MetroCity Q1 net income $15.7M ($0.62 EPS) up 54% QoQ but down 19% YoY; NIM 3.30%

MetroCity Bankshares, Inc.

2023-Q1 EPS reported $0.62

Net income $15.7M, diluted EPS $0.62, up 54% from Q4 2022 but down 19% YoY.
Net interest margin compressed to 3.30% from 3.58% QoQ and 4.16% YoY due to higher deposit costs.
Loans held for investment $3.01B, down 1.4% QoQ; deposits $2.64B, down 0.9% QoQ.
Adopted CECL on Jan 1, 2023, increasing allowance by $5.1M and reducing retained earnings $3.9M after-tax.
Nonperforming assets fell to $19.5M (0.57% of assets) from $24.5M; allowance/loans ratio at 0.63%.

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