MetroCity Q3 net income $16.9M ($0.66 EPS); NIM shrinks 42bps to 3.84%

MetroCity Bankshares, Inc.

2022-Q3 EPS reported $2.04

Q3 2022 diluted EPS $0.66 vs Q2 $0.63 and Q3 2021 $0.66; net income $16.9M flat YoY.
Net interest margin fell to 3.84% from 4.26% QoQ as deposit costs surged 95bps.
Total assets hit $3.35B (+5.7% QoQ); loans grew 7.5% to $2.98B; deposits up 7.3% to $2.57B.
Recorded $1.7M credit provision for loan losses (negative expense) vs $2.6M provision expense in Q3 2021.
Nonperforming assets fell to $32.5M (0.97% of assets) from $34.0M at June 30, 2022.

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