Welcome to our dedicated page for Metrocity Bankshares news (Ticker: MCBS), a resource for investors and traders seeking the latest updates and insights on Metrocity Bankshares stock.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) is the bank holding company for Metro City Bank, a Georgia state-chartered bank headquartered in Doraville, Georgia. This news page aggregates company-issued press releases and other coverage related to MetroCity’s operations as a commercial bank, its financial performance, and its corporate actions.
Recent MetroCity news has focused on quarterly earnings announcements, cash dividend declarations, share repurchase program authorizations, and the strategic combination with First IC Corporation. Earnings releases provide detail on net income, net interest income, net interest margin, noninterest income and expense, loan and deposit trends, and asset quality metrics. Dividend and repurchase announcements describe how the board of directors is managing capital and returning value to shareholders.
MetroCity’s news flow also includes updates on its merger and acquisition activity. In 2025, MetroCity and First IC Corporation announced a definitive merger agreement, followed by regulatory and shareholder approvals, an expected closing timeline, and a subsequent release confirming completion of the acquisition of First IC Corporation and First IC Bank. These releases describe the combined company’s approximate asset size, loan and deposit balances, and expanded branch network across Alabama, California, Florida, Georgia, New Jersey, New York, Texas and Virginia.
Investors and observers can use this page to review MetroCity’s historical press releases on earnings for various quarters, details on its interest rate derivatives and balance sheet composition, as well as official communications filed in connection with material events. For ongoing research on MCBS, this news feed offers a centralized view of the company’s reported financial results, strategic transactions and board-level decisions.
MetroCity Bankshares (NASDAQ: MCBS) has announced a quarterly cash dividend of $0.23 per share on its common stock. The dividend will be paid on May 9, 2025 to shareholders who are on record as of April 30, 2025.
MetroCity Bankshares (NASDAQ: MCBS) and First IC announced a strategic merger agreement where MetroCity will acquire First IC in a combined cash and stock transaction valued at approximately $206 million. The deal structure includes 3,384,588 MetroCity shares and $111,965,213 in cash, representing a 46% stock and 54% cash split.
First IC brings $1.2 billion in total assets, $975 million in deposits, and $993 million in loans. The combined entity will have approximately $4.8 billion in assets, $3.7 billion in deposits, and $4.1 billion in loans. The merger is projected to deliver ~26% EPS accretion to MetroCity shareholders in the first full year with expected cost savings, with a tangible book value payback period of approximately 2.4 years.
The transaction, unanimously approved by both boards, is expected to close in Q4 2025, subject to regulatory approvals and First IC shareholder approval.
MetroCity Bankshares (NASDAQ: MCBS) reported Q4 2024 net income of $16.2 million ($0.63 per diluted share), down from $16.7 million ($0.65 per diluted share) in Q3 2024, but up from $11.3 million ($0.44 per diluted share) in Q4 2023.
For full-year 2024, net income reached $64.5 million ($2.52 per diluted share), a 25% increase from $51.6 million ($2.02 per diluted share) in 2023. Key Q4 metrics include: annualized return on average assets of 1.82%, efficiency ratio of 40.5%, and net interest margin of 3.57%. Total assets grew to $3.59 billion, up 2.6% year-over-year.
Loans held for investment increased by $70.1 million to $3.16 billion from the previous quarter. Total deposits stood at $2.74 billion, with uninsured deposits representing 24.1% of total deposits. The company maintained strong asset quality with an allowance for credit losses at 0.59% of total loans.
MetroCity Bankshares (NASDAQ: MCBS) has announced a quarterly cash dividend of $0.23 per share on its common stock. The dividend will be paid on February 7, 2025, to shareholders who are recorded as stockholders as of January 29, 2025. This announcement follows the board of directors' declaration of the quarterly dividend payment.
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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