MetroCity Q3 net income $11.4M ($0.45 EPS) down 32% YoY; NIM compresses to 2.94%

MetroCity Bankshares, Inc.

2023-Q3 EPS reported $1.58

Net income of $11.4M ($0.45 diluted EPS) vs $13.1M ($0.51) in Q2'23 and $16.9M ($0.66) in Q3'22.
Net interest margin fell 16 bps QoQ to 2.94% from 3.10% as deposit costs rose 23 bps.
Nonperforming assets increased to $37.8M (1.08% of assets) from $23.6M (0.68%) at June 30, 2023.
SBA loan sales dropped sharply: $5.2M in Q3 vs $30.3M in Q2, driving noninterest income down 39%.
Total assets $3.51B (+1.0% QoQ); deposits $2.72B (+0.7%); loan growth modest at $9.2M.

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 0.95

MetroCity Bankshares, Inc. reported the nine months ended September 30, 2023 results: net income net income of $40.3 million, or $1.58 per diluted share, EPS $1.58 per diluted share.

Period: the nine months ended September 30, 2023
Net income: net income of $40.3 million, or $1.58 per diluted share
EPS: $1.58 per diluted share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, the Company reported net income of $40.3 million, or $1.58 per diluted share, compared to $52.4 million, or $2.04 per diluted share, for the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MetroCity Bankshares, Inc. reported the third quarter ended September 30, 2023 results: net income net income of $11.4 million, or $0.45 per diluted share, EPS $0.45 per diluted share.

Period: the third quarter ended September 30, 2023
Net income: net income of $11.4 million, or $0.45 per diluted share
EPS: $0.45 per diluted share
Result: reported results

Exact text from the filing

MetroCity Bankshares, Inc. (“MetroCity” or the “Company”) (NASDAQ: MCBS), holding company for Metro City Bank (the “Bank”), today reported net income of $11.4 million, or $0.45 per diluted share, for the third quarter of 2023

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MetroCity Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001747068-23-000078

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