MetroCity Q2 net income $16.9M, EPS $0.66; NIM expands 42 bps to 3.66%

MetroCity Bankshares, Inc.

2024-Q2 EPS reported $1.24

Net income $16.9M ($0.66 diluted EPS) vs Q1 2024 $14.6M ($0.57) and Q2 2023 $13.1M ($0.51).
Net interest margin 3.66%, up 42 bps from prior quarter; efficiency ratio improved to 35.9%.
Loans held for investment $3.09B (-0.8% QoQ); total deposits $2.75B (-2.4% QoQ).
Nonperforming assets $27.0M (0.75% of assets) vs $30.3M (0.83%) at March 31, 2024.
Credit provision of $128K recovery in Q2; allowance for credit losses stable at 0.58% of loans.

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