MetroCity Bankshares Reports 25% Increase in Net Income to $64.5 Million for Fiscal Year 2024

MetroCity Bankshares, Inc. reported a net income of $64.5 million for the fiscal year ending December 31, 2024, marking a 25% increase from the previous year's net income of $51.6 million. This growth was primarily driven by a $16.7 million increase in net interest income, which rose to $118.1 million, and a $4.9 million increase in noninterest income, totaling $23.1 million. The company's basic and diluted earnings per share also improved, reaching $2.55 and $2.52, respectively, compared to $2.05 and $2.02 in 2023.

In terms of operational metrics, MetroCity Bank's total assets increased by 2.6% to $3.59 billion, with total loans held for investment rising to $3.17 billion, a 0.5% increase from the previous year. The bank's total deposits saw a slight increase of 0.2%, reaching $2.74 billion. The allowance for credit losses was $18.7 million, representing 0.59% of gross loans, up from $18.1 million or 0.57% in 2023. The bank's nonperforming loans increased to $18.0 million, up from $14.7 million in the prior year, reflecting a growing need for credit quality management.

Strategically, MetroCity Bank has focused on expanding its branch network, which now includes 20 full-service locations across several states, including Georgia, Texas, and New York. The bank has also emphasized its commitment to serving multi-ethnic communities, particularly Asian-American populations. The company has maintained a disciplined approach to branch openings, ensuring that new locations are profitable and aligned with its growth strategy. Additionally, the bank has continued to enhance its product offerings, including a suite of loan and deposit products tailored to the needs of small- to medium-sized businesses and individuals.

Looking ahead, MetroCity Bank anticipates continued growth driven by its strategic focus on community banking and personalized service. The bank's management has expressed confidence in its ability to navigate potential economic challenges, including rising interest rates and inflation, while maintaining a strong capital position. The bank's capital ratios remain well above regulatory requirements, positioning it favorably for future growth opportunities. However, management acknowledges the need to monitor credit quality closely, particularly in light of the increasing nonperforming loans and the potential impact of economic conditions on borrower repayment capabilities.