Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FIRST QUARTER 2023
ATLANTA, April 21, 2023 /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 21, 2023 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $15.7 million, or $0.62 per diluted share, for the first quarter of 2023, compared to $10.2 million, or $0.40 per diluted share, for the fourth quarter of 2022, and $19.4 million, or $0.76 per diluted share, for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2023 Highlights:\nAnnualized return on average assets was 1.87%, compared to 1.19% for the fourth quarter of 2022 and 2.52% for the first quarter of 2022.Annualized return on average equity was 18.09%, compared to 11.57% for the fourth quarter of 2022 and 26.94% for the first quarter of 2022.Efficiency ratio of 33.1%, compared to 40.3% for the fourth quarter of 2022 and 31.8% for the first quarter of 2022.Annualized net recoveries to average loans for the quarter was 0.00%, compared to a net recovery ratio of 0.01% for the fourth quarter of 2022 and a net charge-off ratio of 0.06% for the first quarter of 2022.Results of Operations \nNet Income\nNet income was $15.7 million for the first quarter of 2023, an increase of $5.5 million, or 54.5%, from $10.2 million for the fourth quarter of 2022. This increase was due to an increase in noninterest income of $4.2 million, a decrease in noninterest expense of $1.7 million and a decrease in income tax expense of $3.5 million, offset by a decrease in net interest income of $2.7 million and an increase in provision for credit losses of $1.2 million. Net income decreased by $3.7 million, or 19.0%, in the first quarter of 2023 compared to net income of $19.4 million for the first quarter of 2022. This decrease was due to a decrease in net interest income of $4.4 million and a decrease in noninterest income of $1.6 million, offset by a decrease in noninterest expense of $1.5 million and a decrease in provision for income taxes of $757,000.\nNet Interest Income and Net Interest Margin\nInterest income totaled $46.0 million for the first quarter of 2023, an increase of $2.0 million, or 4.6%, from the previous quarter, primarily due to a 35 basis points increase in the loan yield coupled with a $34.0 million increase in average loan balances. As compared to the first quarter of 2022, interest income for the first quarter of ...