filecrux
Oct 25, 3:24 PM
$MCBS We did a deep dive on MetroCity Bankshares.
📉 Third-quarter EPS rose to
$0.84 from
$0.76 only on a
$4.0M tax credit, as pre-tax income fell to
$28.0M, so the quarter earned about
$0.70 a share without it
⚠️ At
$35.74 the stock is about 10.6 times the quarter's profit annualized but about 12.7 times without the credit, which the company's own adjusted profit leaves in
⚠️ Funding leans on uninsured deposits, now 34.7% of the total from 26.1% a year ago, and
$375.0M of Federal Home Loan Bank borrowings start coming due April 22, 2027
📈 On the other side, the margin is up from 3.68% a year ago, return on equity is 16.97% and problem assets fell to
$20.6M from
$23.8M in June
📅 Our call is that full-year 2026 diluted EPS will not top
$3.14, which after
$2.37 in nine months needs a fourth quarter above the first quarter's
$0.77, and the fourth-quarter report, out Jan 30 last year, is the first test
Full report linked in the replies.
1 replies