METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR THIRD QUARTER 2025

Core Insights - MetroCity Bankshares, Inc. reported a net income of $17.3 million for Q3 2025, reflecting a 2.6% increase from Q2 2025 and a 3.4% increase from Q3 2024 [1][3][4] - The company is set to complete its merger with First IC Corporation in Q4 2025, having received all necessary regulatory approvals [2] Financial Performance - Net income for the nine months ended September 30, 2025, was $50.4 million, up 4.4% from $48.3 million in the same period of 2024 [4] - Noninterest income for Q3 2025 was $6.2 million, a 7.8% increase from Q2 2025, driven by higher mortgage loan origination fees and service charges [9] - Noninterest expense for Q3 2025 totaled $14.7 million, a 4.0% increase from Q2 2025, primarily due to higher salaries and employee benefits [13] Interest Income and Expenses - Interest income for Q3 2025 was $54.0 million, a slight decrease of 0.1% from Q2 2025, attributed to a decrease in loan yield [5] - Interest expense increased to $22.2 million in Q3 2025, a 1.6% rise from Q2 2025, mainly due to higher costs associated with interest-bearing demand deposits [6] Asset Quality - The company recorded a credit provision for credit losses of $543,000 in Q3 2025, compared to $129,000 in Q2 2025 [23] - Nonperforming assets decreased to $14.0 million, or 0.38% of total assets, at September 30, 2025, down from $15.2 million at June 30, 2025 [24] Balance Sheet Highlights - Total assets increased to $3.63 billion at September 30, 2025, a 0.4% rise from June 30, 2025 [18] - Loans held for investment decreased to $2.96 billion, a 5.2% decline from June 30, 2025, primarily due to a decrease in residential mortgage loans [19] - Total deposits were $2.69 billion at September 30, 2025, showing a slight increase of 0.1% from June 30, 2025 [20] Efficiency and Returns - The efficiency ratio for Q3 2025 was 38.7%, compared to 37.2% in Q2 2025 [16] - Return on average assets was 1.89% for Q3 2025, up from 1.87% in Q2 2025 [10]