Metrocity Bankshares, Inc. has reported its earnings for the first quarter of 2025, with some noteworthy changes compared to the previous periods.
In the first quarter of 2025, the company reported a net income of $16.3 million, or $0.63 per diluted share, compared to $16.2 million, or $0.63 per diluted share, in the fourth quarter of 2024, and $14.6 million, or $0.57 per diluted share, in the first quarter of 2024.
The annualized return on average assets was 1.85% for the first quarter of 2025, compared to 1.82% for the fourth quarter of 2024 and 1.65% for the first quarter of 2024. The annualized return on average equity was 15.67% for the first quarter of 2025, compared to 15.84% for the fourth quarter of 2024 and 15.41% for the first quarter of 2024.
The efficiency ratio improved to 38.3% in the first quarter of 2025, compared to 40.5% in the fourth quarter of 2024, and 37.9% in the first quarter of 2024.
The net interest margin increased to 3.67% in the first quarter of 2025 from 3.57% in the fourth quarter of 2024, and 3.24% in the first quarter of 2024.
Commercial real estate loans increased by $30.1 million, or 4.0%, to $792.1 million from the previous quarter.
Regarding the acquisition of First IC Corporation and First IC Bank, the pro forma company is projected to have approximately $4.8 billion in total assets, $3.7 billion in total deposits, and $4.1 billion in total loans, after the merger.
In terms of the balance sheet, total assets were $3.66 billion at March 31, 2025, an increase of $65.9 million, or 1.8%, from December 31, 2024. Loans held for investment were $3.13 billion at March 31, 2025, a decrease of $26.6 million, or 0.8%, compared to December 31, 2024.
Total deposits were $2.74 billion at March 31, 2025, an increase of $232,000 compared to total deposits of $2.74 billion at December 31, 2024, and a decrease of $76.8 million, or 2.7%, compared to total deposits of $2.81 billion at March 31, 2024.
The company recorded a provision for credit losses of $135,000 during the first quarter of 2025, compared to a provision for credit losses of $202,000 during the fourth quarter of 2024.
Nonperforming assets totaled $18.5 million, or 0.51% of total assets, at March 31, 2025, an increase of $93,000 from December 31, 2024.
These figures demonstrate the company's financial performance and changes in various key metrics compared to previous periods, indicating both growth and challenges in different areas of its operations. Following these announcements, the company's shares moved 1.2%, and are now trading at a price of $26.99. For the full picture, make sure to review MetroCity Bankshares's 8-K report.
