MetroCity Q4 net income $11.3M ($0.44 EPS); FY 2023 net income down 17.6% to $51.6M

MetroCity Bankshares, Inc.

2023-FY EPS reported $2.02

Q4 net income $11.3M ($0.44 diluted EPS) vs $11.4M ($0.45) Q3 and $10.2M ($0.40) Q4 2022.
FY 2023 net income $51.6M ($2.02 diluted EPS) down from $62.6M ($2.44) in FY 2022.
Net interest margin improved to 3.17% from 2.94% QoQ; loans grew 4.4% to $3.16B.
Nonperforming assets rose to 1.10% of total assets from 0.71% a year ago; allowance 0.58%.
Efficiency ratio 45.1% in Q4 vs 40.0% a year ago; full year 39.9% vs 35.8%.

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, 2023 results: net income net income of $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023.

Period: the fourth quarter and year ended December 31, 2023
Net income: net income of $11.3 million, or $0.44 per diluted share, for the fourth quarter of 2023
Result: reported results

Exact text from the filing

On January 23, 2024, 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, 2023.

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Source: SEC EDGAR

accession 0001747068-24-000007

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