Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2023
ATLANTA, Jan. 23, 2024 /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, 2024 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023, compared to $11.4 million, or $0.45 per diluted share, for the third quarter of 2023, and $10.2 million, or $0.40 per diluted share, for the fourth quarter of 2022. For the year ended December 31, 2023, the Company reported net income of $51.6 million, or $2.02 per diluted share, compared to $62.6 million, or $2.44 per diluted share, for the year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2023 Highlights:\nAnnualized return on average assets was 1.29%, compared to 1.30% for the third quarter of 2023 and 1.19% for the fourth quarter of 2022.Annualized return on average equity was 11.71%, compared to 12.14% for the third quarter of 2023 and 11.57% for the fourth quarter of 2022. Excluding average accumulated other comprehensive income, our return on average equity was 12.69% for the fourth quarter of 2023, compared to 13.04% for the third quarter of 2023 and 12.28% for the fourth quarter of 2022.Efficiency ratio of 45.1%, compared to 43.0% for the third quarter of 2023 and 40.0% for the fourth quarter of 2022.Total loans, including loans held for sale, increased by $134.4 million, or 4.4%, to $3.16 billion from the previous quarter.Net interest margin increased by 23 basis points to 3.17% from 2.94% for the previous quarter.Full Year 2023 Highlights:\nReturn on average assets was 1.50%, compared to 1.96% for 2022.Return on average equity was 14.10%, compared to 19.55% for 2022. Excluding average accumulated other comprehensive income, our return on average equity was 15.00% for 2023, compared to 20.02% for 2022.Efficiency ratio of 39.9%, compared to 35.8% for 2022.Total assets increased by $75.6 million, or 2.2%, to $3.50 billion from $3.43 billion at December 31, 2022.Total loans, including loans held for sale, increased by $108.7 million, or 3.6%, to $3.16 billion from $3.06 billion at December 31, 2022.Results of Operations \nNet Income\nNet income was $11.3 million for the fourth quarter of 2023, a decrease of $81,000, or 0.7%, from $11.4 million for the third quarter of 2023. This decrease was due to an increase in noninterest expense ...