MetroCity Bankshares ( (MCBS) ) has released its Q4 earnings. Here is a breakdown of the information MetroCity Bankshares presented to its investors.
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MetroCity Bankshares, Inc. is a bank holding company based in Atlanta, Georgia, primarily serving multi-ethnic communities through its subsidiary Metro City Bank, with a network of 20 full-service branches across several states.
In its latest earnings report, MetroCity Bankshares announced a net income of $16.2 million for the fourth quarter of 2024, reflecting a slight decline from the previous quarter but a significant increase compared to the same period in 2023. For the full year, the company achieved a net income of $64.5 million, a notable rise from the previous year’s figures.
Key financial metrics highlighted in the report include a stable net interest margin of 3.57% for the fourth quarter, a slight decrease from the previous quarter, yet a substantial improvement from the previous year. The company also reported a 2.3% quarterly increase in loans held for investment, totaling $3.16 billion. While MetroCity faced a decrease in noninterest income for the quarter, the annual figure showed a robust 26.7% growth.
Despite some fluctuations in quarterly figures, MetroCity’s overall performance for 2024 was strong, with improvements in return on average assets and equity, as well as a better efficiency ratio compared to the previous year. The company also reported a decrease in its effective tax rate for the quarter and the year.
Looking ahead, MetroCity Bankshares remains cautiously optimistic, aiming to continue its growth trajectory while navigating the challenges of the current economic environment. The management is focused on maintaining strong asset quality and exploring opportunities for further expansion.
