METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR THIRD QUARTER 2024
Third Quarter 2024 Highlights:
- Annualized return on average assets was 1.86%, compared to 1.89% for the second quarter of 2024 and 1.30% for the third quarter of 2023.
- Annualized return on average equity was 16.26%, compared to 17.10% for the second quarter of 2024 and 12.14% for the third quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 17.25% for the third quarter of 2024, compared to 18.26% for the second quarter of 2024 and 13.04% for the third quarter of 2023.
- Efficiency ratio of 37.0%, compared to 35.9% for the second quarter of 2024 and 43.0% for the third quarter of 2023.
- Net interest margin was 3.58% compared to 3.66% for the previous quarter.
Year-to-Date 2024 Highlights:
- Return on average assets was 1.80% for the nine months ended
September 30, 2024 , compared to 1.57% for the same period in 2023. - Return on average equity was 16.27% for the nine months ended
September 30, 2024 , compared to 14.96% for the same period in 2023. Excluding average accumulated other comprehensive income, our return on average equity was 17.27% for the nine months endedSeptember 30, 2024 , compared to 15.81% for the same period in 2023. - Efficiency ratio of 36.9% for the nine months ended
September 30, 2024 , compared to 38.1% for the same period in 2023. - Net interest margin increased by 39 basis points to 3.50% from 3.11% for the same period in 2023.
Results of Operations
Net Income
Net income was
Net income was
Net Interest Income and Net Interest Margin
Interest income totaled
Interest expense totaled
The net interest margin for the third quarter of 2024 was 3.58% compared to 3.66% for the previous quarter, a decrease of eight basis points. The yield on average interest-earning assets for the third quarter of 2024 decreased by nine basis points to 6.36% from 6.45% for the previous quarter, while the cost of average interest-bearing liabilities for the third quarter of 2024 increased by one basis point to 3.69% from 3.68% for the previous quarter. Average earning assets decreased by
As compared to the same period in 2023, the net interest margin for the third quarter of 2024 increased by 64 basis points to 3.58% from 2.94%, primarily due to a 44 basis points increase in the yield on average interest-earning assets of
Noninterest Income
Noninterest income for the third quarter of 2024 was
Compared to the same period in 2023, noninterest income for the third quarter of 2024 increased by
Noninterest income for the nine months ended
Noninterest Expense
Noninterest expense for the third quarter of 2024 totaled
Noninterest expense for the nine months ended
The Company's efficiency ratio was 37.0% for the third quarter of 2024 compared to 35.9% and 43.0% for the second quarter of 2024 and third quarter of 2023, respectively. For the nine months ended
Income Tax Expense
The Company's effective tax rate for the third quarter of 2024 was 26.3%, compared to 27.5% for the second quarter of 2024 and 27.0% for the third quarter of 2023. The Company's effective tax rate for the nine months ended
Balance Sheet
Total Assets
Total assets were
Our investment securities portfolio made up only 0.81% of our total assets at
Loans
Loans held for investment were
Deposits
Total deposits were
Noninterest-bearing deposits were
Uninsured deposits were 23.6% of total deposits at
Asset Quality
The Company recorded a provision for credit losses of
Nonperforming assets totaled
Allowance for credit losses as a percentage of total loans was 0.60% at
About
Forward-Looking Statements
Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this press release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this press release and could cause us to make changes to our future plans. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; changes in the interest rate environment, including changes to the federal funds rate; changes in prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; interest rate fluctuations, which could have an adverse effect on the Company's profitability; legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from
Contacts
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President |
Chief Financial Officer |
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770-455-4978 |
678-580-6414 |
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METROCITY BANKSHARES, INC. SELECTED FINANCIAL DATA |
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As of and for the Three Months Ended |
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As of and for the Nine Months Ended |
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(Dollars in thousands, except per share data) |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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2024 |
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2023 |
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Selected income statement data: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
53,833 |
|
$ |
54,108 |
|
$ |
52,358 |
|
$ |
50,671 |
|
$ |
48,709 |
|
$ |
160,299 |
|
$ |
142,156 |
|
|
Interest expense |
|
|
23,544 |
|
|
23,396 |
|
|
25,273 |
|
|
24,549 |
|
|
24,555 |
|
|
72,213 |
|
|
66,799 |
|
|
Net interest income |
|
|
30,289 |
|
|
30,712 |
|
|
27,085 |
|
|
26,122 |
|
|
24,154 |
|
|
88,086 |
|
|
75,357 |
|
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Provision for credit losses |
|
|
582 |
|
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(128) |
|
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(140) |
|
|
782 |
|
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(381) |
|
|
314 |
|
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(797) |
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Noninterest income |
|
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6,615 |
|
|
5,559 |
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5,568 |
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4,712 |
|
|
2,657 |
|
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17,742 |
|
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13,492 |
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Noninterest expense |
|
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13,660 |
|
|
13,032 |
|
|
12,361 |
|
|
13,915 |
|
|
11,540 |
|
|
39,053 |
|
|
33,811 |
|
|
Income tax expense |
|
|
5,961 |
|
|
6,430 |
|
|
5,801 |
|
|
4,790 |
|
|
4,224 |
|
|
18,192 |
|
|
15,569 |
|
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Net income |
|
|
16,701 |
|
|
16,937 |
|
|
14,631 |
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|
11,347 |
|
|
11,428 |
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48,269 |
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40,266 |
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Per share data: |
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Basic income per share |
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$ |
0.66 |
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$ |
0.67 |
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$ |
0.58 |
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$ |
0.45 |
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$ |
0.45 |
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$ |
1.91 |
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$ |
1.60 |
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Diluted income per share |
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$ |
0.65 |
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$ |
0.66 |
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$ |
0.57 |
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$ |
0.44 |
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$ |
0.45 |
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$ |
1.89 |
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$ |
1.58 |
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Dividends per share |
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$ |
0.20 |
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$ |
0.20 |
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$ |
0.20 |
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$ |
0.18 |
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$ |
0.18 |
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$ |
0.60 |
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$ |
0.54 |
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Book value per share (at period end) |
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$ |
16.07 |
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$ |
16.08 |
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$ |
15.73 |
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$ |
15.14 |
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$ |
15.24 |
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$ |
16.07 |
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$ |
15.24 |
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Shares of common stock outstanding |
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25,331,916 |
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25,331,916 |
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25,205,506 |
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25,205,506 |
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25,241,157 |
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25,331,916 |
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25,241,157 |
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Weighted average diluted shares |
|
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25,674,858 |
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25,568,333 |
|
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25,548,089 |
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25,543,861 |
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25,591,874 |
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25,591,072 |
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25,510,689 |
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Performance ratios: |
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Return on average assets |
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1.86 |
% |
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1.89 |
% |
|
1.65 |
% |
|
1.29 |
% |
|
1.30 |
% |
|
1.80 |
% |
|
1.57 |
% |
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Return on average equity |
|
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16.26 |
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|
17.10 |
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|
15.41 |
|
|
11.71 |
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|
12.14 |
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16.27 |
|
|
14.96 |
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Dividend payout ratio |
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30.58 |
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|
30.03 |
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34.77 |
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40.36 |
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|
40.18 |
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31.66 |
|
|
34.04 |
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Yield on total loans |
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6.43 |
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|
6.46 |
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|
6.34 |
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6.11 |
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|
5.98 |
|
|
6.41 |
|
|
5.93 |
|
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Yield on average earning assets |
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6.36 |
|
|
6.45 |
|
|
6.27 |
|
|
6.14 |
|
|
5.92 |
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|
6.36 |
|
|
5.88 |
|
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Cost of average interest bearing liabilities |
|
|
3.69 |
|
|
3.68 |
|
|
3.94 |
|
|
3.91 |
|
|
3.97 |
|
|
3.77 |
|
|
3.67 |
|
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Cost of deposits |
|
|
3.61 |
|
|
3.63 |
|
|
3.97 |
|
|
3.95 |
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4.05 |
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|
3.74 |
|
|
3.81 |
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Net interest margin |
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3.58 |
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|
3.66 |
|
|
3.24 |
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|
3.17 |
|
|
2.94 |
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|
3.50 |
|
|
3.11 |
|
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Efficiency ratio(1) |
|
|
37.01 |
|
|
35.93 |
|
|
37.86 |
|
|
45.13 |
|
|
43.04 |
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|
36.90 |
|
|
38.18 |
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Asset quality data (at period end): |
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Net charge-offs/(recoveries) to average loans held for investment |
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0.00 |
% |
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(0.01) |
% |
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(0.00) |
% |
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0.04 |
% |
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(0.00) |
% |
|
0.00 |
% |
|
0.02 |
% |
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Nonperforming assets to gross loans held for investment and OREO |
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0.51 |
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|
0.47 |
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|
0.47 |
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|
0.51 |
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|
0.52 |
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|
0.51 |
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|
0.52 |
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ACL to nonperforming loans |
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129.85 |
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138.11 |
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135.23 |
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|
123.36 |
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|
116.74 |
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|
129.85 |
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|
116.74 |
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ACL to loans held for investment |
|
|
0.60 |
|
|
0.58 |
|
|
0.58 |
|
|
0.57 |
|
|
0.58 |
|
|
0.60 |
|
|
0.58 |
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Balance sheet and capital ratios: |
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Gross loans held for investment to deposits |
|
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113.67 |
% |
|
112.85 |
% |
|
110.97 |
% |
|
115.38 |
% |
|
111.77 |
% |
|
113.67 |
% |
|
111.77 |
% |
|
Noninterest bearing deposits to deposits |
|
|
20.29 |
|
|
20.54 |
|
|
19.43 |
|
|
18.75 |
|
|
20.58 |
|
|
20.29 |
|
|
20.58 |
|
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Investment securities to assets |
|
|
0.81 |
|
|
0.78 |
|
|
0.78 |
|
|
0.82 |
|
|
0.79 |
|
|
0.81 |
|
|
0.79 |
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Common equity to assets |
|
|
11.41 |
|
|
11.26 |
|
|
10.87 |
|
|
10.89 |
|
|
10.96 |
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|
11.41 |
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|
10.96 |
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Leverage ratio |
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|
11.12 |
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|
10.75 |
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|
10.27 |
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|
10.20 |
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|
10.07 |
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|
11.12 |
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|
10.07 |
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Common equity tier 1 ratio |
|
|
19.08 |
|
|
18.25 |
|
|
16.96 |
|
|
16.73 |
|
|
17.03 |
|
|
19.08 |
|
|
17.03 |
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Tier 1 risk-based capital ratio |
|
|
19.08 |
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|
18.25 |
|
|
16.96 |
|
|
16.73 |
|
|
17.03 |
|
|
19.08 |
|
|
17.03 |
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Total risk-based capital ratio |
|
|
19.98 |
|
|
19.12 |
|
|
17.81 |
|
|
17.60 |
|
|
17.91 |
|
|
19.98 |
|
|
17.91 |
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Mortgage and SBA loan data: |
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Mortgage loans serviced for others |
|
$ |
556,442 |
|
$ |
529,823 |
|
$ |
443,905 |
|
$ |
443,072 |
|
$ |
464,823 |
|
$ |
556,442 |
|
$ |
464,823 |
|
|
Mortgage loan production |
|
|
122,355 |
|
|
94,056 |
|
|
94,016 |
|
|
128,931 |
|
|
91,891 |
|
|
310,427 |
|
|
208,056 |
|
|
Mortgage loan sales |
|
|
54,193 |
|
|
111,424 |
|
|
21,873 |
|
|
— |
|
|
— |
|
|
187,490 |
|
|
— |
|
|
SBA/ |
|
|
487,359 |
|
|
486,051 |
|
|
516,425 |
|
|
508,000 |
|
|
487,827 |
|
|
487,359 |
|
|
487,827 |
|
|
SBA loan production |
|
|
35,839 |
|
|
8,297 |
|
|
11,397 |
|
|
27,529 |
|
|
18,212 |
|
|
55,533 |
|
|
55,561 |
|
|
SBA loan sales |
|
|
28,858 |
|
|
— |
|
|
24,065 |
|
|
— |
|
|
5,169 |
|
|
52,923 |
|
|
71,925 |
|
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____________________ |
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(1) Represents noninterest expense divided by the sum of net interest income plus noninterest income. |
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METROCITY BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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As of the Quarter Ended |
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(Dollars in thousands, except per share data) |
|
2024 |
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2024 |
|
2024 |
|
2023 |
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2023 |
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ASSETS |
|
|
|
|
|
|
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|
|
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Cash and due from banks |
|
$ |
278,752 |
|
$ |
325,026 |
|
$ |
254,331 |
|
$ |
142,152 |
|
$ |
279,106 |
|
Federal funds sold |
|
|
12,462 |
|
|
2,833 |
|
|
4,505 |
|
|
2,653 |
|
|
2,951 |
|
Cash and cash equivalents |
|
|
291,214 |
|
|
327,859 |
|
|
258,836 |
|
|
144,805 |
|
|
282,057 |
|
Equity securities |
|
|
10,568 |
|
|
10,276 |
|
|
10,288 |
|
|
10,335 |
|
|
10,113 |
|
Securities available for sale (at fair value) |
|
|
18,206 |
|
|
17,825 |
|
|
18,057 |
|
|
18,493 |
|
|
17,664 |
|
Loans held for investment |
|
|
3,087,826 |
|
|
3,090,498 |
|
|
3,115,871 |
|
|
3,142,105 |
|
|
3,029,947 |
|
Allowance for credit losses |
|
|
(18,589) |
|
|
(17,960) |
|
|
(17,982) |
|
|
(18,112) |
|
|
(17,660) |
|
Loans less allowance for credit losses |
|
|
3,069,237 |
|
|
3,072,538 |
|
|
3,097,889 |
|
|
3,123,993 |
|
|
3,012,287 |
|
Loans held for sale |
|
|
4,598 |
|
|
— |
|
|
72,610 |
|
|
22,267 |
|
|
— |
|
Accrued interest receivable |
|
|
15,667 |
|
|
15,286 |
|
|
15,686 |
|
|
15,125 |
|
|
14,612 |
|
|
|
|
20,251 |
|
|
20,251 |
|
|
19,063 |
|
|
17,846 |
|
|
17,846 |
|
Premises and equipment, net |
|
|
18,158 |
|
|
18,160 |
|
|
18,081 |
|
|
18,132 |
|
|
17,459 |
|
Operating lease right-of-use asset |
|
|
7,171 |
|
|
7,599 |
|
|
8,030 |
|
|
8,472 |
|
|
7,340 |
|
Foreclosed real estate, net |
|
|
1,515 |
|
|
1,452 |
|
|
1,452 |
|
|
1,466 |
|
|
761 |
|
SBA servicing asset, net |
|
|
7,309 |
|
|
7,108 |
|
|
7,611 |
|
|
7,251 |
|
|
7,107 |
|
Mortgage servicing asset, net |
|
|
1,296 |
|
|
1,454 |
|
|
937 |
|
|
1,273 |
|
|
1,823 |
|
Bank owned life insurance |
|
|
72,670 |
|
|
72,061 |
|
|
71,492 |
|
|
70,957 |
|
|
70,462 |
|
Interest rate derivatives |
|
|
18,895 |
|
|
36,196 |
|
|
38,682 |
|
|
31,781 |
|
|
46,502 |
|
Other assets |
|
|
12,451 |
|
|
7,305 |
|
|
8,505 |
|
|
10,627 |
|
|
4,994 |
|
Total assets |
|
$ |
3,569,206 |
|
$ |
3,615,370 |
|
$ |
3,647,219 |
|
$ |
3,502,823 |
|
$ |
3,511,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
552,472 |
|
$ |
564,076 |
|
$ |
546,760 |
|
$ |
512,045 |
|
$ |
559,540 |
|
Interest-bearing deposits |
|
|
2,170,648 |
|
|
2,181,784 |
|
|
2,267,098 |
|
|
2,218,891 |
|
|
2,159,048 |
|
Total deposits |
|
|
2,723,120 |
|
|
2,745,860 |
|
|
2,813,858 |
|
|
2,730,936 |
|
|
2,718,588 |
|
|
|
|
375,000 |
|
|
375,000 |
|
|
350,000 |
|
|
325,000 |
|
|
325,000 |
|
Operating lease liability |
|
|
7,295 |
|
|
7,743 |
|
|
8,189 |
|
|
8,651 |
|
|
7,537 |
|
Accrued interest payable |
|
|
3,593 |
|
|
3,482 |
|
|
3,059 |
|
|
4,133 |
|
|
3,915 |
|
Other liabilities |
|
|
53,013 |
|
|
76,057 |
|
|
75,509 |
|
|
52,586 |
|
|
71,283 |
|
Total liabilities |
|
$ |
3,162,021 |
|
$ |
3,208,142 |
|
$ |
3,250,615 |
|
$ |
3,121,306 |
|
$ |
3,126,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock |
|
|
253 |
|
|
253 |
|
|
252 |
|
|
252 |
|
|
252 |
|
Additional paid-in capital |
|
|
47,481 |
|
|
46,644 |
|
|
46,105 |
|
|
45,699 |
|
|
45,580 |
|
Retained earnings |
|
|
348,343 |
|
|
336,749 |
|
|
324,900 |
|
|
315,356 |
|
|
308,589 |
|
Accumulated other comprehensive income |
|
|
11,108 |
|
|
23,582 |
|
|
25,347 |
|
|
20,210 |
|
|
30,283 |
|
Total shareholders' equity |
|
|
407,185 |
|
|
407,228 |
|
|
396,604 |
|
|
381,517 |
|
|
384,704 |
|
Total liabilities and shareholders' equity |
|
$ |
3,569,206 |
|
$ |
3,615,370 |
|
$ |
3,647,219 |
|
$ |
3,502,823 |
|
$ |
3,511,027 |
|
METROCITY BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(Dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|||||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
50,336 |
|
$ |
50,527 |
|
$ |
50,117 |
|
$ |
47,367 |
|
$ |
45,695 |
|
$ |
150,980 |
|
$ |
134,516 |
|
Other investment income |
|
|
3,417 |
|
|
3,547 |
|
|
2,211 |
|
|
3,267 |
|
|
2,979 |
|
|
9,175 |
|
|
7,500 |
|
Federal funds sold |
|
|
80 |
|
|
34 |
|
|
30 |
|
|
37 |
|
|
35 |
|
|
144 |
|
|
140 |
|
Total interest income |
|
|
53,833 |
|
|
54,108 |
|
|
52,358 |
|
|
50,671 |
|
|
48,709 |
|
|
160,299 |
|
|
142,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
19,602 |
|
|
19,735 |
|
|
22,105 |
|
|
21,691 |
|
|
21,736 |
|
|
61,442 |
|
|
58,916 |
|
FHLB advances and other borrowings |
|
|
3,942 |
|
|
3,661 |
|
|
3,168 |
|
|
2,858 |
|
|
2,819 |
|
|
10,771 |
|
|
7,883 |
|
Total interest expense |
|
|
23,544 |
|
|
23,396 |
|
|
25,273 |
|
|
24,549 |
|
|
24,555 |
|
|
72,213 |
|
|
66,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
30,289 |
|
|
30,712 |
|
|
27,085 |
|
|
26,122 |
|
|
24,154 |
|
|
88,086 |
|
|
75,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
582 |
|
|
(128) |
|
|
(140) |
|
|
782 |
|
|
(381) |
|
|
314 |
|
|
(797) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
29,707 |
|
|
30,840 |
|
|
27,225 |
|
|
25,340 |
|
|
24,535 |
|
|
87,772 |
|
|
76,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
531 |
|
|
532 |
|
|
447 |
|
|
515 |
|
|
490 |
|
|
1,510 |
|
|
1,403 |
|
Other service charges, commissions and fees |
|
|
1,915 |
|
|
1,573 |
|
|
1,612 |
|
|
2,039 |
|
|
1,478 |
|
|
5,100 |
|
|
3,618 |
|
Gain on sale of residential mortgage loans |
|
|
526 |
|
|
1,177 |
|
|
222 |
|
|
— |
|
|
— |
|
|
1,925 |
|
|
— |
|
Mortgage servicing income, net |
|
|
422 |
|
|
1,107 |
|
|
229 |
|
|
39 |
|
|
(85) |
|
|
1,758 |
|
|
(232) |
|
Gain on sale of SBA loans |
|
|
1,083 |
|
|
— |
|
|
1,051 |
|
|
— |
|
|
244 |
|
|
2,134 |
|
|
3,267 |
|
SBA servicing income, net |
|
|
1,231 |
|
|
560 |
|
|
1,496 |
|
|
1,324 |
|
|
270 |
|
|
3,287 |
|
|
3,472 |
|
Other income |
|
|
907 |
|
|
610 |
|
|
511 |
|
|
795 |
|
|
260 |
|
|
2,028 |
|
|
1,964 |
|
Total noninterest income |
|
|
6,615 |
|
|
5,559 |
|
|
5,568 |
|
|
4,712 |
|
|
2,657 |
|
|
17,742 |
|
|
13,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,512 |
|
|
8,048 |
|
|
7,370 |
|
|
8,971 |
|
|
6,864 |
|
|
23,930 |
|
|
20,333 |
|
Occupancy |
|
|
1,430 |
|
|
1,334 |
|
|
1,354 |
|
|
1,368 |
|
|
1,272 |
|
|
4,118 |
|
|
3,525 |
|
Data Processing |
|
|
311 |
|
|
353 |
|
|
294 |
|
|
301 |
|
|
300 |
|
|
958 |
|
|
928 |
|
Advertising |
|
|
145 |
|
|
157 |
|
|
172 |
|
|
160 |
|
|
143 |
|
|
474 |
|
|
454 |
|
Other expenses |
|
|
3,262 |
|
|
3,140 |
|
|
3,171 |
|
|
3,115 |
|
|
2,961 |
|
|
9,573 |
|
|
8,571 |
|
Total noninterest expense |
|
|
13,660 |
|
|
13,032 |
|
|
12,361 |
|
|
13,915 |
|
|
11,540 |
|
|
39,053 |
|
|
33,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
22,662 |
|
|
23,367 |
|
|
20,432 |
|
|
16,137 |
|
|
15,652 |
|
|
66,461 |
|
|
55,835 |
|
Provision for income taxes |
|
|
5,961 |
|
|
6,430 |
|
|
5,801 |
|
|
4,790 |
|
|
4,224 |
|
|
18,192 |
|
|
15,569 |
|
Net income available to common shareholders |
|
$ |
16,701 |
|
$ |
16,937 |
|
$ |
14,631 |
|
$ |
11,347 |
|
$ |
11,428 |
|
$ |
48,269 |
|
$ |
40,266 |
|
METROCITY BANKSHARES, INC. QTD AVERAGE BALANCES AND YIELDS/RATES |
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
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) |
|
$ |
220,826 |
|
$ |
3,308 |
|
5.96 |
% |
$ |
196,068 |
|
$ |
3,368 |
|
6.91 |
% |
$ |
200,245 |
|
$ |
2,807 |
|
5.56 |
% |
|
Investment securities |
|
|
31,309 |
|
|
189 |
|
2.40 |
|
|
31,364 |
|
|
213 |
|
2.73 |
|
|
32,172 |
|
|
207 |
|
2.55 |
|
|
Total investments |
|
|
252,135 |
|
|
3,497 |
|
5.52 |
|
|
227,432 |
|
|
3,581 |
|
6.33 |
|
|
232,417 |
|
|
3,014 |
|
5.14 |
|
|
Construction and development |
|
|
14,170 |
|
|
302 |
|
8.48 |
|
|
14,501 |
|
|
320 |
|
8.88 |
|
|
30,584 |
|
|
442 |
|
5.73 |
|
|
Commercial real estate |
|
|
740,720 |
|
|
17,132 |
|
9.20 |
|
|
737,846 |
|
|
17,030 |
|
9.28 |
|
|
647,244 |
|
|
14,435 |
|
8.85 |
|
|
Commercial and industrial |
|
|
64,584 |
|
|
1,593 |
|
9.81 |
|
|
69,208 |
|
|
1,728 |
|
10.04 |
|
|
61,774 |
|
|
1,488 |
|
9.56 |
|
|
Residential real estate |
|
|
2,295,573 |
|
|
31,267 |
|
5.42 |
|
|
2,322,763 |
|
|
31,408 |
|
5.44 |
|
|
2,289,428 |
|
|
29,296 |
|
5.08 |
|
|
Consumer and other |
|
|
394 |
|
|
42 |
|
42.41 |
|
|
290 |
|
|
41 |
|
56.86 |
|
|
201 |
|
|
34 |
|
67.11 |
|
|
Gross loans(2) |
|
|
3,115,441 |
|
|
50,336 |
|
6.43 |
|
|
3,144,608 |
|
|
50,527 |
|
6.46 |
|
|
3,029,231 |
|
|
45,695 |
|
5.98 |
|
|
Total earning assets |
|
|
3,367,576 |
|
|
53,833 |
|
6.36 |
|
|
3,372,040 |
|
|
54,108 |
|
6.45 |
|
|
3,261,648 |
|
|
48,709 |
|
5.92 |
|
|
Noninterest-earning assets |
|
|
207,093 |
|
|
|
|
|
|
|
223,455 |
|
|
|
|
|
|
|
214,834 |
|
|
|
|
|
|
|
Total assets |
|
|
3,574,669 |
|
|
|
|
|
|
|
3,595,495 |
|
|
|
|
|
|
|
3,476,482 |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings deposits |
|
|
119,759 |
|
|
770 |
|
2.56 |
|
|
143,460 |
|
|
1,198 |
|
3.36 |
|
|
125,078 |
|
|
381 |
|
1.21 |
|
|
Money market deposits |
|
|
982,517 |
|
|
6,156 |
|
2.49 |
|
|
998,601 |
|
|
6,135 |
|
2.47 |
|
|
1,036,955 |
|
|
11,709 |
|
4.48 |
|
|
Time deposits |
|
|
1,057,956 |
|
|
12,676 |
|
4.77 |
|
|
1,042,758 |
|
|
12,402 |
|
4.78 |
|
|
966,408 |
|
|
9,646 |
|
3.96 |
|
|
Total interest-bearing deposits |
|
|
2,160,232 |
|
|
19,602 |
|
3.61 |
|
|
2,184,819 |
|
|
19,735 |
|
3.63 |
|
|
2,128,441 |
|
|
21,736 |
|
4.05 |
|
|
Borrowings |
|
|
375,677 |
|
|
3,942 |
|
4.17 |
|
|
369,232 |
|
|
3,661 |
|
3.99 |
|
|
325,025 |
|
|
2,819 |
|
3.44 |
|
|
Total interest-bearing liabilities |
|
|
2,535,909 |
|
|
23,544 |
|
3.69 |
|
|
2,554,051 |
|
|
23,396 |
|
3.68 |
|
|
2,453,466 |
|
|
24,555 |
|
3.97 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
542,939 |
|
|
|
|
|
|
|
545,114 |
|
|
|
|
|
|
|
555,074 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
87,156 |
|
|
|
|
|
|
|
98,066 |
|
|
|
|
|
|
|
94,528 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
630,095 |
|
|
|
|
|
|
|
643,180 |
|
|
|
|
|
|
|
649,602 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
408,665 |
|
|
|
|
|
|
|
398,264 |
|
|
|
|
|
|
|
373,414 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,574,669 |
|
|
|
|
|
|
$ |
3,595,495 |
|
|
|
|
|
|
$ |
3,476,482 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
30,289 |
|
|
|
|
|
|
$ |
30,712 |
|
|
|
|
|
|
$ |
24,154 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
2.67 |
|
|
|
|
|
|
|
2.77 |
|
|
|
|
|
|
|
1.95 |
|
|
Net interest margin |
|
|
|
|
|
|
|
3.58 |
|
|
|
|
|
|
|
3.66 |
|
|
|
|
|
|
|
2.94 |
|
|
____________________ |
|||||||||||||||||||||||||
|
(1) Includes income and average balances for term federal funds sold, interest-earning cash accounts and other miscellaneous interest-earning assets. |
|||||||||||||||||||||||||
|
(2) Average loan balances include nonaccrual loans and loans held for sale. |
|||||||||||||||||||||||||
|
METROCITY BANKSHARES, INC. YTD AVERAGE BALANCES AND YIELDS/RATES |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|
Nine Months Ended |
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
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) |
|
$ |
187,398 |
|
$ |
8,729 |
|
6.22 |
% |
$ |
167,411 |
|
$ |
7,057 |
|
5.64 |
% |
|
Investment securities |
|
|
31,428 |
|
|
590 |
|
2.51 |
|
|
32,547 |
|
|
583 |
|
2.39 |
|
|
Total investments |
|
|
218,826 |
|
|
9,319 |
|
5.69 |
|
|
199,958 |
|
|
7,640 |
|
5.11 |
|
|
Construction and development |
|
|
16,871 |
|
|
1,127 |
|
8.92 |
|
|
36,658 |
|
|
1,520 |
|
5.54 |
|
|
Commercial real estate |
|
|
731,573 |
|
|
50,270 |
|
9.18 |
|
|
657,700 |
|
|
42,776 |
|
8.70 |
|
|
Commercial and industrial |
|
|
66,116 |
|
|
4,894 |
|
9.89 |
|
|
52,292 |
|
|
3,637 |
|
9.30 |
|
|
Residential real estate |
|
|
2,332,271 |
|
|
94,565 |
|
5.42 |
|
|
2,287,788 |
|
|
86,495 |
|
5.05 |
|
|
Consumer and other |
|
|
311 |
|
|
124 |
|
53.26 |
|
|
174 |
|
|
88 |
|
67.62 |
|
|
Gross loans(2) |
|
|
3,147,142 |
|
|
150,980 |
|
6.41 |
|
|
3,034,612 |
|
|
134,516 |
|
5.93 |
|
|
Total earning assets |
|
|
3,365,968 |
|
|
160,299 |
|
6.36 |
|
|
3,234,570 |
|
|
142,156 |
|
5.88 |
|
|
Noninterest-earning assets |
|
|
214,756 |
|
|
|
|
|
|
|
190,616 |
|
|
|
|
|
|
|
Total assets |
|
|
3,580,724 |
|
|
|
|
|
|
|
3,425,186 |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and savings deposits |
|
|
140,539 |
|
|
2,852 |
|
2.71 |
|
|
150,849 |
|
|
1,869 |
|
1.66 |
|
|
Money market deposits |
|
|
1,019,394 |
|
|
21,984 |
|
2.88 |
|
|
991,048 |
|
|
31,738 |
|
4.28 |
|
|
Time deposits |
|
|
1,034,256 |
|
|
36,606 |
|
4.73 |
|
|
923,891 |
|
|
25,309 |
|
3.66 |
|
|
Total interest-bearing deposits |
|
|
2,194,189 |
|
|
61,442 |
|
3.74 |
|
|
2,065,788 |
|
|
58,916 |
|
3.81 |
|
|
Borrowings |
|
|
362,965 |
|
|
10,771 |
|
3.96 |
|
|
366,112 |
|
|
7,883 |
|
2.88 |
|
|
Total interest-bearing liabilities |
|
|
2,557,154 |
|
|
72,213 |
|
3.77 |
|
|
2,431,900 |
|
|
66,799 |
|
3.67 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
536,807 |
|
|
|
|
|
|
|
564,233 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
90,459 |
|
|
|
|
|
|
|
69,078 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
627,266 |
|
|
|
|
|
|
|
633,311 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
396,304 |
|
|
|
|
|
|
|
359,975 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,580,724 |
|
|
|
|
|
|
$ |
3,425,186 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
88,086 |
|
|
|
|
|
|
$ |
75,357 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
2.59 |
|
|
|
|
|
|
|
2.21 |
|
|
Net interest margin |
|
|
|
|
|
|
|
3.50 |
|
|
|
|
|
|
|
3.11 |
|
|
METROCITY BANKSHARES, INC. LOAN DATA |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
|
As of the Quarter Ended |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
% of |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
(Dollars in thousands) |
|
Amount |
|
Total |
|
Amount |
|
Total |
|
Amount |
|
Total |
|
Amount |
|
Total |
|
Amount |
|
Total |
|
|||||
|
Construction and development |
|
$ |
16,539 |
|
0.5 |
% |
$ |
13,564 |
|
0.4 |
% |
$ |
27,762 |
|
0.9 |
% |
$ |
23,262 |
|
0.7 |
% |
$ |
41,783 |
|
1.4 |
% |
|
Commercial real estate |
|
|
738,929 |
|
23.9 |
|
|
733,845 |
|
23.7 |
|
|
724,263 |
|
23.2 |
|
|
711,177 |
|
22.6 |
|
|
624,122 |
|
20.5 |
|
|
Commercial and industrial |
|
|
63,606 |
|
2.1 |
|
|
68,300 |
|
2.2 |
|
|
68,560 |
|
2.2 |
|
|
65,904 |
|
2.1 |
|
|
61,332 |
|
2.0 |
|
|
Residential real estate |
|
|
2,276,210 |
|
73.5 |
|
|
2,282,630 |
|
73.7 |
|
|
2,303,400 |
|
73.7 |
|
|
2,350,299 |
|
74.6 |
|
|
2,310,981 |
|
76.1 |
|
|
Consumer and other |
|
|
215 |
|
— |
|
|
230 |
|
— |
|
|
247 |
|
— |
|
|
319 |
|
— |
|
|
240 |
|
— |
|
|
Gross loans held for investment |
|
$ |
3,095,499 |
|
100.0 |
% |
$ |
3,098,569 |
|
100.0 |
% |
$ |
3,124,232 |
|
100.0 |
% |
$ |
3,150,961 |
|
100.0 |
% |
$ |
3,038,458 |
|
100.0 |
% |
|
Unearned income |
|
|
(7,673) |
|
|
|
|
(8,071) |
|
|
|
|
(8,361) |
|
|
|
|
(8,856) |
|
|
|
|
(8,511) |
|
|
|
|
Allowance for credit losses |
|
|
(18,589) |
|
|
|
|
(17,960) |
|
|
|
|
(17,982) |
|
|
|
|
(18,112) |
|
|
|
|
(17,660) |
|
|
|
|
Net loans held for investment |
|
$ |
3,069,237 |
|
|
|
$ |
3,072,538 |
|
|
|
$ |
3,097,889 |
|
|
|
$ |
3,123,993 |
|
|
|
$ |
3,012,287 |
|
|
|
|
METROCITY BANKSHARES, INC. NONPERFORMING ASSETS |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
As of the Quarter Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(Dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|||||
|
Nonaccrual loans |
|
$ |
14,316 |
|
$ |
13,004 |
|
$ |
13,297 |
|
$ |
14,682 |
|
$ |
15,127 |
|
|
Past due loans 90 days or more and still accruing |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total non-performing loans |
|
|
14,316 |
|
|
13,004 |
|
|
13,297 |
|
|
14,682 |
|
|
15,127 |
|
|
Other real estate owned |
|
|
1,515 |
|
|
1,452 |
|
|
1,452 |
|
|
1,466 |
|
|
761 |
|
|
Total non-performing assets |
|
$ |
15,831 |
|
$ |
14,456 |
|
$ |
14,749 |
|
$ |
16,148 |
|
$ |
15,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross loans held for investment |
|
|
0.46 |
% |
|
0.42 |
% |
|
0.43 |
% |
|
0.47 |
% |
|
0.50 |
% |
|
Nonperforming assets to total assets |
|
|
0.44 |
|
|
0.40 |
|
|
0.40 |
|
|
0.46 |
|
|
0.45 |
|
|
Allowance for credit losses to non-performing loans |
|
|
129.85 |
|
|
138.11 |
|
|
135.23 |
|
|
123.36 |
|
|
116.74 |
|
|
METROCITY BANKSHARES, INC. ALLOWANCE FOR LOAN LOSSES |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
As of and for the Three Months Ended |
|
As of and for the Nine Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(Dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
|||||||
|
Balance, beginning of period |
|
$ |
17,960 |
|
$ |
17,982 |
|
$ |
18,112 |
|
$ |
17,660 |
|
$ |
18,091 |
|
$ |
18,112 |
|
$ |
13,888 |
|
|
Net charge-offs/(recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and development |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Commercial real estate |
|
|
— |
|
|
(82) |
|
|
(1) |
|
|
224 |
|
|
(1) |
|
|
(83) |
|
|
227 |
|
|
Commercial and industrial |
|
|
24 |
|
|
(1) |
|
|
(3) |
|
|
85 |
|
|
(3) |
|
|
20 |
|
|
203 |
|
|
Residential real estate |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Consumer and other |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total net charge-offs/(recoveries) |
|
|
24 |
|
|
(83) |
|
|
(4) |
|
|
309 |
|
|
(4) |
|
|
(63) |
|
|
430 |
|
|
Adoption of ASU 2016-13 (CECL) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,055 |
|
|
Provision for loan losses |
|
|
653 |
|
|
(105) |
|
|
(134) |
|
|
761 |
|
|
(435) |
|
|
414 |
|
|
(853) |
|
|
Balance, end of period |
|
$ |
18,589 |
|
$ |
17,960 |
|
$ |
17,982 |
|
$ |
18,112 |
|
$ |
17,660 |
|
$ |
18,589 |
|
$ |
17,660 |
|
|
Total loans at end of period(1) |
|
$ |
3,095,499 |
|
$ |
3,098,569 |
|
$ |
3,124,232 |
|
$ |
3,150,961 |
|
$ |
3,038,458 |
|
$ |
3,095,499 |
|
$ |
3,038,458 |
|
|
Average loans(1) |
|
$ |
3,115,441 |
|
$ |
3,108,303 |
|
$ |
3,134,286 |
|
$ |
3,064,409 |
|
$ |
3,029,231 |
|
$ |
3,123,423 |
|
$ |
3,034,612 |
|
|
Net charge-offs/(recoveries) to average loans |
|
|
0.00 |
% |
|
(0.01) |
% |
|
(0.00) |
% |
|
0.04 |
% |
|
(0.00) |
% |
|
0.00 |
% |
|
0.02 |
% |
|
Allowance for loan losses to total loans |
|
|
0.60 |
|
|
0.58 |
|
|
0.58 |
|
|
0.57 |
|
|
0.58 |
|
|
0.60 |
|
|
0.58 |
|
|
____________________ |
||||||||||||||||||||||
|
(1) Excludes loans held for sale. |
||||||||||||||||||||||
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