MetroCity Bankshares(US:MCBS) Prnewswireยท2025-07-18 14:00Financial Performance - MetroCity Bankshares reported net income of $16.8 million, or $0.65 per diluted share, for Q2 2025, an increase from $16.3 million in Q1 2025 and a slight decrease from $16.9 million in Q2 2024 [1][3] - For the first half of 2025, net income was $33.1 million, up from $31.6 million in the same period of 2024, representing a 4.9% increase [4] Revenue and Expenses - Net interest income for Q2 2025 was $32.2 million, an increase of $1.6 million from Q1 2025, driven by a rise in interest income [3][5] - Noninterest income for Q2 2025 was $5.7 million, a 5.1% increase from Q1 2025, attributed to higher gains on mortgage loans [9] - Noninterest expense totaled $14.1 million in Q2 2025, an increase of 2.3% from Q1 2025, primarily due to higher loan-related expenses and merger-related costs [13][14] Asset Quality - The provision for credit losses was $129,000 in Q2 2025, slightly down from $135,000 in Q1 2025, indicating stable asset quality [24] - Nonperforming assets decreased to $15.2 million, or 0.42% of total assets, down from $18.5 million in Q1 2025 [25][26] Balance Sheet - Total assets were $3.62 billion as of June 30, 2025, a decrease of $44 million from March 31, 2025, primarily due to declines in loans held for sale and investment [18] - Loans held for investment were $3.12 billion, a slight decrease from $3.13 billion in Q1 2025, but an increase from $3.09 billion in Q2 2024 [20] - Total deposits were $2.69 billion, down 1.7% from Q1 2025, reflecting a decrease in interest-bearing demand deposits [21][22] Merger Activity - MetroCity completed the acquisition of First IC Corporation and First IC Bank, with all regulatory approvals received, and the merger is expected to finalize in early Q4 2025 [2]