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Sep 30, 2023
Metrocity Q3 2023 Earnings Report
Net income decreased due to a decrease in noninterest income and net interest income, partially offset by a decrease in income tax expense.
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $11.4 million, or $0.45 per diluted share, for Q3 2023. This is compared to $13.1 million, or $0.51 per diluted share, for the second quarter of 2023, and $16.9 million, or $0.66 per diluted share, for the third quarter of 2022.
Annualized return on average assets was 1.30%, compared to 1.55% for the second quarter of 2023 and 2.07% for the third quarter of 2022.
Annualized return on average equity was 12.14%, compared to 14.87% for the second quarter of 2023 and 20.56% for the third quarter of 2022.
Efficiency ratio of 43.6%, compared to 38.8% for the second quarter of 2023 and 36.4% for the third quarter of 2022.
Total assets increased by $35.9 million, or 1.0%, to $3.51 billion from the previous quarter.
Metrocity
Metrocity
Forward Guidance
This press release contains statements regarding future events and the company's expectations and beliefs about its future financial performance and financial condition. These statements are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially.