false000174706800017470682025-01-212025-01-21

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2025

METROCITY BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

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Georgia

No. 001-39068

47-2528408

(State or other jurisdiction of
incorporation)

(Commission File Number)

(I.R.S. Employer
Identification No.)

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5114 Buford Highway
Doraville, Georgia

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30340

(Address of principal executive offices)

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(Zip Code)

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(770) 455-4989

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading Symbol(s)

Name of each Exchange on which registered

Common Stock, par value $0.01 per share

MCBS

The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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Item 2.02    Results of Operations and Financial Condition

On January 21, 2025, MetroCity Bankshares, Inc. (the “Company”) issued a press release announcing its results of operations and financial condition for the fourth quarter ended December 31, 2024. A copy of the press release covering such announcement is attached hereto as Exhibit 99.1 and incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information furnished in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01    Financial Statements and Exhibits

(d)         Exhibits

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Exhibit No.

Description

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99.1

MetroCity Bankshares, Inc. Earnings Press Release dated January 21, 2025

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104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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METROCITY BANKSHARES, INC.

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Date: January 21, 2025

By:

/s/ Lucas Stewart

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Lucas Stewart

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Chief Financial Officer

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Exhibit 99.1

Graphic

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FOR IMMEDIATE RELEASE

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METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2024

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ATLANTA, GA (January 21, 2025) – MetroCity Bankshares, Inc. (“MetroCity” or the “Company”) (NASDAQ: MCBS), holding company for Metro City Bank (the “Bank”), today reported net income of $16.2 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $16.7 million, or $0.65 per diluted share, for the third quarter of 2024, and $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $64.5 million, or $2.52 per diluted share, compared to $51.6 million, or $2.02 per diluted share, for the same period in 2023.

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Fourth Quarter 2024 Highlights:

●Annualized return on average assets was 1.82%, compared to 1.86% for the third quarter of 2024 and 1.29% for the fourth quarter of 2023.
●Annualized return on average equity was 15.84%, compared to 16.26% for the third quarter of 2024 and 11.71% for the fourth quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.28% for the fourth quarter of 2024, compared to 17.25% for the third quarter of 2024 and 12.69% for the fourth quarter of 2023.
●Efficiency ratio of 40.5%, compared to 37.0% for the third quarter of 2024 and 45.1% for the fourth quarter of 2023.
●Net interest margin was 3.57%, compared to 3.58% for the third quarter of 2024 and 3.17% for the fourth quarter of 2023
●Loans held for investment increased by $70.1 million, or 2.3%, to $3.16 billion from the previous quarter.

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Full Year 2024 Highlights:

●Return on average assets was 1.81%, compared to 1.50% for 2023.
●Return on average equity was 16.16%, compared to 14.10% for 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.71% for 2024, compared to 15.00% for 2023.
●Efficiency ratio of 37.8% for 2024, compared to 39.9% for 2023.
●Net interest margin increased by 38 basis points to 3.51% from 3.13% for 2023.
●Total assets increased by $91.2 million, or 2.6%, to $3.59 billion from $3.50 billion at December 31, 2023.

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1

Results of Operations

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Net Income

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Net income was $16.2 million for the fourth quarter of 2024, a decrease of $466,000, or 2.8%, from $16.7 million for the third quarter of 2024. This decrease was primarily due to decrease in noninterest income of $1.3 million, an increase in noninterest expense of $666,000 and a decrease in net interest income of $229,000, offset by a decrease in income tax expense of $1.3 million and a decrease in provision for credit losses of $380,000. Net income increased by $4.9 million, or 43.1%, in the fourth quarter of 2024 compared to net income of $11.3 million for the fourth quarter of 2023. This increase was due to an increase in net interest income of $3.9 million, an increase in noninterest income of $609,000, a decrease in provision for credit losses of $580,000 and a decrease in income tax expense of $172,000, offset by an increase in noninterest expense of $411,000.

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Net income was $64.5 million for the year ended December 31, 2024, an increase of $12.9 million, or 25.0%, from $51.6 million for the year ended December 31, 2023. This increase was due to an increase in net interest income of $16.7 million and an increase in noninterest income of $4.9 million, offset by an increase in noninterest expense of $5.7 million, an increase in income tax expense of $2.5 million and an increase in provision for credit losses of $531,000.

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Net Interest Income and Net Interest Margin

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Interest income totaled $52.6 million for the fourth quarter of 2024, a decrease of $1.2 million, or 2.3%, from the previous quarter, primarily due to a $40.3 million decrease in the average total investments balance, a 22 basis points decrease in the total investments yield and a 12 basis points decrease in the loan yield, offset by a $22.0 million increase in average loan balances. As compared to the fourth quarter of 2023, interest income for the fourth quarter of 2024 increased by $1.9 million, or 3.8%, primarily due to a 20 basis points increase in the loan yield coupled with a $61.9 million increase in average loan balances.

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Interest expense totaled $22.6 million for the fourth quarter of 2024, a decrease of $990,000, or 4.2%, from the previous quarter, primarily due to a 16 basis points decrease in deposit costs coupled with a $10.2 million decrease in the average deposit balances. As compared to the fourth quarter of 2023, interest expense for the fourth quarter of 2024 decreased by $2.0 million or 8.1%, primarily due to a 50 basis points decrease in deposit costs coupled with a $27.0 million decrease in average deposit balances, offset by a 58 basis points increase in borrowing costs and a $60.3 million increase in the average borrowing balance. The Company currently has interest rate derivative agreements totaling $850.0 million that are designated as cash flow hedges of our deposit accounts indexed to the Effective Federal Funds Rate (currently 4.33%). The weighted average pay rate for these interest rate derivatives is 2.29%. During the fourth quarter of 2024, we recorded a credit to interest expense of $5.1 million from the benefit received on these interest rate derivatives compared to a benefit of $6.4 million and $3.1 million recorded during the third quarter of 2024 and the fourth quarter of 2023, respectively.

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The net interest margin for the fourth quarter of 2024 was 3.57% compared to 3.58% for the previous quarter, a decrease of one basis point. The yield on average interest-earning assets for the fourth quarter of 2024 decreased by 11 basis points to 6.25% from 6.36% for the previous quarter, while the cost of average interest-bearing liabilities for the fourth quarter of 2024 decreased by 14 basis points to 3.55% from 3.69% for the previous quarter. Average earning assets decreased by $18.3 million from the previous quarter, due to a decrease in average total investments of $40.3 million, offset by an increase of $22.0 million in average loan balances. Average interest-bearing liabilities decreased by $10.9 million from the previous quarter as average interest-bearing deposits decreased by $10.2 million and average borrowings decreased slightly by $677,000.

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As compared to the same period in 2023, the net interest margin for the fourth quarter of 2024 increased by 40 basis points to 3.57% from 3.17%, primarily due to an 11 basis points increase in the yield on average interest-earning assets of $3.35 billion and a 36 basis points decrease in the cost of average interest-bearing liabilities of $2.52 billion. Average earning assets for the fourth quarter of 2024 increased by $76.1 million from the fourth quarter of 2023, due to a $61.9 million increase in average loans and a $14.3 million increase in average total investments. Average interest-bearing liabilities for the fourth quarter of 2024 increased by $33.3 million from the fourth quarter of 2023, driven by the increase in average borrowings of $60.3 million, offset by a $27.0 decrease in average interest-bearing deposits.  

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Noninterest Income

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Noninterest income for the fourth quarter of 2024 was $5.3 million, a decrease of $1.3 million, or 19.6%, from the third quarter of 2024, primarily due to lower gains on sale from Small Business Administration (“SBA”) and residential mortgage loans, servicing income from SBA loans, mortgage loan fees from lower volume and other income from unrealized losses recognized on our equity securities, offset by higher servicing income from mortgage loans. SBA loan sales totaled $19.2 million (sales premium of 6.25%) during the fourth quarter of 2024 compared to $28.9 million (sales premium of 6.67%) during the third quarter of 2024. Mortgage loan originations totaled $103.3 million during the fourth quarter 2024 compared to $122.4 million during the third quarter of 2024. No mortgage loans were sold during the fourth quarter of 2024 compared to $54.2 million of mortgage loan sales (average sales premium of 1.03%) during the third quarter of 2024. During the fourth quarter of 2024, we recorded a $31,000 fair value adjustment charge on our SBA servicing asset compared to a fair value gain of $202,000 during the third quarter of 2024. We also recorded a $232,000 fair value impairment recovery on our mortgage servicing asset during the fourth quarter of 2024 compared to a $252,000 fair value impairment charge recorded during the third quarter of 2024.

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Compared to the same period in 2023, noninterest income for the fourth quarter of 2024 increased by $609,000, or 12.9%, primarily due to higher gains on sale of SBA loans and servicing income from our mortgage loans, offset by decreases in mortgage loan fees from lower volume and servicing income from SBA loans, as well as lower other income from unrealized losses recognized on our equity securities. During the fourth quarter of 2023, we recorded a $147,000 fair value gain on our SBA servicing asset.

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Noninterest income for the year ended December 31, 2024 totaled $23.1 million, an increase of $4.9 million, or 26.7%, from the year ended December 31, 2023, primarily due to higher mortgage loan fees from higher volume, as well as higher gains on sale and servicing income from mortgage loans, offset by decreases in gains on sale and servicing income of SBA loans.

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Noninterest Expense

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Noninterest expense for the fourth quarter of 2024 totaled $14.3 million, an increase of $666,000, or 4.9%, from $13.7 million for the third quarter of 2024. This increase was primarily attributable to the increase in salary and employee benefits which included higher commissions from higher loan volume and higher employee salaries, 401k match and FICA taxes, partially offset by lower other real estate owned expenses. Compared to the fourth quarter of 2023, noninterest expense during the fourth quarter of 2024 increased by $411,000, or 3.0%, primarily due to higher salary and employee benefits, occupancy expense, data processing expense, security expense and loan related expenses, offset by lower FDIC insurance premiums and professional fees.

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Noninterest expense for the year ended December 31, 2024 totaled $53.4 million, an increase of $5.7 million, or 11.8%, from $47.7 million for the year ended December 31, 2023. This increase was primarily

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attributable to increases in salaries and employee benefits due to the increase in the number of full time equivalent employees during 2024, higher commissions from higher loan volume and higher employee insurance and stock based compensation. We also recognized higher expenses related to depreciation, rent, data processing, security, audit and accounting services, other real estate owned and FDIC insurance premiums. These expense increases were partially offset by lower loan related expenses and legal fees.

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The Company’s efficiency ratio was 40.5% for the fourth quarter of 2024 compared to 37.0% and 45.1% for the third quarter of 2024 and fourth quarter of 2023, respectively. For the year ended December 31, 2024, the efficiency ratio was 37.8 % compared to 39.9% for the year ended December 31, 2023.

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Income Tax Expense

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The Company’s effective tax rate for the fourth quarter of 2024 was 22.1%, compared to 26.3% for the third quarter of 2024 and 29.7% for the fourth quarter of 2023. The Company’s effective tax rate for the year ended December 31, 2024 was 26.1% compared to 28.3% for the year ended December 31, 2023. The decrease in the effective tax rate during the fourth quarter of 2024 was due to a tax provision to tax return adjustment recorded for our 2023 state tax returns filed during the third and fourth quarter of 2024.

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Balance Sheet

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Total Assets

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Total assets were $3.59 billion at December 31, 2024, an increase of $24.8 million, or 0.7%, from $3.57 billion at September 30, 2024, and an increase of $91.2 million, or 2.6%, from $3.50 billion at December 31, 2023. The $24.8 million increase in total assets at December 31, 2024 compared to September 30, 2024 was primarily due to increases in loans held for investment of $70.1 million and interest rate derivatives of $2.9 million, partially offset by decreases in cash and due from banks of $42.4 million and loans held for sale of $4.6 million. The $91.2 million increase in total assets at December 31, 2024 compared to December 31, 2023 was primarily due to increases in cash and due from banks of $94.2 million, loans held for investment of $15.8 million, federal funds sold of $10.9 million, Federal Home Loan Bank stock of $2.4 million and bank owned life insurance of $2.3 million, partially offset by decreases in loans held for sale of $22.3 million and interest rate derivatives of $10.0 million.  

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Our investment securities portfolio made up only 0.77% of our total assets at December 31, 2024 compared to 0.81% and 0.82% at September 30, 2024 and December 31, 2023, respectively.

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Loans

​

Loans held for investment were $3.16 billion at December 31, 2024, an increase of $70.1 million, or 2.3%, compared to $3.09 billion at September 30, 2024, and an increase of $15.8 million, or 0.5%, compared to $3.14 billion at December 31, 2023. The increase in loans at December 31, 2024 compared to September 30, 2024 was due to a $27.0 million increase in residential mortgage loans, a $23.1 million increase in commercial real estate loans, a $14.6 million increase in commercial and industrial loans and a $5.0 million increase in construction and development loans. Loans classified as held for sale totaled $4.6 million and $22.3 million at September 30, 2024 and December 31, 2023, respectively. There were no loans classified as held for sale at December 31, 2024.

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4

Deposits

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Total deposits were $2.74 billion at December 31, 2024, an increase of $13.7 million, or 0.5%, compared to total deposits of $2.72 billion at September 30, 2024, and an increase of $5.9 million, or 0.2%, compared to total deposits of $2.73 billion at December 31, 2023. The increase in total deposits at December 31, 2024 compared to September 30, 2024 was due to a $58.4 million increase in interest-bearing demand deposits and a  $6.6 million increase in money market accounts (includes $38.6 million decrease in brokered money market accounts), offset by a $35.0 million decrease in time deposits and a $16.2 million decrease in noninterest-bearing demand deposits.

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Noninterest-bearing deposits were $536.3 million at December 31, 2024, compared to $552.5 million at September 30, 2024 and $512.0 million at December 31, 2023. Noninterest-bearing deposits constituted 19.6% of total deposits at December 31, 2024, compared to 20.3% at September 30, 2024 and 18.7% at December 31, 2023. Interest-bearing deposits were $2.20 billion at December 31, 2024, compared to $2.17 billion at September 30, 2024 and $2.22 billion at December 31, 2023. Interest-bearing deposits constituted 80.4 % of total deposits at December 31, 2024, compared to 79.7% at September 30, 2024 and 81.3% at December 31, 2023.

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Uninsured deposits were 24.1% of total deposits at December 31, 2024, compared to 23.6% and 26.5% at September 30, 2024 and December 31, 2023, respectively. As of December 31, 2024, we had $1.29 billion of available borrowing capacity at the Federal Home Loan Bank ($692.6 million), Federal Reserve Discount Window ($551.6 million) and various other financial institutions (fed fund lines totaling $47.5 million).

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Asset Quality

​

The Company recorded a provision for credit losses of $202,000 during the fourth quarter of 2024, compared to provision for credit losses of $582,000 and $782,000 recorded during the third quarter of 2024 and fourth quarter of 2023, respectively. The provision expense recorded during the fourth quarter of 2024 was primarily due to the increase in reserves allocated to our individually analyzed loans, as well as the increase in general reserves allocated to our commercial and industrial loan portfolio. Annualized net charge-offs to average loans for the fourth quarter of 2024 was 0.01%, compared to net charge-offs of 0.00% for the third quarter of 2024 and 0.04% for the fourth quarter of 2023. Net charge-offs to average loans for the year ended December 31, 2024 was 0.00% compared to 0.02% for the year ended December 31, 2023.

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Nonperforming assets totaled $18.4 million, or 0.51% of total assets, at December 31, 2024, an increase of $2.6 million from $15.8 million, or 0.44% of total assets, at September 30, 2024, and an increase of $2.3 million from $16.1 million, or 0.46% of total assets, at December 31, 2023. The increase in nonperforming assets at December 31, 2024 compared to September 30, 2024 was due to a $3.7 million increase in nonaccrual loans offset by a $1.1 million decrease in other real estate owned.  

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Allowance for credit losses as a percentage of total loans was 0.59% at December 31, 2024, compared to 0.60% at September 30, 2024 and 0.57% at December 31, 2023. Allowance for credit losses as a percentage of nonperforming loans was 104.08% at December 31, 2024, compared to 129.85% and 123.36% at September 30, 2024 and December 31, 2023, respectively.

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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 20 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, 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 Russia’s military action in Ukraine or the conflict in Israel and the surrounding region; 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. 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

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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

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Farid Tan

Lucas Stewart

President

Chief Financial Officer

770-455-4978

678-580-6414

faridtan@metrocitybank.bank

lucasstewart@metrocitybank.bank

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7

METROCITY BANKSHARES, INC.

SELECTED FINANCIAL DATA

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of and for the Three Months Ended

​

As of and for the Year Ended

 

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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

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202

​

 

582

​

 

(128)

​

 

(140)

​

 

782

​

 

516

​

 

(15)

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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

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Per share data:

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​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

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

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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.

8

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

​

9

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

​

​

10

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.

​

11

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

12

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

​

​

​

13

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.

14

v3.24.4
Document and Entity Information
Jan. 21, 2025
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jan. 21, 2025
Entity Registrant Name METROCITY BANKSHARES, INC.
Entity File Number 001-39068
Entity Incorporation, State or Country Code GA
Entity Tax Identification Number 47-2528408
Entity Address, Address Line One 5114 Buford Highway
Entity Address, City or Town Doraville
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30340
City Area Code 770
Local Phone Number 455-4989
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCBS
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Central Index Key 0001747068
Amendment Flag false
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