MetroCity Q1 net income $14.6M ($0.57 EPS); up 29% QoQ but down 7% YoY

MetroCity Bankshares, Inc.

2024-Q1 EPS reported $0.57

Net income $14.6M ($0.57 diluted EPS) vs $11.3M ($0.44) in Q4 2023 and $15.7M ($0.62) in Q1 2023.
Net interest margin 3.24%, up 7bp from Q4 2023; net interest income rose $963K sequentially.
Total assets $3.65B (+4.1% QoQ); total deposits $2.81B (+3.0% QoQ).
Nonperforming assets $30.3M (0.83% of assets), down from $38.4M at Dec 31, 2023.
Efficiency ratio improved to 37.9% from 45.1% in Q4 2023; ROAA 1.65% vs 1.29% prior quarter.

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 first quarter ended March 31, 2024 results: net income $14.6 million, EPS $0.57 per diluted share.

Period: first quarter ended March 31, 2024
Net income: $14.6 million
EPS: $0.57 per diluted share
Result: reported results

Exact text from the filing

On April 19, 2024, MetroCity Bankshares, Inc. (the “Company”) issued a press release announcing its results of operations and financial condition for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001747068-24-000019

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