Owner Scorecard
An independent research publication · records as of August 17, 2026

← All companies ← MCB Manual MCD → ← MCB Banks MCHB →

MCBS, MetroCity Bankshares Inc.

Banks financial

We are a full-service commercial bank focused on delivering personalized service in an efficient and reliable manner to the small-to medium-sized businesses and individuals in our markets, including many customers in diverse and multi-ethnic communities in growing metropolitan markets in the Eastern U.S., Texas and California.

We currently operate 29 full-service branch locations in multi-ethnic communities in Alabama, California, Florida, Georgia, New York, New Jersey, Texas and Virginia.

We offer a suite of loan and deposit products tailored to meet the needs of the businesses of our customers.

Latest annual: FY2025 10-K
MCBS · MetroCity Bankshares Inc.
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$156M
+10.2% YoY · 11% 5-yr CAGR
Vital signs · FY2025, with 5-yr average
Revenue $156M 5-yr avg $138M
Return on equity 13% 5-yr avg 16%
Return on tangible equity 14% 5-yr avg 16%
Efficiency ratio 41% 5-yr avg 38%
Equity / assets 11.4% 5-yr avg 10.7%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle
Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on equity has run high across the record (median 18%, above 12% in 9 of 9 years). It runs at a 41% efficiency ratio, lean. A bank that earns above its cost of equity through the cycle compounds book value; whether this one did it by underwriting discipline or by reaching for risk is what the 10-K, and the worst years in the record, will tell you.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left
2017’172018’182019’192020’202021’212022’222023’232024’242025’25
Income statement
$84M$96M$101M$93M$138M$138M$120M$141M$156MRevenueRevenue
$61M$73M$83M$78M$109M$147M$193M$213M$221MInterest incomeInt. inc.
$9M$15M$22M$11M$5M$28M$91M$95M$90MInterest expenseInt. exp.
$52M$58M$61M$66M$104M$120M$101M$118M$130MNet interest incomeNet int.
$32M$38M$40M$27M$34M$18M$18M$23M$25MNoninterest incomeFee inc.
$3M$1M—$3M$7M($3M)($92K)$668K($336K)Credit-loss provisionProvision
$50M$56M$61M$49M$83M$91M$72M$87M$93MPretax incomePretax
$32M$41M$45M$36M$62M$63M$52M$65M$69MNet incomeNet inc.
36%26%27%25%25%31%28%26%26%Effective tax rateTax rate
Cash flow & returns
—2.9%2.7%1.9%2.0%1.8%1.5%1.8%1.4%Return on assetsROA
24%25%21%15%21%18%14%15%13%Return on equityROE
20%19%16%11%17%14%9%10%8%Retained to equityRetained/eq
24%25%21%15%21%18%14%15%14%Return on tangible equityROTCE
37%40%40%44%35%36%40%38%41%Efficiency ratioEffic.
$5M$9M$10M$10M$12M$15M$18M$21M$25MDividends paidDiv. paid
——$1M—$6M$8M$2M$10K$3MBuybacksBuybacks
($278M)$109M($18M)($478M)($931M)($652M)($110M)$6M$127MInvesting cash flowInv. cash
$155M$94M$124M$210M$1.2B$255M($7M)$36M($31M)Financing cash flowFin. cash
$29M$43M$138M($126M)$291M($262M)($35M)$105M$134MChange in cashΔ cash
Balance sheet
—$1.1B$1.2B$1.6B$2.5B$3.1B$3.2B$3.2B$4.1BLoans held for investmentLoans
$7M$7M$7M$10M$17M$14M$18M$19M$28MCredit-loss allowanceAllowance
—$1.4B$1.6B$1.9B$3.1B$3.4B$3.5B$3.6B$4.8BTotal assetsAssets
—$1.2B$1.3B$1.5B$2.3B$2.7B$2.7B$2.7B$3.6BDepositsDeposits
—$1.3B$1.4B$1.7B$2.8B$3.1B$3.1B$3.2B$4.2BTotal liabilitiesTotal liab.
$135M$169M$217M$245M$290M$349M$382M$421M$544MShareholders’ equityEquity
Per share
24.1M24.5M24.7M25.8M25.8M25.7M25.5M25.6M26.0MShares out (diluted)Shares
$1.32$1.69$1.81$1.41$2.39$2.44$2.02$2.52$2.64EPS (diluted)EPS
$0.22$0.38$0.42$0.40$0.46$0.60$0.71$0.82$0.96Dividends / shareDiv/sh
$5.60$6.89$8.76$9.49$11.25$13.60$14.95$16.47$20.93Book value / shareBVPS
$5.60$6.89$8.76$9.49$11.25$13.60$14.95$16.47$18.28Tangible book / shareTBVPS
Per-share growththe realized rate an owner's share compounded
8-yr5-yr
Revenue / share+7.0%/yr+10.6%/yr
Owner earnings / share−16.9%/yr−23.7%/yr
EPS+9.0%/yr+13.3%/yr
Dividends / share+19.9%/yr+19.1%/yr
Capital spending / share−24.5%/yr+4.5%/yr
Book value / share+17.9%/yr+17.1%/yr
III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

  • Return on equity 13%
    Adequate
    Net income $69M ÷ equity $544M
    Industry peers: median 10%
    What this means

    The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.

  • Return on tangible equity 14%
    Solid
    Net income ÷ (equity − goodwill $56M − intangibles $13M)
    Industry peers: median 13%
    What this means

    The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.

  • Efficiency ratio 41%
    Low cost ratio (<58%)
    Noninterest expense $63M ÷ (net interest income + fees)
    Industry peers: median 62%
    What this means

    The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

  • Capital (equity / assets) 11.4%
    Well capitalized
    Equity $544M ÷ assets $4.8B
    What this means

    A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.

  • Deposit funding 76%
    Deposit-funded
    Deposits $3.6B ÷ assets $4.8B
    What this means

    Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.

  • Credit cost (provision / NII) -0%
    Net reserve release
    Provision for credit losses ($336K) ÷ net interest income $130M
    What this means

    What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

  • Deposit franchise 21%
    Solid core deposits
    Noninterest-bearing deposits $781M ÷ deposits $3.6B · pays 2.88% on the interest-bearing rest (avg of year-ends)
    What this means

    The share of deposits the bank pays nothing for — checking accounts that stay through rate cycles. This is the deposit moat in one number: a high share means cheap, sticky raw material for lending; a low share means the funding reprices with every rate move. Buffett's Wells letter is built on exactly this economics.

  • Net charge-offs —
    Not enough data
    What this means

    Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal yearChief executivePay, as filed“Actually paid”Owner earnings
2022Nack Y. Paek$2.3M$2.3M$132M
2023Nack Y. Paek$2.2M$2.9M$79M
2024Nack Y. Paek$2.3M$3.1M$62M
2025Nack Y. Paek$2.6M$3.0M$37M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

  • Insider ownership20.2%

    The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

What an owner would ask, FY2025

read the 10-K →
  • How much of the deposit base could leave overnight?
    Deposits $3.6B (XBRL, FY2025) — the uninsured portion in the filer's own words
    “As of December 31, 2025 and 2024, the Company had estimated uninsured deposits of $1.09 billion and $666.4 million, respectively.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Banks

The same industry, side by side on the bank lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDROEmedian over the recordROTCEmedian over the recordEfficiencymedian over the recordNII / assetsmedian over the recordNoninterest-bearing sharelatest FY
CIVBCivista Bancshares Inc.$173M10%13%66%3.2%20%
FBIZFirst Business Financial Services Inc.$169M12%13%65%3.3%—
MVBFMVB Financial Corp.$168M8%9%80%3.0%—
FCBCFirst Community Bankshares Inc. (VA)$168M10%14%58%3.6%33%
FSBCFive Star Bancorp$158M17%17%41%3.1%26%
MCBSMetroCity Bankshares Inc.$156M18%18%40%3.4%21%
BSRRSierra Bancorp$155M11%12%61%3.2%35%
CWBCCommunity West Bancshares$147M9%12%62%3.3%34%
Group median—10%13%61%3.3%30%
IV

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what MetroCity Bankshares Inc.’s record justifies.

$
The assumptions

Tangible book / share, delivered14%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—
Justified by the return—
Normalized return on tangible equity18%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $476M on 29M shares, a 18% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh MCBS against another business →

Cite: Owner Scorecard, "MetroCity Bankshares Inc. (MCBS), the owner's record," https://ownerscorecard.com/c/MCBS, data as of 2026-08-17.

Manual order: ← MCB its page in the Manual MCD →

Industry order: ← MCB the Banks chapter MCHB →