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Mar 31, 2021
Metrocity Q1 2021 Earnings Report
Reported net income of $13.0 million, or $0.50 per diluted share, for the first quarter 2021
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $13.0 million, or $0.50 per diluted share, for the first quarter of 2021, compared to $9.8 million, or $0.38 per diluted share, for the first quarter of 2020.
Annualized return on average assets was 2.62%, compared to 2.44% for the first quarter of 2020.
Annualized return on average equity was 21.35%, compared to 18.21% for the first quarter of 2020.
Efficiency ratio of 36.0%, compared to 42.9% for the first quarter of 2020.
Total assets increased by $256.9 million, or 13.5%, to $2.15 billion from the previous quarter.
Metrocity
Metrocity
Forward Guidance
Management expects to be able to continue to assist the Company’s customers and communities during these difficult times, manage the economic risks and uncertainties associated with the ongoing COVID-19 pandemic and remain well capitalized.