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Dec 31, 2023
Metrocity Q4 2023 Earnings Report
Reported net income for the fourth quarter of 2023.
Key Takeaways
Metrocity Bankshares, Inc. reported a net income of $11.3 million, or $0.44 per diluted share, for Q4 2023, compared to $10.2 million, or $0.40 per diluted share, for Q4 2022. The increase was primarily due to higher noninterest income and a decrease in income tax expense, offset by a decrease in net interest income, an increase in provision for credit losses and an increase in noninterest expense.
Net income was $11.3 million for the fourth quarter of 2023.
Annualized return on average assets was 1.29%.
Annualized return on average equity was 11.71%.
Net interest margin for the fourth quarter of 2023 was 3.17%.
Metrocity
Metrocity
Forward Guidance
This press release contains statements about future events and expectations that are forward-looking and subject to risks and uncertainties.