Business
MetroCity Bankshares, Inc. Reports Earnings For Fourth Quarter 2019
ATLANTA, Jan. 24, 2020 /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, Jan. 24, 2020 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $10.7 million, or $0.42 per diluted share, for the fourth quarter of 2019, compared to $12.4 million, or $0.50 per diluted share, for the third quarter of 2019, and $9.7 million, or $0.40 per diluted share, for the fourth quarter of 2018. For the year ended December 31, 2019, net income was $44.7 million, or $1.81 per diluted share, compared to $41.3 million, or $1.69 per diluted share, for the year ended December 31, 2018.\n\n \n \n\n \nOn October 30, 2019, the Company completed its initial public offering of 1,224,513 shares of common stock, including the exercise of the over-allotment of 224,513 shares, for net proceeds of $13.9 million after deducting underwriting discounts, commissions, and estimated offering expenses. \nFourth Quarter 2019 Highlights:\nNet income of $10.7 million, or $0.42 per diluted share. Annualized return on average assets was 2.57%, compared to 3.07% for the third quarter of 2019 and 2.68% for the fourth quarter of 2018. Annualized return on average equity was 20.40%, compared to 26.44% for the third quarter of 2019 and 23.84% for the fourth quarter of 2018. Efficiency ratio of 40.5%, compared to 37.7% for the third quarter of 2019 and 44.5% for the fourth quarter of 2018.Full Year 2019 Highlights:\nNet income of $44.7 million, or $1.81 per diluted share, compared to $41.3 million, or $1.69 per diluted share, in 2018. Return on average assets was 2.87%, compared to 3.01% in 2018. Return on average equity was 24.23%, compared to 27.95% in 2018. Efficiency ratio was 39.7%, compared to 40.3% in 2018. Total assets increased by $199.2 million, or 13.9%, to $1.63 billion from $1.43 billion at December 31, 2018. Total loans, including loans held for sale, increased by $46.5 million, or 3.9%, to $1.25 billion from $1.20 billion at December 31, 2018. The yield earned on average loans, including loans held for sale, was 6.14%, compared to 5.92% in 2018. Net charge-offs to average loans was a net recovery of 0.02% compared to a net charge-off of 0.14% in 2018.Results of Operations \nNet Income\nNet income was $10.7 million for the fourth quarter of 2019, a decrease of $1.7 million, or 13.6%, from $12.4 million for the...