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Mar 31, 2022
Metrocity Q1 2022 Earnings Report
Metrocity reported net income increase driven by rise in net interest income and decrease in expenses.
Key Takeaways
Metrocity Bankshares, Inc. reported a net income of $19.4 million, or $0.76 per diluted share, for Q1 2022, compared to $17.4 million, or $0.68 per diluted share, for Q4 2021, and $13.0 million, or $0.50 per diluted share, for Q1 2021.
Annualized return on average assets was 2.52%, compared to 2.33% for the fourth quarter of 2021 and 2.62% for the first quarter of 2021.
Annualized return on average equity was 26.94%, compared to 24.80% for the fourth quarter of 2021 and 21.35% for the first quarter of 2021.
Efficiency ratio of 31.8%, compared to 33.7% for the fourth quarter of 2021 and 36.0% for the first quarter of 2021.
Total assets increased by $36.2 million, or 1.2%, to $3.14 billion from the previous quarter.
Metrocity
Metrocity
Forward Guidance
The press release contains forward-looking statements regarding future events and the company's expectations and beliefs about its future financial performance and financial condition, which are subject to risks and uncertainties.