secwatch.observer — SEC 8-K summary
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Issuer:     MetroCity Bankshares, Inc. (MCBS)
CIK:        0001747068
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001747068-23-000057
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MetroCity Bankshares Q2 2023 EPS $0.51, net income down 18.6% YoY
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- Net income of $13.1M ($0.51 diluted EPS) vs $16.1M ($0.63) in Q2 2022.
- Net interest margin fell to 3.10% from 3.30% in Q1 2023 and 4.26% in Q2 2022.
- Total deposits increased $54.4M to $2.70B, driven by money market and time deposits.
- Nonperforming assets rose to $23.6M (0.68% of total assets) from $19.5M in Q1 2023.
- Uninsured deposits were 30.7% of total deposits; available borrowing capacity of $1.19B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1747068/000174706823000057/0001747068-23-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1747068/000174706823000057/mcbs-20230721x8k.htm
  HTML page:      https://secwatch.observer/filing/0001747068-23-000057

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