MetroCity Bankshares (MCBS) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $16.2M ($0.63/diluted share), down 2.8% sequentially but up 43.1% year-over-year; full-year net income rose 25% to $64.5M ($2.52/diluted share).

• Annualized ROAA for Q4 2024 was 1.82% (vs. 1.86% prior quarter, 1.29% prior year); ROAE was 15.84% (vs. 16.26% prior quarter, 11.71% prior year).

• Loans held for investment increased 2.3% sequentially to $3.16B; total assets grew 2.6% year-over-year to $3.59B.

Financial highlights

• Net interest margin for Q4 2024 was 3.57%, flat sequentially and up 40 bps year-over-year; full-year NIM was 3.51%, up 38 bps from 2023.

• Noninterest income for Q4 2024 was $5.3M, down 19.6% sequentially but up 12.9% year-over-year; full-year noninterest income rose 26.7% to $23.1M.

• Noninterest expense for Q4 2024 was $14.3M, up 4.9% sequentially and 3.0% year-over-year; full-year noninterest expense increased 11.8% to $53.4M.

• Efficiency ratio for Q4 2024 was 40.5% (vs. 37.0% prior quarter, 45.1% prior year); full-year efficiency ratio improved to 37.8% from 39.9%.

• Total deposits at year-end were $2.74B, up 0.5% sequentially and 0.2% year-over-year; uninsured deposits were 24.1% of total.

Outlook and guidance

• Management notes forward-looking statements are subject to risks including economic conditions, interest rate changes, real estate market trends, and regulatory developments.