Business
METROCITY BANKSHARES, INC. REPORTS EARNINGS FOR THIRD QUARTER 2024
ATLANTA, Oct. 18, 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, Oct. 18, 2024 /PRNewswire/ -- MetroCity Bankshares, Inc. (\"MetroCity\" or the \"Company\") (NASDAQ: MCBS), holding company for Metro City Bank (the \"Bank\"), today reported net income of $16.7 million, or $0.65 per diluted share, for the third quarter of 2024, compared to $16.9 million, or $0.66 per diluted share, for the second quarter of 2024, and $11.4 million, or $0.45 per diluted share, for the third quarter of 2023. For the nine months ended September 30, 2024, the Company reported net income of $48.3 million, or $1.89 per diluted share, compared to $40.3 million, or $1.58 per diluted share, for the same period in 2023.\n\n \n \n \n \n \n \n\n \nThird Quarter 2024 Highlights:\nAnnualized return on average assets was 1.86%, compared to 1.89% for the second quarter of 2024 and 1.30% for the third quarter of 2023.Annualized return on average equity was 16.26%, compared to 17.10% for the second quarter of 2024 and 12.14% for the third quarter of 2023. Excluding average accumulated other comprehensive income, our return on average equity was 17.25% for the third quarter of 2024, compared to 18.26% for the second quarter of 2024 and 13.04% for the third quarter of 2023.Efficiency ratio of 37.0%, compared to 35.9% for the second quarter of 2024 and 43.0% for the third quarter of 2023.Net interest margin was 3.58% compared to 3.66% for the previous quarter.Year-to-Date 2024 Highlights:\nReturn on average assets was 1.80% for the nine months ended September 30, 2024, compared to 1.57% for the same period in 2023.Return on average equity was 16.27% for the nine months ended September 30, 2024, compared to 14.96% for the same period in 2023. Excluding average accumulated other comprehensive income, our return on average equity was 17.27% for the nine months ended September 30, 2024, compared to 15.81% for the same period in 2023.Efficiency ratio of 36.9% for the nine months ended September 30, 2024, compared to 38.1% for the same period in 2023.Net interest margin increased by 39 basis points to 3.50% from 3.11% for the same period in 2023.Results of Operations \nNet Income\nNet income was $16.7 million for the third quarter of 2024, a decrease of $236,000, or 1.4%, from $16.9 million for the second quarter of 2024. This decrease was primarily due to an increase in provision for credit losses of $710,000, a decrease in net...