MetroCity Bankshares Q4 net income $13.2M, down 24.5% YoY; full year net income $65.6M up 6.3%

MetroCity Bankshares, Inc.

2022-FY EPS reported $2.44

Q4 net income $13.2M ($0.52 diluted EPS), down 22% from Q3 2022 and 24.5% from Q4 2021.
Full year net income $65.6M ($2.55 EPS), up 6.3% from $61.7M in 2021.
Net interest margin fell 26 bps to 3.58% in Q4; deposit costs rose 113 bps QoQ.
Noninterest income dropped 64.8% QoQ to $1.8M, hurt by lower mortgage fees and $1.2M SBA servicing write-down.
Total loans grew 22% YoY to $3.06B; nonperforming assets declined to 0.71% of assets.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MetroCity Bankshares, Inc. reported the fourth quarter and year ended December 31, 2022 results: net income net income of $13.2 million, or $0.52 per diluted share, for the fourth quarter of 2022.

Period: the fourth quarter and year ended December 31, 2022
Net income: net income of $13.2 million, or $0.52 per diluted share, for the fourth quarter of 2022
Result: reported results

Exact text from the filing

On January 23, 2023, MetroCity Bankshares, Inc. (the “Company”) issued a press release announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001747068-23-000006

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