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Sep 30, 2024
Metrocity Q3 2024 Earnings Report
Metrocity's net income decreased slightly, but increased significantly year-over-year, driven by growth in net interest income and noninterest income.
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $16.7 million for Q3 2024, a slight decrease from the previous quarter but a significant increase compared to Q3 2023. The increase was driven by growth in net interest income and noninterest income. The company's annualized return on average assets was 1.86%, and the annualized return on average equity was 16.26%.
Net income was $16.7 million, or $0.65 per diluted share.
Annualized return on average assets was 1.86%.
Annualized return on average equity was 16.26%.
Efficiency ratio was 37.0%.
Revenue by Segment
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. Factors that could cause such differences include economic conditions, changes in interest rates, real estate market conditions, and regulatory changes. The company can give no assurance that the results contemplated in the forward-looking statements will be realized.
Positive Outlook
- Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute “forward-looking statements
- Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
- Metro City Bank currently operates 20 full-service branch locations in multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia.
- As of September 30, 2024, we had $1.28 billion of available borrowing capacity at the Federal Home Loan Bank ($701.6 million), Federal Reserve Discount Window ($532.2 million) and various other financial institutions (fed fund lines totaling $47.5 million).
- The weighted average pay rate for these interest rate derivatives is 2.29%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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