Business
MetroCity Bankshares, Inc. Reports Earnings For Third Quarter 2019
ATLANTA, Oct. 24, 2019 /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, Oct. 24, 2019 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $12.4 million, or $0.50 per diluted share, for the third quarter of 2019, compared with $9.9 million, or $0.40 per diluted share, for the third quarter of 2018, and $13.0 million, or $0.53 per diluted share, for the second quarter of 2019.\n\n \nOn August 30, 2019, the Company effected a 2-for-1 common stock split, as approved by the Company's board of directors. Common stock and per share data included in this earnings release have been restated to reflect this stock split.\nOn October 7, 2019, the Company completed its initial public offering of 1,000,000 shares of common stock at a public offering price of $13.50 per share. The Company received proceeds, before expenses, of approximately $12.6 million in the offering. The shares began trading on the Nasdaq Global Select Market on October 3, 2019, under the ticker symbol \"MCBS\". The underwriters of the initial public offering have a 30-day option to purchase an additional 290,850 shares of common stock at the initial public offering price less the underwriting discount.\nThird Quarter 2019 Highlights:\nAnnualized return on average assets was 3.07%, compared to 3.44% for the second quarter of 2019 and 2.81% for the third quarter of 2018. Annualized return on average equity was 26.44%, compared to 29.61% for the second quarter of 2019 and 25.65% for the third quarter of 2018. Efficiency ratio was 37.7%, compared to 36.3% for the second quarter of 2019 and 43.3% for the third quarter of 2018. Total assets increased by $120.2 million, or 7.9%, to $1.64 billion from the previous quarter. Total loans, excluding loans held for sale, increased by $70.6 million, or 5.9%, to $1.26 billion from the previous quarter. The yield earned on average loans, including loans held for sale, was 6.22%, compared to 6.11% for the second quarter of 2019 and 5.95% for the third quarter of 2018. Annualized net recovery to average loans for the quarter was (0.11%), compared to a net charge-off to average loans ratio of 0.01% for the second quarter of 2019 and 0.07% for the third quarter of 2018.Nack Paek, Chairman and CEO, commented, \"We are pleased with our third quarter results which continues to solidify...