secwatch.observer — SEC 8-K summary
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Issuer:     MetroCity Bankshares, Inc. (MCBS)
CIK:        0001747068
Form:       8-K
Filed at:   2022-10-21T23:59:59+00:00
Accession:  0001747068-22-000047
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1747068/000174706822000047/0001747068-22-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1747068/000174706822000047/mcbs-20221021x8k.htm
  HTML page:      https://secwatch.observer/filing/0001747068-22-000047

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