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METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2025
MCBSMetroCity Bankshares(MCBS) Prnewswire·2025-04-18 15:35

Financial Performance - MetroCity Bankshares reported net income of 16.3million,or16.3 million, or 0.63 per diluted share, for Q1 2025, a slight increase from 16.2millioninQ42024andasignificantrisefrom16.2 million in Q4 2024 and a significant rise from 14.6 million in Q1 2024 [1][4] - The annualized return on average assets was 1.85%, compared to 1.82% in Q4 2024 and 1.65% in Q1 2024 [10] - The annualized return on average equity was 15.67%, down from 15.84% in Q4 2024 but up from 15.41% in Q1 2024 [10] Income Statement Highlights - Net interest income for Q1 2025 was 30.6million,anincreasefrom30.6 million, an increase from 30.1 million in Q4 2024 and 27.1millioninQ12024[28]−Noninterestincomeincreasedto27.1 million in Q1 2024 [28] - Noninterest income increased to 5.5 million in Q1 2025, up from 5.3millioninQ42024,butdecreasedfrom5.3 million in Q4 2024, but decreased from 5.6 million in Q1 2024 [9][12] - Noninterest expense decreased to 13.8millioninQ12025from13.8 million in Q1 2025 from 14.3 million in Q4 2024, but increased from 12.4millioninQ12024[13][14]BalanceSheetOverview−Totalassetsreached12.4 million in Q1 2024 [13][14] Balance Sheet Overview - Total assets reached 3.66 billion as of March 31, 2025, an increase of 65.9millionfrom65.9 million from 3.59 billion at December 31, 2024 [16] - Loans held for investment were 3.13billion,adecreaseof3.13 billion, a decrease of 26.6 million from the previous quarter but an increase of 15.5millionfromthesameperiodlastyear[18]−Totaldepositswere15.5 million from the same period last year [18] - Total deposits were 2.74 billion, showing a slight increase from the previous quarter but a decrease of 76.8millionfromQ12024[19]AcquisitionActivity−MetroCityannouncedtheacquisitionofFirstICCorporationandFirstICBankinacashandstocktransactionvaluedatapproximately76.8 million from Q1 2024 [19] Acquisition Activity - MetroCity announced the acquisition of First IC Corporation and First IC Bank in a cash and stock transaction valued at approximately 112 million [2] - The merger is expected to close in Q4 2025, pending regulatory approvals and shareholder consent [2][3] Asset Quality - The provision for credit losses was 135,000inQ12025,downfrom135,000 in Q1 2025, down from 202,000 in Q4 2024 [22] - Nonperforming assets totaled 18.5million,or0.5118.5 million, or 0.51% of total assets, as of March 31, 2025, an increase from 14.7 million, or 0.40%, a year earlier [24] Key Ratios - The efficiency ratio improved to 38.3% in Q1 2025 from 40.5% in Q4 2024 [10][14] - The net interest margin increased to 3.67% in Q1 2025, up from 3.57% in Q4 2024 and 3.24% in Q1 2024 [10][7][8]