MetroCity Bankshares Reports Earnings for Q4 and Full Year 2024

MetroCity Bankshares, Inc. recently announced its financial results for the fourth quarter ended December 31, 2024. In a press release issued on January 21, 2025, the company reported a net income of $16.2 million, or $0.63 per diluted share, for the fourth quarter of 2024. This performance represented a slight decrease when compared to the third quarter of 2024, where the company reported a net income of $16.7 million, or $0.65 per diluted share. However, in the same period in 2023, the company had reported a net income of $11.3 million, or $0.44 per diluted share.

For the full year ended December 31, 2024, MetroCity Bankshares reported a net income of $64.5 million, or $2.52 per diluted share. This marked an increase from the previous year where the company reported a net income of $51.6 million, or $2.02 per diluted share.

Highlights for the Fourth Quarter of 2024:
– The annualized return on average assets was 1.82%.
– The annualized return on average equity was 15.84%.
– The efficiency ratio was 40.5%.

Full Year 2024 Highlights:
– Return on average assets was 1.81%.
– Return on average equity was 16.16%.
– Efficiency ratio of 37.8%.

In terms of the balance sheet, total assets for MetroCity Bankshares stood at $3.59 billion at December 31, 2024, reflecting an increase of $24.8 million from the previous quarter and $91.2 million from the end of 2023.

Regarding the company’s financial standing, MetroCity Bankshares continues to maintain a solid performance in terms of its net interest income, noninterest income, and noninterest expense. The efficiency ratio for the company improved to 40.5% in the fourth quarter of 2024 compared to 37% in the previous quarter and 45.1% in the fourth quarter of 2023.

MetroCity Bankshares’ effective tax rate for the fourth quarter of 2024 was 22.1%, lower than the rates seen in the previous quarters, indicating efficient tax management.

Looking ahead, MetroCity Bankshares remains committed to its growth strategy and maintaining a strong financial position in the market. The company’s detailed financial statements and further information can be found in the official release issued on January 21, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MetroCity Bankshares’s 8K filing here.

About MetroCity Bankshares

MetroCity Bankshares, Inc operates as the bank holding company for Metro City Bank that engages in the provision of banking products and services in the United States. It offers customary banking services, such as consumer and commercial checking accounts, savings, and money market accounts, as well as certificates of deposit.