MetroCity Bankshares (MetroCity Bankshares) Long-Term Capital Lease Obligation : $8.2 Mil (As of Mar. 2024)

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What is MetroCity Bankshares Long-Term Capital Lease Obligation?

MetroCity Bankshares's Long-Term Capital Lease Obligation for the quarter that ended in Mar. 2024 was $8.2 Mil.

MetroCity Bankshares's quarterly Long-Term Capital Lease Obligation declined from Sep. 2023 ($7.5 Mil) to Dec. 2023 ($6.8 Mil) but then increased from Dec. 2023 ($6.8 Mil) to Mar. 2024 ($8.2 Mil).

MetroCity Bankshares's annual Long-Term Capital Lease Obligation declined from Dec. 2021 ($9.9 Mil) to Dec. 2022 ($8.9 Mil) and declined from Dec. 2022 ($8.9 Mil) to Dec. 2023 ($6.8 Mil).

MetroCity Bankshares Long-Term Capital Lease Obligation Historical Data

The historical data trend for MetroCity Bankshares's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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MetroCity Bankshares Long-Term Capital Lease Obligation Chart

MetroCity Bankshares Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Long-Term Capital Lease Obligation

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12.48

10.91

9.86

8.89

6.84

MetroCity Bankshares Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Long-Term Capital Lease Obligation	Get a 7-Day Free Trial															8.44	7.99	7.54	6.84	8.19

MetroCity Bankshares (NAS:MCBS) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

MetroCity Bankshares Long-Term Capital Lease Obligation Related Terms

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MetroCity Bankshares (MetroCity Bankshares) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » MetroCity Bankshares Inc (NAS:MCBS) » Definitions » Long-Term Capital Lease Obligation

Comparable Companies

Traded in Other Exchanges

N/A

Address

5114 Buford Highway, Doraville, GA, USA, 30340

Website

https://www.metrocitybank.com

MetroCity Bankshares Inc is a holding company of its subsidiary Metro City Bank. It provides commercial banking services such as consumer and commercial checking accounts, savings accounts, certificates of deposits, commercial and consumer loans, money transfers and a variety of other banking services. The banks generate revenue from interest income. Its customers include small business owners, professionals, consumers, and real estate developers.

Executives

Nack Y Paek	director, officer: Chief Executive Officer
William J. Hungeling	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Sam Sang-koo Shim	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Ajit A. Patel	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Howard Hwasaeng Kim	director, officer: Executive Vice President	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Farid Tan	director, officer: President	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Feiying Lu	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Don Leung	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Frank S. Rhee	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Young K. Park	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Francis Lai	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Frank Glover	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Lucas Stewart	officer: Chief Financial Officer	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
William M. Hungeling	director	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340
Samuel Benton Gunter	officer: Executive VP and CAO	C/O METROCITY BANKSHARES, INC., 5114 BUFORD HIGHWAY, DORAVILLE GA 30340