Page 1

METROCITY BANKSHARES , INC . FOR IMMEDIATE RELEASE METROCITY BANKSHARES , INC . REPORTS EARNINGS FOR THIRD QUARTER 2021 ATLANTA , GA ( October 22 , 2021 ) – MetroCity Bankshares , Inc. ( “ MetroCity ” or the “ Company ” ) ( NASDAQ : MCBS ) , holding company for Metro City Bank ( the “ Bank ” ) , today reported net income of $ 16.9 million , or $ 0.66 per diluted share , for the third quarter of 2021 , compared to $ 14.4 million , or $ 0.56 per diluted share , for the second quarter of 2021 , and $ 9.4 million , or $ 0.36 per diluted share , for the third quarter of 2020 . For the nine months ended September 30 , 2021 , the Company reported net income of $ 44.3 million , or $ 1.71 per diluted share , compared to $ 26.9 million , or $ 1.05 per diluted share , for the same period in 2020 . Third Quarter 2021 Highlights : . • • • Annualized return on average assets was 2.61 % , compared to 2.53 % for the second quarter of 2021 and 2.20 % for the third quarter of 2020 . Annualized return on average equity was 25.23 % , compared to 22.51 % for the second quarter of 2021 and 16.22 % for the third quarter of 2020 . Efficiency ratio of 34.8 % , compared to 36.2 % for the second quarter of 2021 and 42.5 % for the third quarter of 2020 . Total assets increased by $ 232.4 million , or 9.2 % , to $ 2.75 billion from the previous quarter . Total loans increased by $ 269.9 million , or 12.9 % , to $ 2.36 billion from the previous quarter . • Total deposits increased by $ 137.0 million , or 6.9 % , to $ 2.11 billion from the previous quarter . . Net interest margin was 4.57 % , compared to 4.60 % for the second quarter of 2021 and 3.97 % for the third quarter of 2020 . Results of Operations Net Income Net income was $ 16.9 million for the third quarter of 2021 , an increase of $ 2.5 million , or 17.3 % , from $ 14.4 million for the second quarter of 2021. This increase was due to an increase in net interest income of $ 3.4 million and an increase in noninterest income of $ 938,000 , offset by an increase in provision for loan losses of $ 374,000 , an increase in noninterest expense of $ 1.0 million and an increase in provision for income taxes of $ 421,000 . Net income increased $ 7.5 million , or 79.9 % , in the third quarter of 2021 compared to net income of $ 9.4 million for the third quarter of 2020. This increase was due to an increase in net interest income of $ 12.2 million and an increase in noninterest income of $ 1.6 million , offset by an increase in provision for loan losses of $ 1.1 million , an increase in noninterest expense of $ 3.0 million and an increase in provision for income taxes of $ 2.2 million . 1