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Dec 31, 2022
Metrocity Q4 2022 Earnings Report
Net income decreased due to a decrease in net interest income and noninterest income, partially offset by a decrease in noninterest expense and income tax expense.
Key Takeaways
MetroCity Bankshares, Inc. reported a net income of $13.2 million, or $0.52 per diluted share, for Q4 2022, compared to $17.4 million, or $0.68 per diluted share, for Q4 2021. The decrease is primarily attributed to lower net interest income and noninterest income.
Annualized return on average assets was 1.54% in Q4 2022, compared to 2.33% in Q4 2021.
Annualized return on average equity was 14.97% in Q4 2022, compared to 24.80% in Q4 2021.
Efficiency ratio was 40.3% in Q4 2022, compared to 33.7% in Q4 2021.
Total assets increased by $78.1 million, or 2.3%, to $3.43 billion from the previous quarter.
Metrocity
Metrocity
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the statements. The Company can give no assurance that the results contemplated in the forward-looking statements will be realized.