MetroCity Bankshares, Inc 8-K/A, filed Feb 12, 2026

MetroCity Bankshares, Inc. (MCBS)

8-K/A 2026-02-12 For: 2026-02-12

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Added on April 11, 2026

About this 8-K/A

MetroCity Bankshares, Inc filed this 8-K/A on February 12, 2026.

Items reported

Item 9.01: Financial statements and exhibits

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Georgia	No. 001-39068	47-2528408
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


5114 Buford Highway Doraville, Georgia		30340
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each Exchange on which registered
Common Stock, par value $0.01 per share	MCBS	The Nasdaq Stock Market LLC


Exhibit No.		Description

23.1		Consent of McNair, McLemore, Middlebrooks & Co., LLC dated February 12, 2026.#

99.1		Historical Audited Consolidated Financial Statements of First IC Corporation at December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024 (incorporated by reference to pages F-1 through F-29 of Metro City’s Form S-4/A (SEC File No. 333-287567), filed with the SEC on June 4, 2025).*

99.2		Unaudited Pro Forma Condensed Consolidated Financial Statements for the year ended December 31, 2024 and the nine months ended September 30, 2025, and the accompanying notes thereto.#

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	METROCITY BANKSHARES, INC.

Date: February 12, 2026	By:	/s/ Lucas Stewart
		Lucas Stewart
		Chief Financial Officer


	As of September 30, 2025
								Unaudited
	Metro City		First IC		Adjustments		Footnotes	Pro Forma
ASSETS:
Cash and cash equivalents	$	227,158	$	139,004	$	(111,855)	2(a)	$	254,307
Investment securities		33,970		31,946		243	2(b)		66,159
Loans held for sale		237,682		14,114		—			251,796
Loans held for investment		2,960,436		1,035,940		(20,132)	2(c)		3,976,244
Allowance for credit losses		(17,940)		(12,433)		2,548	2(d)		(27,825)
Loans less allowance for credit losses		2,942,496		1,023,507		(17,584)			3,948,419
Premises and equipment, net		17,836		6,799		5,497	2(e)		30,132
Operating lease right-of-use asset		7,712		6,637		1,021	2(f)		15,370
Foreclosed real estate, net		919		—		—			919
Goodwill		—		—		55,864	2(g)		55,864
Intangible assets		—		—		12,733	2(h)		12,733
Net deferred tax asset		4,284		2,101		(1,362)	2(i)		5,023
SBA/USDA loan servicing asset		6,988		4,243		(250)	2(j)		10,981
Bank owned life insurance		75,148		—		—			75,148
Federal Home Loan Bank stock		22,693		8,197		—			30,890
Accrued interest receivable		16,912		4,547		—			21,459
Other assets		35,665		1,934		—			37,599
Total assets	$	3,629,463	$	1,243,029	$	(55,693)		$	4,816,799

LIABILITIES AND SHAREHOLDER'S EQUITY:
Noninterest-bearing deposits	$	544,439	$	243,388	$	-		$	787,827
Interest-bearing deposits		2,148,645		675,706		528	2(k)		2,824,879
Total deposits		2,693,084		919,094		528			3,612,706
Federal Home Loan Bank advances		425,000		155,000		—			580,000
Operating lease liability		7,704		7,014		754	2(f)		15,472
Accrued interest payable		3,567		7,932		-			11,499
Other liabilities		54,220		6,453		105	2(l)		60,778
Total liabilities		3,183,575		1,095,493		1,387			4,280,455
Shareholder's Equity		445,888		147,536		(57,080)	2(m)		536,344
Total liabilities and shareholder's equity	$	3,629,463	$	1,243,029	$	(55,693)		$	4,816,799

Common shares		25,537,746		9,075,519		(5,691,453)			28,921,812


	For the Nine Months Ended September 30, 2025
								Unaudited
	Metro City		First IC		Adjustments		Footnotes	Proforma
Interest and dividend income:
Loans, including fees	$	152,164	$	57,200	$	2,873	3(a)	$	212,237
Investment securities		1,791		641		436	3(b)		2,868
Federal funds sold, interest-bearing cash and other investments		6,616		3,380		—			9,996
Total interest income		160,571		61,221		3,309			225,101

Interest expense:
Deposits		53,272		19,923		—			73,195
Federal Home Loan Bank advances		12,775		2,818		—			15,593
Total interest expense		66,047		22,741		—			88,788

Net interest income		94,524		38,480		3,309			136,313

Provision for credit losses		(279)		1,421		—			1,142

Net interest income after provision for loan losses		94,803		37,059		3,309			135,171

Noninterest income:
Service charges on deposit accounts		1,556		1,759		—			3,315
Other service charges, commissions and fees		5,592		455		—			6,047
Gain on sale of loans		3,003		1,341		—			4,344
Loan servicing income, net		4,673		896		—			5,569
Other income		2,543		94		—			2,637
Total noninterest income		17,367		4,545		—			21,912

Noninterest expense:
Salaries and employee benefits		26,000		11,361		—			37,361
Occupancy and equipment		4,207		2,772		47	3(c)		7,026
Data processing		1,068		887		—			1,955
FDIC insurance premiums		1,183		405		—			1,588
Merger-related expenses		897		1,917		—			2,814
Other expenses		9,231		5,007		955	3(d)		15,193
Total noninterest expense		42,586		22,349		1,002			65,937

Income before provision for income taxes		69,584		19,255		2,307			91,146
Provision for income taxes		19,191		6,185		601	3(e)		25,977
Net income	$	50,393	$	13,070	$	1,706		$	65,169
Basic Earnings Per Share	$	1.98	$	1.44				$	2.26
Diluted Earnings Per Share	$	1.96	$	1.43				$	2.24
Basic Average Shares		25,462,345		9,069,430		(5,685,364)	3(h)		28,846,411
Diluted Average Shares		25,735,688		9,154,582		(5,770,516)	3(h)		29,119,754


	For the Year Ended December 31, 2024
								Unaudited
	Metro City		First IC		Adjustments		Footnotes	Proforma
Interest and dividend income:
Loans, including fees	$	200,770	$	74,435	$	4,739	3(a)	$	279,944
Investment securities		546		882		580	3(b)		2,008
Federal funds sold, interest-bearing cash and other investments		11,597		8,611		—			20,208
Total interest income		212,913		83,928		5,319			302,160

Interest expense:
Deposits		80,060		29,520		(528)	3(c)		109,052
Federal Home Loan Bank advances		14,707		2,538		—			17,245
Total interest expense		94,767		32,058		(528)			126,297

Net interest income (expense)		118,146		51,870		5,847			175,863

Provision for credit losses		516		400		—			916

Net interest income (expense) after provision for loan losses		117,630		51,470		5,847			174,947

Noninterest income:
Service charges on deposit accounts		2,073		2,356		—			4,429
Other service charges, commissions and fees		6,848		570		—			7,418
Gain on sale of loans		4,859		3,807		—			8,666
Loan servicing income, net		6,691		2,320		—			9,011
Other income		2,592		221		—			2,813
Total noninterest income		23,063		9,274		—			32,337

Noninterest expense:
Salaries and employee benefits		33,207		15,039		—			48,246
Occupancy and equipment		5,524		3,653		60	3(d)		9,237
Data processing		1,293		1,093		—			2,386
FDIC insurance premiums		1,715		812		—			2,527
Merger-related expenses		—		—		—			—
Other expenses		11,640		7,447		1,273	3(e)		20,360
Total noninterest expense		53,379		28,044		1,333			82,756

Income before provision for income taxes		87,314		32,700		4,514			124,528
Provision for income taxes		22,810		8,000		1,177	3(f)		31,987
Net income	$	64,504	$	24,700	$	3,337		$	92,541
Basic Earnings Per Share	$	2.55	$	2.72				$	3.23
Diluted Earnings Per Share	$	2.52	$	2.70				$	3.20
Basic Average Shares		25,283,345		9,068,699		(5,693,879)	3(g)		28,658,165
Diluted Average Shares		25,582,121		9,154,577		(5,779,757)	3(g)		28,956,941


(Dollars in thousands)
Change of control contracts	$	4,046
Severance and Retention payments		575
Vendor and system contracts terminations		3,716
Professional and legal fees		3,931
Other acquisition related expenses		3,002
Pre-tax merger costs		15,270
Taxes		(3,619)
Total merger costs	$	11,651


(Dollars in thousands)
Reversal of historical First IC's allowance for credit losses	$	12,433
Increase in allowance for credit losses for gross-up of estimated credit losses for purchased credit-deteriorated ("PCD") loans		(2,028)
Increase in allowance for credit losses for gross-up of estimated credit losses for non-purchased credit-deteriorated ("Non-PCD") loans		(7,857)
	$	2,548


(Dollars in thousands)
To eliminate First IC's shareholder's equity	$	(147,536)
To reflect issuance of Metro City common stock in merger		90,456
Total shareholder's equity adjustment	$	(57,080)


(Dollars in thousands)	As of December 1, 2025
Total fair value of Metro City common stock issued per Reorganization Agreement⁽¹⁾	$	90,456
Cash consideration paid per Reorganization Agreement		110,727
Obligation to settle outstanding First IC stock option awards		1,128
Total merger consideration	$	202,311


(Dollars in thousands)	As of September 30, 2025
Total purchase consideration	$	202,311
First IC Net Assets at Fair Value
Assets:
Cash and cash equivalents		139,004
Investment securities		32,189
Loans held for sale		14,114
Loans held for investment		1,015,808
Allowance for credit losses		(9,885)
Premises and equipment, net		12,296
Operating lease right-of-use asset		7,658
Core deposit intangible		12,733
SBA/USDA loan servicing asset		3,993
Other assets		15,417
Total assets to be acquired		1,243,327
Liabilities:
Deposits		919,622
Federal Home Loan Bank advances		155,000
Operating lease liability		7,768
Other liabilities		14,490
Total liabilities to be assumed		1,096,880
Net assets to be acquired		146,447
Preliminary Goodwill	$	55,864