MetroCity Bankshares, Inc. (NASDAQ: MCBS), today reported net income of $19.4 million, or $0.76 per diluted share, for the first quarter of 2022, compared to $17.4 million, or $0.68 per diluted share, for the fourth quarter of 2021, and $13.0 million, or $0.50 per diluted share, for the first quarter of 2021.
Net income was $19.4 million for the first quarter of 2022, an increase of $2.0 million, or 11.4%, from $17.4 million for the fourth quarter of 2021. This increase was due to an increase in net interest income of $1.0 million, a decrease in provision for loan losses of $442,000, an increase in noninterest income of $165,000, and a decrease in noninterest expense of $333,000.
Net income increased $6.4 million, or 49.7%, in the first quarter of 2022 compared to net income of $13.0 million for the first quarter of 2021. This increase was due to an increase in net interest income of $9.1 million and a decrease in provision for loan losses of $1.5 million, offset by a decrease in noninterest income of $530,000, an increase in noninterest expense of $1.5 million and an increase in provision for income taxes of $2.2 million.
MCBS shares closed Thursday at $22.32.
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