Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2022
ATLANTA, April 22, 2022 /PRNewswire/ -- MetroCity Bankshares, Inc. ("MetroCity" or the "Company") (NASDAQ: MCBS), holding company for Metro City Bank (the
About this update from Metrocity Bankshares, Inc.
[{"type":"text","content":"ATLANTA, April 22, 2022 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $19.4 million, or $0.76 per diluted share, for the first quarter of 2022, compared to $17.4 million, or $0.68 per diluted share, for the fourth quarter of 2021, and $13.0 million, or $0.50 per diluted share, for the first quarter of 2021. \n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 Highlights:\nAnnualized return on average assets was 2.52%, compared to 2.33% for the fourth quarter of 2021 and 2.62% for the first quarter of 2021. Annualized return on average equity was 26.94%, compared to 24.80% for the fourth quarter of 2021 and 21.35% for the first quarter of 2021. Efficiency ratio of 31.8%, compared to 33.7% for the fourth quarter of 2021 and 36.0% for the first quarter of 2021. Total assets increased by $36.2 million, or 1.2%, to $3.14 billion from the previous quarter. Total loans, including loans held for sale, increased by $45.2 million, or 1.8%, to $2.55 billion from the previous quarter. Total deposits increased by $119.1 million, or 5.3%, to $2.38 billion from the previous quarter. Results of Operations \nNet Income\nNet income was $19.4 million for the first quarter of 2022, an increase of $2.0 million, or 11.4%, from $17.4 million for the fourth quarter of 2021. This increase was due to an increase in net interest income of $1.0 million, a decrease in provision for loan losses of $442,000, an increase in noninterest income of $165,000, and a decrease in noninterest expense of $333,000. Net income increased $6.4 million, or 49.7%, in the first quarter of 2022 compared to net income of $13.0 million for the first quarter of 2021. This increase was due to an increase in net interest income of $9.1 million and a decrease in provision for loan losses of $1.5 million, offset by a decrease in noninterest income of $530,000, an increase in noninterest expense of $1.5 million and an increase in provision for income taxes of $2.2 million. \nNet Interest Income and Net Interest Margin\nInterest income totaled $32.0 million for the first quarter of 2022, an increase of $1.1 million, or 3.6%, from the previous quarter, primarily due to a seven basis points increase in the yield on average loans and a $98.8 million increase in average...