ATLANTA, July 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 $7.7 million, or
$0.30 per diluted share, for the
second quarter of 2020, compared to $9.8
million, or $0.38 per diluted
share, for the first quarter of 2020, and $13.0 million, or $0.53 per diluted share, for the second quarter
of 2019.
Second Quarter 2020 Highlights:
- Annualized return on average assets was 1.89%, compared to
2.44% for the first quarter of 2020 and 3.44% for the second
quarter of 2019.
- Annualized return on average equity was 13.92%, compared to
18.21% for the first quarter of 2020 and 29.61% for the second
quarter of 2019.
- Efficiency ratio of 45.6%, compared to 42.9% for the first
quarter of 2020 and 36.3% for the second quarter of 2019.
- Total loans increased by $103.4
million, or 8.2%, to $1.36
billion from the previous quarter.
- $96.1 million in loans funded to
almost 1,800 customers under the Paycheck Protection Program
("PPP")
- Total deposits increased by $107.0
million, or 8.6%, to $1.35
billion from the previous quarter.
- Annualized net charge-off to average loans for the quarter was
0.01%, compared to a net recovery ratio of 0.01% for the first
quarter of 2020 and a net charge-off ratio of 0.01% for the second
quarter of 2019.
COVID-19 Pandemic
The Company prioritizes the health and safety of its employees
and customers, and has taken protective measures such as
implementing remote work arrangements to the fullest 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, monitoring 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 ninety days. The Small
Business Administration (SBA) has also guaranteed the principal and
interest payments of all our SBA loan customers for six months
through the end of September 2020. As
of June 30, 2020, we had 89 non-SBA
commercial customers with outstanding loan balances totaling
$157.5 million who were approved for
a three month payment deferral. Of these non-SBA payment deferrals,
23 loans totaling $71.0 million with
a weighted average loan-to-value ("LTV") of 54.4% were in the hotel
industry and 13 loans totaling $9.0
million with a weighted average LTV of 52.7% were in the
restaurant industry, which are two industries heavily impacted by
the COVID-19 pandemic. As of June 30,
2020, the Company had 48 loans totaling $117.4 million in the hotel industry and 115
loans totaling $38.6 million in the
restaurant industry.
As a preferred SBA lender, we participated in the SBA Paycheck
Protection Program under the Coronavirus Aid, Relief and Economic
Security Act to help provide loans to our business customers in
need. As of June 30, 2020, the
Company had approved and funded almost 1,800 PPP loans totaling
$96.1 million. The PPP loans were
funded with our current cash balances.
As of June 30, 2020, our
residential real estate loan portfolio made up 55.2% of our total
loan portfolio and had a weighted average LTV of approximately
57.8%. As of June 30, 2020, 19.2% of
our residential mortgages were approved for a hardship payment
deferral covering principal and interest payments for three months.
The following table presents our outstanding residential mortgage
balances, weighted average amortized LTVs and approved payment
deferrals by property state.
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(Dollars in
thousands)
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June 30,
2020
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Approved Payment
Deferrals
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% of
Total
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Outstanding
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Mortgage
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Weighted
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Outstanding
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State
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Loan
Balance
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Portfolio
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Average
LTV
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Loan
Balance
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% of
State
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New York
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$ 347,285
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46.0%
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55.9%
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$ 81,825
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23.6%
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Georgia
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182,491
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24.2%
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59.1%
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29,824
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16.3%
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Pennsylvania
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50,199
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6.6%
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61.9%
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3,244
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6.5%
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New Jersey
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42,581
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5.6%
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56.6%
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8,646
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20.3%
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Texas
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37,997
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5.0%
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60.4%
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5,852
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15.4%
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Florida
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34,777
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4.6%
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60.6%
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5,578
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16.0%
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Virginia
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27,068
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3.6%
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57.4%
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4,659
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17.2%
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Other (AL, CA, DC,
CT, MA, MD)
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33,123
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4.4%
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60.0%
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5,661
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17.1%
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Total
residential real estate loans
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$ 755,521
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100.0%
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57.8%
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$ 145,289
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19.2%
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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 $7.7 million for
the second quarter of 2020, a decrease of $2.1 million, or 21.2%, from $9.8 million for the first quarter of 2020. This
decrease was primarily due to the decrease in noninterest income of
$2.1 million and the increase in
provision for loan losses of $1.1
million, partially offset by the decrease in noninterest
expense of $425,000 while net
interest income remained flat. Net income decreased $5.3 million, or 40.3%, in the second quarter of
2020 compared to net income of $13.0
million for the second quarter of 2019. This decrease was
primarily due to the decrease in noninterest income of $6.6 million and a $1.1
million increase in provision for loan losses, partially
offset by the increase in net interest income of $595,000 and a slight decrease of $210,000 in noninterest expense.
Net Interest Income and Net Interest Margin
Interest income totaled $19.1
million for the second quarter of 2020, a decrease of
$1.5 million, or 7.2%, from the
previous quarter, primarily due to a 42 basis points decrease in
the yield on average loans, including loans held for sale, and a
144 basis points decrease in the yield on average federal funds
sold and interest-bearing cash account. As compared to the second
quarter of 2019, interest income decreased by $1.7 million, or 8.3%, primarily due to a 42
basis points decrease in the yield on average loans, while average
loan balances increased by only $7.4
million.
Interest expense totaled $3.2
million for the second quarter of 2020, a decrease of
$1.4 million, or 30.3%, from the
previous quarter, primarily due to a 48 basis points decrease in
deposit costs coupled with a $69.4
million decrease in average balances for total
interest-bearing deposits. As compared to the second quarter of
2019, interest expense decreased by $2.3
million, or 41.8%, primarily due to a 85 basis points
decrease in deposit costs coupled with a $175.1 million decrease in average time deposit
balances.
The net interest margin for the second quarter of 2020 was 4.09%
compared to 4.19% for the previous quarter, a decrease of 10 basis
points. The cost of interest-bearing liabilities for the second
quarter of 2020 decreased by 46 basis points to 1.32% compared with
the previous quarter, while the yield on interest-earning assets
for the second quarter of 2020 decreased by 49 basis points to
4.93% from 5.42% for the previous quarter. Average earning assets
increased by $30.1 million from the
previous quarter, primarily due to an increase in average loans of
$46.7 million, offset by a
$26.3 million decrease in average
interest-earning cash accounts. Average interest-bearing
liabilities decreased by $62.2
million from the previous quarter as average
interest-bearing deposits decreased by $69.4
million and average borrowings increased by $7.2 million. PPP loan interest and fee income
recognized during the quarter, which is included in interest and
fees on commercial and industrial loans, had a 17 basis points
dilutive impact on the yield on average loans and a 20 basis points
dilutive impact on the net interest margin.
As compared to the same period a year ago, the net interest
margin for the second quarter of 2020 decreased by 18 basis points
to 4.09% from 4.27%, primarily due to a 91 basis point decrease in
the cost of interest-bearing liabilities of $987.2 million and a decrease of 90 basis points
in the yield on average interest-earning assets of $1.56 billion. Average earning assets increased
by $123.6 million from the second
quarter of 2019, primarily due to an increase of $91.3 million in federal funds sold and
interest-earning cash accounts, $25.0
million in securities purchased under agreements to resell
and $7.4 million in average loans.
Average interest-bearing liabilities decreased by $15.8 million from the second quarter of 2019,
primarily driven by a decrease in average interest-bearing deposits
of $76.1 million, offset by an
increase in average borrowings of $60.3
million.
Noninterest Income
Noninterest income for the second quarter of 2020 was
$5.5 million, a decrease of
$2.1 million, or 27.7%, from the
first quarter of 2020, primarily due to lower mortgage loan fees as
mortgage volume significantly declined during the quarter and no
gains were earned from the sale of mortgage loans as no mortgage
loans were sold during the quarter. We recorded a $531,000 fair value impairment recovery on our
mortgage servicing asset and a $857,000 fair value adjustment gain on our SBA
servicing asset during the second quarter of 2020. These servicing
asset gains 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 decreased by $6.6
million, or 54.5%, primarily due to the decrease in mortgage
loan fees, mortgage servicing income and gains earned from the
sales of mortgage loans. Mortgage loan originations totaled
$48.9 million during the second
quarter of 2020 compared to $188.7
million during the second quarter of 2019. There were no
mortgage loan sales during the second quarter of 2020 compared to
mortgage loan sales of $205.9 million
during the same period a year ago.
Noninterest Expense
Noninterest expense for the second quarter of 2020 totaled
$9.7 million, a decrease of
$425,000, or 4.2%, from $10.1 million for the first quarter of 2020. The
decrease was primarily attributable to lower salaries and employee
benefits. Compared to the second quarter of 2019, noninterest
expense decreased by $210,000, or
2.1%, primarily due to lower salaries and employee benefits.
The Company's efficiency ratio was 45.6% in the second quarter
of 2020 compared with 42.9% and 36.3% for the first quarter of 2020
and second quarter of 2019, respectively. For the six months ended
June 30, 2020, the efficiency ratio
was 44.3% compared with 40.3% for the same period in 2019.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2020
was 26.7%, compared to 26.6% for the first quarter of 2020 and
25.6% for the second quarter of 2019.
Balance Sheet
Total Assets
Total assets were $1.72 billion at
June 30, 2020, an increase of
$117.2 million, or 7.3%, from
$1.60 billion at March 31, 2020, and an increase of $197.2 million, or 12.9%, from $1.52 billion at June 30,
2019. The $117.2 million
increase from the prior quarter was primarily due to increases in
loans held for investment of $103.4
million and cash and due from banks of $7.3 million, partially offset by a $1.0 million increase in the allowance for loan
losses. The $197.2 million increase
from the prior year quarter was primarily due to increases in cash
and due from banks of $57.2 million,
securities purchased under agreements to resell of $25.0 million, and loans held for investment of
$176.6 million, partially offset by a
$69.7 million decrease in loans held
for sale.
Loans
Loans held for investment at June 30,
2020, were $1.36 billion, an
increase of $103.4 million, or 8.2%,
compared to $1.26 billion at
March 31, 2020, and an increase of
$176.6 million, or 14.9%, compared to
$1.19 billion at June 30, 2019. The increase from prior quarter
was primarily due to a $81.4 million
increase in commercial and industrial loans and a $21.3 million increase in residential mortgages.
Included in commercial and industrial loans are PPP loans totaling
$96.1 million as of June 30, 2020. There were no loans held for sale
at June 30, 2020 and March 31, 2020. Loans held for sale were
$69.7 million at June 30, 2019.
Deposits
Total deposits at June 30, 2020
were $1.35 billion, an increase of
$107.0 million, or 8.6%, compared to
total deposits of $1.24 billion at
March 31, 2020, and an increase of
$53.7 million, or 4.1%, compared to
total deposits of $1.30 billion at
June 30, 2019. The increase from the
prior quarter was primarily due to the $128.2 million increase in noninterest bearing
deposits and $38.5 million increase
in money market accounts, partially offset by a $73.9 million decrease in time deposits. The
increase in noninterest bearing deposits and money market accounts
was partially due to a large portion of our PPP loan funds being
deposited into our customer's accounts at the bank.
Noninterest bearing deposits were $449.2
million at June 30, 2020,
compared to $321.0 million at
March 31, 2020, and $309.3 million at June 30,
2019. Noninterest bearing deposits constituted 33.3% of
total deposits at June 30, 2020,
compared to 25.8% at March 31, 2020,
and 23.9% at June 30, 2019. Interest
bearing deposits were $900.7 million
at June 30, 2020, compared to
$921.9 million at March 31, 2020, and $986.8
million at June 30, 2019.
Interest bearing deposits constituted 66.7% of total deposits at
June 30, 2020, compared to 74.2% at
March 31, 2020, and 76.1% at
June 30, 2019.
Asset Quality
The Company recorded provision for loan losses of $1.1 million during the second quarter of
2020. Annualized net charge-offs to average loans for the
second quarter of 2020 was 0.01%, compared to a net recovery of
0.01% for the first quarter of 2020, and a net charge-off of 0.01%
for the second 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 resulting in
the increased provision expense recorded during the quarter. 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 $13.7
million, or 0.79% of total assets, at June 30, 2020, a decrease of $635,000 from $14.3
million, or 0.89% of total assets, at March 31, 2020, and a decrease of $3.1 million from $16.8
million, or 1.10% of total assets, at June 30, 2019. The decrease during the quarter
was primarily due to a $609,000
decrease in nonaccrual residential mortgage loans.
Allowance for loan losses as a percentage of total loans held
for investment was 0.58% at June 30,
2020, compared to 0.54% at both March
31, 2020 and June 30, 2019.
Excluding outstanding PPP loans of $96.1
million as of June 30, 2020,
the allowance for loan losses as a percentage of total loans was
0.62%. Allowance for loan losses as a percentage of nonperforming
loans was 59.66% at June 30, 2020,
compared to 49.47% and 38.67% at March 31,
2020 and June 30, 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, 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 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 could adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations, including changes to statutes,
regulations or regulatory policies or practices as a result of, or
in response to 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
|
Lucas
Stewart
|
President & Chief
Financial Officer
|
SVP/Senior Accounting
Officer
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770-455-4978
|
678-580-6414
|
faridtan@metrocitybank.bank
|
lucasstewart@metrocitybank.bank
|
METROCITY
BANKSHARES, INC.
SELECTED FINANCIAL
DATA
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As of or for the Three Months
Ended
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As of or for the Six Months
Ended
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June 30,
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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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June 30,
|
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June 30,
|
|
(Dollars in
thousands, except per share data)
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|
2020
|
|
2020
|
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2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
|
Selected income
statement data:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Interest
income
|
|
$
|
19,083
|
|
$
|
20,556
|
|
$
|
20,625
|
|
$
|
21,908
|
|
$
|
20,818
|
|
$
|
39,639
|
|
$
|
40,680
|
|
Interest
expense
|
|
|
3,240
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
5,570
|
|
|
7,886
|
|
|
10,628
|
|
Net interest
income
|
|
|
15,843
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
15,248
|
|
|
31,753
|
|
|
30,052
|
|
Provision for loan
losses
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,061
|
|
|
—
|
|
Noninterest
income
|
|
|
5,500
|
|
|
7,509
|
|
|
9,360
|
|
|
11,001
|
|
|
12,098
|
|
|
13,109
|
|
|
19,532
|
|
Noninterest
expense
|
|
|
9,724
|
|
|
10,049
|
|
|
9,840
|
|
|
10,162
|
|
|
9,934
|
|
|
19,873
|
|
|
19,998
|
|
Income tax
expense
|
|
|
2,819
|
|
|
3,554
|
|
|
3,794
|
|
|
4,462
|
|
|
4,452
|
|
|
6,373
|
|
|
7,894
|
|
Net income
|
|
|
7,739
|
|
|
9,816
|
|
|
10,670
|
|
|
12,356
|
|
|
12,960
|
|
|
17,555
|
|
|
21,692
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
0.30
|
|
$
|
0.38
|
|
$
|
0.42
|
|
$
|
0.51
|
|
$
|
0.54
|
|
$
|
0.69
|
|
$
|
0.90
|
|
Diluted income per
share
|
|
$
|
0.30
|
|
$
|
0.38
|
|
$
|
0.42
|
|
$
|
0.50
|
|
$
|
0.53
|
|
$
|
0.68
|
|
$
|
0.89
|
|
Dividends per
share
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.10
|
|
$
|
0.22
|
|
$
|
0.20
|
|
Book value per share
(at period end)
|
|
$
|
8.94
|
|
$
|
8.76
|
|
$
|
8.49
|
|
$
|
8.00
|
|
$
|
7.58
|
|
$
|
8.94
|
|
$
|
7.58
|
|
Shares of common stock
outstanding
|
|
|
25,674,067
|
|
|
25,529,891
|
|
|
25,529,891
|
|
|
24,305,378
|
|
|
24,305,378
|
|
|
25,674,067
|
|
|
24,305,378
|
|
Weighted average
diluted shares
|
|
|
25,717,339
|
|
|
25,736,435
|
|
|
25,586,733
|
|
|
24,502,621
|
|
|
24,386,049
|
|
|
25,731,714
|
|
|
24,427,642
|
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.89
|
%
|
|
2.44
|
%
|
|
2.57
|
%
|
|
3.07
|
%
|
|
3.44
|
%
|
|
2.16
|
%
|
|
2.94
|
%
|
Return on average
equity
|
|
|
13.92
|
|
|
18.21
|
|
|
20.40
|
|
|
26.44
|
|
|
29.61
|
|
|
16.03
|
|
|
25.46
|
|
Dividend payout
ratio
|
|
|
36.53
|
|
|
28.80
|
|
|
26.36
|
|
|
21.79
|
|
|
18.85
|
|
|
32.21
|
|
|
22.57
|
|
Yield on total
loans
|
|
|
5.69
|
|
|
6.11
|
|
|
6.04
|
|
|
6.22
|
|
|
6.11
|
|
|
5.90
|
|
|
6.15
|
|
Yield on average
earning assets
|
|
|
4.93
|
|
|
5.42
|
|
|
5.27
|
|
|
5.78
|
|
|
5.83
|
|
|
5.17
|
|
|
5.81
|
|
Cost of average
interest bearing liabilities
|
|
|
1.32
|
|
|
1.78
|
|
|
2.06
|
|
|
2.23
|
|
|
2.23
|
|
|
1.56
|
|
|
2.16
|
|
Cost of
deposits
|
|
|
1.38
|
|
|
1.86
|
|
|
2.15
|
|
|
2.29
|
|
|
2.23
|
|
|
1.63
|
|
|
2.17
|
|
Net interest
margin
|
|
|
4.09
|
|
|
4.19
|
|
|
3.82
|
|
|
4.22
|
|
|
4.27
|
|
|
4.14
|
|
|
4.30
|
|
Efficiency
ratio(1)
|
|
|
45.56
|
|
|
42.91
|
|
|
40.49
|
|
|
37.66
|
|
|
36.33
|
|
|
44.30
|
|
|
40.33
|
|
Asset quality data
(at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans held for
investment
|
|
|
0.01
|
%
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.03
|
%
|
Nonperforming assets to
gross loans and OREO
|
|
|
1.00
|
|
|
1.13
|
|
|
1.30
|
|
|
1.18
|
|
|
1.41
|
|
|
1.00
|
|
|
1.41
|
|
ALL to nonperforming
loans
|
|
|
59.66
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
38.67
|
|
|
59.66
|
|
|
38.67
|
|
ALL to loans held for
investment
|
|
|
0.58
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.54
|
|
|
0.58
|
|
|
0.54
|
|
Balance sheet and
capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans held for
investment to deposits
|
|
|
101.48
|
%
|
|
101.67
|
%
|
|
88.97
|
%
|
|
94.46
|
%
|
|
91.88
|
%
|
|
101.48
|
%
|
|
91.88
|
%
|
Noninterest bearing
deposits to deposits
|
|
|
33.28
|
|
|
25.83
|
|
|
22.34
|
|
|
23.30
|
|
|
23.87
|
|
|
33.28
|
|
|
23.87
|
|
Common equity to
assets
|
|
|
13.32
|
|
|
13.94
|
|
|
13.28
|
|
|
11.82
|
|
|
12.09
|
|
|
13.32
|
|
|
12.09
|
|
Leverage
ratio
|
|
|
13.44
|
|
|
13.40
|
|
|
12.70
|
|
|
11.68
|
|
|
11.67
|
|
|
13.44
|
|
|
11.67
|
|
Common equity tier 1
ratio
|
|
|
21.75
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
17.99
|
|
|
21.75
|
|
|
17.99
|
|
Tier 1 risk-based
capital ratio
|
|
|
21.75
|
|
|
21.75
|
|
|
21.31
|
|
|
18.82
|
|
|
17.99
|
|
|
21.75
|
|
|
17.99
|
|
Total risk-based
capital ratio
|
|
|
22.53
|
|
|
22.44
|
|
|
22.01
|
|
|
19.51
|
|
|
18.66
|
|
|
22.53
|
|
|
18.66
|
|
Mortgage and SBA
loan data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans serviced
for others
|
|
$
|
1,136,824
|
|
$
|
1,186,825
|
|
$
|
1,168,601
|
|
$
|
1,122,551
|
|
$
|
1,016,352
|
|
$
|
1,136,824
|
|
$
|
1,016,352
|
|
Mortgage loan
production
|
|
|
48,850
|
|
|
120,076
|
|
|
112,259
|
|
|
163,517
|
|
|
188,713
|
|
|
168,926
|
|
|
339,781
|
|
Mortgage loan
sales
|
|
|
—
|
|
|
92,737
|
|
|
106,548
|
|
|
152,503
|
|
|
205,893
|
|
|
92,737
|
|
|
261,016
|
|
SBA loans serviced for
others
|
|
|
476,629
|
|
|
464,576
|
|
|
441,593
|
|
|
446,266
|
|
|
443,830
|
|
|
476,629
|
|
|
443,830
|
|
SBA loan
production
|
|
|
114,988
|
|
|
43,447
|
|
|
30,763
|
|
|
48,878
|
|
|
45,850
|
|
|
158,435
|
|
|
75,406
|
|
SBA loan
sales
|
|
|
35,247
|
|
|
29,958
|
|
|
30,065
|
|
|
28,914
|
|
|
28,675
|
|
|
65,205
|
|
|
59,426
|
|
|
(1)
Represents noninterest expense divided by the sum of net interest
income plus noninterest income.
|
METROCITY
BANKSHARES, INC.
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
(Dollars in
thousands, except per share data)
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
208,325
|
|
$
|
201,020
|
|
$
|
270,496
|
|
$
|
264,981
|
|
$
|
151,117
|
Federal funds
sold
|
|
|
7,444
|
|
|
6,618
|
|
|
5,917
|
|
|
9,567
|
|
|
5,966
|
Cash and cash
equivalents
|
|
|
215,769
|
|
|
207,638
|
|
|
276,413
|
|
|
274,548
|
|
|
157,083
|
Securities purchased
under agreements to resell
|
|
|
40,000
|
|
|
40,000
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
Securities available
for sale (at fair value)
|
|
|
18,415
|
|
|
18,182
|
|
|
15,695
|
|
|
15,913
|
|
|
17,846
|
Loans
|
|
|
1,364,989
|
|
|
1,261,603
|
|
|
1,161,162
|
|
|
1,259,046
|
|
|
1,188,419
|
Allowance for loan
losses
|
|
|
(7,894)
|
|
|
(6,859)
|
|
|
(6,839)
|
|
|
(6,850)
|
|
|
(6,483)
|
Loans less allowance
for loan losses
|
|
|
1,357,095
|
|
|
1,254,744
|
|
|
1,154,323
|
|
|
1,252,196
|
|
|
1,181,936
|
Loans held for
sale
|
|
|
—
|
|
|
—
|
|
|
85,793
|
|
|
—
|
|
|
69,686
|
Accrued interest
receivable
|
|
|
8,270
|
|
|
5,534
|
|
|
5,101
|
|
|
5,465
|
|
|
5,290
|
Federal Home Loan
Bank stock
|
|
|
4,873
|
|
|
4,873
|
|
|
3,842
|
|
|
3,842
|
|
|
1,292
|
Premises and
equipment, net
|
|
|
14,231
|
|
|
14,344
|
|
|
14,460
|
|
|
14,484
|
|
|
14,465
|
Operating lease
right-of-use asset
|
|
|
11,220
|
|
|
11,663
|
|
|
11,957
|
|
|
12,431
|
|
|
12,783
|
Foreclosed real
estate, net
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
—
|
SBA servicing asset,
net
|
|
|
8,446
|
|
|
7,598
|
|
|
8,188
|
|
|
8,566
|
|
|
8,682
|
Mortgage servicing
asset, net
|
|
|
16,064
|
|
|
16,791
|
|
|
18,068
|
|
|
17,740
|
|
|
16,771
|
Bank owned life
insurance
|
|
|
20,450
|
|
|
20,335
|
|
|
20,219
|
|
|
20,101
|
|
|
19,982
|
Other
assets
|
|
|
6,501
|
|
|
2,417
|
|
|
2,376
|
|
|
4,036
|
|
|
3,693
|
Total assets
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
$
|
1,524,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
449,185
|
|
$
|
320,982
|
|
$
|
292,008
|
|
$
|
311,198
|
|
$
|
309,343
|
Interest-bearing
deposits
|
|
|
900,713
|
|
|
921,899
|
|
|
1,015,369
|
|
|
1,024,154
|
|
|
986,844
|
Total
deposits
|
|
|
1,349,898
|
|
|
1,242,881
|
|
|
1,307,377
|
|
|
1,335,352
|
|
|
1,296,187
|
Federal Home Loan
Bank advances
|
|
|
80,000
|
|
|
80,000
|
|
|
60,000
|
|
|
60,000
|
|
|
—
|
Other
borrowings
|
|
|
3,060
|
|
|
3,097
|
|
|
3,129
|
|
|
3,154
|
|
|
3,585
|
Operating lease
liability
|
|
|
11,769
|
|
|
12,198
|
|
|
12,476
|
|
|
12,922
|
|
|
13,253
|
Accrued interest
payable
|
|
|
549
|
|
|
760
|
|
|
890
|
|
|
940
|
|
|
1,415
|
Other
liabilities
|
|
|
47,060
|
|
|
41,871
|
|
|
31,262
|
|
|
37,955
|
|
|
25,752
|
Total
liabilities
|
|
$
|
1,492,336
|
|
$
|
1,380,807
|
|
$
|
1,415,134
|
|
$
|
1,450,323
|
|
$
|
1,340,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Common
stock
|
|
|
257
|
|
|
255
|
|
|
255
|
|
|
243
|
|
|
243
|
Additional paid-in
capital
|
|
|
54,524
|
|
|
54,142
|
|
|
53,854
|
|
|
39,526
|
|
|
39,096
|
Retained
earnings
|
|
|
174,518
|
|
|
169,606
|
|
|
162,616
|
|
|
154,652
|
|
|
144,989
|
Accumulated other
comprehensive income (loss)
|
|
|
122
|
|
|
(268)
|
|
|
(1)
|
|
|
1
|
|
|
(11)
|
Total shareholders'
equity
|
|
|
229,421
|
|
|
223,735
|
|
|
216,724
|
|
|
194,422
|
|
|
184,317
|
Total liabilities and
shareholders' equity
|
|
$
|
1,721,757
|
|
$
|
1,604,542
|
|
$
|
1,631,858
|
|
$
|
1,644,745
|
|
$
|
1,524,509
|
METROCITY
BANKSHARES, INC.
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(Dollars in
thousands, except per share data)
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
Fees
|
|
$
|
18,826
|
|
$
|
19,508
|
|
$
|
19,483
|
|
$
|
20,857
|
|
$
|
20,159
|
|
$
|
38,334
|
|
$
|
38,998
|
Other investment
income
|
|
|
196
|
|
|
882
|
|
|
1,023
|
|
|
907
|
|
|
496
|
|
|
1,078
|
|
|
1,364
|
Federal funds
sold
|
|
|
61
|
|
|
166
|
|
|
119
|
|
|
144
|
|
|
163
|
|
|
227
|
|
|
318
|
Total interest
income
|
|
|
19,083
|
|
|
20,556
|
|
|
20,625
|
|
|
21,908
|
|
|
20,818
|
|
|
39,639
|
|
|
40,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,096
|
|
|
4,514
|
|
|
5,576
|
|
|
5,873
|
|
|
5,445
|
|
|
7,610
|
|
|
10,502
|
FHLB advances and other
borrowings
|
|
|
144
|
|
|
132
|
|
|
105
|
|
|
56
|
|
|
125
|
|
|
276
|
|
|
126
|
Total interest
expense
|
|
|
3,240
|
|
|
4,646
|
|
|
5,681
|
|
|
5,929
|
|
|
5,570
|
|
|
7,886
|
|
|
10,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
15,843
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
15,248
|
|
|
31,753
|
|
|
30,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,061
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income after provision for loan losses
|
|
|
14,782
|
|
|
15,910
|
|
|
14,944
|
|
|
15,979
|
|
|
15,248
|
|
|
30,692
|
|
|
30,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
202
|
|
|
287
|
|
|
296
|
|
|
294
|
|
|
262
|
|
|
489
|
|
|
517
|
Other service charges,
commissions and fees
|
|
|
970
|
|
|
2,203
|
|
|
2,335
|
|
|
2,592
|
|
|
3,058
|
|
|
3,173
|
|
|
5,457
|
Gain on sale of
residential mortgage loans
|
|
|
—
|
|
|
2,529
|
|
|
2,687
|
|
|
2,901
|
|
|
2,615
|
|
|
2,529
|
|
|
3,553
|
Mortgage servicing
income, net
|
|
|
783
|
|
|
372
|
|
|
2,046
|
|
|
2,594
|
|
|
3,315
|
|
|
1,155
|
|
|
4,654
|
Gain on sale of SBA
loans
|
|
|
1,276
|
|
|
1,301
|
|
|
1,148
|
|
|
1,404
|
|
|
1,565
|
|
|
2,577
|
|
|
2,892
|
SBA servicing income,
net
|
|
|
1,959
|
|
|
516
|
|
|
665
|
|
|
900
|
|
|
1,137
|
|
|
2,475
|
|
|
2,180
|
Other income
|
|
|
310
|
|
|
401
|
|
|
183
|
|
|
316
|
|
|
146
|
|
|
711
|
|
|
279
|
Total
noninterest income
|
|
|
5,500
|
|
|
7,609
|
|
|
9,360
|
|
|
11,001
|
|
|
12,098
|
|
|
13,109
|
|
|
19,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
5,749
|
|
|
6,513
|
|
|
5,997
|
|
|
6,573
|
|
|
6,037
|
|
|
12,262
|
|
|
12,353
|
Occupancy
|
|
|
1,277
|
|
|
1,211
|
|
|
1,202
|
|
|
1,161
|
|
|
1,231
|
|
|
2,488
|
|
|
2,386
|
Data
Processing
|
|
|
201
|
|
|
277
|
|
|
264
|
|
|
245
|
|
|
227
|
|
|
478
|
|
|
520
|
Advertising
|
|
|
140
|
|
|
161
|
|
|
194
|
|
|
142
|
|
|
143
|
|
|
301
|
|
|
313
|
Other
expenses
|
|
|
2,357
|
|
|
1,987
|
|
|
2,183
|
|
|
2,041
|
|
|
2,296
|
|
|
4,344
|
|
|
4,426
|
Total
noninterest expense
|
|
|
9,724
|
|
|
10,149
|
|
|
9,840
|
|
|
10,162
|
|
|
9,934
|
|
|
19,873
|
|
|
19,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
10,558
|
|
|
13,370
|
|
|
14,464
|
|
|
16,818
|
|
|
17,412
|
|
|
23,928
|
|
|
29,586
|
Provision for income
taxes
|
|
|
2,819
|
|
|
3,554
|
|
|
3,794
|
|
|
4,462
|
|
|
4,452
|
|
|
6,373
|
|
|
7,894
|
Net income
available to common shareholders
|
|
$
|
7,739
|
|
$
|
9,816
|
|
$
|
10,670
|
|
$
|
12,356
|
|
$
|
12,960
|
|
$
|
17,555
|
|
$
|
21,692
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30, 2020
|
|
March 31, 2020
|
|
June 30, 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)
|
|
$
|
167,059
|
|
$
|
97
|
|
0.23
|
%
|
$
|
193,361
|
|
$
|
802
|
|
1.67
|
%
|
$
|
75,775
|
|
$
|
427
|
|
2.26
|
%
|
Securities purchased
under agreements to resell
|
|
|
40,000
|
|
|
57
|
|
0.57
|
|
|
32,033
|
|
|
140
|
|
1.76
|
|
|
15,000
|
|
|
114
|
|
3.05
|
|
Securities available
for sale
|
|
|
18,410
|
|
|
103
|
|
2.25
|
|
|
16,664
|
|
|
106
|
|
2.56
|
|
|
18,447
|
|
|
118
|
|
2.57
|
|
Total
investments
|
|
|
225,469
|
|
|
257
|
|
0.46
|
|
|
242,058
|
|
|
1,048
|
|
1.74
|
|
|
109,222
|
|
|
659
|
|
2.42
|
|
Construction and
development
|
|
|
31,617
|
|
|
421
|
|
5.36
|
|
|
27,233
|
|
|
397
|
|
5.86
|
|
|
30,060
|
|
|
490
|
|
6.54
|
|
Commercial real
estate
|
|
|
472,113
|
|
|
6,246
|
|
5.32
|
|
|
476,684
|
|
|
7,251
|
|
6.12
|
|
|
457,599
|
|
|
7,599
|
|
6.66
|
|
Commercial and
industrial
|
|
|
111,629
|
|
|
2,076
|
|
7.48
|
|
|
60,019
|
|
|
979
|
|
6.56
|
|
|
42,603
|
|
|
791
|
|
7.45
|
|
Residential real
estate
|
|
|
714,095
|
|
|
10,025
|
|
5.65
|
|
|
718,469
|
|
|
10,840
|
|
6.07
|
|
|
790,667
|
|
|
11,219
|
|
5.69
|
|
Consumer and
other
|
|
|
1,275
|
|
|
58
|
|
18.30
|
|
|
1,629
|
|
|
41
|
|
10.12
|
|
|
2,444
|
|
|
60
|
|
9.85
|
|
Gross
loans(2)
|
|
|
1,330,729
|
|
|
18,826
|
|
5.69
|
|
|
1,284,034
|
|
|
19,508
|
|
6.11
|
|
|
1,323,373
|
|
|
20,159
|
|
6.11
|
|
Total earning
assets
|
|
|
1,556,198
|
|
|
19,083
|
|
4.93
|
|
|
1,526,092
|
|
|
20,556
|
|
5.42
|
|
|
1,432,595
|
|
|
20,818
|
|
5.83
|
|
Noninterest-earning
assets
|
|
|
93,152
|
|
|
|
|
|
|
|
93,504
|
|
|
|
|
|
|
|
80,439
|
|
|
|
|
|
|
Total
assets
|
|
|
1,649,350
|
|
|
|
|
|
|
|
1,619,596
|
|
|
|
|
|
|
|
1,513,034
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
64,081
|
|
|
40
|
|
0.25
|
|
|
58,202
|
|
|
43
|
|
0.30
|
|
|
51,413
|
|
|
43
|
|
0.34
|
|
Money market
deposits
|
|
|
207,785
|
|
|
393
|
|
0.76
|
|
|
189,262
|
|
|
669
|
|
1.42
|
|
|
121,511
|
|
|
683
|
|
2.25
|
|
Time
deposits
|
|
|
632,257
|
|
|
2,663
|
|
1.69
|
|
|
726,034
|
|
|
3,802
|
|
2.11
|
|
|
807,311
|
|
|
4,719
|
|
2.34
|
|
Total
interest-bearing deposits
|
|
|
904,123
|
|
|
3,096
|
|
1.38
|
|
|
973,498
|
|
|
4,514
|
|
1.86
|
|
|
980,235
|
|
|
5,445
|
|
2.23
|
|
Borrowings
|
|
|
83,096
|
|
|
144
|
|
0.70
|
|
|
75,876
|
|
|
132
|
|
0.70
|
|
|
22,822
|
|
|
125
|
|
2.20
|
|
Total interest-bearing
liabilities
|
|
|
987,219
|
|
|
3,240
|
|
1.32
|
|
|
1,049,374
|
|
|
4,646
|
|
1.78
|
|
|
1,003,057
|
|
|
5,570
|
|
2.23
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
377,136
|
|
|
|
|
|
|
|
299,088
|
|
|
|
|
|
|
|
304,220
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
61,449
|
|
|
|
|
|
|
|
54,325
|
|
|
|
|
|
|
|
30,193
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
438,585
|
|
|
|
|
|
|
|
353,413
|
|
|
|
|
|
|
|
334,413
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
223,546
|
|
|
|
|
|
|
|
216,809
|
|
|
|
|
|
|
|
175,564
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,649,350
|
|
|
|
|
|
|
$
|
1,619,596
|
|
|
|
|
|
|
$
|
1,513,034
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
15,843
|
|
|
|
|
|
|
$
|
15,910
|
|
|
|
|
|
|
$
|
15,248
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
3.61
|
|
|
|
|
|
|
|
3.64
|
|
|
|
|
|
|
|
3.60
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.09
|
|
|
|
|
|
|
|
4.19
|
|
|
|
|
|
|
|
4.27
|
|
|
(1)
Includes income and average balances for term federal funds sold,
interest-earning cash accounts and other miscellaneous
interest-earning assets.
|
(2)
Average loan balances include nonaccrual loans and loans held for
sale.
|
METROCITY
BANKSHARES, INC.
AVERAGE BALANCES
AND YIELDS/RATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 30, 2020
|
|
June 30, 2019
|
|
|
|
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)
|
|
$
|
180,214
|
|
$
|
899
|
|
1.00
|
%
|
$
|
97,605
|
|
$
|
1,214
|
|
2.51
|
%
|
Securities purchased
under agreements to resell
|
|
|
36,016
|
|
|
197
|
|
1.10
|
|
|
15,000
|
|
|
227
|
|
3.05
|
|
Securities available
for sale
|
|
|
17,537
|
|
|
209
|
|
2.40
|
|
|
18,693
|
|
|
241
|
|
2.60
|
|
Total
investments
|
|
|
233,767
|
|
|
1,305
|
|
1.12
|
|
|
131,298
|
|
|
1,682
|
|
2.58
|
|
Construction and
development
|
|
|
29,425
|
|
|
817
|
|
5.58
|
|
|
34,442
|
|
|
1,143
|
|
6.69
|
|
Commercial real
estate
|
|
|
474,464
|
|
|
13,497
|
|
5.72
|
|
|
443,212
|
|
|
14,899
|
|
6.78
|
|
Commercial and
industrial
|
|
|
85,781
|
|
|
3,055
|
|
7.16
|
|
|
38,129
|
|
|
1,392
|
|
7.36
|
|
Residential real
estate
|
|
|
716,282
|
|
|
20,865
|
|
5.86
|
|
|
761,216
|
|
|
21,455
|
|
5.68
|
|
Consumer and
other
|
|
|
1,430
|
|
|
100
|
|
14.06
|
|
|
2,666
|
|
|
109
|
|
8.24
|
|
Gross
loans(2)
|
|
|
1,307,382
|
|
|
38,334
|
|
5.90
|
|
|
1,279,665
|
|
|
38,998
|
|
6.15
|
|
Total earning
assets
|
|
|
1,541,149
|
|
|
39,639
|
|
5.17
|
|
|
1,410,963
|
|
|
40,680
|
|
5.81
|
|
Noninterest-earning
assets
|
|
|
93,323
|
|
|
|
|
|
|
|
78,108
|
|
|
|
|
|
|
Total
assets
|
|
|
1,634,472
|
|
|
|
|
|
|
|
1,489,071
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings
deposits
|
|
|
61,141
|
|
|
83
|
|
0.27
|
|
|
53,088
|
|
|
92
|
|
0.35
|
|
Money market
deposits
|
|
|
214,105
|
|
|
1,062
|
|
1.00
|
|
|
103,190
|
|
|
1,135
|
|
2.22
|
|
Time
deposits
|
|
|
663,564
|
|
|
6,465
|
|
1.96
|
|
|
820,912
|
|
|
9,275
|
|
2.28
|
|
Total
interest-bearing deposits
|
|
|
938,810
|
|
|
7,610
|
|
1.63
|
|
|
977,190
|
|
|
10,502
|
|
2.17
|
|
Borrowings
|
|
|
79,486
|
|
|
276
|
|
0.70
|
|
|
13,628
|
|
|
126
|
|
1.86
|
|
Total interest-bearing
liabilities
|
|
|
1,018,296
|
|
|
7,886
|
|
1.56
|
|
|
990,818
|
|
|
10,628
|
|
2.16
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
338,112
|
|
|
|
|
|
|
|
299,373
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
57,887
|
|
|
|
|
|
|
|
27,064
|
|
|
|
|
|
|
Total
noninterest-bearing liabilities
|
|
|
395,999
|
|
|
|
|
|
|
|
326,437
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
220,177
|
|
|
|
|
|
|
|
171,816
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,634,472
|
|
|
|
|
|
|
$
|
1,489,071
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
31,753
|
|
|
|
|
|
|
$
|
30,052
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
3.61
|
|
|
|
|
|
|
|
3.65
|
|
Net interest
margin
|
|
|
|
|
|
|
|
4.14
|
|
|
|
|
|
|
|
4.30
|
|
|
(1)
Includes income and average balances for term federal funds sold,
interest-earning cash accounts and other miscellaneous
interest-earning assets.
|
(2)
Average loan balances include nonaccrual loans and loans held for
sale.
|
METROCITY
BANKSHARES, INC.
LOAN
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
June 30, 2020
|
|
March 31, 2020
|
|
December 31, 2019
|
|
September 30, 2019
|
|
June 30, 2019
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
(Dollars in
thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Construction and
Development
|
|
$
|
42,847
|
|
3.1
|
%
|
$
|
36,477
|
|
2.9
|
%
|
$
|
31,739
|
|
2.7
|
%
|
$
|
42,106
|
|
3.3
|
%
|
$
|
37,132
|
|
3.1
|
%
|
Commercial Real
Estate
|
|
|
429,019
|
|
31.3
|
|
|
431,205
|
|
34.1
|
|
|
424,950
|
|
36.5
|
|
|
436,692
|
|
34.6
|
|
|
420,332
|
|
35.3
|
|
Commercial and
Industrial
|
|
|
141,540
|
|
10.3
|
|
|
60,183
|
|
4.8
|
|
|
53,105
|
|
4.6
|
|
|
47,247
|
|
3.8
|
|
|
43,771
|
|
3.7
|
|
Residential Real
Estate
|
|
|
755,521
|
|
55.2
|
|
|
734,262
|
|
58.1
|
|
|
651,645
|
|
56.0
|
|
|
733,702
|
|
58.2
|
|
|
687,389
|
|
57.7
|
|
Consumer and
other
|
|
|
967
|
|
0.1
|
|
|
1,454
|
|
0.1
|
|
|
1,768
|
|
0.2
|
|
|
1,658
|
|
0.1
|
|
|
2,287
|
|
0.2
|
|
Gross loans
|
|
$
|
1,369,894
|
|
100.0
|
%
|
$
|
1,263,581
|
|
100.0
|
%
|
$
|
1,163,207
|
|
100.0
|
%
|
$
|
1,261,405
|
|
100.0
|
%
|
$
|
1,190,911
|
|
100.0
|
%
|
Unearned
income
|
|
|
(4,905)
|
|
|
|
|
(1,978)
|
|
|
|
|
(2,045)
|
|
|
|
|
(2,359)
|
|
|
|
|
(2,492)
|
|
|
|
Allowance for
loan losses
|
|
|
(7,894)
|
|
|
|
|
(6,859)
|
|
|
|
|
(6,839)
|
|
|
|
|
(6,850)
|
|
|
|
|
(6,483)
|
|
|
|
Net loans
|
|
$
|
1,357,095
|
|
|
|
$
|
1,254,744
|
|
|
|
$
|
1,154,323
|
|
|
|
$
|
1,252,196
|
|
|
|
$
|
1,181,936
|
|
|
|
METROCITY
BANKSHARES, INC.
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the Quarter Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
(Dollars in
thousands)
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
Nonaccrual
loans
|
|
$
|
10,335
|
|
$
|
10,944
|
|
$
|
12,236
|
|
$
|
11,039
|
|
$
|
13,633
|
|
Past due loans 90
days or more and still accruing
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
509
|
|
|
—
|
|
Accruing troubled
debt restructured loans
|
|
|
2,896
|
|
|
2,922
|
|
|
2,459
|
|
|
2,969
|
|
|
3,130
|
|
Total non-performing
loans
|
|
|
13,231
|
|
|
13,866
|
|
|
14,695
|
|
|
14,517
|
|
|
16,763
|
|
Other real estate
owned
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
423
|
|
|
—
|
|
Total non-performing
assets
|
|
$
|
13,654
|
|
$
|
14,289
|
|
$
|
15,118
|
|
$
|
14,940
|
|
$
|
16,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to gross loans
|
|
|
0.97
|
%
|
|
1.10
|
%
|
|
1.26
|
%
|
|
1.15
|
%
|
|
1.41
|
%
|
Nonperforming assets
to total assets
|
|
|
0.79
|
|
|
0.89
|
|
|
0.93
|
|
|
0.91
|
|
|
1.10
|
|
Allowance for loan
losses to non-performing loans
|
|
|
59.66
|
|
|
49.47
|
|
|
46.54
|
|
|
47.19
|
|
|
38.67
|
|
METROCITY
BANKSHARES, INC.
ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three
Months Ended
|
|
As of or for the Six
Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
(Dollars in
thousands)
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
|
Balance, beginning of
period
|
|
$
|
6,859
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
6,483
|
|
$
|
6,526
|
|
$
|
6,839
|
|
$
|
6,645
|
|
Net
charge-offs/(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and
development
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commercial real
estate
|
|
|
(3)
|
|
|
(2)
|
|
|
(3)
|
|
|
(501)
|
|
|
(6)
|
|
|
(5)
|
|
|
(11)
|
|
Commercial and
industrial
|
|
|
—
|
|
|
(25)
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
(25)
|
|
|
14
|
|
Residential real
estate
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer and
other
|
|
|
29
|
|
|
7
|
|
|
14
|
|
|
134
|
|
|
35
|
|
|
36
|
|
|
159
|
|
Total net
charge-offs/(recoveries)
|
|
|
26
|
|
|
(20)
|
|
|
11
|
|
|
(367)
|
|
|
43
|
|
|
6
|
|
|
162
|
|
Provision for loan
losses
|
|
|
1,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,061
|
|
|
—
|
|
Balance, end of
period
|
|
$
|
7,894
|
|
$
|
6,859
|
|
$
|
6,839
|
|
$
|
6,850
|
|
$
|
6,483
|
|
$
|
7,894
|
|
$
|
6,483
|
|
Total loans at end of
period
|
|
$
|
1,369,894
|
|
$
|
1,263,581
|
|
$
|
1,163,207
|
|
$
|
1,261,405
|
|
$
|
1,190,911
|
|
$
|
1,369,894
|
|
$
|
1,190,911
|
|
Average
loans(1)
|
|
$
|
1,330,729
|
|
$
|
1,241,138
|
|
$
|
1,236,392
|
|
$
|
1,295,657
|
|
$
|
1,217,943
|
|
$
|
1,278,784
|
|
$
|
1,190,422
|
|
Net charge-offs to
average loans
|
|
|
0.01
|
%
|
|
(0.01)
|
%
|
|
0.00
|
%
|
|
(0.11)
|
%
|
|
0.01
|
%
|
|
0.00
|
%
|
|
0.03
|
%
|
Allowance for loan
losses to total loans
|
|
|
0.58
|
|
|
0.54
|
|
|
0.59
|
|
|
0.54
|
|
|
0.54
|
|
|
0.58
|
|
|
0.54
|
|
|
(1)
Excludes loans held for sale
|
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SOURCE MetroCity Bankshares, Inc.