MetroCity Bankshares, Inc. reported net income of $16.2 million, or $0.63 per diluted share, for the fourth quarter of 2024. This marks a 43.1% increase from $11.3 million in the fourth quarter of 2023, but a 2.8% decrease from $16.7 million in the third quarter of 2024.
For the full year ended December 31, 2024, net income reached $64.5 million, or $2.52 per diluted share, an increase of 25.0% from $51.6 million in 2023. The Net Interest Margin (NIM) for the fourth quarter of 2024 was 3.57%, a one basis point decrease from the prior quarter, but a 40 basis point increase from 3.17% in Q4 2023.
Total assets increased to $3.59 billion at December 31, 2024, with loans held for investment growing by $70.1 million, or 2.3%, to $3.16 billion from September 30, 2024. Total deposits were $2.74 billion, and nonperforming assets stood at $18.4 million. The provision for credit losses decreased to $202,000 in Q4 2024 from $582,000 in Q3 2024.
Noninterest income for the fourth quarter was $5.3 million, a decrease of $1.3 million, or 19.6%, from the third quarter of 2024, primarily due to lower gains on SBA and residential mortgage loans. Noninterest expense increased by $666,000, or 4.9%, to $14.3 million. The full year 2024 efficiency ratio improved to 37.8% compared to 39.9% for 2023.
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