Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR ENDED 2024
ATLANTA, Jan. 21, 2025 /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, Jan. 21, 2025 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $16.2 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $16.7 million, or $0.65 per diluted share, for the third quarter of 2024, and $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $64.5 million, or $2.52 per diluted share, compared to $51.6 million, or $2.02 per diluted share, for the same period in 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2024 Highlights:\nAnnualized return on average assets was 1.82%, compared to 1.86% for the third quarter of 2024 and 1.29% for the fourth quarter of 2023.Annualized return on average equity was 15.84%, compared to 16.26% for the third quarter of 2024 and 11.71% for the fourth quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.28% for the fourth quarter of 2024, compared to 17.25% for the third quarter of 2024 and 12.69% for the fourth quarter of 2023.Efficiency ratio of 40.5%, compared to 37.0% for the third quarter of 2024 and 45.1% for the fourth quarter of 2023.Net interest margin was 3.57%, compared to 3.58% for the third quarter of 2024 and 3.17% for the fourth quarter of 2023Loans held for investment increased by $70.1 million, or 2.3%, to $3.16 billion from the previous quarter.Full Year 2024 Highlights:\nReturn on average assets was 1.81%, compared to 1.50% for 2023.Return on average equity was 16.16%, compared to 14.10% for 2023. Excluding average accumulated other comprehensive income, our return on average equity was 16.71% for 2024, compared to 15.00% for 2023.Efficiency ratio of 37.8% for 2024, compared to 39.9% for 2023.Net interest margin increased by 38 basis points to 3.51% from 3.13% for 2023.Total assets increased by $91.2 million, or 2.6%, to $3.59 billion from $3.50 billion at December 31, 2023.Results of Operations \nNet Income\nNet income was $16.2 million for the fourth quarter of 2024, a decrease of $466,000, or 2.8%, from $16.7 million for the third quarter of 2024. This decrease was primarily due to decrease in noninterest income of $1.3 million, an increase in noninterest expe...