Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR THIRD QUARTER 2022
ATLANTA, Oct. 21, 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, Oct. 21, 2022 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $16.9 million, or $0.66 per diluted share, for the third quarter of 2022, compared to $16.1 million, or $0.63 per diluted share, for the second quarter of 2022, and $16.9 million, or $0.66 per diluted share, for the third quarter of 2021. For the nine months ended September 30, 2022, the Company reported net income of $52.4 million, or $2.04 per diluted share, compared to $44.3 million, or $1.71 per diluted share, for the same period in 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2022 Highlights:Annualized return on average assets was 2.07%, compared to 2.16% for the second quarter of 2022 and 2.61% for the third quarter of 2021.Annualized return on average equity was 20.56%, compared to 20.65% for the second quarter of 2022 and 25.23% for the third quarter of 2021.Efficiency ratio of 36.4%, compared to 37.6% for the second quarter of 2022 and 34.8% for the third quarter of 2021.Total assets increased by $180.6 million, or 5.7%, to $3.35 billion from the previous quarter.Total loans increased by $208.3 million, or 7.5%, to $2.98 billion from the previous quarter.Total deposits increased by $173.8 million, or 7.3%, to $2.57 billion from the previous quarterAnnualized net charge-off to average loans for the quarter was 0.00%, compared to 0.00% for both the second quarter of 2022 and the third quarter of 2021.Results of Operations \nNet Income\nNet income was $16.9 million for the third quarter of 2022, an increase of $793,000, or 4.9%, from $16.1 million for the second quarter of 2022. This increase was primarily due to a $1.7 million credit provision for loan losses recorded during the quarter, an increase in noninterest income of $448,000, and a decrease in noninterest expense of $431,000, offset by a decrease in net interest income of $432,000 and an increase in income tax expense of $1.4 million. Net income increased by $11,000, or 0.1%, in the third quarter of 2022 compared to net income of $16.9 million for the third quarter of 2021. This slight increase was due to an increase in net interest income of $1.6 million, a decrease in provision for loan losses of $4.3 million and a decrease in noninterest expense of $423,000, offset ...