ATLANTA, April 24, 2020 /PRNewswire/ -- MetroCity
Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS),
holding company for Metro City Bank (the "Bank"), today reported
net income of $9.8 million, or
$0.38 per diluted share, for the
first quarter of 2020, compared to $10.7
million, or $0.42 per diluted
share, for the fourth quarter of 2019, and $8.7 million, or $0.36 per diluted share, for the first quarter of
2019.
First Quarter 2020 Highlights:
- Net income of $9.8 million, or
$0.38 per diluted share.
- Annualized return on average assets was 2.44%, compared to
2.57% for the fourth quarter of 2019 and 2.42% for the first
quarter of 2019.
- Annualized return on average equity was 18.21%, compared to
20.40% for the fourth quarter of 2019 and 20.90% for the first
quarter of 2019.
- Efficiency ratio of 42.9%, compared to 40.5% for the fourth
quarter of 2019 and 45.3% for the first quarter of 2019.
- Total loans, excluding loans held for sale, increased by
$100.4 million, or 8.7%, to
$1.26 billion from the previous
quarter.
- Net interest margin increased to 4.19% compared to 3.82% from
the previous quarter
- Annualized net recovery to average loans for the quarter was
(0.01%), compared to a net charge-off to average loans ratio of
0.00% for the fourth quarter of 2019 and 0.04% for the first
quarter of 2019.
COVID-19 Pandemic
The Company prioritizes the health and safety of its teammates
and customers, and has taken protective measures such as
implementing remote work arrangements to the full extent possible
and by adjusting banking center hours and operational measures to
promote social distancing, and it will continue to do so throughout
the duration of the pandemic. At the same time, the Company is
closely monitoring the effects of the COVID-19 pandemic on our loan
and deposit customers, and is assessing the risks in our loan
portfolio and working with our customers to reduce the pandemic's
impact on them while minimizing losses for the Company. In
addition, the Company remains focused on improving shareholder
value, managing credit exposure, challenging expenses, enhancing
the customer experience and supporting the communities it
serves.
We have implemented loan programs to allow customers who are
experiencing hardships from the COVID-19 pandemic to defer loan
principal and interest payments for up to 90 days. The Small
Business Administration (SBA) has also guaranteed the principal and
interest payments of all our SBA loan customers for six months. As
of April 23, 2020, we had 81 non-SBA
commercial customers with outstanding loan balances totaling
$135.0 million who have been approved
for a three month payment deferral. Of these non-SBA payment
deferrals, 19 loans totaling $58.8
million with a weighted average loan-to-value ("LTV") of
54.9% were in the hotel industry and 9 loans totaling $6.1 million with a weighted average LTV of 66.4%
were in the restaurant industry, which are two industries heavily
impacted by the COVID-19 pandemic. As of March 31, 2020, the Company had 48 loans totaling
$114.5 million in the hotel industry
and 116 loans totaling $45.8 million
in the restaurant industry.
As a preferred SBA lender, we are participating in the SBA
Paycheck Protection Program ("PPP") under the Coronavirus Aid,
Relief and Economic Security Act to help provide loans to our
business customers in need. Currently, the Company has approved
funding of approximately 650 PPP loans with commitments totaling
$49.3 million. We plan to use our
current cash balances and available liquidity from the Federal Home
Loan Bank and Federal Reserve Bank to fund these PPP loans. We have
also received an additional 800+ applications that have been put on
hold at this time until additional funding is approved for the PPP
program by the Federal government.
As of March 31, 2020, our
residential real estate loan portfolio made up 58.1% of our total
loan portfolio and had a weighted average LTV of approximately
56.9%. Currently, 10.3% of our residential mortgages have been
approved for a hardship payment deferral covering principal and
interest payments for three months. The following table presents
our outstanding residential mortgage balances, weighted average
LTVs and current approved payment deferrals by property state.
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(Dollars in
thousands)
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March 31,
2020
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Approved Payment
Deferrals
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% of
Total
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Outstanding
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Mortgage
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Weighted
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Outstanding
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State
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Loan
Balance
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Portfolio
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Average
LTV
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Loan
Balance
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% of
State
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New York
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$ 332,276
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45.2%
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55.1%
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$ 40,545
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12.2%
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Georgia
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183,362
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25.0%
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57.0%
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16,992
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9.3%
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Pennsylvania
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47,673
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6.5%
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62.4%
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2,317
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4.9%
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New Jersey
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41,248
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5.6%
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56.6%
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4,613
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11.2%
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Texas
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37,226
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5.1%
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60.7%
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3,639
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9.8%
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Florida
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33,857
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4.6%
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62.3%
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2,044
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6.0%
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Virginia
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28,135
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3.8%
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54.8%
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2,849
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10.1%
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Other (AL, CA, DC,
CT, MA, MD)
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30,485
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4.2%
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60.1%
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2,623
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8.6%
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Total
residential real estate loans
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$ 734,262
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100.0%
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56.9%
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$ 75,622
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10.3%
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Based on the Company's capital levels, conservative underwriting
policies, low loan-to-value ratios, and strong liquidity position,
management expects to be able to assist the Company's customers and
communities during these difficult times, manage the economic risks
and uncertainties associated with the COVID-19 pandemic and remain
adequately capitalized.
Results of Operations
Net Income
Net income was $9.8 million for
the first quarter of 2020, a decrease of $854,000, or 8.0%, from $10.7 million for the fourth quarter of 2019.
This decrease was primarily due to the decrease in noninterest
income of $1.9 million and a slight
increase in noninterest expense of $209,000, partially offset by an increase in net
interest income of $966,000. Net
income increased $1.1 million, or
12.4%, in the first quarter of 2020 compared to net income of
$8.7 million for the first quarter of
2019. This increase was primarily due to the increase in net
interest income of $1.1 million,
while noninterest income and noninterest expense remained flat.
Net Interest Income and Net Interest Margin
Interest income totaled $20.6
million for both the first quarter of 2020 and the previous
quarter. The yield on average loans, including loans held for sale,
increased by 7 basis points and the yield on average total
investments increased by 8 basis points compared to the previous
quarter. As compared to the first quarter of 2019, interest income
increased by $694,000, or 3.5%,
primarily due to a $48.6 million
increase in average loan balances.
Interest expense totaled $4.6
million for the first quarter of 2020, a decrease of
$1.0 million, or 18.2%, from the
previous quarter, primarily due to a 29 basis points decrease in
deposit costs coupled with a $57.7
million decrease in average balances for total
interest-bearing deposits. As compared to the first quarter of
2019, interest expense decreased by $412,000, or 8.1%, primarily due to a 25 basis
points decrease in deposit costs coupled with a $108.6 million decrease in average time deposit
balances.
The net interest margin for the first quarter of 2020 was 4.19%
compared to 3.82% for the previous quarter, an increase of 37 basis
points. The cost of interest-bearing liabilities decreased by 28
basis points to 1.78%, while the yield on interest-earning assets
increased by 15 basis points to 5.42% from 5.27% for the previous
quarter. Average earning assets decreased by $26.4 million, primarily due to a decrease in
lower yielding assets including $49.0
million in federal funds sold and interest-earning cash
accounts. Average interest-bearing liabilities decreased by
$44.5 million as average
interest-bearing deposits decreased by $57.7
million and average borrowings increased by $13.3 million.
As compared to the same period a year ago, the net interest
margin for the first quarter of 2020 decreased by 13 basis points
to 4.19% from 4.32%, primarily due to a 32 basis point increase in
the cost of interest-bearing liabilities of $1.05 billion and a decrease of 38 basis points
in the yield on average interest-earning assets of $1.53 billion. Average earning assets increased
by $137.0 million, primarily due to
an increase of $48.6 million in
average loans and $73.7 million in
federal funds sold and interest-earning cash accounts. Average
interest-bearing liabilities increased by $70.9 million, primarily driven by an increase in
average borrowings of $71.5 million
while average interest-bearing deposits remained relatively
flat.
Noninterest Income
Noninterest income for the first quarter of 2020 was
$7.5 million, a decrease of
$1.9 million, or 19.8%, from the
fourth quarter of 2019, primarily due to lower mortgage servicing
income as we recorded a $884,000 fair
value impairment on our mortgage servicing asset during the
quarter. We also recorded a $585,000
fair value adjustment charge on our SBA servicing asset. These
servicing asset charges had a $0.04
per share impact on our diluted earnings per share for the
quarter.
Compared to the same period a year ago, noninterest income for
the quarter increased slightly by $75,000, or 1.0%, primarily due to the increase
in the gains earned from the sales of mortgage loans.
Noninterest Expense
Noninterest expense for the first quarter of 2020 totaled
$10.0 million, an increase of
$209,000, or 2.1%, from $9.8 million for the fourth quarter of 2019. The
increase was primarily attributable to higher salaries and employee
benefits. Noninterest expense remained flat compared to the first
quarter of 2019.
The Company's efficiency ratio was 42.9% in the first quarter of
2020 compared with 40.5% and 45.3% for the fourth quarter of 2019
and first quarter of 2019, respectively.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2020
was 26.6%, compared to 26.2% for the fourth quarter of 2019 and
28.3% for the first quarter of 2019.
Balance Sheet
Total Assets
Total assets were $1.60 billion at
March 31, 2020, a decrease of
$27.3 million, or 1.7%, from
$1.63 billion at December 31, 2019, and an increase of
$119.2 million, or 8.0%, from
$1.49 billion at March 31, 2019. The $27.3
million decrease from the prior quarter was mainly due to
decreases in cash and due from banks of $69.5 million and loans held for sale of
$85.8 million, partially offset by a
$100.4 million increase in loans held
for investment. The $119.2 million
increase from the prior year quarter was primarily due to increases
in cash and due from banks of $90.5
million and total loans held for investment of $124.6 million, partially offset by a
$141.2 million decrease in loans held
for sale.
Loans
Loans held for investment at March 31,
2020, were $1.26 billion, an
increase of $100.4 million, or 8.7%,
compared to $1.16 billion at
December 31, 2019, and an increase of
$124.9 million, or 11.0%, compared to
$1.14 billion at March 31, 2019. Loan growth during the quarter
was experienced in all categories, with the exception of consumer
and other loans. Specifically, residential mortgages increased by
$82.6 million. Loans held for sale
were zero at March 31, 2020, compared
to $85.8 million at December 31, 2019 and $141.2 million at March
31, 2019.
Deposits
Total deposits at March 31, 2020
were $1.24 billion, a decrease of
$64.5 million, or 4.9%, compared to
total deposits of $1.31 billion at
December 31, 2019, and a decrease of
$41.1 million, or 3.2%, compared to
total deposits of $1.28 billion at
March 31, 2019. The decrease from the
prior quarter was primarily due to the $103.5 million decrease in time deposits,
partially offset by a $29.0 million
increase in noninterest bearing deposits.
Noninterest bearing deposits were $321.0
million at March 31, 2020,
compared to $292.0 million at
December 31, 2019, and $300.2 million at March
31, 2019. Noninterest bearing deposits constituted 25.8% of
total deposits at March 31, 2020,
compared to 22.3% at December 31,
2019, and 23.4% at March 31,
2019. Interest bearing deposits were $921.9 million at March
31, 2020, compared to $1.02
billion at December 31, 2019,
and $983.8 million at March 31, 2019. Interest bearing deposits
constituted 74.2% of total deposits at March
31, 2020, compared to 77.7% at December 31, 2019, and 76.6% at March 31, 2019.
Asset Quality
The Company recorded no provision for loan losses during the
first quarter of 2020. Annualized net charge-offs to average loans
for the first quarter of 2020 was a net recovery 0.01%, compared to
a net charge-off of 0.00% for the fourth quarter of 2019, and a net
charge-off of 0.04% for the first quarter of 2019. We increased the
qualitative factors in our allowance for loan losses calculation
for the economic uncertainties caused by the COVID-19 pandemic;
however, these increases did not result in additional provision for
loan losses as of March 31, 2020
given the level of unallocated reserves as of December 31, 2019, net recovery for the quarter
and the low credit risk and loss allocation associated with our
residential real estate portfolio. The Company is not required to
implement the provisions of the current expected credit losses
accounting standard issued by the Financial Accounting Standards
Board in the Accounting Standards Update No. 2016-13 until
January 1, 2023, and is continuing to
account for the allowance for loan losses under the incurred loss
model.
Nonperforming assets totaled $14.3
million, or 0.89% of total assets, at March 31, 2020, a decrease of $829,000 from $15.1
million, or 0.93% of total assets, at December 31, 2019, and an increase of
$3.1 million from $11.2 million, or 0.75% of total assets, at
March 31, 2019. The decrease during
the quarter was primarily due to a $1.4
million decrease in nonaccrual construction and development
loans, offset by a $463,000 increase
in accruing troubled debt restructured loans.
Allowance for loan losses as a percentage of total loans held
for investment was 0.54% at March 31,
2020, compared to 0.59% and 0.57% at December 31, 2019 and March 31, 2019, respectively. Allowance for loan
losses as a percentage of nonperforming loans was 49.47% at
March 31, 2020, compared to 46.54%
and 58.46% at December 31, 2019 and
March 31, 2019, respectively.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a bank holding company
for its wholly-owned banking subsidiary, Metro City Bank, which is
headquartered in the Atlanta
metropolitan area. Founded in 2006, Metro City Bank currently
operates 19 full-service branch locations in multi-ethnic
communities in Alabama,
Florida, Georgia, New
York, New Jersey,
Texas and Virginia. To learn more about Metro City Bank,
visit www.metrocitybank.bank.
Forward-Looking Statements
Statements in this press release regarding our expectations and
beliefs about our future financial performance and financial
condition, as well as trends in our business and markets, including
statements regarding the potential effects of the COVID-19 pandemic
on our business and financial results and conditions, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not historical in nature and often include words
such as "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 are based on current information and on assumptions that we
make about future events and circumstances that are subject to a
number of risks and uncertainties that are often difficult to
predict and beyond our control. As a result of those risks and
uncertainties, 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:
business and economic conditions, particularly those affecting the
financial services; the impact of the COVID-19 pandemic on the
Company's assets, business, cash flows, financial condition,
liquidity, prospects and results of operations; potential increases
in the provision for loan losses resulting from the COVID-19
pandemic; changes in the interest rate environment, including
changes to the federal funds rate; competition in our markets that
may result in increased funding costs or reduced earning assets
yields, thus reducing margins and net interest income; interest
rate fluctuations, which could have an adverse effect on the
Company's profitability; legislation or regulatory changes which
adversely affect the ability of the consolidated Company to conduct
business combinations or new operations, including changes to
statutes, regulations or regulatory policies or practices as a
result of, or in response to COVID-19; and adverse results from
current or future litigation, regulatory examinations or other
legal and/or regulatory actions, including as a result of the
Company's participation in and execution of government programs
related to the COVID-19 pandemic. 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 Annual Report on
Form 10-K for the year ended December 31,
2019, filed with the SEC on March 19,
2020, 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
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Farid Tan
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Lucas
Stewart
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President & Chief
Financial Officer
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SVP/Senior Accounting
Officer
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770-455-4978
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678-580-6414
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faridtan@metrocitybank.bank
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lucasstewart@metrocitybank.bank
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METROCITY
BANKSHARES, INC. SELECTED FINANCIAL DATA
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As of or for the Three Months
Ended
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March 31,
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December 31,
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September 30,
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June 30,
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March 31,
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(Dollars in
thousands, except per share data)
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2020
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2019
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2019
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2019
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2019
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Selected income
statement data:
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Interest
income
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$
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20,556
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$
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20,625
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$
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21,908
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$
|
20,818
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$
|
19,862
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|
Interest
expense
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
5,570
|
|
|
5,058
|
|
Net interest
income
|
|
|
15,910
|
|
|
14,944
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|
15,979
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|
|
15,248
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|
14,804
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|
Provision for loan
losses
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—
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—
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—
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—
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—
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Noninterest
income
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7,509
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|
9,360
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11,001
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|
12,098
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|
|
7,434
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Noninterest
expense
|
|
|
10,049
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|
|
9,840
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|
|
10,162
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|
|
9,934
|
|
|
10,064
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|
Income tax
expense
|
|
|
3,554
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|
|
3,794
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|
|
4,462
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|
|
4,452
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|
|
3,442
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|
Net income
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|
|
9,816
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|
|
10,670
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|
|
12,356
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|
|
12,960
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|
|
8,732
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|
Per share
data:
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Basic income per
share
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$
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0.38
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$
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0.42
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$
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0.51
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$
|
0.54
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|
$
|
0.36
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|
Diluted income per
share
|
|
$
|
0.38
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|
$
|
0.42
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$
|
0.50
|
|
$
|
0.53
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|
$
|
0.36
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Dividends per
share
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$
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0.11
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|
$
|
0.11
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$
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0.11
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$
|
0.10
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$
|
0.10
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Book value per share
(at period end)
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$
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8.76
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$
|
8.49
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$
|
8.00
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$
|
7.58
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$
|
7.20
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Shares of common stock
outstanding
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25,529,891
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|
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25,529,891
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24,305,378
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|
24,305,378
|
|
|
24,148,062
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|
Weighted average
diluted shares
|
|
|
25,736,435
|
|
|
25,586,733
|
|
|
24,502,621
|
|
|
24,386,049
|
|
|
24,540,538
|
|
Performance
ratios:
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Return on average
assets
|
|
|
2.44
|
%
|
|
2.57
|
%
|
|
3.07
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%
|
|
3.44
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%
|
|
2.42
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%
|
Return on average
equity
|
|
|
18.21
|
|
|
20.40
|
|
|
26.44
|
|
|
29.61
|
|
|
20.90
|
|
Dividend payout
ratio
|
|
|
28.80
|
|
|
26.36
|
|
|
21.79
|
|
|
18.85
|
|
|
28.10
|
|
Yield on total
loans
|
|
|
6.11
|
|
|
6.04
|
|
|
6.22
|
|
|
6.11
|
|
|
6.18
|
|
Yield on average
earning assets
|
|
|
5.42
|
|
|
5.27
|
|
|
5.78
|
|
|
5.83
|
|
|
5.80
|
|
Cost of average
interest bearing liabilities
|
|
|
1.78
|
|
|
2.06
|
|
|
2.23
|
|
|
2.23
|
|
|
2.10
|
|
Cost of
deposits
|
|
|
1.86
|
|
|
2.15
|
|
|
2.29
|
|
|
2.23
|
|
|
2.11
|
|
Net interest
margin
|
|
|
4.19
|
|
|
3.82
|
|
|
4.22
|
|
|
4.27
|
|
|
4.32
|
|
Efficiency
ratio(1)
|
|
|
42.91
|
|
|
40.49
|
|
|
37.66
|
|
|
36.33
|
|
|
45.26
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.01
|
%
|
|
0.04
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
1.13
|
|
|
1.30
|
|
|
1.18
|
|
|
1.41
|
|
|
0.98
|
|
ALL to nonperforming
loans
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
38.67
|
|
|
58.46
|
|
ALL to loans held for
investment
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.54
|
|
|
0.57
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
101.67
|
%
|
|
88.97
|
%
|
|
94.46
|
%
|
|
91.88
|
%
|
|
88.68
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
25.83
|
|
|
22.34
|
|
|
23.30
|
|
|
23.87
|
|
|
23.38
|
|
Common equity to
assets
|
|
|
13.94
|
|
|
13.28
|
|
|
11.82
|
|
|
12.09
|
|
|
11.70
|
|
Leverage
ratio
|
|
|
13.40
|
|
|
12.70
|
|
|
11.68
|
|
|
11.67
|
|
|
11.35
|
|
Common equity tier 1
ratio
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
17.99
|
|
|
17.40
|
|
Tier 1 risk-based
capital ratio
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
17.99
|
|
|
17.40
|
|
Total risk-based
capital ratio
|
|
|
22.44
|
|
|
22.01
|
|
|
19.51
|
|
|
18.66
|
|
|
18.09
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
1,186,825
|
|
$
|
1,168,601
|
|
$
|
1,122,551
|
|
$
|
1,016,352
|
|
$
|
839,352
|
|
Mortgage loan
production
|
|
|
119,667
|
|
|
112,259
|
|
|
163,517
|
|
|
188,713
|
|
|
151,068
|
|
Mortgage loan
sales
|
|
|
92,737
|
|
|
106,548
|
|
|
152,503
|
|
|
205,893
|
|
|
55,123
|
|
SBA loans serviced for
others
|
|
|
464,576
|
|
|
441,593
|
|
|
446,266
|
|
|
443,830
|
|
|
425,694
|
|
SBA loan
production
|
|
|
43,459
|
|
|
30,763
|
|
|
48,878
|
|
|
45,838
|
|
|
29,556
|
|
SBA loan
sales
|
|
|
29,958
|
|
|
30,065
|
|
|
28,914
|
|
|
28,675
|
|
|
30,751
|
|
|
|
(1)
|
Represents
noninterest expense divided by the sum of net interest income plus
noninterest income.
|
METROCITY
BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
thousands, except per share data)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
201,020
|
|
$
|
270,496
|
|
$
|
264,981
|
|
$
|
151,117
|
|
$
|
105,510
|
Federal funds
sold
|
|
|
6,618
|
|
|
5,917
|
|
|
9,567
|
|
|
5,966
|
|
|
7,140
|
Cash and cash
equivalents
|
|
|
207,638
|
|
|
276,413
|
|
|
274,548
|
|
|
157,083
|
|
|
112,650
|
Securities purchased
under agreements to resell
|
|
|
40,000
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
Securities available
for sale (at fair value)
|
|
|
18,182
|
|
|
15,695
|
|
|
15,913
|
|
|
17,846
|
|
|
18,712
|
Loans
|
|
|
1,261,603
|
|
|
1,161,162
|
|
|
1,259,046
|
|
|
1,188,419
|
|
|
1,136,654
|
Allowance for loan
losses
|
|
|
(6,859)
|
|
|
(6,839)
|
|
|
(6,850)
|
|
|
(6,483)
|
|
|
(6,526)
|
Loans less allowance
for loan losses
|
|
|
1,254,744
|
|
|
1,154,323
|
|
|
1,252,196
|
|
|
1,181,936
|
|
|
1,130,128
|
Loans held for
sale
|
|
|
—
|
|
|
85,793
|
|
|
—
|
|
|
69,686
|
|
|
141,177
|
Accrued interest
receivable
|
|
|
5,534
|
|
|
5,101
|
|
|
5,465
|
|
|
5,290
|
|
|
5,439
|
Federal Home Loan
Bank stock
|
|
|
4,873
|
|
|
3,842
|
|
|
3,842
|
|
|
1,292
|
|
|
1,292
|
Premises and
equipment, net
|
|
|
14,344
|
|
|
14,460
|
|
|
14,484
|
|
|
14,465
|
|
|
14,480
|
Operating lease
right-of-use asset
|
|
|
11,663
|
|
|
11,957
|
|
|
12,431
|
|
|
12,783
|
|
|
—
|
Foreclosed real
estate, net
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
—
|
|
|
—
|
SBA servicing asset,
net
|
|
|
7,598
|
|
|
8,188
|
|
|
8,566
|
|
|
8,682
|
|
|
8,500
|
Mortgage servicing
asset, net
|
|
|
16,791
|
|
|
18,068
|
|
|
17,740
|
|
|
16,771
|
|
|
14,909
|
Bank owned life
insurance
|
|
|
20,335
|
|
|
20,219
|
|
|
20,101
|
|
|
19,982
|
|
|
19,865
|
Other
assets
|
|
|
2,417
|
|
|
2,376
|
|
|
4,036
|
|
|
3,693
|
|
|
3,231
|
Total assets
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
$
|
1,524,509
|
|
$
|
1,485,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
320,982
|
|
$
|
292,008
|
|
$
|
311,198
|
|
$
|
309,343
|
|
$
|
300,228
|
Interest-bearing
deposits
|
|
|
921,899
|
|
|
1,015,369
|
|
|
1,024,154
|
|
|
986,844
|
|
|
983,751
|
Total
deposits
|
|
|
1,242,881
|
|
|
1,307,377
|
|
|
1,335,352
|
|
|
1,296,187
|
|
|
1,283,979
|
Federal Home Loan
Bank advances
|
|
|
80,000
|
|
|
60,000
|
|
|
60,000
|
|
|
—
|
|
|
—
|
Other
borrowings
|
|
|
3,097
|
|
|
3,129
|
|
|
3,154
|
|
|
3,585
|
|
|
3,752
|
Operating lease
liability
|
|
|
12,198
|
|
|
12,476
|
|
|
12,922
|
|
|
13,253
|
|
|
—
|
Accrued interest
payable
|
|
|
760
|
|
|
890
|
|
|
940
|
|
|
1,415
|
|
|
1,663
|
Other
liabilities
|
|
|
41,871
|
|
|
31,262
|
|
|
37,955
|
|
|
25,752
|
|
|
22,238
|
Total
liabilities
|
|
$
|
1,380,807
|
|
$
|
1,415,134
|
|
$
|
1,450,323
|
|
$
|
1,340,192
|
|
$
|
1,311,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
255
|
|
|
255
|
|
|
243
|
|
|
243
|
|
|
242
|
Additional paid-in
capital
|
|
|
54,142
|
|
|
53,854
|
|
|
39,526
|
|
|
39,096
|
|
|
38,746
|
Retained
earnings
|
|
|
169,606
|
|
|
162,616
|
|
|
154,652
|
|
|
144,989
|
|
|
134,833
|
Accumulated other
comprehensive income (loss)
|
|
|
(268)
|
|
|
(1)
|
|
|
1
|
|
|
(11)
|
|
|
(70)
|
Total shareholders'
equity
|
|
|
223,735
|
|
|
216,724
|
|
|
194,422
|
|
|
184,317
|
|
|
173,751
|
Total liabilities and
shareholders' equity
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
$
|
1,524,509
|
|
$
|
1,485,383
|
METROCITY
BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands, except per share data)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
19,508
|
|
$
|
19,483
|
|
$
|
20,857
|
|
$
|
20,159
|
|
$
|
18,839
|
|
Other investment
income
|
|
|
882
|
|
|
1,023
|
|
|
907
|
|
|
496
|
|
|
868
|
|
Federal funds
sold
|
|
|
166
|
|
|
119
|
|
|
144
|
|
|
163
|
|
|
155
|
|
Total interest
income
|
|
|
20,556
|
|
|
20,625
|
|
|
21,908
|
|
|
20,818
|
|
|
19,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
4,514
|
|
|
5,576
|
|
|
5,873
|
|
|
5,445
|
|
|
5,057
|
|
FHLB advances and other
borrowings
|
|
|
132
|
|
|
105
|
|
|
56
|
|
|
125
|
|
|
1
|
|
Total interest
expense
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
5,570
|
|
|
5,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
15,248
|
|
|
14,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
15,248
|
|
|
14,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
287
|
|
|
296
|
|
|
294
|
|
|
262
|
|
|
255
|
|
Other service charges,
commissions and fees
|
|
|
2,203
|
|
|
2,335
|
|
|
2,592
|
|
|
3,058
|
|
|
2,399
|
|
Gain on sale of
residential mortgage loans
|
|
|
2,529
|
|
|
2,687
|
|
|
2,901
|
|
|
2,615
|
|
|
938
|
|
Mortgage servicing
income, net
|
|
|
372
|
|
|
2,046
|
|
|
2,594
|
|
|
3,315
|
|
|
1,339
|
|
Gain on sale of SBA
loans
|
|
|
1,301
|
|
|
1,148
|
|
|
1,404
|
|
|
1,565
|
|
|
1,327
|
|
SBA servicing income,
net
|
|
|
516
|
|
|
665
|
|
|
900
|
|
|
1,137
|
|
|
1,043
|
|
Other income
|
|
|
301
|
|
|
183
|
|
|
316
|
|
|
146
|
|
|
133
|
|
Total noninterest
income
|
|
|
7,509
|
|
|
9,360
|
|
|
11,001
|
|
|
12,098
|
|
|
7,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
6,513
|
|
|
5,997
|
|
|
6,573
|
|
|
6,037
|
|
|
6,316
|
|
Occupancy
|
|
|
1,211
|
|
|
1,202
|
|
|
1,161
|
|
|
1,231
|
|
|
1,155
|
|
Data
Processing
|
|
|
277
|
|
|
264
|
|
|
245
|
|
|
227
|
|
|
293
|
|
Advertising
|
|
|
161
|
|
|
194
|
|
|
142
|
|
|
143
|
|
|
170
|
|
Other
expenses
|
|
|
1,887
|
|
|
2,183
|
|
|
2,041
|
|
|
2,296
|
|
|
2,130
|
|
Total noninterest
expense
|
|
|
10,049
|
|
|
9,840
|
|
|
10,162
|
|
|
9,934
|
|
|
10,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
13,370
|
|
|
14,464
|
|
|
16,818
|
|
|
17,412
|
|
|
12,174
|
|
Provision for income
taxes
|
|
|
3,554
|
|
|
3,794
|
|
|
4,462
|
|
|
4,452
|
|
|
3,442
|
|
Net income available
to common shareholders
|
|
$
|
9,816
|
|
$
|
10,670
|
|
$
|
12,356
|
|
$
|
12,960
|
|
$
|
8,732
|
|
METROCITY
BANKSHARES, INC. AVERAGE BALANCES AND
YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|
|
|
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)
|
|
$
|
193,361
|
|
$
|
802
|
|
1.67
|
%
|
$
|
242,388
|
|
$
|
954
|
|
1.56
|
%
|
$
|
119,678
|
|
$
|
787
|
|
2.67
|
%
|
Securities purchased
under agreements to resell
|
|
|
32,033
|
|
|
140
|
|
1.76
|
|
|
15,000
|
|
|
87
|
|
2.30
|
|
|
15,000
|
|
|
113
|
|
3.06
|
|
Securities available
for sale
|
|
|
16,664
|
|
|
106
|
|
2.56
|
|
|
15,823
|
|
|
101
|
|
2.53
|
|
|
18,943
|
|
|
123
|
|
2.63
|
|
Total
investments
|
|
|
242,058
|
|
|
1,048
|
|
1.74
|
|
|
273,211
|
|
|
1,142
|
|
1.66
|
|
|
153,621
|
|
|
1,023
|
|
2.70
|
|
Construction and
development
|
|
|
27,233
|
|
|
397
|
|
5.86
|
|
|
30,508
|
|
|
472
|
|
6.14
|
|
|
38,874
|
|
|
652
|
|
6.80
|
|
Commercial real
estate
|
|
|
476,684
|
|
|
7,251
|
|
6.12
|
|
|
471,667
|
|
|
7,651
|
|
6.44
|
|
|
428,665
|
|
|
7,300
|
|
6.91
|
|
Commercial and
industrial
|
|
|
60,019
|
|
|
979
|
|
6.56
|
|
|
48,664
|
|
|
820
|
|
6.69
|
|
|
33,606
|
|
|
601
|
|
7.25
|
|
Residential real
estate
|
|
|
718,469
|
|
|
10,840
|
|
6.07
|
|
|
726,671
|
|
|
10,493
|
|
5.73
|
|
|
731,437
|
|
|
10,236
|
|
5.68
|
|
Consumer and
other
|
|
|
1,629
|
|
|
41
|
|
10.12
|
|
|
1,778
|
|
|
47
|
|
10.49
|
|
|
2,890
|
|
|
50
|
|
7.02
|
|
Gross
loans(2)
|
|
|
1,284,034
|
|
|
19,508
|
|
6.11
|
|
|
1,279,288
|
|
|
19,483
|
|
6.04
|
|
|
1,235,472
|
|
|
18,839
|
|
6.18
|
|
Total earning
assets
|
|
|
1,526,092
|
|
|
20,556
|
|
5.42
|
|
|
1,552,499
|
|
|
20,625
|
|
5.27
|
|
|
1,389,093
|
|
|
19,862
|
|
5.80
|
|
Noninterest-earning
assets
|
|
|
93,504
|
|
|
|
|
|
|
|
94,805
|
|
|
|
|
|
|
|
75,109
|
|
|
|
|
|
|
Total
assets
|
|
|
1,619,596
|
|
|
|
|
|
|
|
1,647,304
|
|
|
|
|
|
|
|
1,464,202
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
58,202
|
|
|
43
|
|
0.30
|
|
|
51,259
|
|
|
40
|
|
0.31
|
|
|
54,782
|
|
|
49
|
|
0.36
|
|
Money market
deposits
|
|
|
189,262
|
|
|
669
|
|
1.42
|
|
|
173,223
|
|
|
773
|
|
1.77
|
|
|
84,665
|
|
|
451
|
|
2.16
|
|
Time
deposits
|
|
|
726,034
|
|
|
3,802
|
|
2.11
|
|
|
806,764
|
|
|
4,763
|
|
2.34
|
|
|
834,665
|
|
|
4,557
|
|
2.21
|
|
Total interest-bearing
deposits
|
|
|
973,498
|
|
|
4,514
|
|
1.86
|
|
|
1,031,246
|
|
|
5,576
|
|
2.15
|
|
|
974,112
|
|
|
5,057
|
|
2.11
|
|
Borrowings
|
|
|
75,876
|
|
|
132
|
|
0.70
|
|
|
62,610
|
|
|
105
|
|
0.67
|
|
|
4,332
|
|
|
1
|
|
0.09
|
|
Total interest-bearing
liabilities
|
|
|
1,049,374
|
|
|
4,646
|
|
1.78
|
|
|
1,093,856
|
|
|
5,681
|
|
2.06
|
|
|
978,444
|
|
|
5,058
|
|
2.10
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
299,088
|
|
|
|
|
|
|
|
291,260
|
|
|
|
|
|
|
|
293,251
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
54,325
|
|
|
|
|
|
|
|
54,652
|
|
|
|
|
|
|
|
23,095
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
353,413
|
|
|
|
|
|
|
|
345,912
|
|
|
|
|
|
|
|
316,346
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
216,809
|
|
|
|
|
|
|
|
207,536
|
|
|
|
|
|
|
|
169,412
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,619,596
|
|
|
|
|
|
|
$
|
1,647,304
|
|
|
|
|
|
|
$
|
1,464,202
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
15,910
|
|
|
|
|
|
|
$
|
14,944
|
|
|
|
|
|
|
$
|
14,804
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
3.64
|
|
|
|
|
|
|
|
3.21
|
|
|
|
|
|
|
|
3.70
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.19
|
|
|
|
|
|
|
|
3.82
|
|
|
|
|
|
|
|
4.32
|
|
|
|
(1)
|
Includes income and
average balances for term federal funds sold, interest-earning time
deposits and other miscellaneous interest-earning
assets.
|
(2)
|
Average loan balances
include nonaccrual loans and loans held for sale.
|
METROCITY
BANKSHARES, INC. LOAN DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
36,477
|
|
2.9
|
%
|
$
|
31,739
|
|
2.7
|
%
|
$
|
42,106
|
|
3.3
|
%
|
$
|
37,132
|
|
3.1
|
%
|
$
|
39,435
|
|
3.5
|
%
|
Commercial Real
Estate
|
|
|
431,205
|
|
34.1
|
|
|
424,950
|
|
36.5
|
|
|
436,692
|
|
34.6
|
|
|
420,332
|
|
35.3
|
|
|
392,714
|
|
34.5
|
|
Commercial and
Industrial
|
|
|
60,183
|
|
4.8
|
|
|
53,105
|
|
4.6
|
|
|
47,247
|
|
3.8
|
|
|
43,771
|
|
3.7
|
|
|
41,916
|
|
3.7
|
|
Residential Real
Estate
|
|
|
734,262
|
|
58.1
|
|
|
651,645
|
|
56.0
|
|
|
733,702
|
|
58.2
|
|
|
687,389
|
|
57.7
|
|
|
662,272
|
|
58.1
|
|
Consumer and
other
|
|
|
1,454
|
|
0.1
|
|
|
1,768
|
|
0.2
|
|
|
1,658
|
|
0.1
|
|
|
2,287
|
|
0.2
|
|
|
2,294
|
|
0.2
|
|
Gross loans
|
|
$
|
1,263,581
|
|
100.0
|
%
|
$
|
1,163,207
|
|
100.0
|
%
|
$
|
1,261,405
|
|
100.0
|
%
|
$
|
1,190,911
|
|
100.0
|
%
|
$
|
1,138,631
|
|
100.0
|
%
|
Unearned
income
|
|
|
(1,978)
|
|
|
|
|
(2,045)
|
|
|
|
|
(2,359)
|
|
|
|
|
(2,492)
|
|
|
|
|
(1,977)
|
|
|
|
Allowance for loan
losses
|
|
|
(6,859)
|
|
|
|
|
(6,839)
|
|
|
|
|
(6,850)
|
|
|
|
|
(6,483)
|
|
|
|
|
(6,526)
|
|
|
|
Net loans
|
|
$
|
1,254,744
|
|
|
|
$
|
1,154,323
|
|
|
|
$
|
1,252,196
|
|
|
|
$
|
1,181,936
|
|
|
|
$
|
1,130,128
|
|
|
|
METROCITY
BANKSHARES, INC. NONPERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Nonaccrual
loans
|
|
$
|
10,944
|
|
$
|
12,236
|
|
$
|
11,039
|
|
$
|
13,633
|
|
$
|
7,865
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
509
|
|
|
—
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,922
|
|
|
2,459
|
|
|
2,969
|
|
|
3,130
|
|
|
3,298
|
|
Total non-performing
loans
|
|
|
13,866
|
|
|
14,695
|
|
|
14,517
|
|
|
16,763
|
|
|
11,163
|
|
Other real estate
owned
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
—
|
|
|
—
|
|
Total non-performing
assets
|
|
$
|
14,289
|
|
$
|
15,118
|
|
$
|
14,940
|
|
$
|
16,763
|
|
$
|
11,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
1.10
|
%
|
|
1.26
|
%
|
|
1.15
|
%
|
|
1.41
|
%
|
|
0.98
|
%
|
Nonperforming assets
to total assets
|
|
|
0.89
|
|
|
0.93
|
|
|
0.91
|
|
|
1.10
|
|
|
0.75
|
|
Allowance for loan
losses to non-performing loans
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
38.67
|
|
|
58.46
|
|
METROCITY
BANKSHARES, INC. ALLOWANCE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three
Months Ended
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
(Dollars in
thousands)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Balance, beginning of
period
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
6,483
|
|
$
|
6,526
|
|
$
|
6,645
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(2)
|
|
|
(3)
|
|
|
(501)
|
|
|
(6)
|
|
|
(5)
|
|
Commercial and
industrial
|
|
|
(25)
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
7
|
|
|
14
|
|
|
134
|
|
|
35
|
|
|
124
|
|
Total net
charge-offs/(recoveries)
|
|
|
(20)
|
|
|
11
|
|
|
(367)
|
|
|
43
|
|
|
119
|
|
Provision for loan
losses
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance, end of
period
|
|
$
|
6,859
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
6,483
|
|
$
|
6,526
|
|
Total loans at end of
period
|
|
$
|
1,263,581
|
|
$
|
1,163,207
|
|
$
|
1,261,405
|
|
$
|
1,190,911
|
|
$
|
1,138,631
|
|
Average
loans(1)
|
|
$
|
1,241,138
|
|
$
|
1,236,392
|
|
$
|
1,295,657
|
|
$
|
1,217,943
|
|
$
|
1,136,450
|
|
Net charge-offs to
average loans
|
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.01
|
%
|
|
0.04
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.54
|
|
|
0.57
|
|
|
|
(1)
|
Excludes loans held
for sale
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-first-quarter-2020-301046950.html
SOURCE MetroCity Bankshares, Inc.