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 reported a net income of $13.0 million, or $0.50 per diluted share, for Q1 2021, up 37.3% from Q4 2020. Key metrics include an annualized return on average assets of 2.62% and return on equity of 21.35%. Total assets increased by 13.5% to $2.15 billion, driven by a 14.5% rise in loans to $1.87 billion and an 18.0% climb in deposits to $1.75 billion. The efficiency ratio improved to 36.0%.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.10 per share on its common stock. This dividend is set to be paid on May 13, 2021 to shareholders recorded as of May 4, 2021. The bank operates 19 branches across several states, including Alabama, Florida, and Texas, serving multi-ethnic communities. This dividend announcement reflects the company's commitment to returning value to its shareholders.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported a net income of $9.5 million, or $0.37 per diluted share, for Q4 2020, slightly up from $9.4 million in Q3 2020 but down from $10.7 million in Q4 2019. For the year, net income decreased to $36.4 million from $44.7 million in 2019. The bank's total assets grew by 9% to $1.90 billion, driven by an 11.7% increase in loans and 10.6% rise in deposits. The net interest margin improved to 4.46%. However, returns on assets and equity declined year-over-year, highlighting ongoing challenges amid the COVID-19 pandemic.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.10 per share on its common stock. The dividend is payable on February 12, 2021 to shareholders of record as of February 3, 2021. This announcement underscores the company's commitment to returning value to its shareholders amid its operations in diverse communities across multiple states, including Alabama, Florida, Georgia, New York, New Jersey, Texas, and Virginia.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) reported a net income of $9.4 million for Q3 2020, an increase of 21.3% from Q2 2020 but 24.0% lower than Q3 2019. The annualized return on average assets rose to 2.20%, while the equity return climbed to 16.22%. Total loans increased by 7.0% to $1.46 billion. Nonperforming assets reached 1.01% of total assets. Challenges from the COVID-19 pandemic continue to impact operations, although the company has implemented loan deferral programs to assist customers.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend payment is scheduled for November 13, 2020, to shareholders on record as of November 4, 2020. The bank operates 19 full-service branches across several states, focusing on multi-ethnic communities. The dividend reflects the company's ongoing commitment to returning value to its shareholders.
MetroCity Bankshares reported a net income of $7.7 million for Q2 2020, down 21.2% from Q1 2020 and 40.3% from Q2 2019. Earnings per diluted share were $0.30, decreasing from $0.38 and $0.53 respectively. Total loans rose 8.2% to $1.36 billion, with $96.1 million funded under the PPP. Total deposits increased by 8.6% to $1.35 billion. The efficiency ratio was 45.6%, worsening from 42.9% in Q1 2020. Annualized return on average assets dropped to 1.89%, down from 2.44% in Q1.
MetroCity Bankshares, Inc. (NASDAQ: MCBS) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend is set to be paid on August 7, 2020, to shareholders on record as of July 31, 2020. This announcement reflects the company's commitment to returning value to its shareholders, indicating its ongoing financial stability.