Metrocity Bankshares, Inc. · NASDAQ:MCBS
Metrocity Bankshares — Merger or Acquisition (March 2025)
17 slides from Metrocity Bankshares's merger presentation, Mar 17, 2025
Slide 1: Acquisition of First IC Corporation (First IC Bank)
Acquisition of First IC Corporation (First IC Bank) March 17, 2025 NASDAQ: MCBS
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward - Looking Statements This communication contains forward - looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and
Slide 3: Additional Information and Where to Find It
Additional Information and Where to Find It This communication is being made with respect to the proposed transaction involving MCBS and FIEB . This material is not a solicitation of any vote or approval of the FIEB shareholders and is not a substitute for the proxy statement/prospectus or any other
Slide 4: Transaction Overview (MCBS and FIEB)
4 x MetroCity Bankshares, Inc. (NASDAQ:MCBS) is acquiring First IC Corporation (OTCEM:FIEB) to create a $4.8 billion asset franchise while strengthening current markets and expanding to the West Coast Transaction Overview (MCBS and FIEB) Key : MCBS (20) FIEB (10) $4.8 Billion Total Assets Note : Pro
Slide 5: Pro Forma Detailed Map
5 Pro Forma Detailed Map Note : Data as of March 17 , 2025 . Map includes FIEB’s 2 loan production offices . Atlanta MSA New York City MSA Dallas MSA Key : MCBS (20) FIEB (10)
Slide 6: Overview of First IC Corporation
6 Overview of First IC Corporation • First IC Corporation (OTCEM:FIEB) • Subsidiary: First IC Bank • Established: 2000 • Headquarters: Doraville, GA • Locations: 10 Branches 2 LPOs $1,192,160 Total Assets $984,063 Net Loans & Leases $975,568 Deposits 101.8% Loans/ Deposits $140,656 Tangible Equity (
Slide 7: Transaction Rationale and Assumptions
7 Transaction Rationale and Assumptions x Approval of FIEB shareholders is required x Customary regulatory approvals x Anticipated closing of Fourth Quarter 2025 Approvals and Timing Overview of Transaction x Stock and Cash ( $ 111 , 965 , 213 Cash / 3 , 384 , 588 MCBS Shares) x 0 . 3732 x shares of
Slide 8: Transaction Rationale and Assumptions (Cont.)
8 Transaction Rationale and Assumptions (Cont.) x Anticipated pre - tax cost savings of 37 % of FIEB’s non - interest expense x 10 % realized in 2025 x 80 % realized in 2026 x 100 % realized thereafter Transaction Costs x $ 14 . 9 million in transaction costs, net of tax x Gross credit mark of $ 12
Slide 9: Pricing Metrics and Financial Highlights
9 Pricing Metrics and Financial Highlights Note : Based on MCBS closing price as of March 14 , 2024 ; financial data as of December 31 , 2024 ; earnings projections based on management and consensus estimates . ( 1 ) See Slides 14 - 16 for reconciliation of non - GAAP metrics ( 2 ) 2026 EPS accretio
Slide 10: Comprehensive Due Diligence Process
10 Comprehensive Due Diligence Process Focus Areas x Compliance x Lending x Audit x Legal x Asset Quality x Deposits & Funding x IT and Systems x Financial and Accounting x Operations x Human Resources x Investments x Mortgage • Each party completed a comprehensive due diligence review of the other
Slide 11: Pro Forma Loan Mix
1 - 4 Fam 73% CRE 24% C&D 1% C&I 2% 1 - 4 Fam 62% CRE 34% C&D 1% C&I 3% 11 Pro Forma Loan Mix $3.2B 1 - 4 Fam 27% Multi - Fam 1% CRE 69% C&I 3% $996M $4.2B Yield on Loans: 6.35% Yield on Loans: 7.62% Yield on Loans: 6.65% Pro Forma Note : Data per bank - level regulatory filings for the quarter ende
Slide 12: Pro Forma Deposit Mix
Trans Accts 33% Savings & MMDA 10% Retail CDs 24% Jumbo CDs 33% Trans Accts 30% Savings & MMDA 33% Retail CDs 18% Jumbo CDs 19% Trans Accts 31% Savings & MMDA 27% Retail CDs 20% Jumbo CDs 22% 12 Pro Forma Deposit Mix Pro Forma $2.8B $976M $3.7B Cost of Deposits: 2.70% Cost of Deposits: 3.01% Cost of
Slide 13: High Performing Banks Merging
13 High Performing Banks Merging 2.49% 2.17% 2.09% 1.21% 1.85% 1.56% 1.33% 1.31% 1.66% 1.91% 1.88% 1.85% 2.51% 1.90% 2.18% 2.03% 2.11% 2.67% 2.07% 1.91% 1.90% 2.37% 2.09% 2.04% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q
Slide 14: Illustrative Combined Earnings Accretion Reconciliation
14 Illustrative Combined Earnings Accretion Reconciliation Illustrative 2026E Earnings Per Share (EPS) Accretion (1) Dollars in millions (except per share data) 2026E MCBS Net Income (Consensus) $70.8 FIEB Net Income (Management Estimate) 23.6 Combined Net Income $94.4 Phased-in Cost Savings (2) $9.
Slide 15: Tangible Book Value Reconciliation
Tangible Book Value Per Share as of 9/30/2025 Dollars in millions; Excludes per share values MCBS FIEB Pro Forma Common Equity $462.4 $152.7 $545.0 Less: Intangible Assets (7.3) (4.8) (25.6) Less: Goodwill 0.0 0.0 (62.0) Tangible Common Equity $455.1 $147.9 $457.4 Common Shares Outstanding 25,400,00
Slide 16: Tangible Book Value Dilution Reconciliation
16 Tangible Book Value Dilution Reconciliation Tangible Book Value Per Share Impact $ in Millions Shares (millions) $ Per Share MCBS Tangible Book Value at Close (9/30/2025) 455.1 25.4 $17.92 Plus: Common stock Issued as Consideration 94.0 3.4 Less: Goodwill & Core Deposit Intangibles (80.3) Less: R
Slide 17: Contact
Contact: Nack Young Paek Chairman & CEO npaek@metrocitybank.bank Farid Tan President & Director faridtan@metrocitybank.bank Lucas Stewart Chief Financial Officer lucasstewart@metrocitybank.bank
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