MetroCity Bankshares Q3 Profit Declines

(RTTNews) - MetroCity Bankshares, Inc. (MCBS), holding company for Metro City Bank, reported Friday that net income for the third quarter declined to $11.43 million or $0.45 per share from $16.89 million or $0.66 per share in the prior-year quarter.

Net interest income declined to $24.15 million from $29.79 million a year ago, and noninterest income decreased 43.1 percent to $2.90 million from $5.10 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share on revenues of $29.20 million for the quarter. Analysts' estimates typically exclude special items.

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