MetroCity Bankshares, Inc. reports developments for a bank holding company whose Metro City Bank subsidiary provides commercial banking products to businesses and individuals in metropolitan markets. News commonly covers quarterly earnings, net interest margin, efficiency metrics, loan and deposit activity, common-stock cash dividends, and capital actions.
Company updates also include governance matters and completed corporate transactions, including the completed acquisition of First IC Corporation and First IC Bank, which expanded MetroCity's banking footprint across multiple U.S. markets.
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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