Metrocity Bankshares, Inc. has reported its earnings for the third quarter of 2024, revealing a net income of $16.7 million, or $0.65 per diluted share. This represents a slight decrease from the previous quarter's net income of $16.9 million, or $0.66 per diluted share. However, compared to the third quarter of 2023, the net income for the third quarter of 2024 saw a significant increase of $5.3 million, or 46.1%.
For the nine months ended September 30, 2024, the company reported net income of $48.3 million, or $1.89 per diluted share, showing an increase of $8.0 million, or 19.9%, from the same period in 2023.
The annualized return on average assets for the third quarter of 2024 was 1.86%, compared to 1.89% for the second quarter of 2024 and 1.30% for the third quarter of 2023. The annualized return on average equity was 16.26%, compared to 17.10% for the second quarter of 2024 and 12.14% for the third quarter of 2023. Excluding average accumulated other comprehensive income, the return on average equity was 17.25% for the third quarter of 2024, compared to 18.26% for the second quarter of 2024 and 13.04% for the third quarter of 2023.
The company's efficiency ratio was 37.0% for the third quarter of 2024, compared to 35.9% for the second quarter of 2024 and 43.0% for the third quarter of 2023. For the nine months ended September 30, 2024, the efficiency ratio was 36.9%, compared to 38.1% for the same period in 2023.
Furthermore, the net interest margin for the third quarter of 2024 was 3.58%, showing a decrease from 3.66% for the previous quarter. However, compared to the same period in 2023, the net interest margin for the third quarter of 2024 increased by 64 basis points to 3.58% from 2.94%.
In terms of noninterest income, the company reported $6.6 million for the third quarter of 2024, an increase of $1.1 million, or 19.0%, from the second quarter of 2024, and an increase of $4.0 million, or 149.0%, compared to the same period in 2023.
The company's total assets were $3.57 billion at September 30, 2024, representing a decrease of $46.2 million, or 1.3%, from June 30, 2024, and an increase of $58.2 million, or 1.7%, from September 30, 2023.
The data indicates a mixed performance for Metrocity Bankshares, Inc., with certain metrics showing declines from the previous quarter while others demonstrate strong year-over-year growth. Following these announcements, the company's shares moved -1.9%, and are now trading at a price of $31.78. Check out the company's full 8-K submission here.
