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MetroCity Bankshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $16.7 million from $11.4 million in the same quarter the previous year. This increase is attributed to higher net interest income and noninterest income.
Interest income for the quarter was $53.8 million, up from $48.7 million the previous year, driven by higher loan yields and increased average loan balances.
Interest expense decreased to $23.5 million from $24.6 million due to a reduction in deposit costs, despite an increase in average deposit balances.
Net interest margin for the quarter increased to 3.58% from 2.94% in the previous year, primarily due to an increase in the yield on average interest-earning assets.
Noninterest income increased to $6.6 million from $2.7 million, with gains from the sale of residential mortgage loans and increased service charges contributing to the rise.
Noninterest expense rose to $13.7 million from $11.5 million, mainly due to higher salaries and employee benefits.
The provision for credit losses was $582,000, compared to a credit of $381,000 in the previous year, reflecting changes in reserves for individually analyzed loans and commercial real estate loans.
The company reported total assets of $3.57 billion as of September 30, 2024, an increase from $3.50 billion at the end of 2023, driven by increases in cash and due from banks.
Total deposits at the end of the quarter were $2.72 billion, slightly down from $2.73 billion at the end of 2023, with a decrease in money market accounts and interest-bearing demand deposits.
The filing also details the company's liquidity management strategies, including available borrowing capacity and the use of interest rate derivatives to hedge deposit accounts.
MetroCity Bankshares continues to focus on maintaining a strong capital position, with regulatory capital ratios exceeding the requirements for well-capitalized institutions.
The company declared a cash dividend of $0.23 per share, payable on November 8, 2024, to common shareholders of record as of October 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MetroCity Bankshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.