METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2024

MetroCity Bankshares, Inc. (“MetroCity” or the “Company”) (NASDAQ: MCBS), holding company for Metro City Bank (the “Bank”), today reported net income of $16.2 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $16.7 million, or $0.65 per diluted share, for the third quarter of 2024, and $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $64.5 million, or $2.52 per diluted share, compared to $51.6 million, or $2.02 per diluted share, for the same period in 2023.

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Fourth Quarter 2024 Highlights:

— Annualized return on average assets was 1.82%, compared to 1.86% for the third quarter of 2024 and 1.29% for the fourth quarter of 2023.

— Annualized return on average equity was 15.84%, compared to 16.26% for the third quarter of 2024 and 11.71% for the fourth quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.28% for the fourth quarter of 2024, compared to 17.25% for the third quarter of 2024 and 12.69% for the fourth quarter of 2023.

— Efficiency ratio of 40.5%, compared to 37.0% for the third quarter of 2024 and 45.1% for the fourth quarter of 2023.

— Net interest margin was 3.57%, compared to 3.58% for the third quarter of 2024 and 3.17% for the fourth quarter of 2023

— Loans held for investment increased by $70.1 million, or 2.3%, to $3.16 billion from the previous quarter.

Full Year 2024 Highlights:

— Return on average assets was 1.81%, compared to 1.50% for 2023.

— Return on average equity was 16.16%, compared to 14.10% for 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.71% for 2024, compared to 15.00% for 2023.

— Efficiency ratio of 37.8% for 2024, compared to 39.9% for 2023.

— Net interest margin increased by 38 basis points to 3.51% from 3.13% for 2023.

— Total assets increased by $91.2 million, or 2.6%, to $3.59 billion from $3.50 billion at December 31, 2023.

Results of Operations

Net Income

Net income was $16.2 million for the fourth quarter of 2024, a decrease of $466,000, or 2.8%, from $16.7 million for the third quarter of 2024. This decrease was primarily due to decrease in noninterest income of $1.3 million, an increase in noninterest expense of $666,000 and a decrease in net interest income of $229,000, offset by a decrease in income tax expense of $1.3 million and a decrease in provision for credit losses of $380,000. Net income increased by $4.9 million, or 43.1%, in the fourth quarter of 2024 compared to net income of $11.3 million for the fourth quarter of 2023. This increase was due to an increase in net interest income of $3.9 million, an increase in noninterest income of $609,000, a decrease in provision for credit losses of $580,000 and a decrease in income tax expense of $172,000, offset by an increase in noninterest expense of $411,000.

Net income was $64.5 million for the year ended December 31, 2024, an increase of $12.9 million, or 25.0%, from $51.6 million for the year ended December 31, 2023. This increase was due to an increase in net interest income of $16.7 million and an increase in noninterest income of $4.9 million, offset by an increase in noninterest expense of $5.7 million, an increase in income tax expense of $2.5 million and an increase in provision for credit losses of $531,000.

Net Interest Income and Net Interest Margin

Interest income totaled $52.6 million for the fourth quarter of 2024, a decrease of $1.2 million, or 2.3%, from the previous quarter, primarily due to a $40.3 million decrease in the average total investments balance, a 22 basis points decrease in the total investments yield and a 12 basis points decrease in the loan yield, offset by a $22.0 million increase in average loan balances. As compared to the fourth quarter of 2023, interest income for the fourth quarter of 2024 increased by $1.9 million, or 3.8%, primarily due to a 20 basis points increase in the loan yield coupled with a $61.9 million increase in average loan balances.

Interest expense totaled $22.6 million for the fourth quarter of 2024, a decrease of $990,000, or 4.2%, from the previous quarter, primarily due to a 16 basis points decrease in deposit costs coupled with a $10.2 million decrease in the average deposit balances. As compared to the fourth quarter of 2023, interest expense for the fourth quarter of 2024 decreased by $2.0 million or 8.1%, primarily due to a 50 basis points decrease in deposit costs coupled with a $27.0 million decrease in average deposit balances, offset by a 58 basis points increase in borrowing costs and a $60.3 million increase in the average borrowing balance. The Company currently has interest rate derivative agreements totaling $850.0 million that are designated as cash flow hedges of our deposit accounts indexed to the Effective Federal Funds Rate (currently 4.33%). The weighted average pay rate for these interest rate derivatives is 2.29%. During the fourth quarter of 2024, we recorded a credit to interest expense of $5.1 million from the benefit received on these interest rate derivatives compared to a benefit of $6.4 million and $3.1 million recorded during the third quarter of 2024 and the fourth quarter of 2023, respectively.

The net interest margin for the fourth quarter of 2024 was 3.57% compared to 3.58% for the previous quarter, a decrease of one basis point. The yield on average interest-earning assets for the fourth quarter of 2024 decreased by 11 basis points to 6.25% from 6.36% for the previous quarter, while the cost of average interest-bearing liabilities for the fourth quarter of 2024 decreased by 14 basis points to 3.55% from 3.69% for the previous quarter. Average earning assets decreased by $18.3 million from the previous quarter, due to a decrease in average total investments of $40.3 million, offset by an increase of $22.0 million in average loan balances. Average interest-bearing liabilities decreased by $10.9 million from the previous quarter as average interest-bearing deposits decreased by $10.2 million and average borrowings decreased slightly by $677,000.

As compared to the same period in 2023, the net interest margin for the fourth quarter of 2024 increased by 40 basis points to 3.57% from 3.17%, primarily due to an 11 basis points increase in the yield on average interest-earning assets of $3.35 billion and a 36 basis points decrease in the cost of average interest-bearing liabilities of $2.52 billion. Average earning assets for the fourth quarter of 2024 increased by $76.1 million from the fourth quarter of 2023, due to a $61.9 million increase in average loans and a $14.3 million increase in average total investments. Average interest-bearing liabilities for the fourth quarter of 2024 increased by $33.3 million from the fourth quarter of 2023, driven by the increase in average borrowings of $60.3 million, offset by a $27.0 decrease in average interest-bearing deposits.

Noninterest Income

Noninterest income for the fourth quarter of 2024 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 sale from Small Business Administration (“SBA”) and residential mortgage loans, servicing income from SBA loans, mortgage loan fees from lower volume and other income from unrealized losses recognized on our equity securities, offset by higher servicing income from mortgage loans. SBA loan sales totaled $19.2 million (sales premium of 6.25%) during the fourth quarter of 2024 compared to $28.9 million (sales premium of 6.67%) during the third quarter of 2024. Mortgage loan originations totaled $103.3 million during the fourth quarter 2024 compared to $122.4 million during the third quarter of 2024. No mortgage loans were sold during the fourth quarter of 2024 compared to $54.2 million of mortgage loan sales (average sales premium of 1.03%) during the third quarter of 2024. During the fourth quarter of 2024, we recorded a $31,000 fair value adjustment charge on our SBA servicing asset compared to a fair value gain of $202,000 during the third quarter of 2024. We also recorded a $232,000 fair value impairment recovery on our mortgage servicing asset during the fourth quarter of 2024 compared to a $252,000 fair value impairment charge recorded during the third quarter of 2024.

Compared to the same period in 2023, noninterest income for the fourth quarter of 2024 increased by $609,000, or 12.9%, primarily due to higher gains on sale of SBA loans and servicing income from our mortgage loans, offset by decreases in mortgage loan fees from lower volume and servicing income from SBA loans, as well as lower other income from unrealized losses recognized on our equity securities. During the fourth quarter of 2023, we recorded a $147,000 fair value gain on our SBA servicing asset.

Noninterest income for the year ended December 31, 2024 totaled $23.1 million, an increase of $4.9 million, or 26.7%, from the year ended December 31, 2023, primarily due to higher mortgage loan fees from higher volume, as well as higher gains on sale and servicing income from mortgage loans, offset by decreases in gains on sale and servicing income of SBA loans.

Noninterest Expense

Noninterest expense for the fourth quarter of 2024 totaled $14.3 million, an increase of $666,000, or 4.9%, from $13.7 million for the third quarter of 2024. This increase was primarily attributable to the increase in salary and employee benefits which included higher commissions from higher loan volume and higher employee salaries, 401k match and FICA taxes, partially offset by lower other real estate owned expenses. Compared to the fourth quarter of 2023, noninterest expense during the fourth quarter of 2024 increased by $411,000, or 3.0%, primarily due to higher salary and employee benefits, occupancy expense, data processing expense, security expense and loan related expenses, offset by lower FDIC insurance premiums and professional fees.

Noninterest expense for the year ended December 31, 2024 totaled $53.4 million, an increase of $5.7 million, or 11.8%, from $47.7 million for the year ended December 31, 2023. This increase was primarily attributable to increases in salaries and employee benefits due to the increase in the number of full time equivalent employees during 2024, higher commissions from higher loan volume and higher employee insurance and stock based compensation. We also recognized higher expenses related to depreciation, rent, data processing, security, audit and accounting services, other real estate owned and FDIC insurance premiums. These expense increases were partially offset by lower loan related expenses and legal fees.

The Company's efficiency ratio was 40.5% for the fourth quarter of 2024 compared to 37.0% and 45.1% for the third quarter of 2024 and fourth quarter of 2023, respectively. For the year ended December 31, 2024, the efficiency ratio was 37.8 % compared to 39.9% for the year ended December 31, 2023.

Income Tax Expense

The Company's effective tax rate for the fourth quarter of 2024 was 22.1%, compared to 26.3% for the third quarter of 2024 and 29.7% for the fourth quarter of 2023. The Company's effective tax rate for the year ended December 31, 2024 was 26.1% compared to 28.3% for the year ended December 31, 2023. The decrease in the effective tax rate during the fourth quarter of 2024 was due to a tax provision to tax return adjustment recorded for our 2023 state tax returns filed during the third and fourth quarter of 2024.

Balance Sheet

Total Assets

Total assets were $3.59 billion at December 31, 2024, an increase of $24.8 million, or 0.7%, from $3.57 billion at September 30, 2024, and an increase of $91.2 million, or 2.6%, from $3.50 billion at December 31, 2023. The $24.8 million increase in total assets at December 31, 2024 compared to September 30, 2024 was primarily due to increases in loans held for investment of $70.1 million and interest rate derivatives of $2.9 million, partially offset by decreases in cash and due from banks of $42.4 million and loans held for sale of $4.6 million. The $91.2 million increase in total assets at December 31, 2024 compared to December 31, 2023 was primarily due to increases in cash and due from banks of $94.2 million, loans held for investment of $15.8 million, federal funds sold of $10.9 million, Federal Home Loan Bank stock of $2.4 million and bank owned life insurance of $2.3 million, partially offset by decreases in loans held for sale of $22.3 million and interest rate derivatives of $10.0 million.

Our investment securities portfolio made up only 0.77% of our total assets at December 31, 2024 compared to 0.81% and 0.82% at September 30, 2024 and December 31, 2023, respectively.

Loans

Loans held for investment were $3.16 billion at December 31, 2024, an increase of $70.1 million, or 2.3%, compared to $3.09 billion at September 30, 2024, and an increase of $15.8 million, or 0.5%, compared to $3.14 billion at December 31, 2023. The increase in loans at December 31, 2024 compared to September 30, 2024 was due to a $27.0 million increase in residential mortgage loans, a $23.1 million increase in commercial real estate loans, a $14.6 million increase in commercial and industrial loans and a $5.0 million increase in construction and development loans. Loans classified as held for sale totaled $4.6 million and $22.3 million at September 30, 2024 and December 31, 2023, respectively. There were no loans classified as held for sale at December 31, 2024.

Deposits

Total deposits were $2.74 billion at December 31, 2024, an increase of $13.7 million, or 0.5%, compared to total deposits of $2.72 billion at September 30, 2024, and an increase of $5.9 million, or 0.2%, compared to total deposits of $2.73 billion at December 31, 2023. The increase in total deposits at December 31, 2024 compared to September 30, 2024 was due to a $58.4 million increase in interest-bearing demand deposits and a $6.6 million increase in money market accounts (includes $38.6 million decrease in brokered money market accounts), offset by a $35.0 million decrease in time deposits and a $16.2 million decrease in noninterest-bearing demand deposits.

Noninterest-bearing deposits were $536.3 million at December 31, 2024, compared to $552.5 million at September 30, 2024 and $512.0 million at December 31, 2023. Noninterest-bearing deposits constituted 19.6% of total deposits at December 31, 2024, compared to 20.3% at September 30, 2024 and 18.7% at December 31, 2023. Interest-bearing deposits were $2.20 billion at December 31, 2024, compared to $2.17 billion at September 30, 2024 and $2.22 billion at December 31, 2023. Interest-bearing deposits constituted 80.4 % of total deposits at December 31, 2024, compared to 79.7% at September 30, 2024 and 81.3% at December 31, 2023.

Uninsured deposits were 24.1% of total deposits at December 31, 2024, compared to 23.6% and 26.5% at September 30, 2024 and December 31, 2023, respectively. As of December 31, 2024, we had $1.29 billion of available borrowing capacity at the Federal Home Loan Bank ($692.6 million), Federal Reserve Discount Window ($551.6 million) and various other financial institutions (fed fund lines totaling $47.5 million).

Asset Quality

The Company recorded a provision for credit losses of $202,000 during the fourth quarter of 2024, compared to provision for credit losses of $582,000 and $782,000 recorded during the third quarter of 2024 and fourth quarter of 2023, respectively. The provision expense recorded during the fourth quarter of 2024 was primarily due to the increase in reserves allocated to our individually analyzed loans, as well as the increase in general reserves allocated to our commercial and industrial loan portfolio. Annualized net charge-offs to average loans for the fourth quarter of 2024 was 0.01%, compared to net charge-offs of 0.00% for the third quarter of 2024 and 0.04% for the fourth quarter of 2023. Net charge-offs to average loans for the year ended December 31, 2024 was 0.00% compared to 0.02% for the year ended December 31, 2023.

Nonperforming assets totaled $18.4 million, or 0.51% of total assets, at December 31, 2024, an increase of $2.6 million from $15.8 million, or 0.44% of total assets, at September 30, 2024, and an increase of $2.3 million from $16.1 million, or 0.46% of total assets, at December 31, 2023. The increase in nonperforming assets at December 31, 2024 compared to September 30, 2024 was due to a $3.7 million increase in nonaccrual loans offset by a $1.1 million decrease in other real estate owned.

Allowance for credit losses as a percentage of total loans was 0.59% at December 31, 2024, compared to 0.60% at September 30, 2024 and 0.57% at December 31, 2023. Allowance for credit losses as a percentage of nonperforming loans was 104.08% at December 31, 2024, compared to 129.85% and 123.36% at September 30, 2024 and December 31, 2023, respectively.

About MetroCity Bankshares, Inc.

MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in 2006, Metro City Bank currently operates 20 full-service branch locations in multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. To learn more about Metro City Bank, visit www.metrocitybank.bank.

Forward-Looking Statements

Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this press release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this press release and could cause us to make changes to our future plans. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, changes in interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; changes in the interest rate environment, including changes to the federal funds rate, which could have an adverse effect on the Company's profitability; changes in prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from Russia's military action in Ukraine or the conflict in Israel and the surrounding region; and adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the U.S. Securities and Exchange Commission (the “SEC”), and in other documents that we file with the SEC from time to time, which are available on the SEC's website, http://www.sec.gov. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement.

ContactsFarid Tan Lucas StewartPresident Chief Financial Officer770-455-4978 678-580-6414faridtan@metrocitybank.bank lucasstewart@metrocitybank.bankMETROCITY BANKSHARES, INC.SELECTED FINANCIAL DATA Asofandforthe Three Months Ended Asofandforthe Year Ended December31, September30, June30, March31, December31, December31, December31,(Dollars in thousands, except per share data) 2024 2024 2024 2024 2023 2024 2023Selected income statement data:Interest income $ 52,614 $ 53,833 $ 54,108 $ 52,358 $ 50,671 $ 212,913 $ 192,827Interest expense 22,554 23,544 23,396 25,273 24,549 94,767 91,348Net interest income 30,060 30,289 30,712 27,085 26,122 118,146 101,479Provision for credit losses 202 582 (128) (140) 782 516 (15)Noninterest income 5,321 6,615 5,559 5,568 4,712 23,063 18,204Noninterest expense 14,326 13,660 13,032 12,361 13,915 53,379 47,726Income tax expense 4,618 5,961 6,430 5,801 4,790 22,810 20,359Net income 16,235 16,701 16,937 14,631 11,347 64,504 51,613Per share data:Basic income per share $ 0.64 $ 0.66 $ 0.67 $ 0.58 $ 0.45 $ 2.55 $ 2.05Diluted income per share $ 0.63 $ 0.65 $ 0.66 $ 0.57 $ 0.44 $ 2.52 $ 2.02Dividends per share $ 0.23 $ 0.20 $ 0.20 $ 0.20 $ 0.18 $ 0.83 $ 0.72Book value per share (at period end) $ 16.59 $ 16.07 $ 16.08 $ 15.73 $ 15.14 $ 16.59 $ 15.14Shares of common stock outstanding 25,402,782 25,331,916 25,331,916 25,205,506 25,205,506 25,402,782 25,205,506Weighted average diluted shares 25,659,483 25,674,858 25,568,333 25,548,089 25,543,861 25,582,121 25,518,516Performance ratios:Return on average assets 1.82 % 1.86 % 1.89 % 1.65 % 1.29 % 1.81 % 1.50 %Return on average equity 15.84 16.26 17.10 15.41 11.71 16.16 14.10Dividend payout ratio 36.18 30.58 30.03 34.77 40.36 32.80 35.43Yield on total loans 6.31 6.43 6.46 6.34 6.11 6.38 5.97Yield on average earning assets 6.25 6.36 6.45 6.27 6.14 6.33 5.94Cost of average interest bearing liabilities 3.55 3.69 3.68 3.94 3.91 3.72 3.73Cost of deposits 3.45 3.61 3.63 3.97 3.95 3.67 3.85Net interest margin 3.57 3.58 3.66 3.24 3.17 3.51 3.13Efficiency ratio(1) 40.49 37.01 35.93 37.86 45.13 37.80 39.88Asset quality data (at period end):Net charge-offs/(recoveries) to average loans held for investment 0.01 % 0.00 % (0.01) % (0.00) % 0.04 % 0.00 % 0.02 %Nonperforming assets to gross loans held for investment and OREO 0.58 0.51 0.47 0.47 0.51 0.58 0.51ACL to nonperforming loans 104.08 129.85 138.11 135.23 123.36 104.08 123.36ACL to loans held for investment 0.59 0.60 0.58 0.58 0.57 0.59 0.57Balance sheet and capital ratios:Gross loans held for investment to deposits 115.66 % 113.67 % 112.85 % 111.03 % 115.38 % 115.66 % 115.38 %Noninterest bearing deposits to deposits 19.60 20.29 20.54 19.43 18.75 19.60 18.75Investment securities to assets 0.77 0.81 0.78 0.78 0.82 0.77 0.82Common equity to assets 11.72 11.41 11.26 10.87 10.89 11.72 10.89Leverage ratio 11.42 11.12 10.75 10.27 10.20 11.42 10.20Common equity tier 1 ratio 19.17 19.08 18.25 16.96 16.73 19.17 16.73Tier 1 risk-based capital ratio 19.17 19.08 18.25 16.96 16.73 19.17 16.73Total risk-based capital ratio 20.05 19.98 19.12 17.81 17.60 20.05 17.60Mortgage and SBA loan data:Mortgage loans serviced for others $ 527,039 $ 556,442 $ 529,823 $ 443,905 $ 443,072 $ 527,039 $ 443,072Mortgage loan production 103,250 122,355 94,056 94,016 128,931 413,677 336,987Mortgage loan sales – 54,193 111,424 21,873 – 187,490 -SBA/USDA loans serviced for others 479,669 487,359 486,051 516,425 508,000 479,669 508,000SBA loan production 35,730 35,839 8,297 10,949 27,529 90,815 88,090SBA loan sales 19,236 28,858 – 24,065 – 72,159 71,925______________________________________(1) Represents noninterest expense divided by the sum of net interest income plus noninterest income.METROCITY BANKSHARES, INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED) AsoftheQuarterEnded December31, September30, June30, March31, December31,(Dollars in thousands, except per share data) 2024 2024 2024 2024 2023ASSETSCash and due from banks $ 236,338 $ 278,752 $ 325,026 $ 254,331 $ 142,152Federal funds sold 13,537 12,462 2,833 4,505 2,653Cash and cash equivalents 249,875 291,214 327,859 258,836 144,805Equity securities 10,300 10,568 10,276 10,288 10,335Securities available for sale (at fair value) 17,391 18,206 17,825 18,057 18,493Loans held for investment 3,157,935 3,087,826 3,090,498 3,115,871 3,142,105Allowance for credit losses (18,744) (18,589) (17,960) (17,982) (18,112)Loans less allowance for credit losses 3,139,191 3,069,237 3,072,538 3,097,889 3,123,993Loans held for sale – 4,598 – 72,610 22,267Accrued interest receivable 15,858 15,667 15,286 15,686 15,125Federal Home Loan Bank stock 20,251 20,251 20,251 19,063 17,846Premises and equipment, net 18,276 18,158 18,160 18,081 18,132Operating lease right-of-use asset 7,850 7,171 7,599 8,030 8,472Foreclosed real estate, net 427 1,515 1,452 1,452 1,466SBA servicing asset, net 7,274 7,309 7,108 7,611 7,251Mortgage servicing asset, net 1,409 1,296 1,454 937 1,273Bank owned life insurance 73,285 72,670 72,061 71,492 70,957Interest rate derivatives 21,790 18,895 36,196 38,682 31,781Other assets 10,868 12,451 7,305 8,505 10,627Total assets $ 3,594,045 $ 3,569,206 $ 3,615,370 $ 3,647,219 $ 3,502,823LIABILITIESNoninterest-bearing deposits $ 536,276 $ 552,472 $ 564,076 $ 546,760 $ 512,045Interest-bearing deposits 2,200,522 2,170,648 2,181,784 2,267,098 2,218,891Total deposits 2,736,798 2,723,120 2,745,860 2,813,858 2,730,936Federal Home Loan Bank advances 375,000 375,000 375,000 350,000 325,000Operating lease liability 7,940 7,295 7,743 8,189 8,651Accrued interest payable 3,498 3,593 3,482 3,059 4,133Other liabilities 49,456 53,013 76,057 75,509 52,586Total liabilities $ 3,172,692 $ 3,162,021 $ 3,208,142 $ 3,250,615 $ 3,121,306SHAREHOLDERS' EQUITYPreferred stock – – – – -Common stock 254 253 253 252 252Additional paid-in capital 49,216 47,481 46,644 46,105 45,699Retained earnings 358,704 348,343 336,749 324,900 315,356Accumulated other comprehensive income 13,179 11,108 23,582 25,347 20,210Total shareholders' equity 421,353 407,185 407,228 396,604 381,517Total liabilities and shareholders' equity $ 3,594,045 $ 3,569,206 $ 3,615,370 $ 3,647,219 $ 3,502,823METROCITY BANKSHARES, INC.CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended Year Ended December31, September30, June30, March31, December31, December31, December31,(Dollars in thousands, except per share data) 2024 2024 2024 2024 2023 2024 2023Interest and dividend income:Loans, including fees $ 49,790 $ 50,336 $ 50,527 $ 50,117 $ 47,367 $ 200,770 $ 181,883Other investment income 2,663 3,417 3,547 2,211 3,267 11,838 10,767Federal funds sold 161 80 34 30 37 305 177Total interest income 52,614 53,833 54,108 52,358 50,671 212,913 192,827Interest expense:Deposits 18,618 19,602 19,735 22,105 21,691 80,060 80,607FHLB advances and other borrowings 3,936 3,942 3,661 3,168 2,858 14,707 10,741Total interest expense 22,554 23,544 23,396 25,273 24,549 94,767 91,348Net interest income 30,060 30,289 30,712 27,085 26,122 118,146 101,479Provision for credit losses 202 582 (128) (140) 782 516 (15)Net interest income after provision for loan losses 29,858 29,707 30,840 27,225 25,340 117,630 101,494Noninterest income:Service charges on deposit accounts 563 531 532 447 515 2,073 1,918Other service charges, commissions and fees 1,748 1,915 1,573 1,612 2,039 6,848 5,657Gain on sale of residential mortgage loans – 526 1,177 222 – 1,914 -Mortgage servicing income, net 690 422 1,107 229 39 2,448 (193)Gain on sale of SBA loans 811 1,083 – 1,051 – 2,945 3,299SBA servicing income, net 956 1,231 560 1,496 1,324 4,243 4,796Other income 553 907 610 511 795 2,592 2,727Total noninterest income 5,321 6,615 5,559 5,568 4,712 23,063 18,204Noninterest expense:Salaries and employee benefits 9,277 8,512 8,048 7,370 8,971 33,207 29,304Occupancy 1,406 1,430 1,334 1,354 1,368 5,524 4,893Data Processing 335 311 353 294 301 1,293 1,229Advertising 160 145 157 172 160 634 614Other expenses 3,148 3,262 3,140 3,171 3,115 12,721 11,686Total noninterest expense 14,326 13,660 13,032 12,361 13,915 53,379 47,726Income before provision for income taxes 20,853 22,662 23,367 20,432 16,137 87,314 71,972Provision for income taxes 4,618 5,961 6,430 5,801 4,790 22,810 20,359Net income available to common shareholders $ 16,235 $ 16,701 $ 16,937 $ 14,631 $ 11,347 $ 64,504 $ 51,613METROCITY BANKSHARES, INC.QTD AVERAGE BALANCES AND YIELDS/RATES Three Months Ended December31,2024 September30,2024 December31,2023 Average Interest and Yield / Average Interest and Yield / Average Interest and Yield /(Dollars in thousands) Balance Fees Rate Balance Fees Rate Balance Fees RateEarning Assets:Federal funds sold and other investments(1) $ 180,628 $ 2,560 5.64 % $ 220,826 $ 3,308 5.96 % $ 165,877 $ 2,938 7.03 %Investment securities 31,208 264 3.37 31,309 189 2.40 31,685 366 4.58Total investments 211,836 2,824 5.30 252,135 3,497 5.52 197,562 3,304 6.64Construction and development 17,974 384 8.50 14,170 302 8.48 18,002 344 7.58Commercial real estate 757,937 16,481 8.65 740,720 17,132 9.20 664,570 14,934 8.92Commercial and industrial 73,468 1,703 9.22 64,584 1,593 9.81 59,465 1,473 9.83Residential real estate 2,287,731 31,172 5.42 2,295,573 31,267 5.42 2,333,247 30,577 5.20Consumer and other 282 50 70.54 394 42 42.41 258 39 59.97Gross loans(2) 3,137,392 49,790 6.31 3,115,441 50,336 6.43 3,075,542 47,367 6.11Total earning assets 3,349,228 52,614 6.25 3,367,576 53,833 6.36 3,273,104 50,671 6.14Noninterest-earning assets 192,088 207,093 223,630Total assets 3,541,316 3,574,669 3,496,734Interest-bearing liabilities:NOW and savings deposits 133,728 685 2.04 119,759 770 2.56 133,765 396 1.17Money market deposits 991,207 6,347 2.55 982,517 6,156 2.49 1,051,797 10,609 4.00Time deposits 1,025,049 11,586 4.50 1,057,956 12,676 4.77 991,416 10,686 4.28Total interest-bearing deposits 2,149,984 18,618 3.45 2,160,232 19,602 3.61 2,176,978 21,691 3.95Borrowings 375,000 3,936 4.18 375,677 3,942 4.17 314,682 2,858 3.60Total interest-bearing liabilities 2,524,984 22,554 3.55 2,535,909 23,544 3.69 2,491,660 24,549 3.91Noninterest-bearing liabilities:Noninterest-bearing deposits 533,931 542,939 530,935Other noninterest-bearing liabilities 74,696 87,156 89,615Total noninterest-bearing liabilities 608,627 630,095 620,550Shareholders' equity 407,705 408,665 384,524Total liabilities and shareholders' equity $ 3,541,316 $ 3,574,669 $ 3,496,734Net interest income $ 30,060 $ 30,289 $ 26,122Net interest spread 2.70 2.67 2.23Net interest margin 3.57 3.58 3.17______________________________________(1) Includes income and average balances for term federal funds sold, interest-earning cash accounts and other miscellaneous interest-earning assets.(2) Average loan balances include nonaccrual loans and loans held for sale.METROCITY BANKSHARES, INC.YTD AVERAGE BALANCES AND YIELDS/RATES Year Ended December31,2024 December31,2023 Average Interest and Yield / Average Interest and Yield /(Dollars in thousands) Balance Fees Rate Balance Fees RateEarning Assets:Federal funds sold and other investments(1) $ 185,696 $ 11,289 6.08 % $ 167,024 $ 9,995 5.98 %Investment securities 31,373 854 2.72 32,330 949 2.94Total investments 217,069 12,143 5.59 199,354 10,944 5.49Construction and development 17,148 1,511 8.81 31,955 1,864 5.83Commercial real estate 738,200 66,751 9.04 659,432 57,710 8.75Commercial and industrial 67,964 6,597 9.71 54,100 5,110 9.45Residential real estate 2,321,075 125,737 5.42 2,299,246 117,071 5.09Consumer and other 304 174 57.24 195 128 65.64Gross loans(2) 3,144,691 200,770 6.38 3,044,928 181,883 5.97Total earning assets 3,361,760 212,913 6.33 3,244,282 192,827 5.94Noninterest-earning assets 209,058 198,938Total assets 3,570,818 3,443,220Interest-bearing liabilities:NOW and savings deposits 138,827 3,537 2.55 146,543 2,264 1.54Money market deposits 1,012,309 28,331 2.80 1,006,360 42,347 4.21Time deposits 1,031,942 48,192 4.67 940,911 35,996 3.83Total interest-bearing deposits 2,183,078 80,060 3.67 2,093,814 80,607 3.85Borrowings 365,990 14,707 4.02 353,149 10,741 3.04Total interest-bearing liabilities 2,549,068 94,767 3.72 2,446,963 91,348 3.73Noninterest-bearing liabilities:Noninterest-bearing deposits 536,084 555,840Other noninterest-bearing liabilities 86,496 74,254Total noninterest-bearing liabilities 622,580 630,094Shareholders' equity 399,170 366,163Total liabilities and shareholders' equity $ 3,570,818 $ 3,443,220Net interest income $ 118,146 $ 101,479Net interest spread 2.61 2.21Net interest margin 3.51 3.13METROCITY BANKSHARES, INC.LOAN DATA AsoftheQuarterEnded December31,2024 September30,2024 June30,2024 March31,2024 December31,2023 % of % of % of % of % of(Dollars in thousands) Amount Total Amount Total Amount Total Amount Total Amount TotalConstruction and development $ 21,569 0.7 % $ 16,539 0.5 % $ 13,564 0.4 % $ 27,762 0.9 % $ 23,262 0.7 %Commercial real estate 762,033 24.1 738,929 23.9 733,845 23.7 724,263 23.2 711,177 22.6Commercial and industrial 78,220 2.5 63,606 2.1 68,300 2.2 68,560 2.2 65,904 2.1Residential real estate 2,303,234 72.7 2,276,210 73.5 2,282,630 73.7 2,303,400 73.7 2,350,299 74.6Consumer and other 260 – 215 – 230 – 247 – 319 -Gross loans held for investment $ 3,165,316 100.0 % $ 3,095,499 100.0 % $ 3,098,569 100.0 % $ 3,124,232 100.0 % $ 3,150,961 100.0 %Unearned income (7,381) (7,673) (8,071) (8,361) (8,856)Allowance for credit losses (18,744) (18,589) (17,960) (17,982) (18,112)Net loans held for investment $ 3,139,191 $ 3,069,237 $ 3,072,538 $ 3,097,889 $ 3,123,993METROCITY BANKSHARES, INC.NONPERFORMING ASSETS AsoftheQuarterEnded December31, September30, June30, March31, December31,(Dollars in thousands) 2024 2024 2024 2024 2023Nonaccrual loans $ 18,010 $ 14,316 $ 13,004 $ 13,297 $ 14,682Past due loans 90 days or more and still accruing – – – – -Total non-performing loans 18,010 14,316 13,004 13,297 14,682Other real estate owned 427 1,515 1,452 1,452 1,466Total non-performing assets $ 18,437 $ 15,831 $ 14,456 $ 14,749 $ 16,148Nonperforming loans to gross loans held for investment 0.57 % 0.46 % 0.42 % 0.43 % 0.47 %Nonperforming assets to total assets 0.51 0.44 0.40 0.40 0.46Allowance for credit losses to non-performing loans 104.08 129.85 138.11 135.23 123.36METROCITY BANKSHARES, INC.ALLOWANCE FOR LOAN LOSSES AsofandfortheThree Months Ended AsofandfortheYear Ended December31, September30, June30, March31, December31, December31, December31,(Dollars in thousands) 2024 2024 2024 2024 2023 2024 2023Balance, beginning of period $ 18,589 $ 17,960 $ 17,982 $ 18,112 $ 17,660 $ 18,112 $ 13,888Net charge-offs/(recoveries):Construction and development – – – – – – -Commercial real estate – – (82) (1) 224 (83) 450Commercial and industrial 99 24 (1) (3) 85 119 289Residential real estate – – – – – – -Consumer and other – – – – – – -Total net charge-offs/(recoveries) 99 24 (83) (4) 309 36 739Adoption of ASU 2016-13 (CECL) – – – – – – 5,055Provision for loan losses 254 653 (105) (134) 761 668 (92)Balance, end of period $ 18,744 $ 18,589 $ 17,960 $ 17,982 $ 18,112 $ 18,744 $ 18,112Total loans at end of period(1) $ 3,165,316 $ 3,095,499 $ 3,098,569 $ 3,124,232 $ 3,150,961 $ 3,165,316 $ 3,150,961Average loans(1) $ 3,135,093 $ 3,115,441 $ 3,108,303 $ 3,134,286 $ 3,064,409 $ 3,125,389 $ 3,039,361Net charge-offs/(recoveries) to average loans 0.01 % 0.00 % (0.01) % (0.00) % 0.04 % 0.00 % 0.02 %Allowance for loan losses to total loans 0.59 0.60 0.58 0.58 0.57 0.59 0.57______________________________________(1) Excludes loans held for sale.

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