MetroCity Bankshares, Inc. reported its financial results for the third quarter of 2025, revealing a net income of $17.3 million, a 3.4% increase from $16.7 million in the same period last year. For the nine months ending September 30, 2025, net income rose to $50.4 million, up 4.4% from $48.3 million in 2024. The increase in profitability was primarily driven by a $1.5 million rise in net interest income and a $1.1 million reduction in the provision for credit losses, despite a $1.0 million increase in noninterest expenses and a $608,000 rise in income tax expenses.

Total assets for MetroCity Bankshares increased by $35.4 million, or 1.0%, to $3.63 billion as of September 30, 2025, compared to $3.59 billion at the end of 2024. This growth was attributed to a $237.7 million increase in loans held for sale and a $18.0 million rise in other assets, among other factors. However, loans held for investment decreased by $197.5 million, primarily due to a significant drop in residential real estate loans, which fell by $252.4 million. The company’s total loans stood at $2.97 billion, with residential real estate loans comprising 69.2% of the total.

In terms of operational metrics, the bank's total deposits decreased by $43.7 million to $2.69 billion, driven by declines in money market accounts and time deposits. The bank's nonperforming loans ratio improved to 0.44% from 0.57% at the end of 2024, with nonperforming loans totaling $13.0 million. The allowance for credit losses was $17.9 million, down from $18.7 million at the end of 2024, reflecting a decrease in reserves for certain loan portfolios.

Strategically, MetroCity Bankshares is in the process of merging with First IC Corporation, which is expected to close in the fourth quarter of 2025. This merger will significantly expand the company's asset base, projecting a combined total of approximately $4.8 billion in assets. The merger has received all necessary regulatory approvals and is anticipated to enhance the bank's market presence and operational capabilities. Looking ahead, the company remains focused on managing its credit risk and maintaining its capital adequacy, with a well-capitalized status as of September 30, 2025, exceeding regulatory requirements.

About MetroCity Bankshares, Inc.

MetroCity Bankshares, Inc. is a bank holding company operating through its Georgia-based subsidiary, Metro City Bank. It provides personalized banking services, including loans, deposits, and treasury management, primarily to small- and medium-sized businesses and individuals in multi-ethnic communities across the U.S. Southeast and Texas. The bank emphasizes culturally competent service, diversified loan portfolios, and community-focused growth in competitive markets.

This description was generated via AI from an annual report. Updated 8 months ago.

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