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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, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.15 per share on its common stock. This dividend is payable on August 12, 2022, to shareholders of record as of August 3, 2022. The bank operates 19 branches across several states, including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia, serving multi-ethnic communities. This distribution reflects the company's ongoing commitment to returning value to its shareholders.

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MetroCity Bankshares, Inc. (MCBS) reported a net income of $19.4 million for Q1 2022, up 11.4% from Q4 2021 and 49.7% year-over-year. Net interest income increased by $1.0 million quarter-over-quarter, with total assets rising by $36.2 million to $3.14 billion. Loans grew by 1.8% to $2.55 billion, and deposits surged 5.3% to $2.38 billion. The efficiency ratio improved to 31.8% from 33.7% in Q4 2021. However, noninterest income decreased by 6.5% year-over-year.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) declared a quarterly cash dividend of $0.15 per share on April 20, 2022. This dividend will be payable on May 13, 2022 to shareholders recorded by May 4, 2022. The company, headquartered in Atlanta, operates 19 branches across various states, including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia, focusing on multi-ethnic communities. This dividend declaration reflects a commitment to returning value to shareholders.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported a net income of $17.4 million for Q4 2021, a rise from $16.9 million in Q3 2021 and $9.5 million in Q4 2020. The annual net income for 2021 reached $61.7 million, up 69.5% from 2020. Total assets increased by $355.9 million (12.9%) to $3.11 billion in Q4 2021, with loans rising by 6.1% to $2.51 billion. The efficiency ratio improved to 33.7%. However, the annualized return on average assets declined to 2.33%.

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On January 19, 2022, MetroCity Bankshares, Inc. (NASDAQ: MCBS) declared a quarterly cash dividend of $0.15 per share, payable on February 11, 2022. Shareholders on record as of February 2, 2022 will receive the dividend. The bank operates 19 branches across multi-ethnic communities in states including Alabama, Florida, and Texas, focusing on providing financial services.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported a net income of $16.9 million, or $0.66 per diluted share, for Q3 2021, reflecting a 17.3% increase from Q2 2021. Year-to-date net income reached $44.3 million, up 64.4% compared to the same period in 2020. Significant growth was observed in total loans, which rose 12.9% to $2.36 billion, and total assets increased 9.2% to $2.75 billion. The efficiency ratio improved to 34.8% from 36.2% in the prior quarter, indicating enhanced operational efficiency.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.14 per share, payable on November 12, 2021. Shareholders on record as of November 3, 2021, will receive this dividend. The company operates 19 branches across various states, including Georgia, Texas, and New York, aiming to serve multi-ethnic communities. This announcement reflects the bank's commitment to returning value to its investors.

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MetroCity Bankshares, Inc. (MCBS) reported Q2 2021 net income of $14.4 million, or $0.56 per diluted share, up from $13.0 million in Q1 2021 and $7.7 million in Q2 2020. Total assets rose 16.9% to $2.52 billion, while total loans increased 12.1% to $2.09 billion. Net interest margin remained stable at 4.60%. The annualized return on average assets was 2.53%, and return on average equity hit 22.51%. Noninterest income grew 5.0% from Q1, primarily due to higher mortgage fees.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) declared a quarterly cash dividend of $0.12 per share on July 21, 2021. This dividend will be paid on August 12, 2021 to shareholders on record as of August 3, 2021. The bank operates 19 full-service branches across multiple states, including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia, serving diverse communities. This announcement reflects the bank's commitment to returning value to shareholders.

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MetroCity Bankshares, Inc. (NASDAQ: MCBS) has announced a share repurchase program for the 2021 calendar year, allowing for the buyback of up to 1,000,000 shares of its common stock. The repurchases may occur through open market or private transactions at management's discretion, depending on market conditions and the Company's financial performance. The program aims to enhance shareholder value, with a completion deadline set for December 31, 2021. Funding will be sourced from cash on hand.

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FAQ

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

The current stock price of METROCITY BANKSHARES (MCBS) is $33.43 as of November 20, 2024.

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

The market cap of METROCITY BANKSHARES (MCBS) is approximately 845.3M.

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

MCBS Rankings

MCBS Stock Data

845.33M
18.68M
26.24%
23.92%
0.39%
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