Business
MetroCity Bankshares, Inc. Reports Earnings For Third Quarter 2021
ATLANTA, Oct. 22, 2021 /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":"\n ATLANTA, Oct. 22, 2021 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $16.9 million, or $0.66 per diluted share, for the third quarter of 2021, compared to $14.4 million, or $0.56 per diluted share, for the second quarter of 2021, and $9.4 million, or $0.36 per diluted share, for the third quarter of 2020. For the nine months ended September 30, 2021, the Company reported net income of $44.3 million, or $1.71 per diluted share, compared to $26.9 million, or $1.05 per diluted share, for the same period in 2020.\n\n \n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Highlights:\nAnnualized return on average assets was 2.61%, compared to 2.53% for the second quarter of 2021 and 2.20% for the third quarter of 2020. Annualized return on average equity was 25.23%, compared to 22.51% for the second quarter of 2021 and 16.22% for the third quarter of 2020. Efficiency ratio of 34.8%, compared to 36.2% for the second quarter of 2021 and 42.5% for the third quarter of 2020. Total assets increased by $232.4 million, or 9.2%, to $2.75 billion from the previous quarter. Total loans increased by $269.9 million, or 12.9%, to $2.36 billion from the previous quarter. Total deposits increased by $137.0 million, or 6.9%, to $2.11 billion from the previous quarter. Net interest margin was 4.57%, compared to 4.60% for the second quarter of 2021 and 3.97% for the third quarter of 2020.Results of Operations \nNet Income\nNet income was $16.9 million for the third quarter of 2021, an increase of $2.5 million, or 17.3%, from $14.4 million for the second quarter of 2021. This increase was due to an increase in net interest income of $3.4 million and an increase in noninterest income of $938,000, offset by an increase in provision for loan losses of $374,000, an increase in noninterest expense of $1.0 million and an increase in provision for income taxes of $421,000. Net income increased $7.5 million, or 79.9%, in the third quarter of 2021 compared to net income of $9.4 million for the third quarter of 2020. This increase was due to an increase in net interest income of $12.2 million and an increase in noninterest income of $1.6 million, offset by an increase in provision for loan losses of $1.1 million, an increase in noninterest e...