Metrocity Bankshares, Inc. has reported its earnings for the second quarter of 2024, showcasing notable growth in various financial metrics compared to previous periods.
The company reported a net income of $16.9 million for the second quarter of 2024, a significant increase from $14.6 million in the first quarter of 2024 and $13.1 million in the second quarter of 2023. For the six months ended June 30, 2024, the company reported a net income of $31.6 million, compared to $28.8 million for the same period in 2023.
The annualized return on average assets for the second quarter of 2024 was 1.89%, up from 1.65% in the first quarter of 2024 and 1.55% in the second quarter of 2023. Similarly, the annualized return on average equity saw an increase, reaching 17.10% for the second quarter of 2024 compared to 15.41% for the first quarter of 2024 and 14.87% for the second quarter of 2023.
The efficiency ratio for the second quarter of 2024 was 35.9%, showing improved efficiency compared to 37.9% for the first quarter of 2024 and 38.7% for the second quarter of 2023.
Net interest margin also increased, reaching 3.66% for the second quarter of 2024, up from 3.24% for the previous quarter. The company also saw an increase in interest income, totaling $54.1 million for the second quarter of 2024, compared to $52.3 million for the first quarter of 2024 and $47.5 million for the second quarter of 2023.
Noninterest income for the second quarter of 2024 was $5.6 million, slightly down from the first quarter of 2024, but significantly higher compared to the same period in 2023, reflecting an increase of $868,000 or 18.5%.
Noninterest expense for the second quarter of 2024 totaled $13.0 million, up by 5.4% from the first quarter of 2024 and 13.7% from the second quarter of 2023.
The company's effective tax rate showed a decline, standing at 27.5% for the second quarter of 2024 compared to 28.4% for the first quarter of 2024 and 29.6% for the second quarter of 2023.
In terms of the balance sheet, total assets were $3.62 billion at June 30, 2024, representing a decrease from the previous quarter but an increase from the same period in 2023.
Loans held for investment were $3.09 billion at June 30, 2024, showing a decrease from the previous quarter but an increase from the same period in 2023. Total deposits also saw fluctuations, standing at $2.75 billion at June 30, 2024, down from the previous quarter but up from the same period in 2023.
Asset quality also improved, as nonperforming assets decreased to $27.0 million at June 30, 2024, from $30.3 million at March 31, 2024, and increased from $23.6 million at June 30, 2023.
Today the company's shares have moved 3.3% to a price of $29.66. For the full picture, make sure to review MetroCity Bankshares's 8-K report.
