METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2022
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2022

ATLANTA, April 22, 2022 /PRNewswire/ — MetroCity Bankshares, Inc. (“MetroCity” or the “Company”) (NASDAQ: MCBS), holding company for Metro City Bank (the “Bank”), today reported net income of $19.4 million, or $0.76 per diluted share, for the first quarter of 2022, compared to $17.4 million, or $0.68 per diluted share, for the fourth quarter of 2021, and $13.0 million, or $0.50 per diluted share, for the first quarter of 2021.

First Quarter 2022 Highlights:

  • Annualized return on average assets was 2.52%, compared to 2.33% for the fourth quarter of 2021 and 2.62% for the first quarter of 2021.
  • Annualized return on average equity was 26.94%, compared to 24.80% for the fourth quarter of 2021 and 21.35% for the first quarter of 2021.
  • Efficiency ratio of 31.8%, compared to 33.7% for the fourth quarter of 2021 and 36.0% for the first quarter of 2021.
  • Total assets increased by $36.2 million, or 1.2%, to $3.14 billion from the previous quarter.
  • Total loans, including loans held for sale, increased by $45.2 million, or 1.8%, to $2.55 billion from the previous quarter.
  • Total deposits increased by $119.1 million, or 5.3%, to $2.38 billion from the previous quarter.

Results of Operations

Net Income

Net income was $19.4 million for the first quarter of 2022, an increase of $2.0 million, or 11.4%, from $17.4 million for the fourth quarter of 2021. This increase was due to an increase in net interest income of $1.0 million, a decrease in provision for loan losses of $442,000, an increase in noninterest income of $165,000, and a decrease in noninterest expense of $333,000. Net income increased $6.4 million, or 49.7%, in the first quarter of 2022 compared to net income of $13.0 million for the first quarter of 2021. This increase was due to an increase in net interest income of $9.1 million and a decrease in provision for loan losses of $1.5 million, offset by a decrease in noninterest income of $530,000, an increase in noninterest expense of $1.5 million and an increase in provision for income taxes of $2.2 million.

Net Interest Income and Net Interest Margin

Interest income totaled $32.0 million for the first quarter of 2022, an increase of $1.1 million, or 3.6%, from the previous quarter, primarily due to a seven basis points increase in the yield on average loans and a $98.8 million increase in average loan balances. We recognized Paycheck Protection Program (“PPP”) loan fee income of $503,000 during the first quarter of 2022 compared to $708,000 recognized during the fourth quarter of 2021. As compared to the first quarter of 2021, interest income for the first quarter of 2022 increased by $9.3 million, or 40.9%, primarily due to an increase in average loan balances of $798.5 million.

Interest expense totaled $1.3 million for the first quarter of 2022, an increase of $64,000, or 5.2%, from the previous quarter, primarily due to a $148.7 million increase in average interest-bearing deposits as deposit costs remained flat. As compared to the first quarter of 2021, interest expense for the first quarter of 2022 increased by $162,000, or 14.2%, primarily due to a $595.8 million increase in average interest-bearing deposit balances, partially offset with a nine basis points decrease in deposit costs.

The net interest margin for the first quarter of 2022 was 4.16% compared to 4.15% for the previous quarter, a slight increase of one basis point. The yield on average interest-earning assets for the first quarter of 2022 increased by two basis points to 4.34% from 4.32% for the previous quarter, while the cost of average interest-bearing liabilities for the first quarter of 2022 remained flat at 0.24% compared with the previous quarter. Average earning assets increased by $156.3 million from the previous quarter, primarily due to an increase in average loans of $98.8 million and a $54.3 million increase in average interest-earning cash accounts. Average interest-bearing liabilities increased by $151.9 million from the previous quarter as average interest-bearing deposits increased by $148.7 million and average borrowings increased by $3.2 million. The inclusion of PPP loan average balances, interest and fees had a four basis points impact on both the yield on average loans and the net interest margin for the first quarter of 2022.

As compared to the same period in 2021, the net interest margin for the first quarter of 2022 decreased by 44 basis points to 4.16% from 4.60%, primarily due to a 51 basis point decrease in the yield on average interest-earning assets of $2.99 billion and a 14 basis point decrease in the cost of average interest-bearing liabilities of $2.18 billion. Average earning assets for the first quarter of 2022 increased by $1.09 billion from the first quarter of 2021, primarily due to a $798.5 million increase in average loans and a $273.9 million increase in average interest-earning cash accounts. Average interest-bearing liabilities for the first quarter of 2022 increased by $976.7 million from the first quarter of 2021, driven by an increase in average interest-bearing deposits of $595.8 million and an increase in average borrowings of $380.9 million.

Noninterest Income

Noninterest income for the first quarter of 2022 was $7.7 million, an increase of $165,000, or 2.2%, from the fourth quarter of 2021, primarily due to higher Small Business Administration (“SBA”) servicing income and gains on sale of mortgage loans, offset by lower mortgage loan fees and gains on sale of SBA loans. During the first quarter of 2022, we recorded a $323,000 fair value adjustment gain on our SBA servicing asset and a $74,000 fair value impairment recovery on our mortgage servicing asset. These servicing asset adjustments had a $0.01 per share impact on our diluted earnings per share for the quarter.

Compared to the same period in 2021, noninterest income for the first quarter of 2022 decreased by $530,000, or 6.5%, primarily due to lower mortgage loan fees, SBA and mortgage servicing income, and gains on sale of SBA loans, offset by higher gains on sale of mortgage loans.

Noninterest Expense

Noninterest expense for the first quarter of 2022 totaled $12.2 million, a decrease of $333,000, or 2.7%, from $12.5 million for the fourth quarter of 2021. This decrease was primarily attributable to lower salaries and employee benefits partially due to a decrease in commissions earned as loan volume declined during the quarter. Compared to the first quarter of 2021, noninterest expense during the first quarter of 2022 increased by $1.5 million, or 13.7%, primarily due to higher salaries and employee benefits, professional fees and FDIC insurance premiums.

The Company’s efficiency ratio was 31.8% for the first quarter of 2022 compared to 33.7% and 36.0% for the fourth quarter of 2021 and first quarter of 2021, respectively.

Income Tax Expense

The Company’s effective tax rate for the first quarter of 2022 was 25.3%, compared to 27.5% for the fourth quarter of 2021 and 25.5% for the first quarter of 2021.

Balance Sheet

Total Assets

Total assets were $3.14 billion at March 31, 2022, an increase of $36.2 million, or 1.2%, from $3.11 billion at December 31, 2021, and an increase of $988.0 million, or 45.9%, from $2.15 billion at March 31, 2021. The $36.2 million increase in total assets at March 31, 2022 compared to December 31, 2021 was primarily due to increases in loans held for investment of $7.2 million, loans held for sale of $37.9 million, bank owned life insurance of $8.4 million, and other assets of $6.7 million, partially offset by a $16.6 million decrease in cash and cash equivalents. The $988.0 million increase in total assets at March 31, 2022 compared to March 31, 2021 was primarily due to increases in loans of $645.5 million, cash and due from banks of $249.2 million and bank owned life insurance of $31.8 million, partially offset by a $4.8 million decrease in the mortgage servicing asset and an increase in the allowance for loan losses of $4.9 million

Loans

Loans, including loans held for sale, were $2.55 billion at March 31, 2022, an increase of $45.2 million, or 1.8%, compared to $2.51 billion at December 31, 2021, and an increase of $683.4 million, or 36.6%, compared to $1.87 billion at March 31, 2021. The increase in loans at March 31, 2022 compared to December 31, 2021 was primarily due to a $46.5 million increase in commercial real estate loans and a $5.4 million increase in residential mortgages, offset by a $7.0 million decrease in commercial and industrial loans primarily due to PPP loan forgiveness. Included in commercial and industrial loans are PPP loans totaling $19.8 million as of March 31, 2022. PPP Loans totaled $31.0 million as of December 31, 2021 and $125.6 million as of March 31, 2021. Loans held for sale were $37.9 million at March 31, 2022. There were no loans classified as held for sale at December 31, 2021 or March 31, 2021.

Deposits

Total deposits were $2.38 billion at March 31, 2022, an increase of $119.1 million, or 5.3%, compared to total deposits of $2.26 billion at December 31, 2021, and an increase of $636.2 million, or 36.4%, compared to total deposits of $1.75 billion at March 31, 2021. The increase in total deposits at March 31, 2022 compared to December 31, 2021 was primarily due to a $23.2 million increase in noninterest-bearing demand deposits, a $129.7 million increase in money market accounts and a $29.9 million increase in interest-bearing demand deposits, offset by a $64.5 million decrease in time deposits.

Noninterest-bearing deposits were $615.7 million at March 31, 2022, compared to $592.4 million at December 31, 2021 and $546.2 million at March 31, 2021. Noninterest-bearing deposits constituted 25.8% of total deposits at March 31, 2022, compared to 26.2% at December 31, 2021 and 31.3% at March 31, 2021. Interest-bearing deposits were $1.77 billion at March 31, 2022, compared to $1.67 billion at December 31, 2021 and $1.20 billion at March 31, 2021. Interest-bearing deposits constituted 74.2% of total deposits at March 31, 2022, compared to 73.8% at December 31, 2021 and 68.7% at March 31, 2021.

Asset Quality

The Company recorded a provision for loan losses of $104,000 during the first quarter of 2022, compared to $546,000 during the fourth quarter of 2021 and $1.6 million during the first quarter of 2021. Annualized net charge-offs to average loans for the first quarter of 2022 was 0.06%, compared to 0.01% for the fourth quarter of 2021 and 0.00% for the first quarter of 2021. 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 $16.0 million, or 0.51% of total assets, at March 31, 2022, an increase of $553,000 from $15.4 million, or 0.50% of total assets, at December 31, 2021, and an increase of $191,000 from $15.8 million, or 0.73% of total assets, at March 31, 2021. The increase in nonperforming assets at March 31, 2022 compared to December 31, 2021 was due to a $747,000 increase in nonaccrual loans and a $204,000 increase in accruing troubled debt restructurings, offset by a $342,000 decrease in loans past due ninety days or more and still accruing an a $56,000 decrease in other real estate owned.

Allowance for loan losses as a percentage of total loans was 0.66% at March 31, 2022, compared to 0.67% at December 31, 2021 and 0.63% at March 31, 2021. Excluding outstanding PPP loans of $19.8 million as of March 31, 2022, $31.0 million as of December 31, 2021 and $125.6 million as of March 31, 2021, the allowance for loan losses as a percentage of total loans was 0.67% at March 31, 2022, 0.68% at December 31, 2021 and 0.67% at March 31, 2021. Allowance for loan losses as a percentage of nonperforming loans was 134.39% at March 31, 2022, compared to 143.69% and 98.33% at December 31, 2021 and March 31, 2021, respectively.

About MetroCity Bankshares, Inc.

MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in 2006, Metro City Bank currently operates 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 future events and 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 ongoing COVID-19 pandemic and related variants 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 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: general business and economic conditions, particularly those affecting the financial services; the impact of the ongoing COVID-19 pandemic and related variants on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; 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; changes in tax laws; higher inflation and its impacts; the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in Ukraine; 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 ongoing COVID-19 pandemic and related variants. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the U.S. Securities and Exchange Commission (the “SEC”), and in other documents that we file with the SEC from time to time, which are available on the SEC’s website, http://www.sec.gov. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement.

Contacts


 

METROCITY BANKSHARES, INC.

SELECTED FINANCIAL DATA

 




















As of and for the Three Months Ended




March 31, 


December 31, 


September 30, 


June 30, 


March 31, 


(Dollars in thousands, except per share data)


2022


2021


2021


2021


2021


Selected income statement data: 

















Interest income


$

31,953


$

30,857


$

29,324


$

25,888


$

22,672


Interest expense



1,300



1,236



1,135



1,063



1,138


Net interest income



30,653



29,621



28,189



24,825



21,534


Provision for loan losses



104



546



2,579



2,205



1,599


Noninterest income



7,656



7,491



9,532



8,594



8,186


Noninterest expense



12,179



12,512



13,111



12,093



10,708


Income tax expense



6,597



6,609



5,149



4,728



4,432


Net income



19,429



17,445



16,882



14,393



12,981


Per share data:

















Basic income per share


$

0.76


$

0.69


$

0.66


$

0.56


$

0.51


Diluted income per share


$

0.76


$

0.68


$

0.66


$

0.56


$

0.50


Dividends per share


$

0.15


$

0.14


$

0.12


$

0.10


$

0.10


Book value per share (at period end)


$

12.19


$

11.40


$

10.84


$

10.33


$

9.95


Shares of common stock outstanding



25,465,236



25,465,236



25,465,236



25,578,668



25,674,573


Weighted average diluted shares



25,719,035



25,720,128



25,729,043



25,833,328



25,881,827


Performance ratios:

















Return on average assets



2.52

%


2.33

%


2.61

%


2.53

%


2.62

%

Return on average equity



26.94



24.80



25.23



22.51



21.35


Dividend payout ratio



19.76



20.52



18.24



17.95



19.91


Yield on total loans



5.00



4.93



5.16



5.21



5.20


Yield on average earning assets



4.34



4.32



4.75



4.79



4.85


Cost of average interest bearing liabilities



0.24



0.24



0.28



0.31



0.38


Cost of deposits



0.27



0.27



0.28



0.29



0.36


Net interest margin



4.16



4.15



4.57



4.60



4.60


Efficiency ratio(1)



31.79



33.71



34.76



36.19



36.03


Asset quality data (at period end): 

















Net charge-offs/(recoveries) to average loans held for investment



0.06

%


0.01

%


0.00

%


0.02

%


0.00

%

Nonperforming assets to gross loans and OREO



0.63



0.61



0.55



0.67



0.84


ALL to nonperforming loans



134.39



143.69



189.44



147.82



98.33


ALL to loans held for investment



0.66



0.67



0.69



0.66



0.63


Balance sheet and capital ratios:

















Gross loans held for investment to deposits



105.72

%


110.98

%


112.15

%


106.31

%


107.33

%

Noninterest bearing deposits to deposits



25.84



26.18



30.32



31.30



31.28


Common equity to assets



9.88



9.34



10.04



10.50



11.85


Leverage ratio



9.46



9.44



10.34



11.14



12.23


Common equity tier 1 ratio



17.24



16.76



16.61



17.75



18.97


Tier 1 risk-based capital ratio



17.24



16.76



16.61



17.75



18.97


Total risk-based capital ratio



18.22



17.77



17.64



18.72



19.88


Mortgage and SBA loan data: 

















Mortgage loans serviced for others


$

605,112


$

608,208


$

669,358


$

746,660


$

856,432


Mortgage loan production



162,933



237,195



368,790



326,507



263,698


Mortgage loan sales



56,987










SBA loans serviced for others



528,227



542,991



549,818



549,238



521,182


SBA loan production



50,689



52,727



85,265



67,376



80,466


SBA loan sales



22,898



30,169



37,984



34,158



22,399


(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)


2022


2021


2021


2021


2021

ASSETS
















Cash and due from banks


$

418,988


$

432,523


$

250,995


$

309,289


$

169,775

Federal funds sold



5,743



8,818



2,294



4,644



4,444

Cash and cash equivalents



424,731



441,341



253,289



313,933



174,219

Equity securities



11,024



11,386



993





Securities available for sale (at fair value)



23,886



25,733



16,507



16,722



18,739

Loans



2,512,300



2,505,070



2,361,705



2,091,767



1,866,785

Allowance for loan losses



(16,674)



(16,952)



(16,445)



(13,860)



(11,735)

Loans less allowance for loan losses



2,495,626



2,488,118



2,345,260



2,077,907



1,855,050

Loans held for sale



37,928









Accrued interest receivable



10,644



11,052



10,737



10,668



10,515

Federal Home Loan Bank stock



15,806



19,701



12,201



8,451



3,951

Premises and equipment, net



12,814



13,068



13,302



13,557



13,663

Operating lease right-of-use asset



8,925



9,338



9,672



10,078



10,483

Foreclosed real estate, net



3,562



3,618



4,374



4,656



3,844

SBA servicing asset, net



10,554



10,234



10,916



11,155



10,535

Mortgage servicing asset, net



6,925



7,747



8,593



9,529



11,722

Bank owned life insurance



67,841



59,437



59,061



36,263



36,033

Other assets



12,051



5,385



5,323



4,921



5,606

Total assets


$

3,142,317


$

3,106,158


$

2,750,228


$

2,517,840


$

2,154,360

















LIABILITIES
















Noninterest-bearing deposits


$

615,650


$

592,444


$

640,312


$

618,054


$

546,164

Interest-bearing deposits



1,766,491



1,670,576



1,471,515



1,356,777



1,199,756

Total deposits



2,382,141



2,263,020



2,111,827



1,974,831



1,745,920

Federal Home Loan Bank advances



380,000



500,000



300,000



200,000



80,000

Other borrowings



405



459



468



474



479

Operating lease liability



9,445



9,861



10,241



10,648



11,048

Accrued interest payable



207



204



208



202



206

Other liabilities



59,709



42,391



51,330



67,431



61,332

Total liabilities


$

2,831,907


$

2,815,935


$

2,474,074


$

2,253,586


$

1,898,985

















SHAREHOLDERS’ EQUITY
















Preferred stock











Common stock



255



255



255



256



257

Additional paid-in capital



51,753



51,559



51,181



52,924



55,977

Retained earnings



254,165



238,577



224,711



210,910



199,102

Accumulated other comprehensive income (loss)



4,237



(168)



7



164



39

Total shareholders’ equity



310,410



290,223



276,154



264,254



255,375

Total liabilities and shareholders’ equity


$

3,142,317


$

3,106,158


$

2,750,228


$

2,517,840


$

2,154,360

 

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)


2022


2021


2021


2021


2021


Interest and dividend income:

















Loans, including Fees


$

31,459


$

30,496


$

29,127


$

25,728


$

22,500


Other investment income



492



360



196



159



170


Federal funds sold



2



1



1



1



2


Total interest income



31,953



30,857



29,324



25,888



22,672



















Interest expense:

















Deposits



1,139



1,069



968



919



992


FHLB advances and other borrowings



161



167



167



144



146


Total interest expense



1,300



1,236



1,135



1,063



1,138



















Net interest income



30,653



29,621



28,189



24,825



21,534



















Provision for loan losses



104



546



2,579



2,205



1,599



















Net interest income after provision for loan losses



30,549



29,075



25,610



22,620



19,935



















Noninterest income:

















Service charges on deposit accounts



481



466



446



411



373


Other service charges, commissions and fees



2,159



3,015



4,147



3,877



3,398


Gain on sale of residential mortgage loans



1,211










Mortgage servicing income, net



101



95



132



(957)



166


Gain on sale of SBA loans



1,568



2,895



3,358



2,845



1,854


SBA servicing income, net



1,644



634



1,212



1,905



2,133


Other income



492



386



237



513



262


Total noninterest income



7,656



7,491



9,532



8,594



8,186



















Noninterest expense:

















Salaries and employee benefits



7,096



7,819



8,679



6,915



6,699


Occupancy



1,227



1,206



1,295



1,252



1,275


Data Processing



277



252



257



283



308


Advertising



150



148



131



117



145


Other expenses



3,429



3,087



2,749



3,526



2,281


Total noninterest expense



12,179



12,512



13,111



12,093



10,708



















Income before provision for income taxes



26,026



24,054



22,031



19,121



17,413


Provision for income taxes



6,597



6,609



5,149



4,728



4,432


Net income available to common shareholders


$

19,429


$

17,445


$

16,882


$

14,393


$

12,981



 

METROCITY BANKSHARES, INC.

AVERAGE BALANCES AND YIELDS/RATES

 





























Three Months Ended




March 31, 2022


December 31, 2021


March 31, 2021




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)


$

399,642


$

365


0.37

%

$

345,311


$

241


0.28

%

$

125,699


$

72


0.23

%

Investment securities



36,842



129


1.42



33,682



120


1.41



18,164



100


2.23


Total investments



436,484



494


0.46



378,993



361


0.38



143,863



172


0.48


Construction and development



30,583



377


5.00



50,142



639


5.06



40,954



531


5.26


Commercial real estate



549,132



7,887


5.82



524,770



7,680


5.81



491,635



7,078


5.84


Commercial and industrial



65,450



1,076


6.67



77,911



1,353


6.89



152,433



1,920


5.11


Residential real estate



1,906,847



22,074


4.69



1,800,390



20,804


4.58



1,068,495



12,930


4.91


Consumer and other



206



45


88.59



189



20


41.98



174



41


95.56


Gross loans(2)



2,552,218



31,459


5.00



2,453,402



30,496


4.93



1,753,691



22,500


5.20


Total earning assets



2,988,702



31,953


4.34



2,832,395



30,857


4.32



1,897,554



22,672


4.85


Noninterest-earning assets



142,042








140,594








111,164







Total assets



3,130,744








2,972,989








2,008,718







Interest-bearing liabilities: 


























NOW and savings deposits



187,259



75


0.16



136,102



64


0.19



92,312



47


0.21


Money market deposits



1,085,751



658


0.25



949,148



550


0.23



534,192



337


0.26


Time deposits



441,228



406


0.37



480,303



455


0.38



491,913



608


0.50


Total interest-bearing deposits



1,714,238



1,139


0.27



1,565,553



1,069


0.27



1,118,417



992


0.36


Borrowings



468,348



161


0.14



465,141



167


0.14



87,483



146


0.68


Total interest-bearing liabilities



2,182,586



1,300


0.24



2,030,694



1,236


0.24



1,205,900



1,138


0.38


Noninterest-bearing liabilities:


























Noninterest-bearing deposits



588,343








592,300








483,691







Other noninterest-bearing liabilities



67,301








70,915








72,534







Total noninterest-bearing liabilities



655,644








663,215








556,225







Shareholders’ equity



292,514








279,080








246,593







Total liabilities and shareholders’ equity


$

3,130,744







$

2,972,989







$

2,008,718







Net interest income





$

30,653







$

29,621







$

21,534




Net interest spread








4.10








4.08








4.47


Net interest margin








4.16








4.15








4.60


(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




March 31, 2022


December 31, 2021


September 30, 2021


June 30, 2021


March 31, 2021







% of





% of





% of





% of





% of


(Dollars in thousands)


Amount


Total


Amount


Total


Amount


Total


Amount


Total


Amount


Total


Construction and Development


$

38,683


1.6

%

$

38,857


1.6

%

$

64,140


2.7

%

$

58,668


2.8

%

$

52,202


2.8

%

Commercial Real Estate



567,031


22.5



520,488


20.7



503,417


21.2



475,658


22.7



473,281


25.3


Commercial and Industrial



66,073


2.6



73,072


2.9



82,099


3.5



134,076


6.4



166,915


8.9


Residential Real Estate



1,846,434


73.3



1,879,012


74.8



1,718,593


72.6



1,430,843


68.1



1,181,385


63.0


Consumer and other



130




79




238




169




169



Gross loans


$

2,518,351


100.0

%

$

2,511,508


100.0

%

$

2,368,487


100.0

%

$

2,099,414


100.0

%

$

1,873,952


100.0

%

Unearned income



(6,051)





(6,438)





(6,782)





(7,647)





(7,167)




Allowance for loan losses



(16,674)





(16,952)





(16,445)





(13,860)





(11,735)




Net loans


$

2,495,626




$

2,488,118




$

2,345,260




$

2,077,907




$

1,855,050




 

METROCITY BANKSHARES, INC.

NONPERFORMING ASSETS

 





















As of the Quarter Ended




March 31, 


December 31, 


September 30, 


June 30, 


March 31, 


(Dollars in thousands)


2022


2021


2021


2021


2021


Nonaccrual loans


$

9,506


$

8,759


$

5,955


$

6,623


$

9,071


Past due loans 90 days or more and still accruing





342








Accruing troubled debt restructured loans



2,901



2,697



2,726



2,753



2,863


Total non-performing loans



12,407



11,798



8,681



9,376



11,934


Other real estate owned



3,562



3,618



4,374



4,656



3,844


Total non-performing assets


$

15,969


$

15,416


$

13,055


$

14,032


$

15,778



















Nonperforming loans to gross loans



0.49

%


0.47

%


0.37

%


0.45

%


0.64

%

Nonperforming assets to total assets



0.51



0.50



0.47



0.56



0.73


Allowance for loan losses to non-performing loans



134.39



143.69



189.44



147.82



98.33



 

METROCITY BANKSHARES, INC.

ALLOWANCE FOR LOAN LOSSES

 




















As of and for the Three Months Ended




March 31, 


December 31, 


September 30, 


June 30, 


March 31, 


(Dollars in thousands)


2022


2021


2021


2021


2021


Balance, beginning of period


$

16,952


$

16,445


$

13,860


$

11,735


$

10,135


Net charge-offs/(recoveries):

















Construction and development












Commercial real estate



(2)



39



(4)



23



(3)


Commercial and industrial



389







60



4


Residential real estate












Consumer and other



(5)





(2)



(3)



(2)


Total net charge-offs/(recoveries)



382



39



(6)



80



(1)


Provision for loan losses



104



546



2,579



2,205



1,599


Balance, end of period


$

16,674


$

16,952


$

16,445


$

13,860


$

11,735


Total loans at end of period


$

2,518,351


$

2,511,508


$

2,368,487


$

2,099,414


$

1,873,952


Average loans(1)


$

2,533,254


$

2,453,402


$

2,241,207


$

1,979,556


$

1,753,691


Net charge-offs to average loans



0.06

%


0.01

%


0.00

%


0.02

%


0.00

%

Allowance for loan losses to total loans



0.66



0.67



0.69



0.66



0.63


(1)

Excludes loans held for sale

SOURCE MetroCity Bankshares, Inc.

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