MetroCity Q3 net income $16.7M ($0.65 EPS), NIM expands YoY but contracts QoQ

MetroCity Bankshares, Inc.

2024-Q3 EPS reported $1.89

Q3 2024 net income $16.7M ($0.65 diluted EPS) vs $16.9M ($0.66) in Q2 and $11.4M ($0.45) in Q3 2023.
Net interest margin 3.58%, down 8 bps QoQ but up 64 bps YoY; efficiency ratio improved to 37.0%.
Noninterest income $6.6M, up 19% QoQ driven by $28.9M SBA loan sales (6.67% premium).
Loans held for investment $3.09B, flat QoQ; deposits down 0.8%; nonperforming assets 0.44% of total assets.
Allowance for credit losses 0.60% of loans; net charge-offs near zero.

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