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MetroCity Bankshares Inc. (NASDAQ: MCBS) is a bank holding company based in Georgia, overseeing its primary subsidiary, Metro City Bank. Established in 2006, Metro City Bank operates across several states including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia, providing comprehensive banking services.
Metro City Bank offers a range of commercial banking services, such as consumer and commercial checking accounts, savings accounts, certificates of deposit, commercial and consumer loans, money transfers, and other banking services.
In its recent financial performance, the company reported a net income of $14.6 million for the first quarter of 2024, a significant increase from the previous quarter. Despite a decrease in noninterest income and an increase in noninterest expense, the company managed to enhance its net interest income and reduce provision for credit losses, contributing to overall profitability. The effective tax rate for the first quarter of 2024 stood at 28.4%.
MetroCity Bankshares continues to focus on expanding its loan portfolio and deposit base. As of March 31, 2024, total assets were $3.65 billion, reflecting a 4.1% increase from the end of 2023. Loans held for investment were $3.11 billion, while the total deposits reached $2.81 billion. Notably, the company has maintained a solid average net interest margin, which was 3.24% for the first quarter of 2024.
The company also announced a new share repurchase program, authorizing the repurchase of up to 1,000,000 shares of its outstanding common stock. This initiative underscores MetroCity Bankshares' commitment to enhancing shareholder value through strategic capital management.
In terms of asset quality, MetroCity recorded a credit provision for credit losses of $140,000 in the first quarter of 2024. Nonperforming assets totaled $30.3 million, or 0.83% of total assets, marking a decrease from the previous quarter, indicating an improvement in the company's asset management practices.
Looking ahead, MetroCity Bankshares aims to continue its growth trajectory by leveraging its strong capital position and expanding its market presence across diverse multi-ethnic communities. For more information, visit the official website at www.metrocitybank.bank.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported net income of $16.7 million, or $0.65 per diluted share, for the third quarter of 2024. This represents a slight decrease from $16.9 million in Q2 2024 but a significant increase from $11.4 million in Q3 2023. Key highlights include:
- Annualized return on average assets: 1.86%
- Annualized return on average equity: 16.26%
- Efficiency ratio: 37.0%
- Net interest margin: 3.58%
The company saw a decrease in net interest income and an increase in provision for credit losses, offset by an increase in noninterest income. Total assets were $3.57 billion, a slight decrease from Q2 2024 but an increase from Q3 2023. Loans held for investment remained relatively stable at $3.09 billion, while total deposits decreased slightly to $2.72 billion.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has announced two significant decisions:
1. A quarterly cash dividend of $0.23 per share on its common stock, payable on November 8, 2024, to shareholders of record as of October 30, 2024.
2. The continuation of its share repurchase program, authorizing the repurchase of up to 925,250 shares of outstanding common stock. This program will run from October 17, 2024, to September 30, 2025.
The repurchases will comply with SEC rules, including Rule 10b-18, and may be made under Rule 10b5-1 plans. They can be executed in the open market or through private negotiations, subject to market conditions, stock price, and the company's financial performance. The program can be modified, suspended, or discontinued at any time.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported net income of $16.9 million, or $0.66 per diluted share, for Q2 2024, up from $14.6 million in Q1 2024 and $13.1 million in Q2 2023. Key highlights include:
- Annualized return on average assets: 1.89%
- Annualized return on average equity: 17.10%
- Efficiency ratio: 35.9%
- Net interest margin: 3.66%, up 42 basis points from Q1
The increase in net income was primarily due to higher interest income and lower interest expense. Total assets were $3.62 billion, down 0.9% from Q1 2024 but up 4.0% year-over-year. Loans held for investment decreased by 0.8% to $3.09 billion, while total deposits decreased by 2.4% to $2.75 billion compared to Q1 2024.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has announced a quarterly cash dividend of $0.20 per share on its common stock. The dividend is set to be paid on August 9, 2024, to shareholders of record as of July 31, 2024. This declaration by the board of directors demonstrates the company's commitment to returning value to its shareholders and may indicate confidence in the bank's financial stability and performance.
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