$11.1 million increase in time deposits and an $8.1 million increase in money market accounts, offset by a $47.5 million decrease in noninterest-bearing demand deposits and a $643,000 decrease in savings accounts.
Noninterest-bearing deposits were $512.05 million at December 31, 2023, compared to $559.5 million at September 30, 2023 and $612.0 million at December 31, 2022. Noninterest-bearing deposits constituted 18.7% of total deposits at December 31, 2023, compared to 20.6% at September 30, 2023 and 22.9% at December 31, 2022. Interest-bearing deposits were $2.22 billion at December 31, 2023, compared to $2.16 billion at September 30, 2023 and $2.05 billion at December 31, 2022. Interest-bearing deposits constituted 81.3% of total deposits at December 31, 2023, compared to 79.4% at September 30, 2023 and 77.1% at December 31, 2022.
Uninsured deposits were 26.5% of total deposits at December 31, 2023, compared to 27.2% and 32.5% at September 30, 2023 and December 31, 2022, respectively. As of December 31, 2023, we had $1.21 billion of available borrowing capacity at the Federal Home Loan Bank ($721.1 million), Federal Reserve Discount Window ($446.3 million) and various other financial institutions (fed fund lines totaling $47.5 million).
Asset Quality
The Company recorded a provision for credit losses of $782,000 during the fourth quarter of 2023, compared to a credit provision for credit losses of $381,000 and $1.2 million recorded during the third quarter of 2023 and fourth quarter of 2022, respectively. The provision for credit losses recorded during the fourth quarter of 2023 was primarily due the increase in loan balances during the quarter. Annualized net charge-offs to average loans for the fourth quarter of 2023 was 0.04%, compared to a net recovery of 0.00% for the third quarter of 2023 and a net recovery of 0.01% for the fourth quarter of 2022.
Nonperforming assets totaled $38.4 million, or 1.10% of total assets, at December 31, 2023, an increase of $529,000 from $37.9 million, or 1.08% of total assets, at September 30, 2023, and an increase of $13.9 million from $24.5 million, or 0.71% of total assets, at December 31, 2022. The increase in nonperforming assets at December 31, 2023 compared to September 30, 2023 was due to a $705,000 increase in other real estate owned and a $269,000 increase in accruing restructured loans, offset by $445,000 decrease in nonaccrual loans.
Allowance for credit losses as a percentage of total loans was 0.58% at December 31, 2023, compared to 0.58% at September 30, 2023 and 0.45% at December 31, 2022. Allowance for credit losses as a percentage of nonperforming loans was 49.06% at December 31, 2023, compared to 47.61% and 68.88% at September 30, 2023 and December 31, 2022, respectively.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in 2006, Metro City Bank currently operates 20 full-service branch locations in multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. To learn more about Metro City Bank, visit www.metrocitybank.bank.
Forward-Looking Statements
Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking