In This Story
MetroCity Bankshares Inc. (MCBS) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $3.59 billion, an increase from $3.50 billion in the previous year. The increase was primarily due to higher cash and loans held for investment.
Net income for the year was $64.5 million, up from $51.6 million in 2023. The increase was attributed to higher net interest income and noninterest income.
Net interest income rose to $118.1 million from $101.5 million in 2023, driven by a rise in interest income from loans and investments.
The provision for credit losses was $516,000, compared to a credit provision of $15,000 in 2023, reflecting an increase in reserves for potential loan losses.
Noninterest income increased to $23.1 million from $18.2 million in 2023, mainly due to higher gains on the sale of loans and increased service charges.
Noninterest expenses were $53.4 million, up from $47.7 million in 2023, primarily due to higher salaries and employee benefits.
Total deposits increased slightly to $2.74 billion, with brokered deposits comprising 26.4% of total deposits.
The company maintains a strong capital position, with all regulatory capital ratios exceeding well-capitalized standards.
The filing also discusses the impact of adopting the CECL accounting standard, which increased the allowance for credit losses by $5.1 million at the beginning of 2023.
MetroCity Bankshares continues to focus on servicing small to medium-sized businesses and individuals, with a significant portion of its loan portfolio concentrated in residential and commercial real estate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MetroCity Bankshares Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.