Lucas Stewart
About Lucas Stewart
Lucas C. Stewart is Executive Vice President and Chief Financial Officer of MetroCity Bankshares, Inc. (MCBS) and Metro City Bank, serving as CFO since October 2021 after joining MCBS in May 2019 as Senior Vice President and Chief Accounting Officer; he previously held SEC/SOX reporting leadership at Fidelity Bank (2014–2019) and spent a decade in public accounting at Mauldin & Jenkins focused on financial institutions . He holds B.S. and M.S. degrees in Accounting from the University of Alabama and is age 46; he also serves as Assistant Corporate Secretary of MCBS . Company performance context during 2022–2024: net income was $62.6M (2022), $51.6M (2023), and $64.5M (2024); ROAE was 19.55% (2022), 14.10% (2023), and 16.16% (2024); TSR (fixed $100 basis) measured 80.75 (2022), 115.36 (2023), and 137.12 (2024) .
Performance context (company-level)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($) | 62,602,000 | 51,613,000 | 64,504,000 |
| ROAE (%) | 19.55% | 14.10% | 16.16% |
| TSR Index (Initial $100) | 80.75 | 115.36 | 137.12 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| MetroCity Bankshares, Inc. | EVP & CFO (Company and Bank) | Oct 2021–present | Leads accounting, SEC/external reporting, financial planning, budgeting, audit and internal controls . |
| MetroCity Bankshares, Inc. | SVP & Chief Accounting Officer | May 2019–Oct 2021 | Built internal/external reporting and control infrastructure post-IPO . |
| Fidelity Bank | Vice President, SEC & SOX Reporting Manager | 2014–2019 | Drove SEC reporting and Sarbanes-Oxley compliance for a regional bank . |
| Mauldin & Jenkins (Accounting firm) | Director (Financial Institutions) | 2004–2014 | Led audits and advisory for banks; deep FI specialization . |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Campbell Stone (non-profit senior housing) | Director; Treasurer; Chair, Board Finance Committee | Governance and finance leadership in community/non-profit setting . |
Fixed Compensation
| Year | Base salary ($) | Notes |
|---|---|---|
| 2024 | 239,625 | Stewart and Mohdnor received a 6.5% base salary increase effective Oct 1, 2024 . |
- 2024 “All other compensation” (primarily 401(k) match): $13,765 .
- Stewart’s annual employee cash bonus (outside the executive EIBP) equals two months of base salary (approximately 16.7%) and was paid in December 2024 . The bonus paid for 2024 was $39,938 .
Performance Compensation
| Incentive type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Employee cash bonus | Not tied to EIBP metrics; fixed two months’ salary for employees | N/A | ~16.7% of base salary | $39,938 cash for 2024 (paid Dec 2024) | Cash (immediate) . |
| Time-based RSU grant (2024) | Discretionary (not performance-based) | N/A | N/A | 913 RSUs; grant-date fair value $22,505 (granted 6/1/2024) | 25% on grant; 25% on each of 1st–3rd anniversaries; accelerates on CoC, death or disability . |
Stewart does not participate in the Executive Incentive Bonus Plan (EIBP), which uses ROAE as the sole STI performance metric for certain other NEOs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (4/1/2025) | 838 shares; <1% of outstanding (25,402,782 shares) . |
| Options | None outstanding (no options exercisable/unexercisable) . |
| Unvested RSUs at 12/31/2024 | 608 shares (vest 50% on 6/1/2025 and 6/1/2026); 684 shares (vest 33.3% on each of 6/1/2025, 6/1/2026, 6/1/2027) . |
| Market value of unvested RSUs (12/31/2024) | $19,426 (608) and $21,854 (684) using $31.95/share . |
| 2024 grant | 913 RSUs granted 6/1/2024; $22,505 grant-date FV; 25% vested on grant; remainder vests annually over 3 years; accelerates on CoC, death or disability . |
| 2024 vesting activity | 533 restricted shares vested in 2024; value realized $13,138 . |
| Hedging/pledging | Hedging, short sales, derivatives, margin and pledging are prohibited for directors, officers and employees . |
| Insider trading controls | Blackout periods and pre-clearance required (by Compliance Officer or CFO) . |
| Clawback | Nasdaq Rule 10D-1-compliant clawback policy in place for executive officers . |
Outstanding equity awards (12/31/2024)
| Award type | Shares unvested | Market value at 12/31/2024 | Vesting detail |
|---|---|---|---|
| RSU tranche A | 608 | $19,426 | 50% on 6/1/2025 and 50% on 6/1/2026 . |
| RSU tranche B | 684 | $21,854 | 33.3% on 6/1/2025, 6/1/2026, 6/1/2027 . |
Employment Terms
| Term | Lucas Stewart (CFO) |
|---|---|
| Employment agreement | None; MCBS maintains employment agreements only with Messrs. Paek, Tan and Kim . |
| Severance (non‑CoC) | None disclosed/applicable; Stewart has no employment agreement . |
| Change-in-control (CoC) | RSUs accelerate on CoC; estimated value of accelerated unvested RSUs (12/31/2024): $41,280 . |
| Death/Disability | RSUs accelerate; estimated value $41,280 (12/31/2024) . |
| Termination without cause (outside CoC window) | No severance; no COBRA reimbursement disclosed for Stewart . |
Potential payments (as of 12/31/2024; $31.95 share price)
| Scenario | Estimated payment |
|---|---|
| Death or Disability | $41,280 (equity acceleration) . |
| Change of Control (no termination) | $41,280 (equity acceleration) . |
| Termination without cause outside CoC window | — (no severance; no equity acceleration shown) . |
| Termination without cause or for good reason in connection with CoC | $41,280 (equity acceleration) . |
Investment Implications
- Pay-for-performance alignment: Stewart’s compensation is predominantly fixed cash with a standard employee bonus and discretionary time-based RSUs; he does not participate in the ROAE-driven EIBP used for the CEO/President/COO, which reduces his direct incentive linkage to corporate performance metrics .
- Retention and selling pressure: Unvested RSUs (1,292 shares total) vest across 2025–2027, with single-trigger acceleration on CoC, death or disability; absolute value is modest (≈$41k at 12/31/24), suggesting limited stock-sale overhang post-vesting relative to float .
- Alignment and risk controls: Beneficial ownership is de minimis (838 shares; <1%) while robust policies prohibit hedging and pledging and a Nasdaq-compliant clawback is in place—strong governance mitigants but limited “skin-in-the-game” .
- Contractual protections: No employment agreement and no severance entitlement outside equity acceleration under CoC/death/disability implies low parachute risk and potentially higher retention risk if external opportunities arise .