METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2025

Financial Performance - MetroCity Bankshares reported net income of $16.3 million, or $0.63 per diluted share, for Q1 2025, a slight increase from $16.2 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 $30.6 million, an increase from $30.1 million in Q4 2024 and $27.1 million in Q1 2024 [28] - Noninterest income increased to $5.5 million in Q1 2025, up from $5.3 million in Q4 2024, but decreased from $5.6 million in Q1 2024 [9][12] - Noninterest expense decreased to $13.8 million in Q1 2025 from $14.3 million in Q4 2024, but increased from $12.4 million in Q1 2024 [13][14] Balance Sheet Overview - Total assets reached $3.66 billion as of March 31, 2025, an increase of $65.9 million from $3.59 billion at December 31, 2024 [16] - Loans held for investment were $3.13 billion, a decrease of $26.6 million from the previous quarter but an increase of $15.5 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 $76.8 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 $135,000 in Q1 2025, down from $202,000 in Q4 2024 [22] - Nonperforming assets totaled $18.5 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]