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

Core Insights - MetroCity Bankshares, Inc. reported a net income of $16.2 million for Q4 2024, a decrease of 2.8$64.5 million, up 25.0% from $51.6 million in 2023, driven by increases in net interest income and noninterest income [3][10] - The annualized return on average assets was 1.82$30.06 million, a slight decrease from the previous quarter but an increase from the same quarter last year [29] - The net interest margin for Q4 2024 was 3.57%, up 40 basis points from 3.17% in Q4 2023, reflecting improved asset yields [6][7] Noninterest Income - Noninterest income for Q4 2024 was $5.3 million, down 19.6$14.3 million, an increase of 4.9% from Q3 2024, mainly due to higher salaries and employee benefits [12][13] Balance Sheet Highlights - Total assets increased to $3.59 billion at December 31, 2024, a 2.6$3.16 billion, a 2.3% increase from the previous quarter [18] - Total deposits were $2.74 billion, reflecting a 0.5$202,000 in Q4 2024, a decrease from previous quarters, with net charge-offs to average loans at 0.01% [22][24] - Nonperforming assets totaled $18.4 million, or 0.51% of total assets, an increase from the previous quarter [23]