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

    1/21/25 9:30:00 AM ET
    $MCBS
    Major Banks
    Finance
    Get the next $MCBS alert in real time by email

    ATLANTA, Jan. 21, 2025 /PRNewswire/ -- 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.

    MetroCity Logo (PRNewsfoto/MetroCity Bankshares)

    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.

    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.

    Results of Operations

    Net Income

    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.

    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.

    Net Interest Income and Net Interest Margin

    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.

    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.

    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.

    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.  

    Noninterest Income

    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.

    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.

    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.

    Noninterest Expense

    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.

    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 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.

    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.

    Income Tax Expense

    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.

    Balance Sheet

    Total Assets

    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.   

    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.

    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.

    Deposits

    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.

    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.

    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).

    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.

    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.  

    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.

    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 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

     



    Farid Tan

    Lucas Stewart

    President

    Chief Financial Officer

    770-455-4978

    678-580-6414

    [email protected]

    [email protected]

     

    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.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/metrocity-bankshares-inc-reports-earnings-for-fourth-quarter-and-year-ended-2024-302356120.html

    SOURCE MetroCity Bankshares, Inc.

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