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. 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 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.