MetroCity Bankshares, Inc. reported net income of $16.7 million, or $0.65 per diluted share, for the third quarter of 2024. This represents a 46.1% increase compared to net income of $11.4 million in the third quarter of 2023. However, net income decreased by 1.4% from $16.9 million in the second quarter of 2024.
The Net Interest Margin (NIM) for the third quarter of 2024 was 3.58%, an increase of 64 basis points from 2.94% in the third quarter of 2023. Sequentially, NIM decreased by eight basis points from 3.66% in the second quarter of 2024. Interest income totaled $53.8 million, a 0.5% decrease from the previous quarter.
Total assets stood at $3.57 billion at September 30, 2024, with loans held for investment at $3.09 billion and total deposits at $2.72 billion. Nonperforming assets were $15.8 million, representing 0.44% of total assets. The company recorded a provision for credit losses of $582,000 during the quarter.
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