Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR SECOND QUARTER 2024
ATLANTA, July 19, 2024 /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 19, 2024 /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 second quarter of 2024, compared to $14.6 million, or $0.57 per diluted share, for the first quarter of 2024, and $13.1 million, or $0.51 per diluted share, for the second quarter of 2023. For the six months ended June 30, 2024, the Company reported net income of $31.6 million, or $1.24 per diluted share, compared to $28.8 million, or $1.13 per diluted share, for the same period in 2023. \n\n \nSecond Quarter 2024 Highlights:\nAnnualized return on average assets was 1.89%, compared to 1.65% for the first quarter of 2024 and 1.55% for the second quarter of 2023.Annualized return on average equity was 17.10%, compared to 15.41% for the first quarter of 2024 and 14.87% for the second quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 18.26% for the second quarter of 2024, compared to 16.27% for the first quarter of 2024 and 15.50% for the second quarter of 2023.Efficiency ratio of 35.9%, compared to 37.9% for the first quarter of 2024 and 38.7% for the second quarter of 2023.Net interest margin increased by 42 basis points to 3.66% from 3.24% for the previous quarter.Year-to-Date 2024 Highlights:\nReturn on average assets was 1.77% for the six months ended June 30, 2024, compared to 1.71% for the same period in 2023.Return on average equity was 16.27% for the six months ended June 30, 2024, compared to 16.47% for the same period in 2023. Excluding average accumulated other comprehensive income, our return on average equity was 17.28% for the six months ended June 30, 2024, compared to 17.27% for the same period in 2023.Efficiency ratio of 36.8% for the six months ended June 30, 2024, compared to 35.9% for the same period in 2023.Net interest margin increased by 25 basis points to 3.45% from 3.20% for the same period in 2023.Results of Operations \nNet Income\nNet income was $16.9 million for the second quarter of 2024, an increase of $2.3 million, or 15.8%, from $14.6 million for the first quarter of 2024. This increase was primarily due to an increase in interest income of $1.8 million and a decrease in interest expense of $1.9 mi...