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Download the 2023 Annual Report PDF here

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2023 Annual Report Released

Dear Shareholders, Clients & Friends of MCB:

In 2023, many experienced bank management teams faced challenges due to increased funding costs, online competition, and associated bank failures.  It was a difficult year, but we are grateful that it’s now behind us. We look forward to a more stable economic and interest-rate environment in the future. As we remain committed to being a reliable and consistent partner for our clients, shareholders, employees, and communities, we thank you for your continued support.

Selected highlights from 2023 included the following:

  • Capital levels continue to be strong with the Bank ending the year with a leverage ratio of 9.45%

  • Asset quality continues to be excellent with non-performing assets to total assets at 0.09% as of December 31, 2023, with no properties in real
    estate owned

  • Reserve levels are strong with coverage of nonperforming loans exceeding 8 to 1 as of December 31, 2023

  • Liquidity levels continue to be adequate with available funding sources exceeding the level of uninsured and uncollateralized deposits as of December 31, 2023

  • Yields on taxable loans increased 76 bp from 4.75% in the fourth quarter of 2022 to 5.51% in the fourth quarter of 2023

  • Loan balances increased by $136.0 million or 10.3% during 2023 with good diversification across a wide range of industries and loan types

  • Our financial center in middle Tennessee in the highly desirable Brentwood market grew to nearly $200 million in loans as of December 31, 2023

  • Deposit balances increased $125.5 million or 9.3%

  • Noninterest expenses to average asset levels dropped to 1.44%, which is among the best in the industry.

  • The Company continued to pay a dividend, returning $4.1 million of profits to shareholders in 2023

  • We have implemented the much-awaited CECL accounting standard for calculating loan loss reserves.

During 2023, the Bank remained busy with various building projects:

  • We completed the renovations and improvements on our newest financial center located in West Knoxville, which began operating on October 30, 2023. This financial center is not only located in a more visible and strategic area, but we also consolidated approximately 8,900 square feet of space that we previously leased for an annual cost of $210 thousand into this building. As of December 31, 2023, this financial center is now supporting over $250 million in deposits and over $300 million in loans.

  • Our financial center in Johnson City is currently under construction and we expect it to be completed by mid-2024. It will be a significant upgrade from our current single branch and separate corporate space. This location provides great visibility from I-26. We believe that opening this new location will help us improve our market share for deposits in Johnson City and the Tri-Cities area. We plan to consolidate around 8,300 square feet of leased space, which currently costs us $170 thousand annually, into this building.

Despite the challenges and uncertainties we face, we are optimistic that we can navigate through these uncertain times and continue to provide you with the shareholder returns you have come to expect from us. We appreciate the trust, patience, and support you have given the Company over the years. Thank you.


William E. “Bill” Edwards, III
Founder, President and Chief Executive Officer