Page 1

METROCITY BANKSHARES , INC . FOR IMMEDIATE RELEASE METROCITY BANKSHARES , INC . REPORTS EARNINGS FOR SECOND QUARTER 2021 ATLANTA , GA ( July 23 , 2021 ) - MetroCity Bankshares , Inc. ( “ MetroCity ” or the “ Company ” ) ( NASDAQ : MCBS ) , holding company for Metro City Bank ( the “ Bank ” ) , today reported net income of $ 14.4 million , or $ 0.56 per diluted share , for the second quarter of 2021 , compared to $ 13.0 million , or $ 0.50 per diluted share , for the first quarter of 2021 , and $ 7.7 million , or $ 0.30 per diluted share , for the second quarter of 2020. For the six months ended June 30 , 2021 , the Company reported net income of $ 27.4 million , or $ 1.06 per diluted share , compared to $ 17.6 million , or $ 0.68 per diluted share , for the same period in 2020 . Second Quarter 2021 Highlights : • • • • • . Annualized return on average assets was 2.53 % , compared to 2.62 % for the first quarter of 2021 and 1.89 % for the second quarter of 2020 . Annualized return on average equity was 22.51 % , compared to 21.35 % for the first quarter of 2021 and 13.92 % for the second quarter of 2020 . Efficiency ratio of 36.2 % , compared to 36.0 % for the first quarter of 2021 and 45.6 % for the second quarter of 2020 . Total assets increased by $ 363.5 million , or 16.9 % , to $ 2.52 billion from the previous quarter . Total loans increased by $ 225.0 million , or 12.1 % , to $ 2.09 billion from the previous quarter . Total deposits increased by $ 228.9 million , or 13.1 % , to $ 1.97 billion from the previous quarter . Net interest margin was 4.60 % , compared to 4.60 % for the first quarter of 2021 and 4.09 % for the second quarter of 2020 . Results of Operations Net Income Net income was $ 14.4 million for the second quarter of 2021 , an increase of $ 1.4 million , or 10.9 % , from $ 13.0 million for the first quarter of 2021. This increase was due to an increase in net interest income of $ 3.3 million and an increase in noninterest income of $ 408,000 , offset by an increase in provision for loan losses of $ 606,000 , an increase in noninterest expense of $ 1.4 million and an increase in provision for income taxes of $ 296,000 . Net income increased $ 6.7 million , or 86.0 % , in the second quarter of 2021 compared to net income of $ 7.7 million for the second quarter of 2020. This increase was due to an increase in net interest income of $ 9.0 million and an increase in noninterest income of $ 3.1 million , offset by an increase in provision for loan losses of $ 1.1 million , an increase in noninterest expense of $ 2.4 million and an increase in provision for income taxes of $ 1.9 million . 1