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Sep 30, 2020
Metrocity Q3 2020 Earnings Report
Net income increased due to noninterest income and loan growth.
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $9.4 million, or $0.36 per diluted share, for Q3 2020. Total loans increased by $94.9 million, or 7.0%, from the previous quarter.
Annualized return on average assets was 2.20%.
Annualized return on average equity was 16.22%.
Efficiency ratio was 42.5%.
Total loans increased by $94.9 million, or 7.0%, to $1.46 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 and manage the economic risks and uncertainties associated with the COVID-19 pandemic.