Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR SECOND QUARTER 2023
ATLANTA, July 21, 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, July 21, 2023 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $13.1 million, or $0.51 per diluted share, for the second quarter of 2023, compared to $15.7 million, or $0.62 per diluted share, for the first quarter of 2023, and $16.1 million, or $0.63 per diluted share, for the second quarter of 2022. For the six months ended June 30, 2023, the Company reported net income of $28.8 million, or $1.13 per diluted share, compared to $35.5 million, or $1.38 per diluted share, for the same period in 2022.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Highlights:\nAnnualized return on average assets was 1.55%, compared to 1.87% for the first quarter of 2023 and 2.16% for the second quarter of 2022.Annualized return on average equity was 14.87%, compared to 18.09% for the first quarter of 2023 and 20.65% for the second quarter of 2022. Excluding average accumulated other comprehensive income, our return on average equity was 15.50% for the second quarter of 2023, compared to 19.08% for the first quarter of 2023 and 20.90% for the second quarter of 2022.Efficiency ratio of 38.8%, compared to 33.1% for the first quarter of 2023 and 37.6% for the second quarter of 2022.Total assets increased by $56.1 million, or 1.6%, to $3.48 billion from the previous quarter.Total deposits increased by $54.4 million, or 2.1%, to $2.70 billion from the previous quarter.Year-to-Date 2023 Highlights:\nReturn on average assets was 1.71% for the six months ended June 30, 2023, compared to 2.34% for same period in 2022.Return on average equity was 16.47% for the six months ended June 30, 2023, compared to 23.67% for same period in 2022. Excluding average accumulated other comprehensive income, our return on average equity was 17.27% for the six months ended June 30, 2023, compared to 23.81% for the same period in 2022.Efficiency ratio of 35.8% for the six months ended June 30, 2023, compared to 34.6% for the same period in 2022.Results of Operations \nNet Income\nNet income was $13.1 million for the second quarter of 2023, a decrease of $2.6 million, or 16.7%, from $15.7 million for the first quarter of 2023. This decrease was due to a decrease in net interest income of $1.3 million, a decrease in noninterest income of $1.3 mil...