Financial Performance - For the three months ended June 30, 2024, net interest income was $30.712 million, an increase from $24.970 million in the same period of 2023, reflecting a year-over-year growth of 22%[138]. - Net income for the three months ended June 30, 2024, was $16.937 million, representing a 29% increase from $13.108 million in the same period of 2023[138]. - Basic earnings per share for Q2 2024 rose to $0.67 from $0.52 in Q2 2023, while diluted earnings per share increased to $0.66 from $0.51[143]. - Interest income for Q2 2024 totaled $54.1 million, up 14.0% from $47.5 million in Q2 2023, primarily due to a 51 basis points increase in loan yield[144]. - The net interest margin for Q2 2024 improved by 56 basis points to 3.66%, driven by a 55 basis points increase in the yield on average interest-earning assets[150]. - Net income for Q2 2024 was $16.9 million, a 29.2% increase from $13.1 million in Q2 2023, driven by a $5.7 million increase in net interest income[142]. Credit Losses and Allowances - The adoption of the CECL model resulted in an increase of the allowance for credit losses by $5.1 million and a reduction of retained earnings by $3.8 million[124]. - The provision for credit losses for the three months ended June 30, 2024, was a reversal of $128,000 compared to a provision of $416,000 in the same period of 2023[138]. - The allowance for credit losses as a percentage of gross loans was 0.58% as of June 30, 2024, compared to 0.60% in the same period of 2023[161]. - The allowance for credit losses was $18.0 million at June 30, 2024, a decrease of $152,000, or 0.8%, compared to $18.1 million at December 31, 2023[185]. - The adequacy of reserves for credit losses is critical, influenced by economic conditions and the quality of the loan portfolio[128]. Asset and Deposit Management - As of June 30, 2024, MetroCity Bankshares, Inc. reported total assets of $3.62 billion, total loans of $3.09 billion, total deposits of $2.75 billion, and total shareholders' equity of $407.2 million[133]. - The company's total deposits increased by 0.5% to $2.75 billion as of June 30, 2024, with uninsured deposits decreasing to 23.4% of total deposits from 26.5% at the end of 2023[141]. - Total assets increased $112.5 million, or 3.2%, to $3.62 billion at June 30, 2024 compared to $3.50 billion at December 31, 2023[178]. - The average balance of total deposits was $2,729,933 thousand with a weighted average rate of 2.91% for the six months ended June 30, 2024[197]. - Brokered deposits decreased to $751.7 million, or 27.4% of total deposits, at June 30, 2024, down from $766.3 million, or 28.1% of total deposits, at December 31, 2023[195]. Risk Management - The risk management framework must effectively mitigate various risks, including credit risk and liquidity risk, to ensure financial stability[121]. - The company highlighted the impact of prolonged elevated interest rates and inflation on its financial projections and credit quality[119]. - Interest rate risk is identified as the primary market risk, with management actively monitoring and managing this risk through various simulations and assessments[212][214]. - The company maintains off-balance sheet financial instruments, including commitments to extend credit and standby letters of credit, which involve credit and interest rate risk[210]. Operational Efficiency - The efficiency ratio for the three months ended June 30, 2024, was 35.93%, an improvement from 38.65% in the same period of 2023[138]. - The company faces challenges in maintaining expenses in line with current projections amid competitive pressures from other financial institutions[121]. - Noninterest expense for the three months ended June 30, 2024 was $13.0 million, an increase of $1.6 million, or 13.7%, compared to $11.5 million for the same period in 2023[172]. Capital and Liquidity - The company's capital ratios remain strong, with common equity Tier 1 and total capital ratios at 18.25% and 19.12%, respectively, as of June 30, 2024[141]. - The company's total capital ratio was 19.12% as of June 30, 2024, exceeding the minimum requirement for "well-capitalized" institutions[208]. - The Tier 1 capital ratio was 18.25% as of June 30, 2024, above the required 8.50%[208]. - The liquidity position is supported by management of liquid assets and access to alternative sources of funds, including wholesale/brokered deposits and additional borrowings[202]. Market and Economic Conditions - The concentration of the loan portfolio in real estate loans poses risks related to market fluctuations and borrower financial health[120]. - The company is subject to regulatory scrutiny and must comply with capital and liquidity requirements, impacting its growth plans[118]. - The Economic Value of Equity (EVE) sensitivity showed a potential decrease of (16.30)% in a +300 basis point shock scenario as of June 30, 2024[220].

Financial Performance - Net income for Q2 2024 was $16.9 million, a 15.8% increase from Q1 2024 and a 29.2% increase from Q2 2023[1][5] - Net income for the six months ended June 30, 2024, was $31.567 million, compared to $28.838 million for the same period in 2023[36] - The company reported a return on average equity of 17.10% for Q2 2024, up from 15.41% in Q1 2024 and 11.71% in Q2 2023[36] Income and Expenses - Noninterest income for Q2 2024 was $5.6 million, a decrease of 0.2% from Q1 2024, but an increase of 18.5% from Q2 2023[12][13] - Noninterest expense for Q2 2024 totaled $13.0 million, an increase of 5.4% from Q1 2024[15] - The efficiency ratio improved to 35.9% in Q2 2024 from 37.9% in Q1 2024[18] Interest and Loans - Net interest income for Q2 2024 was $30.712 million, an increase from $27.085 million in Q1 2024 and $26.122 million in Q2 2023[36] - Net interest margin increased by 42 basis points to 3.66% in Q2 2024 compared to 3.24% in Q1 2024[9] - Loans held for investment were $3.09 billion, a decrease of $25.4 million, or 0.8%, from Q1 2024[22] Assets and Liabilities - Total assets decreased by $31.8 million, or 0.9%, from Q1 2024 to $3.62 billion as of June 30, 2024[20] - Total liabilities decreased to $3,208,142,000 as of June 30, 2024, down from $3,250,615,000 as of March 31, 2024[39] - Total deposits were $2.75 billion, a decrease of $68.0 million, or 2.4%, from Q1 2024[23] Credit Quality - The company recorded a credit provision for credit losses of $128,000 in Q2 2024, a decrease from $140,000 in Q1 2024 and $416,000 in Q2 2023[27] - Nonperforming assets totaled $27.0 million, or 0.75% of total assets, as of June 30, 2024, down from $30.3 million (0.83%) at March 31, 2024, but up from $23.6 million (0.68%) at June 30, 2023[28] - The allowance for credit losses as a percentage of total loans was 0.58% as of June 30, 2024, unchanged from March 31, 2024, and down from 0.60% at June 30, 2023[29] Economic Outlook - The company anticipates potential impacts from economic conditions, including inflation and interest rate fluctuations, which may affect future financial performance[31]

Core Insights - MetroCity Bankshares, Inc. reported a net income of $16.9 million for Q2 2024, an increase from $14.6 million in Q1 2024 and $13.1 million in Q2 2023, reflecting strong financial performance [5][14] - Total assets decreased by $31.8 million, or 0.9%, from Q1 2024 to $3.62 billion, but increased by $140.3 million, or 4.0%, compared to Q2 2023 [10] - Loans held for investment were $3.09 billion, a decrease of $25.4 million, or 0.8%, from Q1 2024, but an increase of $69.8 million, or 2.3%, from Q2 2023 [10] - Total deposits were $2.75 billion, a decrease of $68.0 million, or 2.4%, from Q1 2024, but an increase of $47.4 million, or 1.8%, from Q2 2023 [11] - The efficiency ratio improved to 35.9% in Q2 2024 from 37.9% in Q1 2024 and 38.7% in Q2 2023, indicating better cost management [9] Financial Performance - Net interest income for the six months ended June 30, 2024, was $57.8 million, up from $51.2 million for the same period in 2023 [14][16] - Noninterest income for the six months ended June 30, 2024, totaled $11.1 million, compared to $10.8 million for the same period in 2023 [15] - Noninterest expense increased by $3.1 million, or 14.0%, to $25.4 million for the six months ended June 30, 2024, primarily due to higher salaries and employee benefits [9] Asset Quality - Nonperforming assets totaled $27.0 million, or 0.75% of total assets, at June 30, 2024, a decrease from $30.3 million, or 0.83% of total assets, at March 31, 2024 [12][17] - The allowance for credit losses as a percentage of total loans was 0.58% at June 30, 2024, unchanged from March 31, 2024 [12][17] Capital and Liquidity - The common equity tier 1 ratio was 18.00% at June 30, 2024, indicating strong capital adequacy [14] - The company had $1.27 billion of available borrowing capacity at the Federal Home Loan Bank and other financial institutions as of June 30, 2024 [11]

Core Viewpoint - MetroCity Bankshares, Inc. has declared a quarterly cash dividend of $0.20 per share on its common stock, payable on August 9, 2024, to shareholders of record as of July 31, 2024 [1] Company Overview - MetroCity Bankshares, Inc. is a Georgia corporation and serves as a bank holding company for its wholly-owned banking subsidiary, Metro City Bank, headquartered in the Atlanta metropolitan area [2] - Metro City Bank operates 20 full-service branch locations across multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to _______ (I.R.S. Employer Identification No.) 5114 Buford Highway Doraville, Georgia 30340 (Address of principal executive offices ...

Exhibit 99.1 FOR IMMEDIATE RELEASE METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2024 ATLANTA, GA (April 19, 2024) – MetroCity Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for Metro City Bank (the "Bank"), today reported net income of $14.6 million, or $0.57 per diluted share, for the first quarter of 2024, compared to $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023, and $15.7 million, or $0.62 per diluted share, for the first quar ...

ATLANTA, April 17, 2024 /PRNewswire/ -- MetroCity Bankshares, Inc. (NASDAQ: MCBS) announced today that its board of directors declared a quarterly cash dividend of $0.20 per share on its common stock. The cash dividend is payable on May 10, 2024 to shareholders of record as of May 1, 2024. About MetroCity Bankshares, Inc. MetroCity Bankshares, Inc. is a Georgia corporation and a bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta metropolitan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File Number 001-39068 METROCITY BANKSHARES, INC. (Exact name of registrant as specified in its charter) (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to _______ Commission File Number 001-39068 METROCITY BANKSHARES, INC. (Exact name of registrant as specified in its charter) Ge ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 Commission File Number 001-39068 METROCITY BANKSHARES, INC. (Exact name of registrant as specified in its charter) Georgia 47-2528408 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 5114 Buford Highway OR ☐ Transition Report Pursu ...