MetroCity Bankshares Reports Net Income of $15.7 Million for the First Quarter of 2023

MetroCity Bankshares, Inc.(MCBS), a leading financial institution, h as released its unaudited consolidated financial statements for the first quarter of 2023. The report showcases the company's financial performance, highlighting both its net income and revenue figures. Despite facing certain challenges in the market, the bank managed to maintain a robust financial position during the quarter.

Net Income: Strong Earnings Recorded Amidst Challenges

MetroCity Bankshares, Inc. announced a net income of $15.7 million for the first quarter of 2023. This figure reflects the earnings available to common shareholders after deducting expenses, provisions, and taxes. Although the net income showed a slight decline compared to the same period in the previous year, the bank demonstrated resilience amidst market challenges.

During the quarter, MetroCity Bankshares experienced growth in several key areas, including loans, investment income, and noninterest income. The bank's net interest income after provision for credit losses reached $26.2 million, contributing significantly to the overall earnings. However, the provision for credit losses was zero for the first quarter of 2023, indicating a favorable outlook for the bank's asset quality.