MetroCity Q2 net income $0.63 EPS, down from $0.76 QoQ; NPAs double to $34M

MetroCity Bankshares, Inc.

2022-Q2 EPS reported $1.38

Net income $16.1M ($0.63 diluted EPS) vs $19.4M ($0.76) in Q1 2022 and $14.4M ($0.56) in Q2 2021.
Total loans grew 10.3% QoQ to $2.77B; net interest margin 4.26%, up from 4.16% QoQ but down from 4.60% YoY.
Noninterest income fell 39.2% QoQ to $4.7M, largely due to SBA servicing fair-value loss of $2.3M and no SBA loan sales.
Nonperforming assets jumped to $34.0M (1.07% of assets) from $16.0M (0.51%) at March 31, 2022; no provision for loan losses.
Efficiency ratio worsened to 37.6% from 31.8% QoQ; annualized ROAA 2.16% vs 2.52% prior quarter.

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