
|
117,071
|
|
5.09
|
|
|
2,090,389
|
|
|
98,277
|
|
4.70
|
|
|
Consumer and
other
|
|
|
195
|
|
|
128
|
|
65.64
|
|
|
193
|
|
|
138
|
|
71.50
|
|
|
Gross
loans(2)
|
|
|
3,044,928
|
|
|
181,883
|
|
5.97
|
|
|
2,770,677
|
|
|
142,815
|
|
5.15
|
|
|
Total earning
assets
|
|
|
3,244,282
|
|
|
192,827
|
|
5.94
|
|
|
3,031,019
|
|
|
147,220
|
|
4.86
|
|
|
Noninterest-earning
assets
|
|
|
198,938
|
|
|
|
|
|
|
|
156,185
|
|
|
|
|
|
|
|
Total
assets
|
|
|
3,443,220
|
|
|
|
|
|
|
|
3,187,204
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
146,543
|
|
|
2,264
|
|
1.54
|
|
|
186,061
|
|
|
1,046
|
|
0.56
|
|
|
Money market
deposits
|
|
|
1,006,360
|
|
|
42,347
|
|
4.21
|
|
|
1,130,439
|
|
|
16,067
|
|
1.42
|
|
|
Time
deposits
|
|
|
940,911
|
|
|
35,996
|
|
3.83
|
|
|
513,867
|
|
|
6,445
|
|
1.25
|
|
|
Total interest-bearing
deposits
|
|
|
2,093,814
|
|
|
80,607
|
|
3.85
|
|
|
1,830,367
|
|
|
23,558
|
|
1.29
|
|
|
Borrowings
|
|
|
353,149
|
|
|
10,741
|
|
3.04
|
|
|
373,238
|
|
|
4,051
|
|
1.09
|
|
|
Total interest-bearing
liabilities
|
|
|
2,446,963
|
|
|
91,348
|
|
3.73
|
|
|
2,203,605
|
|
|
27,609
|
|
1.25
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
555,840
|
|
|
|
|
|
|
|
599,340
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
74,254
|
|
|
|
|
|
|
|
63,997
|
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
630,094
|
|
|
|
|
|
|
|
663,337
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
366,163
|
|
|
|
|
|
|
|
320,262
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,443,220
|
|
|
|
|
|
|
$
|
3,187,204
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
101,479
|
|
|
|
|
|
|
$
|
119,611
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.21
|
|
|
|
|
|
|
|
3.61
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.13
|
|
|
|
|
|
|
|
3.95
|
|
|
____________________
|
|
(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
|
|
|
|
December 31, 2023
|
|
September 30, 2023
|
|
June 30, 2023
|
|
March 31, 2022
|
|
December 31, 2022
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
|
Construction and
Development
|
|
$
|
23,262
|
|
0.7
|
%
|
$
|
41,783
|
|
1.4
|
%
|
$
|
51,759
|
|
1.7
|
%
|
$
|
49,209
|
|
1.6
|
%
|
$
|
47,779
|
|
1.6
|
%
|
|
Commercial Real
Estate
|
|
|
711,177
|
|
22.6
|
|
|
624,122
|
|
20.5
|
|
|
625,111
|
|
20.6
|
|
|
639,951
|
|
21.2
|
|
|
657,246
|
|
21.4
|
|
|
Commercial and
Industrial
|
|
|
65,904
|
|
2.1
|
|
|
61,332
|
|
2.0
|
|
|
63,502
|
|
2.1
|
|
|
46,208
|
|
1.5
|
|
|
53,173
|
|
1.7
|
|
|
Residential Real
Estate
|
|
|
2,348,187
|
|
74.6
|
|
|
2,310,981
|
|
76.1
|
|
|
2,289,050
|
|
75.6
|
|
|
2,285,902
|
|
75.7
|
|
|
2,306,915
|
|
75.3
|
|
|
Consumer and
other
|
|
|
319
|
|
—
|
|
|
240
|
|
—
|
|
|
102
|
|
—
|
|
|
50
|
|
—
|
|
|
216
|
|
—
|
|
|
Gross loans
|
|
$
|
3,148,849
|
|
100.0
|
%
|
$
|
3,038,458
|
|
100.0
|
%
|
$
|
3,029,524
|
|
100.0
|
%
|
$
|
3,021,320
|
|
100.0
|
%
|
$
|
3,065,329
|
|
100.0
|
%
|
|
Unearned
income
|
|
|
(8,856)
|
|
|
|
|
(8,511)
|
|
|
|
|
(8,810)
|
|
|
|
|
(9,300)
|
|
|
|
|
(9,640)
|
|
|
|
|
Allowance for credit
losses
|
|
|
(18,112)
|
|
|
|
|
(17,660)
|
|
|
|
|
(18,091)
|
|
|
|
|
(18,947)
|
|
|
|
|
(13,888)
|
|
|
|
|
Net loans
|
|
$
|
3,121,881
|
|
|
|
$
|
3,012,287
|
|
|
|
$
|
3,002,623
|
|
|
|
$
|
2,993,073
|
|
|
|
$
|
3,041,801
|
|
|
|
|
METROCITY BANKSHARES, INC.
|
|
NONPERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
(Dollars in
thousands)
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
|
Nonaccrual
loans
|
|
$
|
14,682
|
|
$
|
15,127
|
|
$
|
13,037
|
|
$
|
9,064
|
|
$
|
10,065
|
|
|
Past due loans 90 days
or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
Accruing restructured
loans
|
|
|
22,233
|
|
|
21,964
|
|
|
9,611
|
|
|
9,654
|
|
|
9,919
|
|
|
Total non-performing
loans
|
|
|
36,915
|
|
|
37,091
|
|
|
22,648
|
|
|
18,718
|
|
|
20,164
|
|
|
Other real estate
owned
|
|
|
1,466
|
|
|
761
|
|
|
1,001
|
|
|
766
|
|
|
4,328
|
|
|
Total non-performing
assets
|
|
$
|
38,381
|
|
$
|
37,852
|
|
$
|
23,649
|
|
$
|
19,484
|
|
$
|
24,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
gross loans
|
|
|
1.17
|
%
|
|
1.22
|
%
|
|
0.75
|
%
|
|
0.62
|
%
|
|
0.66
|
%
|
|
Nonperforming assets to
total assets
|
|
|
1.10
|
|
|
1.08
|
|
|
0.68
|
|
|
0.57
|
|
|
0.71
|
|
|
Allowance for credit
losses to non-performing loans
|
|
|
49.06
|
|
|
47.61
|
|
|
79.88
|
|
|
101.22
|
|
|
68.88
|
|
|
METROCITY BANKSHARES, INC.
|
|
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three
Months Ended
|
|
As of and for the Year
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
(Dollars in
thousands)
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
Balance, beginning of
period
|
|
$
|
17,660
|
|
$
|
18,091
|
|
$
|
18,947
|
|
$
|
13,888
|
|
$
|
14,982
|
|
$
|
13,888
|
|
$
|
16,952
|
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial real
estate
|
|
|
224
|
|
|
(1)
|
|
|
230
|
|
|
(2)
|
|
|
(2)
|
|
|
451
|
|
|
(7)
|
|
|
Commercial and
industrial
|
|
|
85
|
|
|
(3)
|
|
|
208
|
|
|
(2)
|
|
|
(72)
|
|
|
288
|
|
|
309
|
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer and
other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
Total net
charge-offs/(recoveries)
|
|
|
309
|
|
|
(4)
|
|
|
438
|
|
|
(4)
|
|
|
(74)
|
|
|
739
|
|
|
297
|
|
|
Adoption of ASU 2016-13
(CECL)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,055
|
|
|
—
|
|
|
5,055
|
|
|
—
|
|
|
Provision for loan
losses
|
|
|
761
|
|
|
(435)
|
|
|
(418)
|
|
|
—
|
|
|
(1,168)
|
|
|
(92)
|
|
|
(2,767)
|
|
|
Balance, end of
period
|
|
$
|
18,112
|
|
$
|
17,660
|
|
$
|
18,091
|
|
$
|
18,947
|
|
$
|
13,888
|
|
$
|
18,112
|
|
$
|
13,888
|
|
|
Total loans at end of
period
|
|
$
|
3,148,849
|
|
$
|
3,038,458
|
|
$
|
3,029,524
|
|
$
|
3,021,320
|
|
$
|
3,065,329
|
|
$
|
3,148,849
|
|
$
|
3,065,329
|
|
|
Average
loans(1)
|
|
$
|
3,063,353
|
|
$
|
3,029,231
|
|
$
|
3,024,660
|
|
$
|
3,050,176
|
|
$
|
3,016,144
|
|
$
|
3,038,833
|
|
$
|
2,761,195
|
|
|
Net
charge-offs/(recoveries) to average loans
|
|
|
0.04
|
%
|
|
(0.00)
|
%
|
|
0.06
|
%
|
|
(0.00)
|
%
|
|
(0.01)
|
%
|
|
0.02
|
%
|
|
0.01
|
%
|
|
Allowance for loan
losses to total loans
|
|
|
0.58
|
|
|
0.58
|
|
|
0.60
|
|
|
0.63
|
|
|
0.45
|
|
|
0.58
|
|
|
0.45
|
|
|
____________________
|
|
(1)
|
Excludes loans held for
sale
|
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SOURCE MetroCity Bankshares, Inc.