Metrocity Bankshares, Inc. has reported its earnings for the fourth quarter and year ended 2024. In the fourth quarter of 2024, the company reported a net income of $16.2 million, a decrease of $466,000, or 2.8%, from the third quarter of 2024, and an increase of $4.9 million, or 43.1%, from the fourth quarter of 2023. For the full year 2024, the company reported a net income of $64.5 million, compared to $51.6 million for the same period in 2023, marking an increase of $12.9 million, or 25.0%.
The annualized return on average assets for the fourth quarter of 2024 was 1.82%, compared to 1.86% for the third quarter of 2024 and 1.29% for the fourth quarter of 2023. The annualized return on average equity was 15.84% for the fourth quarter of 2024, compared to 16.26% for the third quarter of 2024 and 11.71% for the fourth quarter of 2023. Excluding average accumulated other comprehensive income, the return on average equity was 16.28% for the fourth quarter of 2024, compared to 17.25% for the third quarter of 2024 and 12.69% for the fourth quarter of 2023.
In terms of efficiency, the company reported an efficiency ratio of 40.5% for the fourth quarter of 2024, compared to 37.0% for the third quarter of 2024 and 45.1% for the fourth quarter of 2023. For the full year 2024, the efficiency ratio was 37.8%, compared to 39.9% for 2023.
The net interest margin for the fourth quarter of 2024 was 3.57%, slightly lower than the 3.58% reported for the previous quarter. However, it marked an increase from the 3.17% net interest margin for the fourth quarter of 2023. The company also noted that loans held for investment increased by $70.1 million, or 2.3%, to $3.16 billion from the previous quarter.
Total assets increased by $91.2 million, or 2.6%, to $3.59 billion from $3.50 billion at December 31, 2023. Loans held for investment were $3.16 billion at December 31, 2024, an increase of $70.1 million, or 2.3%, from September 30, 2024, and an increase of $15.8 million, or 0.5%, from December 31, 2023.
In terms of deposits, total deposits were $2.74 billion at December 31, 2024, an increase of $13.7 million, or 0.5%, compared to total deposits of $2.72 billion at September 30, 2024, and an increase of $5.9 million, or 0.2%, compared to total deposits of $2.73 billion at December 31, 2023.
As a result of these announcements, the company's shares have moved 2.6% on the market, and are now trading at a price of $32.57. If you want to know more, read the company's complete 8-K report here.
