Metrocity Bankshares, Inc. has reported a net income of $14.6 million, or $0.57 per diluted share, for the first quarter of 2024, compared to $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023, and $15.7 million, or $0.62 per diluted share, for the first quarter of 2023.
The company's annualized return on average assets was 1.65%, compared to 1.29% for the fourth quarter of 2023 and 1.87% for the first quarter of 2023. The annualized return on average equity also increased to 15.41%, compared to 11.71% for the fourth quarter of 2023 and 18.09% for the first quarter of 2023.
Total assets increased by $144.4 million, or 4.1%, to $3.65 billion from the previous quarter, and total deposits increased by $82.9 million, or 3.0%, to $2.81 billion from the previous quarter.
Interest income for the first quarter of 2024 increased by $6.4 million, or 13.9%, primarily due to a 49 basis points increase in the loan yield and a $131.5 million increase in average loan balances. Interest expense also increased, totaling $25.3 million for the first quarter of 2024, an increase of $724,000, or 2.9%, from the previous quarter, primarily due to a 35 basis points increase in time deposit costs and an 11 basis point increase in borrowing costs.
Noninterest income for the first quarter of 2024 was $5.6 million, an increase of $856,000, or 18.2%, from the fourth quarter of 2023, primarily due to higher gains on the sale of small business administration and residential mortgage loans.
Noninterest expense for the first quarter of 2024 totaled $12.4 million, a decrease of $1.6 million, or 11.2%, from the fourth quarter of 2023.
The company's effective tax rate for the first quarter of 2024 was 28.4%, compared to 29.7% for the fourth quarter of 2023 and 27.1% for the first quarter of 2023.
Total assets were $3.65 billion at March 31, 2024, an increase of $144.4 million, or 4.1%, from December 31, 2023, and an increase of $228.2 million, or 6.7%, from March 31, 2023.
Loans held for investment were $3.11 billion at March 31, 2024, a decrease of $28.0 million, or 0.9%, compared to December 31, 2023, and an increase of $102.0 million, or 3.4%, compared to March 31, 2023.
Total deposits were $2.81 billion at March 31, 2024, an increase of $82.9 million, or 3.0%, compared to December 31, 2023, and an increase of $169.8 million, or 6.4%, compared to March 31, 2023.
The company recorded a credit provision for credit losses of $140,000 during the first quarter of 2024, compared to a provision for credit losses expense of $782,000 recorded during the fourth quarter of 2023.
Nonperforming assets totaled $30.3 million, or 0.83% of total assets, at March 31, 2024, a decrease of $8.1 million from December 31, 2023, and an increase of $10.8 million from March 31, 2023.
These figures demonstrate the company's performance and changes over the reported periods. As a result of these announcements, the company's shares have moved 3.1% on the market, and are now trading at a price of $23.36. If you want to know more, read the company's complete 8-K report here.
