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METROCITY BANKSHARES , INC . FOR IMMEDIATE RELEASE METROCITY BANKSHARES , INC . REPORTS EARNINGS FOR FIRST QUARTER 2021 ATLANTA , GA ( April 23 , 2021 ) – MetroCity Bankshares , Inc. ( “ MetroCity ” or the “ Company ” ) ( NASDAQ : MCBS ) , holding company for Metro City Bank ( the “ Bank ” ) , today reported net income of $ 13.0 million , or $ 0.50 per diluted share , for the first quarter of 2021 , compared to $ 9.5 million , or $ 0.37 per diluted share , for the fourth quarter of 2020 , and $ 9.8 million , or $ 0.38 per diluted share , for the first quarter of 2020 . First Quarter 2021 Highlights : • • • • • • . Annualized return on average assets was 2.62 % , compared to 2.14 % for the fourth quarter of 2020 and 2.44 % for the first quarter of 2020 . Annualized return on average equity was 21.35 % , compared to 15.78 % for the fourth quarter of 2020 and 18.21 % for the first quarter of 2020 . Efficiency ratio of 36.0 % , compared to 45.1 % for the fourth quarter of 2020 and 42.9 % for the first quarter of 2020 . Total assets increased by $ 256.9 million , or 13.5 % , to $ 2.15 billion from the previous quarter . Total loans increased by $ 236.4 million , or 14.5 % , to $ 1.87 billion from the previous quarter . Total deposits increased by $ 266.0 million , or 18.0 % , to $ 1.75 billion from the previous quarter . Net interest margin increased to 4.60 % , compared to 4.46 % for the fourth quarter of 2020 and 4.19 % for the first quarter of 2020 . COVID - 19 Pandemic The Company prioritizes the health and safety of its employees and customers , and continues to take protective measures during the ongoing coronavirus ( COVID - 19 ) pandemic , such as implementing remote work arrangements to the fullest extent possible and by adjusting banking center hours and operational measures to promote social distancing . At the same time , the Company continues to closely monitor the effects of the COVID - 19 pandemic on our loan and deposit customers , and is assessing the risks in our loan portfolio and working with our customers to reduce the pandemic's impact on them while minimizing losses for the Company . Meanwhile , the Company remains focused on improving shareholder value , managing credit exposure , monitoring expenses , enhancing the customer experience and supporting the communities it serves . We have implemented loan programs to allow customers who are experiencing hardships from the COVID - 19 pandemic to defer loan principal and interest payments for up to twelve months . The Small Business Administration ( the “ SBA ” ) made debt relief payments for the principal , interest and fee payments of all our SBA loan customers for six months through the end of September 2020. As of March 31 , 2021 , we had nine non - SBA commercial customers with outstanding loan balances totaling $ 26.5 million that were under approved payment deferrals . This is a decline from the active payment deferrals as of December 31 , 2020 that were granted to 14 non - SBA commercial customers with outstanding balances totaling $ 42.0 million . Included in the current 1