secwatch.observer — SEC 8-K summary
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Issuer:     MetroCity Bankshares, Inc. (MCBS)
CIK:        0001747068
Form:       8-K
Filed at:   2024-01-23T23:59:59+00:00
Accession:  0001747068-24-000007
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1747068/000174706824000007/0001747068-24-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1747068/000174706824000007/mcbs-20240123x8k.htm
  HTML page:      https://secwatch.observer/filing/0001747068-24-000007

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