Finance

Notable News Spotlight: MetroCity Bankshares (NASDAQ:MCBS)

MetroCity Bankshares (NASDAQ:MCBS) changed -0.74% to recent value of $13.5. The stock transacted 20590 shares during most recent day however it has an average volume of 82.25K shares. It spotted trading -29.21% off 52-week high price. On the other end, the stock has been noted 62.45% away from the low price over the last 52-weeks.

On July 24, 2020, MetroCity Bankshares (NASDAQ:MCBS) holding company for Metro City Bank (the Bank),  reported net income of $7.7 million, or $0.30 per diluted share, for the second quarter of 2020, compared to $9.8 million, or $0.38 per diluted share, for the first quarter of 2020, and $13.0 million, or $0.53 per diluted share, for the second quarter of 2019.

Second Quarter 2020 Highlights:

  • Annualized return on average assets was 1.89%, compared to 2.44% for the first quarter of 2020 and 3.44% for the second quarter of 2019.
  • Annualized return on average equity was 13.92%, compared to 18.21% for the first quarter of 2020 and 29.61% for the second quarter of 2019.
  • Efficiency ratio of 45.6%, compared to 42.9% for the first quarter of 2020 and 36.3% for the second quarter of 2019.
  • Total loans increased by $103.4 million, or 8.2%, to $1.36 billion from the previous quarter.
  • $96.1 million in loans funded to almost 1,800 customers under the Paycheck Protection Program (PPP)
  • Total deposits increased by $107.0 million, or 8.6%, to $1.35 billion from the previous quarter.
  • Annualized net charge-off to average loans for the quarter was 0.01%, compared to a net recovery ratio of 0.01% for the first quarter of 2020 and a net charge-off ratio of 0.01% for the second quarter of 2019.

MCBS has an operating margin of 72.70% while its profit margin remained 53.30% for the last 12 months. Its earnings per share (EPS) expected to touch remained 7.20% for this year.

The company has 25.53M of outstanding shares and 16.67M shares were floated in the market. The price moved ahead of 1.07% from the mean of 20 days, 7.31% from mean of 50 days SMA and performed -1.67% from mean of 200 days price. Company’s performance for the week was 2.58%, 1.58% for month and YTD performance remained -22.90%.

Leave a Reply

Your email address will not be published. Required fields are marked *