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Jun 30, 2020
Metrocity Q2 2020 Earnings Report
Net income decreased due to a decrease in noninterest income and an increase in provision for loan losses, partially offset by the decrease in noninterest expense while net interest income remained flat.
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $7.7 million, or $0.30 per diluted share, for the second quarter of 2020. Total loans increased by $103.4 million, and total deposits increased by $107.0 million from the previous quarter. The Company prioritized the health and safety of its employees and customers during the COVID-19 pandemic.
Annualized return on average assets was 1.89%, compared to 2.44% for the first quarter of 2020.
Annualized return on average equity was 13.92%, compared to 18.21% for the first quarter of 2020.
Efficiency ratio of 45.6%, compared to 42.9% for the first quarter of 2020.
Total loans increased by $103.4 million, or 8.2%, to $1.36 billion from the previous quarter.
Metrocity
Metrocity
Forward Guidance
Management expects to be able to assist the Company’s customers and communities during these difficult times, manage the economic risks and uncertainties associated with the COVID-19 pandemic and remain adequately capitalized.