$MCBS
MetroCity Bankshares, Inc.

2024 Q2 Form 10-Q Financial Statement

#000174706824000024 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 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 $722.0K $752.0K
YoY Change 44.4% 6.67%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $23.40M $25.27M
YoY Change 3.93% 28.08%
% of Operating Profit
Other Income/Expense, Net $3.140M $3.171M
YoY Change 9.26% 18.41%
Pretax Income $23.37M $20.43M
YoY Change 25.54% -5.28%
Income Tax $6.430M $5.801M
% Of Pretax Income 27.52% 28.39%
Net Earnings $16.94M $14.63M
YoY Change 29.21% -6.99%
Net Earnings / Revenue
Basic Earnings Per Share $0.67 $0.58
Diluted Earnings Per Share $0.66 $0.57
COMMON SHARES
Basic Shares Outstanding 25.21M 25.21M
Diluted Shares Outstanding 25.57M 25.55M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $338.2M $269.1M
YoY Change 23.81% 14.79%
Cash & Equivalents $327.9M $258.8M
Short-Term Investments $10.30M $10.30M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $25.76M $26.11M
YoY Change 57.32% 72.18%
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 $3.615B $3.647B
YoY Change 4.04% 6.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.482M $3.059M
YoY Change -10.72% -16.9%
Accrued Expenses $7.743M $8.189M
YoY Change -3.21% -2.95%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.23M $11.25M
YoY Change -5.67% -7.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $76.06M $75.51M
YoY Change 14.89% 119.17%
Total Long-Term Liabilities $76.06M $75.51M
YoY Change 14.2% 116.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.23M $11.25M
Total Long-Term Liabilities $76.06M $75.51M
Total Liabilities $3.208B $3.251B
YoY Change 3.42% 6.02%
SHAREHOLDERS EQUITY
Retained Earnings $336.7M $324.9M
YoY Change 11.6% 10.83%
Common Stock $253.0K $252.0K
YoY Change 0.0% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $407.2M $396.6M
YoY Change
Total Liabilities & Shareholders Equity $3.615B $3.647B
YoY Change 4.04% 6.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $16.94M $14.63M
YoY Change 29.21% -6.99%
Depreciation, Depletion And Amortization $722.0K $752.0K
YoY Change 44.4% 6.67%
Cash From Operating Activities $19.36M $36.36M
YoY Change -58.98% 42.4%
INVESTING ACTIVITIES
Capital Expenditures $354.0K $243.0K
YoY Change -74.71% -79.09%
Acquisitions
YoY Change
Other Investing Activities $98.07M -$24.97M
YoY Change -1521.23% -151.97%
Cash From Investing Activities $97.71M -$25.21M
YoY Change -1263.23% -153.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.05M 102.9M
YoY Change 23924.5% -469.69%
NET CHANGE
Cash From Operating Activities 19.36M 36.36M
Cash From Investing Activities 97.71M -25.21M
Cash From Financing Activities -48.05M 102.9M
Net Change In Cash 69.02M 114.0M
YoY Change 78.82% 155.8%
FREE CASH FLOW
Cash From Operating Activities $19.36M $36.36M
Capital Expenditures $354.0K $243.0K
Free Cash Flow $19.01M $36.12M
YoY Change -58.5% 48.19%

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CY2024Q1 mcbs Writedown Of Foreclosed Real Estate
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ProceedsFromSalesOfSbaLoansHeldForSale
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisSecuritiesGainLossIncludedInEarnings
0
CY2024Q1 mcbs Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Securities Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisSecuritiesGainLossIncludedInEarnings
0
CY2023Q1 mcbs Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Purchases Sales Or Transfers Ne
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisPurchasesSalesOrTransfersNe
0
CY2024Q1 mcbs Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Purchases Sales Or Transfers Ne
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisPurchasesSalesOrTransfersNe
0
CY2022 mcbs Capital Conservation Buffer Percentage
CapitalConservationBufferPercentage
0.0250
CY2024Q1 us-gaap Capital
Capital
381938000
CY2024Q1 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1781
CY2024Q1 mcbs Capital Required For Capital Adequacy Including Buffer
CapitalRequiredForCapitalAdequacyIncludingBuffer
225198000
CY2024Q1 mcbs Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.105
CY2024Q1 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
363646000
CY2024Q1 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1696
CY2024Q1 mcbs Tier One Risk Based Capital Required For Capital Adequacy Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyIncludingBuffer
182303000
CY2024Q1 mcbs Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.085
CY2024Q1 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
363646000
CY2024Q1 mcbs Common Equity Tier One Capital To Risk Weighted Assets
CommonEquityTierOneCapitalToRiskWeightedAssets
0.1696
CY2024Q1 mcbs Common Equity Tier One Capital Required For Capital Adequacy Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyIncludingBuffer
150132000
CY2024Q1 mcbs Common Equity Tier One Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.070
CY2024Q1 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
363646000
CY2024Q1 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.1027
CY2024Q1 mcbs Tier One Leverage Capital Required For Capital Adequacy Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyIncludingBuffer
141665000
CY2024Q1 mcbs Tier One Leverage Capital Required For Capital Adequacy To Average Assets Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssetsIncludingBuffer
0.040
CY2023Q4 us-gaap Capital
Capital
372482000
CY2023Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1760
CY2023Q4 mcbs Capital Required For Capital Adequacy Including Buffer
CapitalRequiredForCapitalAdequacyIncludingBuffer
222188000
CY2023Q4 mcbs Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.105
CY2023Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
354055000
CY2023Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1673
CY2023Q4 mcbs Tier One Risk Based Capital Required For Capital Adequacy Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyIncludingBuffer
179867000
CY2023Q4 mcbs Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.085
CY2023Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
354055000
CY2023Q4 mcbs Common Equity Tier One Capital To Risk Weighted Assets
CommonEquityTierOneCapitalToRiskWeightedAssets
0.1673
CY2023Q4 mcbs Common Equity Tier One Capital Required For Capital Adequacy Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyIncludingBuffer
148125000
CY2023Q4 mcbs Common Equity Tier One Capital Required For Capital Adequacy To Risk Weighted Assets Including Buffer
CommonEquityTierOneCapitalRequiredForCapitalAdequacyToRiskWeightedAssetsIncludingBuffer
0.070
CY2023Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
354055000
CY2023Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.1020
CY2023Q4 mcbs Tier One Leverage Capital Required For Capital Adequacy Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyIncludingBuffer
138790000
CY2023Q4 mcbs Tier One Leverage Capital Required For Capital Adequacy To Average Assets Including Buffer
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssetsIncludingBuffer
0.040
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
14631000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15730000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25205506
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25144683
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
14631000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15730000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25205506
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25144683
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
342583
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
261172
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25548089
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25405855
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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