Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2022
ATLANTA, Jan. 23, 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, Jan. 23, 2023 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $13.2 million, or $0.52 per diluted share, for the fourth quarter of 2022, compared to $16.9 million, or $0.66 per diluted share, for the third quarter of 2022, and $17.4 million, or $0.68 per diluted share, for the fourth quarter of 2021. For the year ended December 21, 2022, the Company reported net income of $65.6 million, or $2.55 per diluted share, compared to $61.7 million, or $2.39 per diluted share, for the year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Highlights:\nAnnualized return on average assets was 1.54%, compared to 2.07% for the third quarter of 2022 and 2.33% for the fourth quarter of 2021.Annualized return on average equity was 14.97%, compared to 20.56% for the third quarter of 2022 and 24.80% for the fourth quarter of 2021.Efficiency ratio of 40.3%, compared to 36.4% for the third quarter of 2022 and 33.7% for the fourth quarter of 2021.Total assets increased by $78.1 million, or 2.3%, to $3.43 billion from the previous quarter.Total loans increased by $77.4 million, or 2.6%, to $3.06 billion from the previous quarter.Total deposits increased by $96.0 million, or 3.7%, to $2.67 billion from the previous quarter.Full Year 2022 Highlights:\nReturn on average assets was 2.06%, compared to 2.51% for 2021.Return on average equity was 20.48%, compared to 23.55% for 2021.Efficiency ratio of 36.3%, compared to 35.1% for 2021.Total assets increased by $320.4 million, or 10.3%, to $3.43 billion from $3.11 billion at December 31, 2021.Total loans increased by $550.6 million, or 22.0%, to $3.06 billion from $2.51 billion at December 31, 2021.Total deposits increased by $403.8 million, or 17.8%, to $2.67 billion from $2.26 billion at December 31, 2021.Results of Operations \nNet Income\nNet income was $13.2 million for the fourth quarter of 2022, a decrease of $3.7 million, or 22.0%, from $16.9 million for the third quarter of 2022. This decrease was primarily due to a decrease in net interest income of $838,000 and a decrease in noninterest income of $3.3 million, offset by a decrease in noninterest expense of $309,000 and a decrease in income tax expense of $649,000. Net income decreased by $4.3 ...