MetroCity Bankshares Full Year 2024 Earnings: In Line With Expectations

MetroCity Bankshares (NASDAQ:MCBS) Full Year 2024 Results

Key Financial Results

• Revenue: US$140.7m (up 18% from FY 2023).
• Net income: US$64.5m (up 25% from FY 2023).
• Profit margin: 46% (up from 43% in FY 2023). The increase in margin was driven by higher revenue.
• EPS: US$2.55 (up from US$2.05 in FY 2023).

MCBS Banking Performance Indicators

• Net interest margin (NIM): 3.51% (up from 3.13% in FY 2023).
• Non-performing loans: 0.57% (up from 0.47% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

MetroCity Bankshares Meets Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.

In the last 12 months, the only revenue segment was Community Banking contributing US$140.7m. The largest operating expense was General & Administrative costs, amounting to US$40.0m (53% of total expenses). Explore how MCBS's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 5.0% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We've done some analysis and you can see our take on MetroCity Bankshares' balance sheet.

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