secwatch.observer — SEC 8-K summary
======================================

Issuer:     MetroCity Bankshares, Inc. (MCBS)
CIK:        0001747068
Form:       8-K
Filed at:   2023-01-23T23:59:59+00:00
Accession:  0001747068-23-000006
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1747068/000174706823000006/0001747068-23-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1747068/000174706823000006/mcbs-20230123x8k.htm
  HTML page:      https://secwatch.observer/filing/0001747068-23-000006

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer