Yahoo Finance MetroCity Bankshares Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags
MetroCity Bankshares (NASDAQ:MCBS) Full Year 2023 Results
Key Financial Results
Revenue: US$119.7m (down 15% from FY 2022).
Net income: US$51.6m (down 18% from FY 2022).
Profit margin: 43% (down from 45% in FY 2022). The decrease in margin was driven by lower revenue.
EPS: US$2.05 (down from US$2.46 in FY 2022).
MCBS Banking Performance Indicators
Net interest margin (NIM): 3.13% (down from 3.95% in FY 2022).
Non-performing loans: 1.17% (up from 0.66% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
MetroCity Bankshares Revenues Beat Expectations, EPS Falls Short
Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 1.9%.
In the last 12 months, the only revenue segment was Community Banking contributing US$119.7m. The largest operating expense was General & Administrative costs, amounting to US$35.4m (52% of total expenses). Explore how MCBS's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 5.2% from a week ago.
Risk Analysis
You still need to take note of risks, for example - MetroCity Bankshares has 1 warning sign we think you should be aware of.
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