$MCBS
Metrocity Bankshares Inc

2023 Q2 Form 10-Q Financial Statement

#000174706823000032 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $705.0K
YoY Change -30.17% 0.71%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $22.51M $19.73M
YoY Change 702.57% 1417.85%
% of Operating Profit
Other Income/Expense, Net $2.874M $2.678M
YoY Change -20.23% -21.9%
Pretax Income $18.61M $21.57M
YoY Change -14.44% -17.12%
Income Tax $5.505M $5.840M
% Of Pretax Income 29.58% 27.07%
Net Earnings $13.11M $15.73M
YoY Change -18.58% -19.04%
Net Earnings / Revenue
Basic Earnings Per Share $0.52 $0.63
Diluted Earnings Per Share $0.51 $0.62
COMMON SHARES
Basic Shares Outstanding 25.14M 25.14M
Diluted Shares Outstanding 25.48M 25.41M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $273.1M $234.5M
YoY Change 16.77% -46.19%
Cash & Equivalents $262.7M $224.1M
Short-Term Investments $10.40M $10.40M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.37M $15.17M
YoY Change 27.45% 18.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.475B $3.419B
YoY Change 9.7% 8.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $3.681M
YoY Change 454.77% 1740.5%
Accrued Expenses $8.000M $8.438M
YoY Change -11.42% -10.23%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.90M $12.12M
YoY Change 22.25% 26.24%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $387.0K
YoY Change 0.25% -3.25%
Other Long-Term Liabilities $66.20M $34.45M
YoY Change 5.68% -42.29%
Total Long-Term Liabilities $66.60M $34.84M
YoY Change 5.65% -42.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.90M $12.12M
Total Long-Term Liabilities $66.60M $34.84M
Total Liabilities $3.102B $3.066B
YoY Change 9.04% 8.27%
SHAREHOLDERS EQUITY
Retained Earnings $301.8M $293.1M
YoY Change 13.26% 15.33%
Common Stock $253.0K $251.0K
YoY Change -0.78% -1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $373.2M $353.0M
YoY Change
Total Liabilities & Shareholders Equity $3.475B $3.419B
YoY Change 9.7% 8.81%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $13.11M $15.73M
YoY Change -18.58% -19.04%
Depreciation, Depletion And Amortization $500.0K $705.0K
YoY Change -30.17% 0.71%
Cash From Operating Activities $47.20M $25.53M
YoY Change -8.02% -72.96%
INVESTING ACTIVITIES
Capital Expenditures $1.400M $1.162M
YoY Change -512.98% 4369.23%
Acquisitions
YoY Change
Other Investing Activities -$6.900M $48.04M
YoY Change -97.31% -145.23%
Cash From Investing Activities -$8.400M $46.88M
YoY Change -96.73% -144.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -27.83M
YoY Change -105.25% 485.38%
NET CHANGE
Cash From Operating Activities 47.20M 25.53M
Cash From Investing Activities -8.400M 46.88M
Cash From Financing Activities -200.0K -27.83M
Net Change In Cash 38.60M 44.58M
YoY Change -119.15% -368.39%
FREE CASH FLOW
Cash From Operating Activities $47.20M $25.53M
Capital Expenditures $1.400M $1.162M
Free Cash Flow $45.80M $24.37M
YoY Change -11.34% -74.18%

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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Unrealized Gain Loss On Investments
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CY2022Q1 us-gaap Unrealized Gain Loss On Investments
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
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CY2022Q1 us-gaap Gains Losses On Sales Of Other Real Estate
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CY2022Q1 us-gaap Proceeds From Sale Of Other Loans Held For Sale
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CY2022Q1 mcbs Gain Loss On Sale Of Residential Mortgages
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CY2023Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
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CY2022Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
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CY2023Q1 mcbs Proceeds From Sales Of Sba Loans Held For Sale
ProceedsFromSalesOfSbaLoansHeldForSale
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CY2022Q1 mcbs Proceeds From Sales Of Sba Loans Held For Sale
ProceedsFromSalesOfSbaLoansHeldForSale
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CY2023Q1 mcbs Gain Loss On Sale Of Sba Loans
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CY2022Q1 mcbs Gain Loss On Sale Of Sba Loans
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CY2022Q1 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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CY2022Q1 mcbs Increase Decrease In Sba Servicing Rights
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CY2023Q1 mcbs Increase Decrease In Mortgage Servicing Rights
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CY2022Q1 mcbs Increase Decrease In Mortgage Servicing Rights
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CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2022Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2023Q1 us-gaap Financing Receivable Nonaccrual No Allowance
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CY2022Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisSecuritiesGainLossIncludedInEarnings
0
CY2022Q1 mcbs Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Purchases Sales Or Transfers Ne
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisPurchasesSalesOrTransfersNe
0
CY2023Q1 mcbs Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Purchases Sales Or Transfers Ne
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisPurchasesSalesOrTransfersNe
0
CY2021 mcbs Capital Conservation Buffer Percentage
CapitalConservationBufferPercentage
0.0250
CY2023Q1 us-gaap Capital
Capital
349829000
CY2023Q1 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1751
CY2023Q1 mcbs Capital Required For Capital Adequacy Including Buffer
CapitalRequiredForCapitalAdequacyIncludingBuffer
209801000
CY2023Q1 mcbs Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.105
CY2023Q1 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
330643000
CY2023Q1 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1655
CY2023Q1 mcbs Tier One Risk Based Capital Required For Capital Adequacy Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyIncludingBuffer
169839000
CY2023Q1 mcbs Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.085
CY2023Q1 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
330643000
CY2023Q1 mcbs Common Equity Tier One Capital To Risk Weighted Assets
CommonEquityTierOneCapitalToRiskWeightedAssets
0.1655
CY2023Q1 mcbs Common Equity Tier One Capital Required For Capital Adequacy Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyIncludingBuffer
139867000
CY2023Q1 mcbs Common Equity Tier One Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.070
CY2023Q1 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
330643000
CY2023Q1 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.0972
CY2023Q1 mcbs Tier One Leverage Capital Required For Capital Adequacy Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyIncludingBuffer
136114000
CY2023Q1 mcbs Tier One Leverage Capital Required For Capital Adequacy To Average Assets Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssetsIncludingBuffer
0.040
CY2022Q4 us-gaap Capital
Capital
338185000
CY2022Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1668
CY2022Q4 mcbs Capital Required For Capital Adequacy Including Buffer
CapitalRequiredForCapitalAdequacyIncludingBuffer
212932000
CY2022Q4 mcbs Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.105
CY2022Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
324297000
CY2022Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1599
CY2022Q4 mcbs Tier One Risk Based Capital Required For Capital Adequacy Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyIncludingBuffer
172374000
CY2022Q4 mcbs Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.085
CY2022Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
324297000
CY2022Q4 mcbs Common Equity Tier One Capital To Risk Weighted Assets
CommonEquityTierOneCapitalToRiskWeightedAssets
0.1599
CY2022Q4 mcbs Common Equity Tier One Capital Required For Capital Adequacy Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyIncludingBuffer
141955000
CY2022Q4 mcbs Common Equity Tier One Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.070
CY2022Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
324297000
CY2022Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.0957
CY2022Q4 mcbs Tier One Leverage Capital Required For Capital Adequacy Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyIncludingBuffer
135485000
CY2022Q4 mcbs Tier One Leverage Capital Required For Capital Adequacy To Average Assets Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssetsIncludingBuffer
0.040
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15730000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
19429000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25144683
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25465236
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15730000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
19429000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25144683
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25465236
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
261172
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
253799
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25405855
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25719035
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0

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