MetroCity Bankshares Posts $24.3M Q3 Net Income, Up From $22.1M in Q2
MCBS sits 46% above its 52-week low of $24.528.
Summary
MetroCity Bankshares reported third-quarter net income of $24.3 million, up from $22.1 million in the second quarter, with EPS of 84c. The sequential gain of roughly $2.2 million comes as the bank's net interest margin was already expanding, reaching 4.11% in Q2, and the quarter's net income and EPS rose on a tax benefit. The stock is trading near its 52-week high of $37.46, so the print lands with expectations elevated. The release follows the October 21 8-K declaring a $0.31 quarterly dividend payable November 13.
At the time of this announcement, MCBS was trading at $35.72 on NASDAQ in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $24.53 to $37.46. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.