Metrocity Q1 2023 Earnings Report

MetroCity Bankshares, Inc. reported a net income of $15.7 million, or $0.62 per diluted share, for Q1 2023. This represents an increase from Q4 2022 but a decrease compared to Q1 2022. The increase from the previous quarter was primarily due to higher noninterest income and lower noninterest expense and income tax expense, offset by lower net interest income and a higher provision for credit losses. The decrease from the same quarter last year was mainly due to lower net interest income and noninterest income.