10-K/A: MetroCity Bankshares Files Amended 10-K to Correct Accounting Firm Consent

MetroCity Bankshares, Inc. files an amendment to its 2024 Annual Report on Form 10-K to correct a misidentification in the Independent Registered Public Accounting Firm's consent and to include reference to the effectiveness of internal control over financial reporting.

Summary

• MetroCity Bankshares, Inc. is filing Amendment No. 1 on Form 10-K/A to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
• The amendment corrects the Independent Registered Public Accounting Firm's consent, specifically addressing a misidentified city and state and the omission of reference to the effectiveness of internal control over financial reporting.
• No other changes have been made to the original filing, and the amendment does not modify or update any other financial or informational content.
• The amendment includes new certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
• As of June 30, 2024, the aggregate market value of the common stock held by non-affiliates was $504.2 million, based on a closing price of $26.40.
• As of March 5, 2025, the company had 25,402,782 shares of common stock issued and outstanding.

Sentiment

Score: 7

Explanation: The document is a routine amendment to correct a clerical error, indicating a neutral to slightly positive sentiment as the company is taking steps to ensure accurate financial reporting.

Positives

• The company is proactively addressing and correcting errors in its filings.
• The amendment ensures compliance with regulatory requirements regarding the auditor's consent and internal control reporting.

Future Outlook

The document does not contain any specific forward-looking statements beyond the incorporation of the proxy statement by reference.

Management Comments

• Nack Paek, Chief Executive Officer, certifies that the report does not contain any untrue statement of a material fact or omit to state a material fact.
• Lucas Stewart, Chief Financial Officer, certifies that the report does not contain any untrue statement of a material fact or omit to state a material fact.

Industry Context

This filing is a routine amendment to correct administrative details in the company's annual report, which is a standard practice in the banking industry to ensure accurate and compliant financial reporting.

Comparison to Industry Standards

• Correcting errors in financial statements and auditor consents is a common practice among publicly traded companies, including banks.
• Companies like Truist Financial Corporation and Regions Financial Corporation also routinely file amendments to their SEC filings to address errors or omissions.
• The market capitalization of MetroCity Bankshares is smaller than larger regional banks, but the need for accurate financial reporting is equally important.

Stakeholder Impact

• The correction of the auditor's consent ensures that stakeholders have accurate information regarding the company's financial statements and internal controls.
• This promotes transparency and confidence in the company's reporting.

Next Steps

• The company will file its Proxy Statement for the 2025 Annual Meeting of Shareholders within 120 days after the end of the fiscal year ended December 31, 2024.

Key Dates

Keywords

Form 10-K/A, amendment, financial reporting, internal control, MetroCity Bankshares, accounting firm consent