Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR SECOND QUARTER 2022
ATLANTA, July 22, 2022 /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, July 22, 2022 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $16.1 million, or $0.63 per diluted share, for the second quarter of 2022, compared to $19.4 million, or $0.76 per diluted share, for the first quarter of 2022, and $14.4 million, or $0.56 per diluted share, for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported net income of $35.5 million, or $1.38 per diluted share, compared to $27.4 million, or $1.06 per diluted share, for the same period in 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2022 Highlights:\nAnnualized return on average assets was 2.16%, compared to 2.52% for the first quarter of 2022 and 2.53% for the second quarter of 2021.Annualized return on average equity was 20.65%, compared to 26.94% for the first quarter of 2022 and 22.51% for the second quarter of 2021.Efficiency ratio of 37.6%, compared to 31.8% for the first quarter of 2022 and 36.2% for the second quarter of 2021.Total loans increased by $257.7 million, or 10.3%, to $2.77 billion from the previous quarter.Net interest margin was 4.26%, compared to 4.16% for the first quarter of 2022 and 4.60% for the second quarter of 2021.Results of Operations \nNet Income\nNet income was $16.1 million for the second quarter of 2022, a decrease of $3.3 million, or 17.1%, from $19.4 million for the first quarter of 2022. This decrease was due to an decrease in noninterest income of $3.0 million, a decrease in net interest income of $433,000 and an increase in noninterest expense of $940,000, offset by a decrease in income tax expense of $943,000. Net income increased $1.7 million, or 11.9%, in the second quarter of 2022 compared to net income of $14.4 million for the second quarter of 2021. This increase was due to an increase in net interest income of $5.4 million and a decrease in provision for loan losses of $2.2 million, offset by a decrease in noninterest income of $3.9 million, an increase in noninterest expense of $1.0 million and an increase in provision for income taxes of $926,000.\nNet Interest Income and Net Interest Margin\nInterest income totaled $33.0 million for the second quarter of 2022, an increase of $1.1 million, or 3.4%, from the previous quarter, primarily due to...