MetroCity Bankshares, Inc. reported net income of $16.3 million, or $0.63 per diluted share, for the first quarter of 2025. This represents an 11.4% increase from $14.6 million in the first quarter of 2024 and a 0.4% increase from $16.2 million in the fourth quarter of 2024.
The Net Interest Margin (NIM) for the first quarter of 2025 expanded by ten basis points to 3.67% from 3.57% in the previous quarter. This improvement was driven by a nine basis point increase in the loan yield and a 19 basis point decrease in time deposit costs. Compared to Q1 2024, NIM increased by 43 basis points.
Total assets reached $3.66 billion at March 31, 2025, with total deposits at $2.74 billion. Loans held for investment decreased by $26.6 million, or 0.8%, to $3.13 billion from December 31, 2024. Nonperforming assets were $18.5 million, representing 0.51% of total assets.
The provision for credit losses decreased to $135,000 during the first quarter of 2025 from $202,000 in the fourth quarter of 2024. Noninterest expenses included $262,000 of merger-related due diligence expenses, reflecting initial costs associated with the First IC Corporation acquisition.
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