MetroCity Bankshares, Inc. has reported its earnings for the first quarter of 2025, with a net income of $16.3 million, or $0.63 per diluted share. This represents a slight increase from the fourth quarter of 2024, which saw a net income of $16.2 million, or $0.63 per diluted share, and a more significant increase from the first quarter of 2024, which reported a net income of $14.6 million, or $0.57 per diluted share.
The company's annualized return on average assets for the first quarter of 2025 was 1.85%, compared to 1.82% for the fourth quarter of 2024 and 1.65% for the first quarter of 2024. Additionally, the annualized return on average equity was 15.67%, compared to 15.84% for the fourth quarter of 2024 and 15.41% for the first quarter of 2024. Excluding average accumulated other comprehensive income, the return on average equity was 16.18% for the first quarter of 2025, compared to 16.28% for the fourth quarter of 2024 and 16.27% for the first quarter of 2024.
The efficiency ratio for the first quarter of 2025 was 38.3%, showing an improvement from 40.5% in the fourth quarter of 2024 and 37.9% in the first quarter of 2024. The net interest margin also increased to 3.67% in the first quarter of 2025 from 3.57% in the previous quarter and 3.24% in the first quarter of 2024.
Notably, commercial real estate loans increased by $30.1 million, or 4.0%, reaching $792.1 million from the previous quarter.
In terms of the pending acquisition of First IC Corporation and First IC Bank, MetroCity expects the combined company to have approximately $4.8 billion in total assets, $3.7 billion in total deposits, and $4.1 billion in total loans.
Following these announcements, the company's shares moved 1.2%, and are now trading at a price of $26.99. If you want to know more, read the company's complete 8-K report here.
