secwatch.observer — SEC 8-K summary
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Issuer:     MetroCity Bankshares, Inc. (MCBS)
CIK:        0001747068
Form:       8-K
Filed at:   2022-07-22T23:59:59+00:00
Accession:  0001747068-22-000036
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1747068/000174706822000036/0001747068-22-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1747068/000174706822000036/mcbs-20220722x8k.htm
  HTML page:      https://secwatch.observer/filing/0001747068-22-000036

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