Business
MetroCity Bankshares, Inc. Reports Earnings For Fourth Quarter And Year Ended 2020
ATLANTA, Jan. 22, 2021 /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":"\n \n \n \n ATLANTA, Jan. 22, 2021 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $9.5 million, or $0.37 per diluted share, for the fourth quarter of 2020, compared to $9.4 million, or $0.36 per diluted share, for the third quarter of 2020, and $10.7 million, or $0.42 per diluted share, for the fourth quarter of 2019. For the year ended December 31, 2020, the Company reported net income of $36.4 million, or $1.41 per diluted share, compared to $44.7 million, or $1.81 per diluted share, for the year ended December 31, 2019. \n\n \n \n \n \n \n \n\n \nFourth Quarter 2020 Highlights:\nAnnualized return on average assets was 2.14%, compared to 2.20% for the third quarter of 2020 and 2.57% for the fourth quarter of 2019. Annualized return on average equity was 15.78%, compared to 16.22% for the third quarter of 2020 and 20.40% for the fourth quarter of 2019. Efficiency ratio of 45.1%, compared to 42.5% for the third quarter of 2020 and 40.5% for the fourth quarter of 2019. Total assets increased by $156.3 million, or 9.0%, to $1.90 billion from the previous quarter. Total loans increased by $170.4 million, or 11.7%, to $1.63 billion from the previous quarter. Total deposits increased by $142.1 million, or 10.6%, to $1.48 billion from the previous quarter. Net interest margin increased to 4.46%, compared to 3.97% for the third quarter of 2020 and 3.82% for the fourth quarter of 2019.Full Year 2020 Highlights:\nReturn on average assets was 2.17%, compared to 2.87% for 2019. Return on average equity was 16.02%, compared to 24.23% for 2019. Efficiency ratio was 44.0%, compared to 39.7% for 2019. Total assets increased by $264.3 million, or 16.2%, to $1.90 billion from $1.63 billion at December 31, 2019. Total loans, excluding loans held for sale, increased by $469.2 million, or 40.4%, to $1.63 billion from $1.16 billion at December 31, 2019. Total deposits increased by $172.5 million, or 13.2%, to $1.48 billion from $1.31 billion at December 31, 2019. Net interest margin increased to 4.18% compared to 4.15% in 2019.COVID-19 Pandemic \nThe Company prioritizes the health and safety of its employees and customers, and continues to take protective measures during the ongoing coronavirus (COVID-19) pandemic, such as ...