METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2024
MetroCity Bankshares (NASDAQ: MCBS) reported Q4 2024 net income of $16.2 million ($0.63 per diluted share), down from $16.7 million ($0.65 per diluted share) in Q3 2024, but up from $11.3 million ($0.44 per diluted share) in Q4 2023.
For full-year 2024, net income reached $64.5 million ($2.52 per diluted share), a 25% increase from $51.6 million ($2.02 per diluted share) in 2023. Key Q4 metrics include: annualized return on average assets of 1.82%, efficiency ratio of 40.5%, and net interest margin of 3.57%. Total assets grew to $3.59 billion, up 2.6% year-over-year.
Loans held for investment increased by $70.1 million to $3.16 billion from the previous quarter. Total deposits stood at $2.74 billion, with uninsured deposits representing 24.1% of total deposits. The company maintained strong asset quality with an allowance for credit losses at 0.59% of total loans.
MetroCity Bankshares (NASDAQ: MCBS) ha registrato un reddito netto di $16.2 milioni ($0.63 per azione diluita) nel quarto trimestre del 2024, in calo rispetto ai $16.7 milioni ($0.65 per azione diluita) del terzo trimestre del 2024, ma in aumento rispetto ai $11.3 milioni ($0.44 per azione diluita) del quarto trimestre del 2023.
Per l'intero anno 2024, il reddito netto ha raggiunto i $64.5 milioni ($2.52 per azione diluita), con un aumento del 25% rispetto ai $51.6 milioni ($2.02 per azione diluita) del 2023. I principali indicatori del quarto trimestre includono: rendimento annualizzato sugli attivi medi dell'1.82%, rapporto di efficienza del 40.5%, e margine di interesse netto del 3.57%. Gli attivi totali sono cresciuti a $3.59 miliardi, con un incremento del 2.6% rispetto all'anno precedente.
I prestiti detenuti per investimenti sono aumentati di $70.1 milioni, raggiungendo i $3.16 miliardi rispetto al trimestre precedente. I depositi totali si sono attestati a $2.74 miliardi, con depositi non assicurati che rappresentano il 24.1% dei depositi totali. L'azienda ha mantenuto una forte qualità degli attivi con una riserva per perdite su crediti pari allo 0.59% dei prestiti totali.
MetroCity Bankshares (NASDAQ: MCBS) reportó un ingreso neto del cuarto trimestre de 2024 de $16.2 millones ($0.63 por acción diluida), una caída respecto a los $16.7 millones ($0.65 por acción diluida) del tercer trimestre de 2024, pero por encima de los $11.3 millones ($0.44 por acción diluida) del cuarto trimestre de 2023.
Para todo el año 2024, el ingreso neto alcanzó los $64.5 millones ($2.52 por acción diluida), un aumento del 25% en comparación con los $51.6 millones ($2.02 por acción diluida) de 2023. Las métricas clave del cuarto trimestre incluyen: retorno anualizado sobre activos promedio del 1.82%, ratio de eficiencia del 40.5%, y margen de interés neto del 3.57%. Los activos totales crecieron a $3.59 mil millones, un aumento del 2.6% en comparación con el año anterior.
Los préstamos mantenidos para inversión aumentaron en $70.1 millones a $3.16 mil millones desde el trimestre anterior. Los depósitos totales se situaron en $2.74 mil millones, con depósitos no asegurados que representan el 24.1% del total de depósitos. La empresa mantuvo una sólida calidad de activos con una reserva para pérdidas crediticias del 0.59% de los préstamos totales.
MetroCity Bankshares (NASDAQ: MCBS)는 2024년 4분기 순이익이 1,620만 달러(희석 주당 0.63달러)로 2024년 3분기의 1,670만 달러(희석 주당 0.65달러)에서 감소했지만, 2023년 4분기의 1,130만 달러(희석 주당 0.44달러)보다 증가했다고 보고했습니다.
2024년 전체 연간 순이익은 6,450만 달러(희석 주당 2.52달러)에 달했으며, 이는 2023년의 5,160만 달러(희석 주당 2.02달러)에서 25% 증가한 수치입니다. 4분기의 주요 지표로는 평균 자산에 대한 연환산 수익률 1.82%, 효율성 비율 40.5%, 순이자 마진 3.57%가 포함됩니다. 총 자산은 35억 9천만 달러로 전년 대비 2.6% 증가했습니다.
투자용으로 보유한 대출은 이전 분기 대비 7,010만 달러 증가하여 31억 6천만 달러에 이르렀습니다. 총 예금은 27억 4천만 달러로, 무보험 예금이 총 예금의 24.1%를 차지했습니다. 회사는 총 대출금의 0.59%에 해당하는 대출 손실 대비 적립금을 유지하며 강력한 자산 품질을 유지했습니다.
MetroCity Bankshares (NASDAQ: MCBS) a annoncé un bénéfice net de 16,2 millions de dollars (0,63 dollar par action diluée) pour le quatrième trimestre 2024, en baisse par rapport aux 16,7 millions de dollars (0,65 dollar par action diluée) du troisième trimestre 2024, mais en hausse par rapport aux 11,3 millions de dollars (0,44 dollar par action diluée) du quatrième trimestre 2023.
Pour l'année entière 2024, le bénéfice net a atteint 64,5 millions de dollars (2,52 dollars par action diluée), soit une augmentation de 25 % par rapport aux 51,6 millions de dollars (2,02 dollars par action diluée) de 2023. Les indicateurs clés du quatrième trimestre incluent : retour annualisé sur actifs moyens de 1,82 %, ratio d'efficacité de 40,5 %, et marge d'intérêt net de 3,57 %. Les actifs totaux ont augmenté pour atteindre 3,59 milliards de dollars, soit une hausse de 2,6 % par rapport à l'année précédente.
Les prêts détenus pour investissement ont augmenté de 70,1 millions de dollars pour atteindre 3,16 milliards de dollars par rapport au trimestre précédent. Les dépôts totaux se sont élevés à 2,74 milliards de dollars, les dépôts non assurés représentant 24,1 % du total des dépôts. L'entreprise a maintenu une bonne qualité d'actifs, avec une provision pour pertes sur créances de 0,59 % des prêts totaux.
MetroCity Bankshares (NASDAQ: MCBS) hat für das vierte Quartal 2024 einen Nettoertrag von 16,2 Millionen USD (0,63 USD pro verwässerter Aktie) gemeldet, ein Rückgang von 16,7 Millionen USD (0,65 USD pro verwässerter Aktie) im dritten Quartal 2024, jedoch eine Steigerung gegenüber 11,3 Millionen USD (0,44 USD pro verwässerter Aktie) im vierten Quartal 2023.
Für das gesamte Jahr 2024 betrug der Nettoertrag 64,5 Millionen USD (2,52 USD pro verwässerter Aktie), was einem Anstieg von 25 % gegenüber 51,6 Millionen USD (2,02 USD pro verwässerter Aktie) im Jahr 2023 entspricht. Wichtige Kennzahlen für das vierte Quartal umfassen: annualisierte Rendite auf durchschnittliche Vermögenswerte von 1,82 %, Effizienzquote von 40,5 % und Nettozinsmarge von 3,57 %. Die Gesamtsumme der Vermögenswerte wuchs auf 3,59 Milliarden USD, was einem Anstieg von 2,6 % im Vergleich zum Vorjahr entspricht.
Die für Investitionen gehaltenen Kredite stiegen um 70,1 Millionen USD auf 3,16 Milliarden USD im Vergleich zum vorherigen Quartal. Die Gesamteinlagen beliefen sich auf 2,74 Milliarden USD, wobei nicht versicherte Einlagen 24,1 % der Gesamteinlagen ausmachten. Das Unternehmen hielt eine starke Vermögensqualität mit einer Rücklage für Kreditverluste von 0,59 % der Gesamtkredite aufrecht.
- Net income increased 25% year-over-year to $64.5 million in 2024
- Loans held for investment grew by $70.1 million (2.3%) quarter-over-quarter
- Net interest margin improved to 3.57% from 3.17% year-over-year
- Efficiency ratio improved to 37.8% in 2024 from 39.9% in 2023
- Strong asset quality with net charge-offs to average loans at 0.00% for 2024
- Q4 2024 net income decreased 2.8% quarter-over-quarter to $16.2 million
- Nonperforming assets increased to 0.51% of total assets from 0.44% in Q3 2024
- Noninterest income decreased 19.6% quarter-over-quarter
- Noninterest expense increased 4.9% quarter-over-quarter
- Efficiency ratio worsened to 40.5% in Q4 2024 from 37.0% in Q3 2024
Insights
MetroCity Bankshares delivered a solid Q4 2024 performance with
Notable strengths include the bank's asset quality metrics, with minimal net charge-offs of
However, there are some concerns: nonperforming assets increased to
The bank's risk profile shows both strengths and emerging challenges. The loan portfolio growth of
Key risk indicators reveal adequate capital buffers with strong returns -
However, the uptick in nonperforming assets and declining coverage ratios suggest potential credit quality deterioration that requires close monitoring. The
Fourth Quarter 2024 Highlights:
- Annualized return on average assets was
1.82% , compared to1.86% for the third quarter of 2024 and1.29% for the fourth quarter of 2023. - Annualized return on average equity was
15.84% , compared to16.26% for the third quarter of 2024 and11.71% for the fourth quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was16.28% for the fourth quarter of 2024, compared to17.25% for the third quarter of 2024 and12.69% for the fourth quarter of 2023. - Efficiency ratio of
40.5% , compared to37.0% for the third quarter of 2024 and45.1% for the fourth quarter of 2023. - Net interest margin was
3.57% , compared to3.58% for the third quarter of 2024 and3.17% for the fourth quarter of 2023 - Loans held for investment increased by
$70.1 million 2.3% , to$3.16 billion
Full Year 2024 Highlights:
- Return on average assets was
1.81% , compared to1.50% for 2023. - Return on average equity was
16.16% , compared to14.10% for 2023. Excluding average accumulated other comprehensive income, our return on average equity was16.71% for 2024, compared to15.00% for 2023. - Efficiency ratio of
37.8% for 2024, compared to39.9% for 2023. - Net interest margin increased by 38 basis points to
3.51% from3.13% for 2023. - Total assets increased by
$91.2 million 2.6% , to$3.59 billion $3.50 billion
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 fourth quarter of 2024 was
As compared to the same period in 2023, the net interest margin for the fourth quarter of 2024 increased by 40 basis points to
Noninterest Income
Noninterest income for the fourth quarter of 2024 was
Compared to the same period in 2023, noninterest income for the fourth quarter of 2024 increased by
Noninterest income for the year ended December 31, 2024 totaled
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 totaled
Noninterest expense for the year ended December 31, 2024 totaled
The Company's efficiency ratio was
Income Tax Expense
The Company's effective tax rate for the fourth quarter of 2024 was
Balance Sheet
Total Assets
Total assets were
Our investment securities portfolio made up only
Loans
Loans held for investment were
Deposits
Total deposits were
Noninterest-bearing deposits were
Uninsured deposits were
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
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a
Forward-Looking Statements
Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this press release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this press release and could cause us to make changes to our future plans. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, changes in interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; changes in the interest rate environment, including changes to the federal funds rate, which could have an adverse effect on the Company's profitability; changes in prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from
Contacts
| |
Farid Tan | Lucas Stewart |
President | Chief Financial Officer |
770-455-4978 | 678-580-6414 |
faridtan@metrocitybank.bank | lucasstewart@metrocitybank.bank |
METROCITY BANKSHARES, INC. SELECTED FINANCIAL DATA | ||||||||||||||||||||||
As of and for the Three Months Ended | As of and for the Year Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
Selected income statement data: | ||||||||||||||||||||||
Interest income | $ | 52,614 | $ | 53,833 | $ | 54,108 | $ | 52,358 | $ | 50,671 | $ | 212,913 | $ | 192,827 | ||||||||
Interest expense | 22,554 | 23,544 | 23,396 | 25,273 | 24,549 | 94,767 | 91,348 | |||||||||||||||
Net interest income | 30,060 | 30,289 | 30,712 | 27,085 | 26,122 | 118,146 | 101,479 | |||||||||||||||
Provision for credit losses | 202 | 582 | (128) | (140) | 782 | 516 | (15) | |||||||||||||||
Noninterest income | 5,321 | 6,615 | 5,559 | 5,568 | 4,712 | 23,063 | 18,204 | |||||||||||||||
Noninterest expense | 14,326 | 13,660 | 13,032 | 12,361 | 13,915 | 53,379 | 47,726 | |||||||||||||||
Income tax expense | 4,618 | 5,961 | 6,430 | 5,801 | 4,790 | 22,810 | 20,359 | |||||||||||||||
Net income | 16,235 | 16,701 | 16,937 | 14,631 | 11,347 | 64,504 | 51,613 | |||||||||||||||
Per share data: | ||||||||||||||||||||||
Basic income per share | $ | 0.64 | $ | 0.66 | $ | 0.67 | $ | 0.58 | $ | 0.45 | $ | 2.55 | $ | 2.05 | ||||||||
Diluted income per share | $ | 0.63 | $ | 0.65 | $ | 0.66 | $ | 0.57 | $ | 0.44 | $ | 2.52 | $ | 2.02 | ||||||||
Dividends per share | $ | 0.23 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.18 | $ | 0.83 | $ | 0.72 | ||||||||
Book value per share (at period end) | $ | 16.59 | $ | 16.07 | $ | 16.08 | $ | 15.73 | $ | 15.14 | $ | 16.59 | $ | 15.14 | ||||||||
Shares of common stock outstanding | 25,402,782 | 25,331,916 | 25,331,916 | 25,205,506 | 25,205,506 | 25,402,782 | 25,205,506 | |||||||||||||||
Weighted average diluted shares | 25,659,483 | 25,674,858 | 25,568,333 | 25,548,089 | 25,543,861 | 25,582,121 | 25,518,516 | |||||||||||||||
Performance ratios: | ||||||||||||||||||||||
Return on average assets | 1.82 | % | 1.86 | % | 1.89 | % | 1.65 | % | 1.29 | % | 1.81 | % | 1.50 | % | ||||||||
Return on average equity | 15.84 | 16.26 | 17.10 | 15.41 | 11.71 | 16.16 | 14.10 | |||||||||||||||
Dividend payout ratio | 36.18 | 30.58 | 30.03 | 34.77 | 40.36 | 32.80 | 35.43 | |||||||||||||||
Yield on total loans | 6.31 | 6.43 | 6.46 | 6.34 | 6.11 | 6.38 | 5.97 | |||||||||||||||
Yield on average earning assets | 6.25 | 6.36 | 6.45 | 6.27 | 6.14 | 6.33 | 5.94 | |||||||||||||||
Cost of average interest bearing liabilities | 3.55 | 3.69 | 3.68 | 3.94 | 3.91 | 3.72 | 3.73 | |||||||||||||||
Cost of deposits | 3.45 | 3.61 | 3.63 | 3.97 | 3.95 | 3.67 | 3.85 | |||||||||||||||
Net interest margin | 3.57 | 3.58 | 3.66 | 3.24 | 3.17 | 3.51 | 3.13 | |||||||||||||||
Efficiency ratio(1) | 40.49 | 37.01 | 35.93 | 37.86 | 45.13 | 37.80 | 39.88 | |||||||||||||||
Asset quality data (at period end): | ||||||||||||||||||||||
Net charge-offs/(recoveries) to average loans held for investment | 0.01 | % | 0.00 | % | (0.01) | % | (0.00) | % | 0.04 | % | 0.00 | % | 0.02 | % | ||||||||
Nonperforming assets to gross loans held for investment and OREO | 0.58 | 0.51 | 0.47 | 0.47 | 0.51 | 0.58 | 0.51 | |||||||||||||||
ACL to nonperforming loans | 104.08 | 129.85 | 138.11 | 135.23 | 123.36 | 104.08 | 123.36 | |||||||||||||||
ACL to loans held for investment | 0.59 | 0.60 | 0.58 | 0.58 | 0.57 | 0.59 | 0.57 | |||||||||||||||
Balance sheet and capital ratios: | ||||||||||||||||||||||
Gross loans held for investment to deposits | 115.66 | % | 113.67 | % | 112.85 | % | 111.03 | % | 115.38 | % | 115.66 | % | 115.38 | % | ||||||||
Noninterest bearing deposits to deposits | 19.60 | 20.29 | 20.54 | 19.43 | 18.75 | 19.60 | 18.75 | |||||||||||||||
Investment securities to assets | 0.77 | 0.81 | 0.78 | 0.78 | 0.82 | 0.77 | 0.82 | |||||||||||||||
Common equity to assets | 11.72 | 11.41 | 11.26 | 10.87 | 10.89 | 11.72 | 10.89 | |||||||||||||||
Leverage ratio | 11.42 | 11.12 | 10.75 | 10.27 | 10.20 | 11.42 | 10.20 | |||||||||||||||
Common equity tier 1 ratio | 19.17 | 19.08 | 18.25 | 16.96 | 16.73 | 19.17 | 16.73 | |||||||||||||||
Tier 1 risk-based capital ratio | 19.17 | 19.08 | 18.25 | 16.96 | 16.73 | 19.17 | 16.73 | |||||||||||||||
Total risk-based capital ratio | 20.05 | 19.98 | 19.12 | 17.81 | 17.60 | 20.05 | 17.60 | |||||||||||||||
Mortgage and SBA loan data: | ||||||||||||||||||||||
Mortgage loans serviced for others | $ | 527,039 | $ | 556,442 | $ | 529,823 | $ | 443,905 | $ | 443,072 | $ | 527,039 | $ | 443,072 | ||||||||
Mortgage loan production | 103,250 | 122,355 | 94,056 | 94,016 | 128,931 | 413,677 | 336,987 | |||||||||||||||
Mortgage loan sales | — | 54,193 | 111,424 | 21,873 | — | 187,490 | — | |||||||||||||||
SBA/USDA loans serviced for others | 479,669 | 487,359 | 486,051 | 516,425 | 508,000 | 479,669 | 508,000 | |||||||||||||||
SBA loan production | 35,730 | 35,839 | 8,297 | 10,949 | 27,529 | 90,815 | 88,090 | |||||||||||||||
SBA loan sales | 19,236 | 28,858 | — | 24,065 | — | 72,159 | 71,925 | |||||||||||||||
______________________________________ |
(1) Represents noninterest expense divided by the sum of net interest income plus noninterest income. |
METROCITY BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||||||||
As of the Quarter Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
(Dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 236,338 | $ | 278,752 | $ | 325,026 | $ | 254,331 | $ | 142,152 | |||||
Federal funds sold | 13,537 | 12,462 | 2,833 | 4,505 | 2,653 | ||||||||||
Cash and cash equivalents | 249,875 | 291,214 | 327,859 | 258,836 | 144,805 | ||||||||||
Equity securities | 10,300 | 10,568 | 10,276 | 10,288 | 10,335 | ||||||||||
Securities available for sale (at fair value) | 17,391 | 18,206 | 17,825 | 18,057 | 18,493 | ||||||||||
Loans held for investment | 3,157,935 | 3,087,826 | 3,090,498 | 3,115,871 | 3,142,105 | ||||||||||
Allowance for credit losses | (18,744) | (18,589) | (17,960) | (17,982) | (18,112) | ||||||||||
Loans less allowance for credit losses | 3,139,191 | 3,069,237 | 3,072,538 | 3,097,889 | 3,123,993 | ||||||||||
Loans held for sale | — | 4,598 | — | 72,610 | 22,267 | ||||||||||
Accrued interest receivable | 15,858 | 15,667 | 15,286 | 15,686 | 15,125 | ||||||||||
Federal Home Loan Bank stock | 20,251 | 20,251 | 20,251 | 19,063 | 17,846 | ||||||||||
Premises and equipment, net | 18,276 | 18,158 | 18,160 | 18,081 | 18,132 | ||||||||||
Operating lease right-of-use asset | 7,850 | 7,171 | 7,599 | 8,030 | 8,472 | ||||||||||
Foreclosed real estate, net | 427 | 1,515 | 1,452 | 1,452 | 1,466 | ||||||||||
SBA servicing asset, net | 7,274 | 7,309 | 7,108 | 7,611 | 7,251 | ||||||||||
Mortgage servicing asset, net | 1,409 | 1,296 | 1,454 | 937 | 1,273 | ||||||||||
Bank owned life insurance | 73,285 | 72,670 | 72,061 | 71,492 | 70,957 | ||||||||||
Interest rate derivatives | 21,790 | 18,895 | 36,196 | 38,682 | 31,781 | ||||||||||
Other assets | 10,868 | 12,451 | 7,305 | 8,505 | 10,627 | ||||||||||
Total assets | $ | 3,594,045 | $ | 3,569,206 | $ | 3,615,370 | $ | 3,647,219 | $ | 3,502,823 | |||||
LIABILITIES | |||||||||||||||
Noninterest-bearing deposits | $ | 536,276 | $ | 552,472 | $ | 564,076 | $ | 546,760 | $ | 512,045 | |||||
Interest-bearing deposits | 2,200,522 | 2,170,648 | 2,181,784 | 2,267,098 | 2,218,891 | ||||||||||
Total deposits | 2,736,798 | 2,723,120 | 2,745,860 | 2,813,858 | 2,730,936 | ||||||||||
Federal Home Loan Bank advances | 375,000 | 375,000 | 375,000 | 350,000 | 325,000 | ||||||||||
Operating lease liability | 7,940 | 7,295 | 7,743 | 8,189 | 8,651 | ||||||||||
Accrued interest payable | 3,498 | 3,593 | 3,482 | 3,059 | 4,133 | ||||||||||
Other liabilities | 49,456 | 53,013 | 76,057 | 75,509 | 52,586 | ||||||||||
Total liabilities | $ | 3,172,692 | $ | 3,162,021 | $ | 3,208,142 | $ | 3,250,615 | $ | 3,121,306 | |||||
SHAREHOLDERS' EQUITY | |||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||
Common stock | 254 | 253 | 253 | 252 | 252 | ||||||||||
Additional paid-in capital | 49,216 | 47,481 | 46,644 | 46,105 | 45,699 | ||||||||||
Retained earnings | 358,704 | 348,343 | 336,749 | 324,900 | 315,356 | ||||||||||
Accumulated other comprehensive income | 13,179 | 11,108 | 23,582 | 25,347 | 20,210 | ||||||||||
Total shareholders' equity | 421,353 | 407,185 | 407,228 | 396,604 | 381,517 | ||||||||||
Total liabilities and shareholders' equity | $ | 3,594,045 | $ | 3,569,206 | $ | 3,615,370 | $ | 3,647,219 | $ | 3,502,823 | |||||
METROCITY BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |||||||||||||||
(Dollars in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
Interest and dividend income: | |||||||||||||||||||||
Loans, including fees | $ | 49,790 | $ | 50,336 | $ | 50,527 | $ | 50,117 | $ | 47,367 | $ | 200,770 | $ | 181,883 | |||||||
Other investment income | 2,663 | 3,417 | 3,547 | 2,211 | 3,267 | 11,838 | 10,767 | ||||||||||||||
Federal funds sold | 161 | 80 | 34 | 30 | 37 | 305 | 177 | ||||||||||||||
Total interest income | 52,614 | 53,833 | 54,108 | 52,358 | 50,671 | 212,913 | 192,827 | ||||||||||||||
Interest expense: | |||||||||||||||||||||
Deposits | 18,618 | 19,602 | 19,735 | 22,105 | 21,691 | 80,060 | 80,607 | ||||||||||||||
FHLB advances and other borrowings | 3,936 | 3,942 | 3,661 | 3,168 | 2,858 | 14,707 | 10,741 | ||||||||||||||
Total interest expense | 22,554 | 23,544 | 23,396 | 25,273 | 24,549 | 94,767 | 91,348 | ||||||||||||||
Net interest income | 30,060 | 30,289 | 30,712 | 27,085 | 26,122 | 118,146 | 101,479 | ||||||||||||||
Provision for credit losses | 202 | 582 | (128) | (140) | 782 | 516 | (15) | ||||||||||||||
Net interest income after provision for loan losses | 29,858 | 29,707 | 30,840 | 27,225 | 25,340 | 117,630 | 101,494 | ||||||||||||||
Noninterest income: | |||||||||||||||||||||
Service charges on deposit accounts | 563 | 531 | 532 | 447 | 515 | 2,073 | 1,918 | ||||||||||||||
Other service charges, commissions and fees | 1,748 | 1,915 | 1,573 | 1,612 | 2,039 | 6,848 | 5,657 | ||||||||||||||
Gain on sale of residential mortgage loans | — | 526 | 1,177 | 222 | — | 1,914 | — | ||||||||||||||
Mortgage servicing income, net | 690 | 422 | 1,107 | 229 | 39 | 2,448 | (193) | ||||||||||||||
Gain on sale of SBA loans | 811 | 1,083 | — | 1,051 | — | 2,945 | 3,299 | ||||||||||||||
SBA servicing income, net | 956 | 1,231 | 560 | 1,496 | 1,324 | 4,243 | 4,796 | ||||||||||||||
Other income | 553 | 907 | 610 | 511 | 795 | 2,592 | 2,727 | ||||||||||||||
Total noninterest income | 5,321 | 6,615 | 5,559 | 5,568 | 4,712 | 23,063 | 18,204 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||||
Salaries and employee benefits | 9,277 | 8,512 | 8,048 | 7,370 | 8,971 | 33,207 | 29,304 | ||||||||||||||
Occupancy | 1,406 | 1,430 | 1,334 | 1,354 | 1,368 | 5,524 | 4,893 | ||||||||||||||
Data Processing | 335 | 311 | 353 | 294 | 301 | 1,293 | 1,229 | ||||||||||||||
Advertising | 160 | 145 | 157 | 172 | 160 | 634 | 614 | ||||||||||||||
Other expenses | 3,148 | 3,262 | 3,140 | 3,171 | 3,115 | 12,721 | 11,686 | ||||||||||||||
Total noninterest expense | 14,326 | 13,660 | 13,032 | 12,361 | 13,915 | 53,379 | 47,726 | ||||||||||||||
Income before provision for income taxes | 20,853 | 22,662 | 23,367 | 20,432 | 16,137 | 87,314 | 71,972 | ||||||||||||||
Provision for income taxes | 4,618 | 5,961 | 6,430 | 5,801 | 4,790 | 22,810 | 20,359 | ||||||||||||||
Net income available to common shareholders | $ | 16,235 | $ | 16,701 | $ | 16,937 | $ | 14,631 | $ | 11,347 | $ | 64,504 | $ | 51,613 | |||||||
METROCITY BANKSHARES, INC. QTD AVERAGE BALANCES AND YIELDS/RATES | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||||||
Average | Interest and | Yield / | Average | Interest and | Yield / | Average | Interest and | Yield / | |||||||||||||||||
(Dollars in thousands) | Balance | Fees | Rate | Balance | Fees | Rate | Balance | Fees | Rate | ||||||||||||||||
Earning Assets: | |||||||||||||||||||||||||
Federal funds sold and other investments(1) | $ | 180,628 | $ | 2,560 | 5.64 | % | $ | 220,826 | $ | 3,308 | 5.96 | % | $ | 165,877 | $ | 2,938 | 7.03 | % | |||||||
Investment securities | 31,208 | 264 | 3.37 | 31,309 | 189 | 2.40 | 31,685 | 366 | 4.58 | ||||||||||||||||
Total investments | 211,836 | 2,824 | 5.30 | 252,135 | 3,497 | 5.52 | 197,562 | 3,304 | 6.64 | ||||||||||||||||
Construction and development | 17,974 | 384 | 8.50 | 14,170 | 302 | 8.48 | 18,002 | 344 | 7.58 | ||||||||||||||||
Commercial real estate | 757,937 | 16,481 | 8.65 | 740,720 | 17,132 | 9.20 | 664,570 | 14,934 | 8.92 | ||||||||||||||||
Commercial and industrial | 73,468 | 1,703 | 9.22 | 64,584 | 1,593 | 9.81 | 59,465 | 1,473 | 9.83 | ||||||||||||||||
Residential real estate | 2,287,731 | 31,172 | 5.42 | 2,295,573 | 31,267 | 5.42 | 2,333,247 | 30,577 | 5.20 | ||||||||||||||||
Consumer and other | 282 | 50 | 70.54 | 394 | 42 | 42.41 | 258 | 39 | 59.97 | ||||||||||||||||
Gross loans(2) | 3,137,392 | 49,790 | 6.31 | 3,115,441 | 50,336 | 6.43 | 3,075,542 | 47,367 | 6.11 | ||||||||||||||||
Total earning assets | 3,349,228 | 52,614 | 6.25 | 3,367,576 | 53,833 | 6.36 | 3,273,104 | 50,671 | 6.14 | ||||||||||||||||
Noninterest-earning assets | 192,088 | 207,093 | 223,630 | ||||||||||||||||||||||
Total assets | 3,541,316 | 3,574,669 | 3,496,734 | ||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
NOW and savings deposits | 133,728 | 685 | 2.04 | 119,759 | 770 | 2.56 | 133,765 | 396 | 1.17 | ||||||||||||||||
Money market deposits | 991,207 | 6,347 | 2.55 | 982,517 | 6,156 | 2.49 | 1,051,797 | 10,609 | 4.00 | ||||||||||||||||
Time deposits | 1,025,049 | 11,586 | 4.50 | 1,057,956 | 12,676 | 4.77 | 991,416 | 10,686 | 4.28 | ||||||||||||||||
Total interest-bearing deposits | 2,149,984 | 18,618 | 3.45 | 2,160,232 | 19,602 | 3.61 | 2,176,978 | 21,691 | 3.95 | ||||||||||||||||
Borrowings | 375,000 | 3,936 | 4.18 | 375,677 | 3,942 | 4.17 | 314,682 | 2,858 | 3.60 | ||||||||||||||||
Total interest-bearing liabilities | 2,524,984 | 22,554 | 3.55 | 2,535,909 | 23,544 | 3.69 | 2,491,660 | 24,549 | 3.91 | ||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||
Noninterest-bearing deposits | 533,931 | 542,939 | 530,935 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 74,696 | 87,156 | 89,615 | ||||||||||||||||||||||
Total noninterest-bearing liabilities | 608,627 | 630,095 | 620,550 | ||||||||||||||||||||||
Shareholders' equity | 407,705 | 408,665 | 384,524 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,541,316 | $ | 3,574,669 | $ | 3,496,734 | |||||||||||||||||||
Net interest income | $ | 30,060 | $ | 30,289 | $ | 26,122 | |||||||||||||||||||
Net interest spread | 2.70 | 2.67 | 2.23 | ||||||||||||||||||||||
Net interest margin | 3.57 | 3.58 | 3.17 | ||||||||||||||||||||||
______________________________________ | |
(1) | Includes income and average balances for term federal funds sold, interest-earning cash accounts and other miscellaneous interest-earning assets. |
(2) | Average loan balances include nonaccrual loans and loans held for sale. |
METROCITY BANKSHARES, INC. YTD AVERAGE BALANCES AND YIELDS/RATES | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Average | Interest and | Yield / | Average | Interest and | Yield / | ||||||||||||
(Dollars in thousands) | Balance | Fees | Rate | Balance | Fees | Rate | |||||||||||
Earning Assets: | |||||||||||||||||
Federal funds sold and other investments(1) | $ | 185,696 | $ | 11,289 | 6.08 | % | $ | 167,024 | $ | 9,995 | 5.98 | % | |||||
Investment securities | 31,373 | 854 | 2.72 | 32,330 | 949 | 2.94 | |||||||||||
Total investments | 217,069 | 12,143 | 5.59 | 199,354 | 10,944 | 5.49 | |||||||||||
Construction and development | 17,148 | 1,511 | 8.81 | 31,955 | 1,864 | 5.83 | |||||||||||
Commercial real estate | 738,200 | 66,751 | 9.04 | 659,432 | 57,710 | 8.75 | |||||||||||
Commercial and industrial | 67,964 | 6,597 | 9.71 | 54,100 | 5,110 | 9.45 | |||||||||||
Residential real estate | 2,321,075 | 125,737 | 5.42 | 2,299,246 | 117,071 | 5.09 | |||||||||||
Consumer and other | 304 | 174 | 57.24 | 195 | 128 | 65.64 | |||||||||||
Gross loans(2) | 3,144,691 | 200,770 | 6.38 | 3,044,928 | 181,883 | 5.97 | |||||||||||
Total earning assets | 3,361,760 | 212,913 | 6.33 | 3,244,282 | 192,827 | 5.94 | |||||||||||
Noninterest-earning assets | 209,058 | 198,938 | |||||||||||||||
Total assets | 3,570,818 | 3,443,220 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
NOW and savings deposits | 138,827 | 3,537 | 2.55 | 146,543 | 2,264 | 1.54 | |||||||||||
Money market deposits | 1,012,309 | 28,331 | 2.80 | 1,006,360 | 42,347 | 4.21 | |||||||||||
Time deposits | 1,031,942 | 48,192 | 4.67 | 940,911 | 35,996 | 3.83 | |||||||||||
Total interest-bearing deposits | 2,183,078 | 80,060 | 3.67 | 2,093,814 | 80,607 | 3.85 | |||||||||||
Borrowings | 365,990 | 14,707 | 4.02 | 353,149 | 10,741 | 3.04 | |||||||||||
Total interest-bearing liabilities | 2,549,068 | 94,767 | 3.72 | 2,446,963 | 91,348 | 3.73 | |||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||
Noninterest-bearing deposits | 536,084 | 555,840 | |||||||||||||||
Other noninterest-bearing liabilities | 86,496 | 74,254 | |||||||||||||||
Total noninterest-bearing liabilities | 622,580 | 630,094 | |||||||||||||||
Shareholders' equity | 399,170 | 366,163 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 3,570,818 | $ | 3,443,220 | |||||||||||||
Net interest income | $ | 118,146 | $ | 101,479 | |||||||||||||
Net interest spread | 2.61 | 2.21 | |||||||||||||||
Net interest margin | 3.51 | 3.13 | |||||||||||||||
METROCITY BANKSHARES, INC. LOAN DATA | ||||||||||||||||||||||||||
As of the Quarter Ended | ||||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
% of | % of | % of | % of | % of | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Total | Amount | Total | Amount | Total | Amount | Total | Amount | Total | ||||||||||||||||
Construction and development | $ | 21,569 | 0.7 | % | $ | 16,539 | 0.5 | % | $ | 13,564 | 0.4 | % | $ | 27,762 | 0.9 | % | $ | 23,262 | 0.7 | % | ||||||
Commercial real estate | 762,033 | 24.1 | 738,929 | 23.9 | 733,845 | 23.7 | 724,263 | 23.2 | 711,177 | 22.6 | ||||||||||||||||
Commercial and industrial | 78,220 | 2.5 | 63,606 | 2.1 | 68,300 | 2.2 | 68,560 | 2.2 | 65,904 | 2.1 | ||||||||||||||||
Residential real estate | 2,303,234 | 72.7 | 2,276,210 | 73.5 | 2,282,630 | 73.7 | 2,303,400 | 73.7 | 2,350,299 | 74.6 | ||||||||||||||||
Consumer and other | 260 | — | 215 | — | 230 | — | 247 | — | 319 | — | ||||||||||||||||
Gross loans held for investment | $ | 3,165,316 | 100.0 | % | $ | 3,095,499 | 100.0 | % | $ | 3,098,569 | 100.0 | % | $ | 3,124,232 | 100.0 | % | $ | 3,150,961 | 100.0 | % | ||||||
Unearned income | (7,381) | (7,673) | (8,071) | (8,361) | (8,856) | |||||||||||||||||||||
Allowance for credit losses | (18,744) | (18,589) | (17,960) | (17,982) | (18,112) | |||||||||||||||||||||
Net loans held for investment | $ | 3,139,191 | $ | 3,069,237 | $ | 3,072,538 | $ | 3,097,889 | $ | 3,123,993 | ||||||||||||||||
METROCITY BANKSHARES, INC. NONPERFORMING ASSETS | ||||||||||||||||
As of the Quarter Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||
(Dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||
Nonaccrual loans | $ | 18,010 | $ | 14,316 | $ | 13,004 | $ | 13,297 | $ | 14,682 | ||||||
Past due loans 90 days or more and still accruing | — | — | — | — | — | |||||||||||
Total non-performing loans | 18,010 | 14,316 | 13,004 | 13,297 | 14,682 | |||||||||||
Other real estate owned | 427 | 1,515 | 1,452 | 1,452 | 1,466 | |||||||||||
Total non-performing assets | $ | 18,437 | $ | 15,831 | $ | 14,456 | $ | 14,749 | $ | 16,148 | ||||||
Nonperforming loans to gross loans held for investment | 0.57 | % | 0.46 | % | 0.42 | % | 0.43 | % | 0.47 | % | ||||||
Nonperforming assets to total assets | 0.51 | 0.44 | 0.40 | 0.40 | 0.46 | |||||||||||
Allowance for credit losses to non-performing loans | 104.08 | 129.85 | 138.11 | 135.23 | 123.36 | |||||||||||
METROCITY BANKSHARES, INC. ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||
As of and for the Three Months Ended | As of and for the Year Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||
(Dollars in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
Balance, beginning of period | $ | 18,589 | $ | 17,960 | $ | 17,982 | $ | 18,112 | $ | 17,660 | $ | 18,112 | $ | 13,888 | ||||||||
Net charge-offs/(recoveries): | ||||||||||||||||||||||
Construction and development | — | — | — | — | — | — | — | |||||||||||||||
Commercial real estate | — | — | (82) | (1) | 224 | (83) | 450 | |||||||||||||||
Commercial and industrial | 99 | 24 | (1) | (3) | 85 | 119 | 289 | |||||||||||||||
Residential real estate | — | — | — | — | — | — | — | |||||||||||||||
Consumer and other | — | — | — | — | — | — | — | |||||||||||||||
Total net charge-offs/(recoveries) | 99 | 24 | (83) | (4) | 309 | 36 | 739 | |||||||||||||||
Adoption of ASU 2016-13 (CECL) | — | — | — | — | — | — | 5,055 | |||||||||||||||
Provision for loan losses | 254 | 653 | (105) | (134) | 761 | 668 | (92) | |||||||||||||||
Balance, end of period | $ | 18,744 | $ | 18,589 | $ | 17,960 | $ | 17,982 | $ | 18,112 | $ | 18,744 | $ | 18,112 | ||||||||
Total loans at end of period(1) | $ | 3,165,316 | $ | 3,095,499 | $ | 3,098,569 | $ | 3,124,232 | $ | 3,150,961 | $ | 3,165,316 | $ | 3,150,961 | ||||||||
Average loans(1) | $ | 3,135,093 | $ | 3,115,441 | $ | 3,108,303 | $ | 3,134,286 | $ | 3,064,409 | $ | 3,125,389 | $ | 3,039,361 | ||||||||
Net charge-offs/(recoveries) to average loans | 0.01 | % | 0.00 | % | (0.01) | % | (0.00) | % | 0.04 | % | 0.00 | % | 0.02 | % | ||||||||
Allowance for loan losses to total loans | 0.59 | 0.60 | 0.58 | 0.58 | 0.57 | 0.59 | 0.57 | |||||||||||||||
______________________________________ |
(1) Excludes loans held for sale. |
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SOURCE MetroCity Bankshares, Inc.
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