ATLANTA, Jan. 21,
2025 /PRNewswire/ -- MetroCity Bankshares, Inc.
("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for
Metro City Bank (the "Bank"), today reported net income of
$16.2 million, or $0.63 per diluted share, for the fourth quarter
of 2024, compared to $16.7 million,
or $0.65 per diluted share, for the
third quarter of 2024, and $11.3
million, or $0.44 per diluted
share, for the fourth quarter of 2023. For the year ended
December 31, 2024, the Company
reported net income of $64.5 million,
or $2.52 per diluted share, compared
to $51.6 million, or $2.02 per diluted share, for the same period in
2023.
Fourth Quarter 2024 Highlights:
- Annualized return on average assets was 1.82%, compared to
1.86% for the third quarter of 2024 and 1.29% for the fourth
quarter of 2023.
- Annualized return on average equity was 15.84%, compared to
16.26% for the third quarter of 2024 and 11.71% for the fourth
quarter of 2023. Excluding average accumulated other comprehensive
income, our return on average equity was 16.28% for the fourth
quarter of 2024, compared to 17.25% for the third quarter of 2024
and 12.69% for the fourth quarter of 2023.
- Efficiency ratio of 40.5%, compared to 37.0% for the third
quarter of 2024 and 45.1% for the fourth quarter of 2023.
- Net interest margin was 3.57%, compared to 3.58% for the third
quarter of 2024 and 3.17% for the fourth quarter of 2023
- Loans held for investment increased by $70.1 million, or 2.3%, to $3.16 billion from the previous quarter.
Full Year 2024 Highlights:
- Return on average assets was 1.81%, compared to 1.50% for
2023.
- Return on average equity was 16.16%, compared to 14.10% for
2023. Excluding average accumulated other comprehensive income, our
return on average equity was 16.71% for 2024, compared to 15.00%
for 2023.
- Efficiency ratio of 37.8% for 2024, compared to 39.9% for
2023.
- Net interest margin increased by 38 basis points to 3.51% from
3.13% for 2023.
- Total assets increased by $91.2
million, or 2.6%, to $3.59
billion from $3.50 billion at
December 31, 2023.
Results of Operations
Net Income
Net income was $16.2 million for
the fourth quarter of 2024, a decrease of $466,000, or 2.8%, from $16.7 million for the third quarter of 2024. This
decrease was primarily due to decrease in noninterest income of
$1.3 million, an increase in
noninterest expense of $666,000 and a
decrease in net interest income of $229,000, offset by a decrease in income tax
expense of $1.3 million and a
decrease in provision for credit losses of $380,000. Net income increased by $4.9 million, or 43.1%, in the fourth quarter of
2024 compared to net income of $11.3
million for the fourth quarter of 2023. This increase was
due to an increase in net interest income of $3.9 million, an increase in noninterest income
of $609,000, a decrease in provision
for credit losses of $580,000 and a
decrease in income tax expense of $172,000, offset by an increase in noninterest
expense of $411,000.
Net income was $64.5 million for
the year ended December 31, 2024, an
increase of $12.9 million, or 25.0%,
from $51.6 million for the year ended
December 31, 2023. This increase was
due to an increase in net interest income of $16.7 million and an increase in noninterest
income of $4.9 million, offset by an
increase in noninterest expense of $5.7
million, an increase in income tax expense of $2.5 million and an increase in provision for
credit losses of $531,000.
Net Interest Income and Net Interest Margin
Interest income totaled $52.6
million for the fourth quarter of 2024, a decrease of
$1.2 million, or 2.3%, from the
previous quarter, primarily due to a $40.3
million decrease in the average total investments balance, a
22 basis points decrease in the total investments yield and a 12
basis points decrease in the loan yield, offset by a $22.0 million increase in average loan balances.
As compared to the fourth quarter of 2023, interest income for the
fourth quarter of 2024 increased by $1.9
million, or 3.8%, primarily due to a 20 basis points
increase in the loan yield coupled with a $61.9 million increase in average loan
balances.
Interest expense totaled $22.6
million for the fourth quarter of 2024, a decrease of
$990,000, or 4.2%, from the previous
quarter, primarily due to a 16 basis points decrease in deposit
costs coupled with a $10.2 million
decrease in the average deposit balances. As compared to the fourth
quarter of 2023, interest expense for the fourth quarter of 2024
decreased by $2.0 million or 8.1%,
primarily due to a 50 basis points decrease in deposit costs
coupled with a $27.0 million decrease
in average deposit balances, offset by a 58 basis points increase
in borrowing costs and a $60.3
million increase in the average borrowing balance. 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 Effective
Federal Funds Rate (currently 4.33%). The weighted average pay rate
for these interest rate derivatives is 2.29%. During the fourth
quarter of 2024, we recorded a credit to interest expense of
$5.1 million from the benefit
received on these interest rate derivatives compared to a benefit
of $6.4 million and $3.1 million recorded during the third quarter of
2024 and the fourth quarter of 2023, respectively.
The net interest margin for the fourth quarter of 2024 was 3.57%
compared to 3.58% for the previous quarter, a decrease of one basis
point. The yield on average interest-earning assets for the fourth
quarter of 2024 decreased by 11 basis points to 6.25% from 6.36%
for the previous quarter, while the cost of average
interest-bearing liabilities for the fourth quarter of 2024
decreased by 14 basis points to 3.55% from 3.69% for the previous
quarter. Average earning assets decreased by $18.3 million from the previous quarter, due to a
decrease in average total investments of $40.3 million, offset by an increase of
$22.0 million in average loan
balances. Average interest-bearing liabilities decreased by
$10.9 million from the previous
quarter as average interest-bearing deposits decreased by
$10.2 million and average borrowings
decreased slightly by $677,000.
As compared to the same period in 2023, the net interest margin
for the fourth quarter of 2024 increased by 40 basis points to
3.57% from 3.17%, primarily due to an 11 basis points increase in
the yield on average interest-earning assets of $3.35 billion and a 36 basis points decrease in
the cost of average interest-bearing liabilities of $2.52 billion. Average earning assets for the
fourth quarter of 2024 increased by $76.1
million from the fourth quarter of 2023, due to a
$61.9 million increase in average
loans and a $14.3 million increase in
average total investments. Average interest-bearing liabilities for
the fourth quarter of 2024 increased by $33.3 million from the fourth quarter of 2023,
driven by the increase in average borrowings of $60.3 million, offset by a $27.0 decrease in average interest-bearing
deposits.
Noninterest Income
Noninterest income for the fourth quarter of 2024 was
$5.3 million, a decrease of
$1.3 million, or 19.6%, from the
third quarter of 2024, primarily due to lower gains on sale from
Small Business Administration ("SBA") and residential mortgage
loans, servicing income from SBA loans, mortgage loan fees from
lower volume and other income from unrealized losses recognized on
our equity securities, offset by higher servicing income from
mortgage loans. SBA loan sales totaled $19.2
million (sales premium of 6.25%) during the fourth quarter
of 2024 compared to $28.9 million
(sales premium of 6.67%) during the third quarter of 2024. Mortgage
loan originations totaled $103.3
million during the fourth quarter 2024 compared to
$122.4 million during the third
quarter of 2024. No mortgage loans were sold during the fourth
quarter of 2024 compared to $54.2
million of mortgage loan sales (average sales premium of
1.03%) during the third quarter of 2024. During the fourth quarter
of 2024, we recorded a $31,000 fair
value adjustment charge on our SBA servicing asset compared to a
fair value gain of $202,000 during
the third quarter of 2024. We also recorded a $232,000 fair value impairment recovery on our
mortgage servicing asset during the fourth quarter of 2024 compared
to a $252,000 fair value impairment
charge recorded during the third quarter of 2024.
Compared to the same period in 2023, noninterest income for the
fourth quarter of 2024 increased by $609,000, or 12.9%, primarily due to higher gains
on sale of SBA loans and servicing income from our mortgage loans,
offset by decreases in mortgage loan fees from lower volume and
servicing income from SBA loans, as well as lower other income from
unrealized losses recognized on our equity securities. During the
fourth quarter of 2023, we recorded a $147,000 fair value gain on our SBA servicing
asset.
Noninterest income for the year ended December 31, 2024 totaled $23.1 million, an increase of $4.9 million, or 26.7%, from the year ended
December 31, 2023, primarily due to
higher mortgage loan fees from higher volume, as well as higher
gains on sale and servicing income from mortgage loans, offset by
decreases in gains on sale and servicing income of SBA loans.
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 totaled
$14.3 million, an increase of
$666,000, or 4.9%, from $13.7 million for the third quarter of 2024. This
increase was primarily attributable to the increase in salary and
employee benefits which included higher commissions from higher
loan volume and higher employee salaries, 401k match and FICA taxes, partially offset by
lower other real estate owned expenses. Compared to the fourth
quarter of 2023, noninterest expense during the fourth quarter of
2024 increased by $411,000, or 3.0%,
primarily due to higher salary and employee benefits, occupancy
expense, data processing expense, security expense and loan related
expenses, offset by lower FDIC insurance premiums and professional
fees.
Noninterest expense for the year ended December 31, 2024 totaled $53.4 million, an increase of $5.7 million, or 11.8%, from $47.7 million for the year ended December 31, 2023. This increase was primarily
attributable to increases in salaries and employee benefits due to
the increase in the number of full time equivalent employees during
2024, higher commissions from higher loan volume and higher
employee insurance and stock based compensation. We also recognized
higher expenses related to depreciation, rent, data processing,
security, audit and accounting services, other real estate owned
and FDIC insurance premiums. These expense increases were partially
offset by lower loan related expenses and legal fees.
The Company's efficiency ratio was 40.5% for the fourth quarter
of 2024 compared to 37.0% and 45.1% for the third quarter of 2024
and fourth quarter of 2023, respectively. For the year ended
December 31, 2024, the efficiency
ratio was 37.8 % compared to 39.9% for the year ended December 31, 2023.
Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2024
was 22.1%, compared to 26.3% for the third quarter of 2024 and
29.7% for the fourth quarter of 2023. The Company's effective tax
rate for the year ended December 31,
2024 was 26.1% compared to 28.3% for the year ended
December 31, 2023. The decrease in
the effective tax rate during the fourth quarter of 2024 was due to
a tax provision to tax return adjustment recorded for our 2023
state tax returns filed during the third and fourth quarter of
2024.
Balance Sheet
Total Assets
Total assets were $3.59 billion at
December 31, 2024, an increase of
$24.8 million, or 0.7%, from
$3.57 billion at September 30, 2024, and an increase of
$91.2 million, or 2.6%, from
$3.50 billion at December 31, 2023. The $24.8 million increase in total assets at
December 31, 2024 compared to
September 30, 2024 was primarily due
to increases in loans held for investment of $70.1 million and interest rate derivatives of
$2.9 million, partially offset by
decreases in cash and due from banks of $42.4 million and loans held for sale of
$4.6 million. The $91.2 million increase in total assets at
December 31, 2024 compared to
December 31, 2023 was primarily due
to increases in cash and due from banks of $94.2 million, loans held for investment of
$15.8 million, federal funds sold of
$10.9 million, Federal Home Loan Bank
stock of $2.4 million and bank owned
life insurance of $2.3 million,
partially offset by decreases in loans held for sale of
$22.3 million and interest rate
derivatives of $10.0 million.
Our investment securities portfolio made up only 0.77% of our
total assets at December 31, 2024
compared to 0.81% and 0.82% at September 30,
2024 and December 31, 2023,
respectively.
Loans
Loans held for investment were $3.16
billion at December 31, 2024,
an increase of $70.1 million, or
2.3%, compared to $3.09 billion at
September 30, 2024, and an increase
of $15.8 million, or 0.5%, compared
to $3.14 billion at December 31, 2023. The increase in loans at
December 31, 2024 compared to
September 30, 2024 was due to a
$27.0 million increase in residential
mortgage loans, a $23.1 million
increase in commercial real estate loans, a $14.6 million increase in commercial and
industrial loans and a $5.0 million
increase in construction and development loans. Loans classified as
held for sale totaled $4.6 million
and $22.3 million at September 30, 2024 and December 31, 2023, respectively. There were no
loans classified as held for sale at December 31, 2024.
Deposits
Total deposits were $2.74 billion
at December 31, 2024, an increase of
$13.7 million, or 0.5%, compared to
total deposits of $2.72 billion at
September 30, 2024, and an increase
of $5.9 million, or 0.2%, compared to
total deposits of $2.73 billion at
December 31, 2023. The increase in
total deposits at December 31, 2024
compared to September 30, 2024 was
due to a $58.4 million increase in
interest-bearing demand deposits and a $6.6 million increase in money market accounts
(includes $38.6 million decrease in
brokered money market accounts), offset by a $35.0 million decrease in time deposits and a
$16.2 million decrease in
noninterest-bearing demand deposits.
Noninterest-bearing deposits were $536.3
million at December 31, 2024,
compared to $552.5 million at
September 30, 2024 and $512.0 million at December
31, 2023. Noninterest-bearing deposits constituted 19.6% of
total deposits at December 31, 2024,
compared to 20.3% at September 30,
2024 and 18.7% at December 31,
2023. Interest-bearing deposits were $2.20 billion at December
31, 2024, compared to $2.17
billion at September 30, 2024
and $2.22 billion at December 31, 2023. Interest-bearing deposits
constituted 80.4 % of total deposits at December 31, 2024, compared to 79.7% at
September 30, 2024 and 81.3% at
December 31, 2023.
Uninsured deposits were 24.1% of total deposits at December 31, 2024, compared to 23.6% and 26.5% at
September 30, 2024 and December 31, 2023, respectively. As of
December 31, 2024, we had
$1.29 billion of available borrowing
capacity at the Federal Home Loan Bank ($692.6 million), Federal Reserve Discount Window
($551.6 million) and various other
financial institutions (fed fund lines totaling $47.5 million).
Asset Quality
The Company recorded a provision for credit losses of
$202,000 during the fourth quarter of
2024, compared to provision for credit losses of $582,000 and $782,000 recorded during the third quarter of
2024 and fourth quarter of 2023, respectively. The provision
expense recorded during the fourth quarter of 2024 was primarily
due to the increase in reserves allocated to our individually
analyzed loans, as well as the increase in general reserves
allocated to our commercial and industrial loan portfolio.
Annualized net charge-offs to average loans for the fourth quarter
of 2024 was 0.01%, compared to net charge-offs of 0.00% for the
third quarter of 2024 and 0.04% for the fourth quarter of 2023. Net
charge-offs to average loans for the year ended December 31, 2024 was 0.00% compared to 0.02% for
the year ended December 31, 2023.
Nonperforming assets totaled $18.4
million, or 0.51% of total assets, at December 31, 2024, an increase of $2.6 million from $15.8
million, or 0.44% of total assets, at September 30, 2024, and an increase of
$2.3 million from $16.1 million, or 0.46% of total assets, at
December 31, 2023. The increase in
nonperforming assets at December 31,
2024 compared to September 30,
2024 was due to a $3.7 million
increase in nonaccrual loans offset by a $1.1 million decrease in other real estate owned.
Allowance for credit losses as a percentage of total loans was
0.59% at December 31, 2024, compared
to 0.60% at September 30, 2024 and
0.57% at December 31, 2023. Allowance
for credit losses as a percentage of nonperforming loans was
104.08% at December 31, 2024,
compared to 129.85% and 123.36% at September
30, 2024 and December 31,
2023, 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, changes in 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, which could have an adverse effect on the
Company's profitability; 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; 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 the
surrounding region; 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)
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
52,614
|
|
$
|
53,833
|
|
$
|
54,108
|
|
$
|
52,358
|
|
$
|
50,671
|
|
$
|
212,913
|
|
$
|
192,827
|
|
|
Interest
expense
|
|
|
22,554
|
|
|
23,544
|
|
|
23,396
|
|
|
25,273
|
|
|
24,549
|
|
|
94,767
|
|
|
91,348
|
|
|
Net interest
income
|
|
|
30,060
|
|
|
30,289
|
|
|
30,712
|
|
|
27,085
|
|
|
26,122
|
|
|
118,146
|
|
|
101,479
|
|
|
Provision for credit
losses
|
|
|
202
|
|
|
582
|
|
|
(128)
|
|
|
(140)
|
|
|
782
|
|
|
516
|
|
|
(15)
|
|
|
Noninterest
income
|
|
|
5,321
|
|
|
6,615
|
|
|
5,559
|
|
|
5,568
|
|
|
4,712
|
|
|
23,063
|
|
|
18,204
|
|
|
Noninterest
expense
|
|
|
14,326
|
|
|
13,660
|
|
|
13,032
|
|
|
12,361
|
|
|
13,915
|
|
|
53,379
|
|
|
47,726
|
|
|
Income tax
expense
|
|
|
4,618
|
|
|
5,961
|
|
|
6,430
|
|
|
5,801
|
|
|
4,790
|
|
|
22,810
|
|
|
20,359
|
|
|
Net income
|
|
|
16,235
|
|
|
16,701
|
|
|
16,937
|
|
|
14,631
|
|
|
11,347
|
|
|
64,504
|
|
|
51,613
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.64
|
|
$
|
0.66
|
|
$
|
0.67
|
|
$
|
0.58
|
|
$
|
0.45
|
|
$
|
2.55
|
|
$
|
2.05
|
|
|
Diluted income per
share
|
|
$
|
0.63
|
|
$
|
0.65
|
|
$
|
0.66
|
|
$
|
0.57
|
|
$
|
0.44
|
|
$
|
2.52
|
|
$
|
2.02
|
|
|
Dividends per
share
|
|
$
|
0.23
|
|
$
|
0.20
|
|
$
|
0.20
|
|
$
|
0.20
|
|
$
|
0.18
|
|
$
|
0.83
|
|
$
|
0.72
|
|
|
Book value per share
(at period end)
|
|
$
|
16.59
|
|
$
|
16.07
|
|
$
|
16.08
|
|
$
|
15.73
|
|
$
|
15.14
|
|
$
|
16.59
|
|
$
|
15.14
|
|
|
Shares of common stock
outstanding
|
|
|
25,402,782
|
|
|
25,331,916
|
|
|
25,331,916
|
|
|
25,205,506
|
|
|
25,205,506
|
|
|
25,402,782
|
|
|
25,205,506
|
|
|
Weighted average
diluted shares
|
|
|
25,659,483
|
|
|
25,674,858
|
|
|
25,568,333
|
|
|
25,548,089
|
|
|
25,543,861
|
|
|
25,582,121
|
|
|
25,518,516
|
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.82
|
%
|
|
1.86
|
%
|
|
1.89
|
%
|
|
1.65
|
%
|
|
1.29
|
%
|
|
1.81
|
%
|
|
1.50
|
%
|
|
Return on average
equity
|
|
|
15.84
|
|
|
16.26
|
|
|
17.10
|
|
|
15.41
|
|
|
11.71
|
|
|
16.16
|
|
|
14.10
|
|
|
Dividend payout
ratio
|
|
|
36.18
|
|
|
30.58
|
|
|
30.03
|
|
|
34.77
|
|
|
40.36
|
|
|
32.80
|
|
|
35.43
|
|
|
Yield on total
loans
|
|
|
6.31
|
|
|
6.43
|
|
|
6.46
|
|
|
6.34
|
|
|
6.11
|
|
|
6.38
|
|
|
5.97
|
|
|
Yield on average
earning assets
|
|
|
6.25
|
|
|
6.36
|
|
|
6.45
|
|
|
6.27
|
|
|
6.14
|
|
|
6.33
|
|
|
5.94
|
|
|
Cost of average
interest bearing liabilities
|
|
|
3.55
|
|
|
3.69
|
|
|
3.68
|
|
|
3.94
|
|
|
3.91
|
|
|
3.72
|
|
|
3.73
|
|
|
Cost of
deposits
|
|
|
3.45
|
|
|
3.61
|
|
|
3.63
|
|
|
3.97
|
|
|
3.95
|
|
|
3.67
|
|
|
3.85
|
|
|
Net interest
margin
|
|
|
3.57
|
|
|
3.58
|
|
|
3.66
|
|
|
3.24
|
|
|
3.17
|
|
|
3.51
|
|
|
3.13
|
|
|
Efficiency
ratio(1)
|
|
|
40.49
|
|
|
37.01
|
|
|
35.93
|
|
|
37.86
|
|
|
45.13
|
|
|
37.80
|
|
|
39.88
|
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.01
|
%
|
|
0.00
|
%
|
|
(0.01)
|
%
|
|
(0.00)
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
Nonperforming assets to
gross loans held for investment and OREO
|
|
|
0.58
|
|
|
0.51
|
|
|
0.47
|
|
|
0.47
|
|
|
0.51
|
|
|
0.58
|
|
|
0.51
|
|
|
ACL to nonperforming
loans
|
|
|
104.08
|
|
|
129.85
|
|
|
138.11
|
|
|
135.23
|
|
|
123.36
|
|
|
104.08
|
|
|
123.36
|
|
|
ACL to loans held for
investment
|
|
|
0.59
|
|
|
0.60
|
|
|
0.58
|
|
|
0.58
|
|
|
0.57
|
|
|
0.59
|
|
|
0.57
|
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
115.66
|
%
|
|
113.67
|
%
|
|
112.85
|
%
|
|
111.03
|
%
|
|
115.38
|
%
|
|
115.66
|
%
|
|
115.38
|
%
|
|
Noninterest bearing
deposits to deposits
|
|
|
19.60
|
|
|
20.29
|
|
|
20.54
|
|
|
19.43
|
|
|
18.75
|
|
|
19.60
|
|
|
18.75
|
|
|
Investment securities
to assets
|
|
|
0.77
|
|
|
0.81
|
|
|
0.78
|
|
|
0.78
|
|
|
0.82
|
|
|
0.77
|
|
|
0.82
|
|
|
Common equity to
assets
|
|
|
11.72
|
|
|
11.41
|
|
|
11.26
|
|
|
10.87
|
|
|
10.89
|
|
|
11.72
|
|
|
10.89
|
|
|
Leverage
ratio
|
|
|
11.42
|
|
|
11.12
|
|
|
10.75
|
|
|
10.27
|
|
|
10.20
|
|
|
11.42
|
|
|
10.20
|
|
|
Common equity tier 1
ratio
|
|
|
19.17
|
|
|
19.08
|
|
|
18.25
|
|
|
16.96
|
|
|
16.73
|
|
|
19.17
|
|
|
16.73
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
19.17
|
|
|
19.08
|
|
|
18.25
|
|
|
16.96
|
|
|
16.73
|
|
|
19.17
|
|
|
16.73
|
|
|
Total risk-based
capital ratio
|
|
|
20.05
|
|
|
19.98
|
|
|
19.12
|
|
|
17.81
|
|
|
17.60
|
|
|
20.05
|
|
|
17.60
|
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
527,039
|
|
$
|
556,442
|
|
$
|
529,823
|
|
$
|
443,905
|
|
$
|
443,072
|
|
$
|
527,039
|
|
$
|
443,072
|
|
|
Mortgage loan
production
|
|
|
103,250
|
|
|
122,355
|
|
|
94,056
|
|
|
94,016
|
|
|
128,931
|
|
|
413,677
|
|
|
336,987
|
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
54,193
|
|
|
111,424
|
|
|
21,873
|
|
|
—
|
|
|
187,490
|
|
|
—
|
|
|
SBA/USDA loans serviced
for others
|
|
|
479,669
|
|
|
487,359
|
|
|
486,051
|
|
|
516,425
|
|
|
508,000
|
|
|
479,669
|
|
|
508,000
|
|
|
SBA loan
production
|
|
|
35,730
|
|
|
35,839
|
|
|
8,297
|
|
|
10,949
|
|
|
27,529
|
|
|
90,815
|
|
|
88,090
|
|
|
SBA loan
sales
|
|
|
19,236
|
|
|
28,858
|
|
|
—
|
|
|
24,065
|
|
|
—
|
|
|
72,159
|
|
|
71,925
|
|
|
______________________________________
|
|
(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)
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
236,338
|
|
$
|
278,752
|
|
$
|
325,026
|
|
$
|
254,331
|
|
$
|
142,152
|
|
Federal funds
sold
|
|
|
13,537
|
|
|
12,462
|
|
|
2,833
|
|
|
4,505
|
|
|
2,653
|
|
Cash and cash
equivalents
|
|
|
249,875
|
|
|
291,214
|
|
|
327,859
|
|
|
258,836
|
|
|
144,805
|
|
Equity
securities
|
|
|
10,300
|
|
|
10,568
|
|
|
10,276
|
|
|
10,288
|
|
|
10,335
|
|
Securities available
for sale (at fair value)
|
|
|
17,391
|
|
|
18,206
|
|
|
17,825
|
|
|
18,057
|
|
|
18,493
|
|
Loans held for
investment
|
|
|
3,157,935
|
|
|
3,087,826
|
|
|
3,090,498
|
|
|
3,115,871
|
|
|
3,142,105
|
|
Allowance for credit
losses
|
|
|
(18,744)
|
|
|
(18,589)
|
|
|
(17,960)
|
|
|
(17,982)
|
|
|
(18,112)
|
|
Loans less allowance
for credit losses
|
|
|
3,139,191
|
|
|
3,069,237
|
|
|
3,072,538
|
|
|
3,097,889
|
|
|
3,123,993
|
|
Loans held for
sale
|
|
|
—
|
|
|
4,598
|
|
|
—
|
|
|
72,610
|
|
|
22,267
|
|
Accrued interest
receivable
|
|
|
15,858
|
|
|
15,667
|
|
|
15,286
|
|
|
15,686
|
|
|
15,125
|
|
Federal Home Loan Bank
stock
|
|
|
20,251
|
|
|
20,251
|
|
|
20,251
|
|
|
19,063
|
|
|
17,846
|
|
Premises and equipment,
net
|
|
|
18,276
|
|
|
18,158
|
|
|
18,160
|
|
|
18,081
|
|
|
18,132
|
|
Operating lease
right-of-use asset
|
|
|
7,850
|
|
|
7,171
|
|
|
7,599
|
|
|
8,030
|
|
|
8,472
|
|
Foreclosed real estate,
net
|
|
|
427
|
|
|
1,515
|
|
|
1,452
|
|
|
1,452
|
|
|
1,466
|
|
SBA servicing asset,
net
|
|
|
7,274
|
|
|
7,309
|
|
|
7,108
|
|
|
7,611
|
|
|
7,251
|
|
Mortgage servicing
asset, net
|
|
|
1,409
|
|
|
1,296
|
|
|
1,454
|
|
|
937
|
|
|
1,273
|
|
Bank owned life
insurance
|
|
|
73,285
|
|
|
72,670
|
|
|
72,061
|
|
|
71,492
|
|
|
70,957
|
|
Interest rate
derivatives
|
|
|
21,790
|
|
|
18,895
|
|
|
36,196
|
|
|
38,682
|
|
|
31,781
|
|
Other assets
|
|
|
10,868
|
|
|
12,451
|
|
|
7,305
|
|
|
8,505
|
|
|
10,627
|
|
Total assets
|
|
$
|
3,594,045
|
|
$
|
3,569,206
|
|
$
|
3,615,370
|
|
$
|
3,647,219
|
|
$
|
3,502,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
536,276
|
|
$
|
552,472
|
|
$
|
564,076
|
|
$
|
546,760
|
|
$
|
512,045
|
|
Interest-bearing
deposits
|
|
|
2,200,522
|
|
|
2,170,648
|
|
|
2,181,784
|
|
|
2,267,098
|
|
|
2,218,891
|
|
Total
deposits
|
|
|
2,736,798
|
|
|
2,723,120
|
|
|
2,745,860
|
|
|
2,813,858
|
|
|
2,730,936
|
|
Federal Home Loan Bank
advances
|
|
|
375,000
|
|
|
375,000
|
|
|
375,000
|
|
|
350,000
|
|
|
325,000
|
|
Operating lease
liability
|
|
|
7,940
|
|
|
7,295
|
|
|
7,743
|
|
|
8,189
|
|
|
8,651
|
|
Accrued interest
payable
|
|
|
3,498
|
|
|
3,593
|
|
|
3,482
|
|
|
3,059
|
|
|
4,133
|
|
Other
liabilities
|
|
|
49,456
|
|
|
53,013
|
|
|
76,057
|
|
|
75,509
|
|
|
52,586
|
|
Total
liabilities
|
|
$
|
3,172,692
|
|
$
|
3,162,021
|
|
$
|
3,208,142
|
|
$
|
3,250,615
|
|
$
|
3,121,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common stock
|
|
|
254
|
|
|
253
|
|
|
253
|
|
|
252
|
|
|
252
|
|
Additional paid-in
capital
|
|
|
49,216
|
|
|
47,481
|
|
|
46,644
|
|
|
46,105
|
|
|
45,699
|
|
Retained
earnings
|
|
|
358,704
|
|
|
348,343
|
|
|
336,749
|
|
|
324,900
|
|
|
315,356
|
|
Accumulated other
comprehensive income
|
|
|
13,179
|
|
|
11,108
|
|
|
23,582
|
|
|
25,347
|
|
|
20,210
|
|
Total shareholders'
equity
|
|
|
421,353
|
|
|
407,185
|
|
|
407,228
|
|
|
396,604
|
|
|
381,517
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,594,045
|
|
$
|
3,569,206
|
|
$
|
3,615,370
|
|
$
|
3,647,219
|
|
$
|
3,502,823
|
|
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)
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
49,790
|
|
$
|
50,336
|
|
$
|
50,527
|
|
$
|
50,117
|
|
$
|
47,367
|
|
$
|
200,770
|
|
$
|
181,883
|
|
Other investment
income
|
|
|
2,663
|
|
|
3,417
|
|
|
3,547
|
|
|
2,211
|
|
|
3,267
|
|
|
11,838
|
|
|
10,767
|
|
Federal funds
sold
|
|
|
161
|
|
|
80
|
|
|
34
|
|
|
30
|
|
|
37
|
|
|
305
|
|
|
177
|
|
Total interest
income
|
|
|
52,614
|
|
|
53,833
|
|
|
54,108
|
|
|
52,358
|
|
|
50,671
|
|
|
212,913
|
|
|
192,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
18,618
|
|
|
19,602
|
|
|
19,735
|
|
|
22,105
|
|
|
21,691
|
|
|
80,060
|
|
|
80,607
|
|
FHLB advances and other
borrowings
|
|
|
3,936
|
|
|
3,942
|
|
|
3,661
|
|
|
3,168
|
|
|
2,858
|
|
|
14,707
|
|
|
10,741
|
|
Total interest
expense
|
|
|
22,554
|
|
|
23,544
|
|
|
23,396
|
|
|
25,273
|
|
|
24,549
|
|
|
94,767
|
|
|
91,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
30,060
|
|
|
30,289
|
|
|
30,712
|
|
|
27,085
|
|
|
26,122
|
|
|
118,146
|
|
|
101,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
202
|
|
|
582
|
|
|
(128)
|
|
|
(140)
|
|
|
782
|
|
|
516
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
29,858
|
|
|
29,707
|
|
|
30,840
|
|
|
27,225
|
|
|
25,340
|
|
|
117,630
|
|
|
101,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
563
|
|
|
531
|
|
|
532
|
|
|
447
|
|
|
515
|
|
|
2,073
|
|
|
1,918
|
|
Other service charges,
commissions and fees
|
|
|
1,748
|
|
|
1,915
|
|
|
1,573
|
|
|
1,612
|
|
|
2,039
|
|
|
6,848
|
|
|
5,657
|
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
526
|
|
|
1,177
|
|
|
222
|
|
|
—
|
|
|
1,914
|
|
|
—
|
|
Mortgage servicing
income, net
|
|
|
690
|
|
|
422
|
|
|
1,107
|
|
|
229
|
|
|
39
|
|
|
2,448
|
|
|
(193)
|
|
Gain on sale of SBA
loans
|
|
|
811
|
|
|
1,083
|
|
|
—
|
|
|
1,051
|
|
|
—
|
|
|
2,945
|
|
|
3,299
|
|
SBA servicing income,
net
|
|
|
956
|
|
|
1,231
|
|
|
560
|
|
|
1,496
|
|
|
1,324
|
|
|
4,243
|
|
|
4,796
|
|
Other income
|
|
|
553
|
|
|
907
|
|
|
610
|
|
|
511
|
|
|
795
|
|
|
2,592
|
|
|
2,727
|
|
Total noninterest
income
|
|
|
5,321
|
|
|
6,615
|
|
|
5,559
|
|
|
5,568
|
|
|
4,712
|
|
|
23,063
|
|
|
18,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
9,277
|
|
|
8,512
|
|
|
8,048
|
|
|
7,370
|
|
|
8,971
|
|
|
33,207
|
|
|
29,304
|
|
Occupancy
|
|
|
1,406
|
|
|
1,430
|
|
|
1,334
|
|
|
1,354
|
|
|
1,368
|
|
|
5,524
|
|
|
4,893
|
|
Data
Processing
|
|
|
335
|
|
|
311
|
|
|
353
|
|
|
294
|
|
|
301
|
|
|
1,293
|
|
|
1,229
|
|
Advertising
|
|
|
160
|
|
|
145
|
|
|
157
|
|
|
172
|
|
|
160
|
|
|
634
|
|
|
614
|
|
Other
expenses
|
|
|
3,148
|
|
|
3,262
|
|
|
3,140
|
|
|
3,171
|
|
|
3,115
|
|
|
12,721
|
|
|
11,686
|
|
Total noninterest
expense
|
|
|
14,326
|
|
|
13,660
|
|
|
13,032
|
|
|
12,361
|
|
|
13,915
|
|
|
53,379
|
|
|
47,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
20,853
|
|
|
22,662
|
|
|
23,367
|
|
|
20,432
|
|
|
16,137
|
|
|
87,314
|
|
|
71,972
|
|
Provision for income
taxes
|
|
|
4,618
|
|
|
5,961
|
|
|
6,430
|
|
|
5,801
|
|
|
4,790
|
|
|
22,810
|
|
|
20,359
|
|
Net income available
to common shareholders
|
|
$
|
16,235
|
|
$
|
16,701
|
|
$
|
16,937
|
|
$
|
14,631
|
|
$
|
11,347
|
|
$
|
64,504
|
|
$
|
51,613
|
|
METROCITY
BANKSHARES, INC.
QTD AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
December 31, 2024
|
|
September 30, 2024
|
|
December 31, 2023
|
|
|
|
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)
|
|
$
|
180,628
|
|
$
|
2,560
|
|
5.64
|
%
|
$
|
220,826
|
|
$
|
3,308
|
|
5.96
|
%
|
$
|
165,877
|
|
$
|
2,938
|
|
7.03
|
%
|
|
Investment
securities
|
|
|
31,208
|
|
|
264
|
|
3.37
|
|
|
31,309
|
|
|
189
|
|
2.40
|
|
|
31,685
|
|
|
366
|
|
4.58
|
|
|
Total
investments
|
|
|
211,836
|
|
|
2,824
|
|
5.30
|
|
|
252,135
|
|
|
3,497
|
|
5.52
|
|
|
197,562
|
|
|
3,304
|
|
6.64
|
|
|
Construction and
development
|
|
|
17,974
|
|
|
384
|
|
8.50
|
|
|
14,170
|
|
|
302
|
|
8.48
|
|
|
18,002
|
|
|
344
|
|
7.58
|
|
|
Commercial real
estate
|
|
|
757,937
|
|
|
16,481
|
|
8.65
|
|
|
740,720
|
|
|
17,132
|
|
9.20
|
|
|
664,570
|
|
|
14,934
|
|
8.92
|
|
|
Commercial and
industrial
|
|
|
73,468
|
|
|
1,703
|
|
9.22
|
|
|
64,584
|
|
|
1,593
|
|
9.81
|
|
|
59,465
|
|
|
1,473
|
|
9.83
|
|
|
Residential real
estate
|
|
|
2,287,731
|
|
|
31,172
|
|
5.42
|
|
|
2,295,573
|
|
|
31,267
|
|
5.42
|
|
|
2,333,247
|
|
|
30,577
|
|
5.20
|
|
|
Consumer and
other
|
|
|
282
|
|
|
50
|
|
70.54
|
|
|
394
|
|
|
42
|
|
42.41
|
|
|
258
|
|
|
39
|
|
59.97
|
|
|
Gross
loans(2)
|
|
|
3,137,392
|
|
|
49,790
|
|
6.31
|
|
|
3,115,441
|
|
|
50,336
|
|
6.43
|
|
|
3,075,542
|
|
|
47,367
|
|
6.11
|
|
|
Total earning
assets
|
|
|
3,349,228
|
|
|
52,614
|
|
6.25
|
|
|
3,367,576
|
|
|
53,833
|
|
6.36
|
|
|
3,273,104
|
|
|
50,671
|
|
6.14
|
|
|
Noninterest-earning
assets
|
|
|
192,088
|
|
|
|
|
|
|
|
207,093
|
|
|
|
|
|
|
|
223,630
|
|
|
|
|
|
|
|
Total
assets
|
|
|
3,541,316
|
|
|
|
|
|
|
|
3,574,669
|
|
|
|
|
|
|
|
3,496,734
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
133,728
|
|
|
685
|
|
2.04
|
|
|
119,759
|
|
|
770
|
|
2.56
|
|
|
133,765
|
|
|
396
|
|
1.17
|
|
|
Money market
deposits
|
|
|
991,207
|
|
|
6,347
|
|
2.55
|
|
|
982,517
|
|
|
6,156
|
|
2.49
|
|
|
1,051,797
|
|
|
10,609
|
|
4.00
|
|
|
Time
deposits
|
|
|
1,025,049
|
|
|
11,586
|
|
4.50
|
|
|
1,057,956
|
|
|
12,676
|
|
4.77
|
|
|
991,416
|
|
|
10,686
|
|
4.28
|
|
|
Total interest-bearing
deposits
|
|
|
2,149,984
|
|
|
18,618
|
|
3.45
|
|
|
2,160,232
|
|
|
19,602
|
|
3.61
|
|
|
2,176,978
|
|
|
21,691
|
|
3.95
|
|
|
Borrowings
|
|
|
375,000
|
|
|
3,936
|
|
4.18
|
|
|
375,677
|
|
|
3,942
|
|
4.17
|
|
|
314,682
|
|
|
2,858
|
|
3.60
|
|
|
Total interest-bearing
liabilities
|
|
|
2,524,984
|
|
|
22,554
|
|
3.55
|
|
|
2,535,909
|
|
|
23,544
|
|
3.69
|
|
|
2,491,660
|
|
|
24,549
|
|
3.91
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
533,931
|
|
|
|
|
|
|
|
542,939
|
|
|
|
|
|
|
|
530,935
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
74,696
|
|
|
|
|
|
|
|
87,156
|
|
|
|
|
|
|
|
89,615
|
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
608,627
|
|
|
|
|
|
|
|
630,095
|
|
|
|
|
|
|
|
620,550
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
407,705
|
|
|
|
|
|
|
|
408,665
|
|
|
|
|
|
|
|
384,524
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,541,316
|
|
|
|
|
|
|
$
|
3,574,669
|
|
|
|
|
|
|
$
|
3,496,734
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
30,060
|
|
|
|
|
|
|
$
|
30,289
|
|
|
|
|
|
|
$
|
26,122
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.70
|
|
|
|
|
|
|
|
2.67
|
|
|
|
|
|
|
|
2.23
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.57
|
|
|
|
|
|
|
|
3.58
|
|
|
|
|
|
|
|
3.17
|
|
|
______________________________________
|
|
(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.
YTD AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
|
|
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)
|
|
$
|
185,696
|
|
$
|
11,289
|
|
6.08
|
%
|
$
|
167,024
|
|
$
|
9,995
|
|
5.98
|
%
|
|
Investment
securities
|
|
|
31,373
|
|
|
854
|
|
2.72
|
|
|
32,330
|
|
|
949
|
|
2.94
|
|
|
Total
investments
|
|
|
217,069
|
|
|
12,143
|
|
5.59
|
|
|
199,354
|
|
|
10,944
|
|
5.49
|
|
|
Construction and
development
|
|
|
17,148
|
|
|
1,511
|
|
8.81
|
|
|
31,955
|
|
|
1,864
|
|
5.83
|
|
|
Commercial real
estate
|
|
|
738,200
|
|
|
66,751
|
|
9.04
|
|
|
659,432
|
|
|
57,710
|
|
8.75
|
|
|
Commercial and
industrial
|
|
|
67,964
|
|
|
6,597
|
|
9.71
|
|
|
54,100
|
|
|
5,110
|
|
9.45
|
|
|
Residential real
estate
|
|
|
2,321,075
|
|
|
125,737
|
|
5.42
|
|
|
2,299,246
|
|
|
117,071
|
|
5.09
|
|
|
Consumer and
other
|
|
|
304
|
|
|
174
|
|
57.24
|
|
|
195
|
|
|
128
|
|
65.64
|
|
|
Gross
loans(2)
|
|
|
3,144,691
|
|
|
200,770
|
|
6.38
|
|
|
3,044,928
|
|
|
181,883
|
|
5.97
|
|
|
Total earning
assets
|
|
|
3,361,760
|
|
|
212,913
|
|
6.33
|
|
|
3,244,282
|
|
|
192,827
|
|
5.94
|
|
|
Noninterest-earning
assets
|
|
|
209,058
|
|
|
|
|
|
|
|
198,938
|
|
|
|
|
|
|
|
Total
assets
|
|
|
3,570,818
|
|
|
|
|
|
|
|
3,443,220
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
138,827
|
|
|
3,537
|
|
2.55
|
|
|
146,543
|
|
|
2,264
|
|
1.54
|
|
|
Money market
deposits
|
|
|
1,012,309
|
|
|
28,331
|
|
2.80
|
|
|
1,006,360
|
|
|
42,347
|
|
4.21
|
|
|
Time
deposits
|
|
|
1,031,942
|
|
|
48,192
|
|
4.67
|
|
|
940,911
|
|
|
35,996
|
|
3.83
|
|
|
Total interest-bearing
deposits
|
|
|
2,183,078
|
|
|
80,060
|
|
3.67
|
|
|
2,093,814
|
|
|
80,607
|
|
3.85
|
|
|
Borrowings
|
|
|
365,990
|
|
|
14,707
|
|
4.02
|
|
|
353,149
|
|
|
10,741
|
|
3.04
|
|
|
Total interest-bearing
liabilities
|
|
|
2,549,068
|
|
|
94,767
|
|
3.72
|
|
|
2,446,963
|
|
|
91,348
|
|
3.73
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
536,084
|
|
|
|
|
|
|
|
555,840
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
86,496
|
|
|
|
|
|
|
|
74,254
|
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
622,580
|
|
|
|
|
|
|
|
630,094
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
399,170
|
|
|
|
|
|
|
|
366,163
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
3,570,818
|
|
|
|
|
|
|
$
|
3,443,220
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
118,146
|
|
|
|
|
|
|
$
|
101,479
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
2.61
|
|
|
|
|
|
|
|
2.21
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
3.51
|
|
|
|
|
|
|
|
3.13
|
|
|
METROCITY
BANKSHARES, INC.
LOAN
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
December 31, 2024
|
|
September 30, 2024
|
|
June 30, 2024
|
|
March 31, 2024
|
|
December 31, 2023
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
|
Construction and
development
|
|
$
|
21,569
|
|
0.7
|
%
|
$
|
16,539
|
|
0.5
|
%
|
$
|
13,564
|
|
0.4
|
%
|
$
|
27,762
|
|
0.9
|
%
|
$
|
23,262
|
|
0.7
|
%
|
|
Commercial real
estate
|
|
|
762,033
|
|
24.1
|
|
|
738,929
|
|
23.9
|
|
|
733,845
|
|
23.7
|
|
|
724,263
|
|
23.2
|
|
|
711,177
|
|
22.6
|
|
|
Commercial and
industrial
|
|
|
78,220
|
|
2.5
|
|
|
63,606
|
|
2.1
|
|
|
68,300
|
|
2.2
|
|
|
68,560
|
|
2.2
|
|
|
65,904
|
|
2.1
|
|
|
Residential real
estate
|
|
|
2,303,234
|
|
72.7
|
|
|
2,276,210
|
|
73.5
|
|
|
2,282,630
|
|
73.7
|
|
|
2,303,400
|
|
73.7
|
|
|
2,350,299
|
|
74.6
|
|
|
Consumer and
other
|
|
|
260
|
|
—
|
|
|
215
|
|
—
|
|
|
230
|
|
—
|
|
|
247
|
|
—
|
|
|
319
|
|
—
|
|
|
Gross loans held for
investment
|
|
$
|
3,165,316
|
|
100.0
|
%
|
$
|
3,095,499
|
|
100.0
|
%
|
$
|
3,098,569
|
|
100.0
|
%
|
$
|
3,124,232
|
|
100.0
|
%
|
$
|
3,150,961
|
|
100.0
|
%
|
|
Unearned
income
|
|
|
(7,381)
|
|
|
|
|
(7,673)
|
|
|
|
|
(8,071)
|
|
|
|
|
(8,361)
|
|
|
|
|
(8,856)
|
|
|
|
|
Allowance for credit
losses
|
|
|
(18,744)
|
|
|
|
|
(18,589)
|
|
|
|
|
(17,960)
|
|
|
|
|
(17,982)
|
|
|
|
|
(18,112)
|
|
|
|
|
Net loans held for
investment
|
|
$
|
3,139,191
|
|
|
|
$
|
3,069,237
|
|
|
|
$
|
3,072,538
|
|
|
|
$
|
3,097,889
|
|
|
|
$
|
3,123,993
|
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
(Dollars in
thousands)
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
|
Nonaccrual
loans
|
|
$
|
18,010
|
|
$
|
14,316
|
|
$
|
13,004
|
|
$
|
13,297
|
|
$
|
14,682
|
|
|
Past due loans 90 days
or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total non-performing
loans
|
|
|
18,010
|
|
|
14,316
|
|
|
13,004
|
|
|
13,297
|
|
|
14,682
|
|
|
Other real estate
owned
|
|
|
427
|
|
|
1,515
|
|
|
1,452
|
|
|
1,452
|
|
|
1,466
|
|
|
Total non-performing
assets
|
|
$
|
18,437
|
|
$
|
15,831
|
|
$
|
14,456
|
|
$
|
14,749
|
|
$
|
16,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
gross loans held for investment
|
|
|
0.57
|
%
|
|
0.46
|
%
|
|
0.42
|
%
|
|
0.43
|
%
|
|
0.47
|
%
|
|
Nonperforming assets to
total assets
|
|
|
0.51
|
|
|
0.44
|
|
|
0.40
|
|
|
0.40
|
|
|
0.46
|
|
|
Allowance for credit
losses to non-performing loans
|
|
|
104.08
|
|
|
129.85
|
|
|
138.11
|
|
|
135.23
|
|
|
123.36
|
|
|
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)
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Balance, beginning of
period
|
|
$
|
18,589
|
|
$
|
17,960
|
|
$
|
17,982
|
|
$
|
18,112
|
|
$
|
17,660
|
|
$
|
18,112
|
|
$
|
13,888
|
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial real
estate
|
|
|
—
|
|
|
—
|
|
|
(82)
|
|
|
(1)
|
|
|
224
|
|
|
(83)
|
|
|
450
|
|
|
Commercial and
industrial
|
|
|
99
|
|
|
24
|
|
|
(1)
|
|
|
(3)
|
|
|
85
|
|
|
119
|
|
|
289
|
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer and
other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total net
charge-offs/(recoveries)
|
|
|
99
|
|
|
24
|
|
|
(83)
|
|
|
(4)
|
|
|
309
|
|
|
36
|
|
|
739
|
|
|
Adoption of ASU 2016-13
(CECL)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,055
|
|
|
Provision for loan
losses
|
|
|
254
|
|
|
653
|
|
|
(105)
|
|
|
(134)
|
|
|
761
|
|
|
668
|
|
|
(92)
|
|
|
Balance, end of
period
|
|
$
|
18,744
|
|
$
|
18,589
|
|
$
|
17,960
|
|
$
|
17,982
|
|
$
|
18,112
|
|
$
|
18,744
|
|
$
|
18,112
|
|
|
Total loans at end of
period(1)
|
|
$
|
3,165,316
|
|
$
|
3,095,499
|
|
$
|
3,098,569
|
|
$
|
3,124,232
|
|
$
|
3,150,961
|
|
$
|
3,165,316
|
|
$
|
3,150,961
|
|
|
Average
loans(1)
|
|
$
|
3,135,093
|
|
$
|
3,115,441
|
|
$
|
3,108,303
|
|
$
|
3,134,286
|
|
$
|
3,064,409
|
|
$
|
3,125,389
|
|
$
|
3,039,361
|
|
|
Net
charge-offs/(recoveries) to average loans
|
|
|
0.01
|
%
|
|
0.00
|
%
|
|
(0.01)
|
%
|
|
(0.00)
|
%
|
|
0.04
|
%
|
|
0.00
|
%
|
|
0.02
|
%
|
|
Allowance for loan
losses to total loans
|
|
|
0.59
|
|
|
0.60
|
|
|
0.58
|
|
|
0.58
|
|
|
0.57
|
|
|
0.59
|
|
|
0.57
|
|
|
______________________________________
|
|
(1)
Excludes loans held for sale.
|
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SOURCE MetroCity Bankshares, Inc.
