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METROCITY BANKSHARES INC - MCBS STOCK NEWS

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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.

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MetroCity Bankshares announces new share repurchase program
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MetroCity Bankshares, Inc. reports Q2 2023 net income of $13.1 million, a decrease from Q1 2023. Total assets increased by $56.1 million to $3.48 billion. Annualized return on average assets was 1.55%. Efficiency ratio was 38.8%. Noninterest income decreased by 20.9% from Q1 2023.
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MetroCity Bankshares, Inc. (NASDAQ: MCBS) announced a net income of $15.7 million, or $0.62 per diluted share, for Q1 2023, rising by 54.5% from Q4 2022 but down 19.0% from Q1 2022. The annualized return on average assets improved to 1.87%, while the return on average equity rose to 18.09%. Despite a 4.6% increase in interest income to $46.0 million, net interest income fell by $2.7 million. Noninterest income surged 235.3% to $6.0 million, primarily due to gains on SBA loans. Total assets decreased slightly to $3.42 billion, with loans down 1.4% from Q4 2022. The efficiency ratio improved to 33.1%, reflecting better cost management.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.18 per share on its common stock, scheduled for distribution on May 12, 2023. This dividend will be paid to shareholders recorded by May 3, 2023. The decision reflects the company's ongoing commitment to returning value to its investors, highlighting its financial stability and operational success.

MetroCity Bankshares operates 19 branches across multi-ethnic communities in multiple states, including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia. This diverse geographical presence may positively influence the bank's growth potential and revenue streams.

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MetroCity Bankshares reported a net income of $13.2 million for Q4 2022, down 22% from Q3 and 24.5% from Q4 2021. The year-end 2022 net income was $65.6 million, a 6.3% increase year-over-year. Key metrics included a 1.54% return on average assets for Q4, a decline from 2.07% the previous quarter. The efficiency ratio worsened to 40.3% from 36.4% in Q3. Total assets rose to $3.43 billion, with total loans increasing 2.6% to $3.06 billion. However, noninterest income fell 64.8% compared to Q3 and 76.1% year-over-year, driven by lower mortgage loan fees and SBA loan gains.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.18 per share on its common stock. This dividend is payable on February 10, 2023, to shareholders of record as of February 1, 2023. The announcement reflects the company’s commitment to returning value to its shareholders amid its operations across multiple states including Georgia, Alabama, Florida, Texas, and New Jersey.

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MetroCity reported a net income of $16.9 million, or $0.66 per diluted share, for Q3 2022, up from $16.1 million in Q2 2022. Year-to-date, net income reached $52.4 million, a 18.7% increase from $44.3 million in 2021. Total assets grew 5.7% this quarter to $3.35 billion, with loans increasing 7.5% to $2.98 billion. However, the efficiency ratio worsened to 36.4% from 34.8% last year, while the annualized return on equity and assets decreased.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) declared a quarterly cash dividend of $0.15 per share, payable on November 10, 2022, to shareholders of record as of November 2, 2022. The announcement reflects the company's commitment to returning value to its shareholders while maintaining a strong financial position. MetroCity operates 19 branches across various states including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia, highlighting its extensive presence in multi-ethnic communities.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported a net income of $16.1 million ($0.63 per diluted share) for Q2 2022, down 17.1% from Q1 2022 but up 11.9% year-over-year. Total assets increased to $3.17 billion, driven by a 10.3% rise in total loans to $2.77 billion. The annualized return on average assets was 2.16%, while the efficiency ratio rose to 37.6%. Interest income increased by 3.4% sequentially, bolstered by higher average loan balances, despite a significant rise in interest expenses. Noninterest income experienced a sharp decline, primarily due to lower SBA servicing income.

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FAQ

What is the current stock price of METROCITY BANKSHARES (MCBS)?

The current stock price of METROCITY BANKSHARES (MCBS) is $35.25 as of November 22, 2024.

What is the market cap of METROCITY BANKSHARES (MCBS)?

The market cap of METROCITY BANKSHARES (MCBS) is approximately 884.6M.

What services does MetroCity Bankshares Inc. offer?

MetroCity Bankshares Inc., through its subsidiary Metro City Bank, provides consumer and commercial checking accounts, savings accounts, certificates of deposit, commercial and consumer loans, money transfers, and other banking services.

Where is MetroCity Bankshares Inc. headquartered?

MetroCity Bankshares Inc. is headquartered in the Atlanta, Georgia metropolitan area.

How did MetroCity Bankshares perform in the first quarter of 2024?

MetroCity Bankshares reported a net income of $14.6 million for the first quarter of 2024, an increase from the previous quarter, driven by higher net interest income and reduced provision for credit losses.

What is the net interest margin for MetroCity Bankshares?

The net interest margin for MetroCity Bankshares was 3.24% for the first quarter of 2024.

What is the current share repurchase program of MetroCity Bankshares?

MetroCity Bankshares' current share repurchase program authorizes the company to repurchase up to 1,000,000 shares of its outstanding common stock.

How much are the total assets of MetroCity Bankshares?

As of March 31, 2024, MetroCity Bankshares reported total assets of $3.65 billion.

What is the current credit provision for credit losses?

MetroCity Bankshares recorded a credit provision for credit losses of $140,000 during the first quarter of 2024.

What is the effective tax rate for MetroCity Bankshares?

The effective tax rate for MetroCity Bankshares was 28.4% for the first quarter of 2024.

How many branch locations does MetroCity Bank operate?

MetroCity Bank operates 20 full-service branch locations in multi-ethnic communities across several states.

Where can I find more information about MetroCity Bankshares?

More information about MetroCity Bankshares can be found on their official website at www.metrocitybank.bank.

METROCITY BANKSHARES INC

Nasdaq:MCBS

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884.59M
18.68M
26.24%
23.92%
0.39%
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