KNOXVILLE, TN— February 13, 2017— Mountain Commerce Bancorp, Inc., a bank holding company and the parent of Mountain Commerce Bank (MCB), reported consolidated net income of $1,138,000 for the fourth quarter of 2016, a 29 percent increase compared with $883,000 for the fourth quarter of 2015. Basic earnings per share for the quarter ending December 31, 2016 totaled $0.28 versus $0.23 for the same period in 2015.
For the 12 months ending December 31, 2016, the company reported net income of $4,233,000 compared to $3,009,000 for the comparable 2015 period, an increase of $1,224,000 or 41 percent. Basic earnings per share for the year ending December 31, 2016 totaled $1.03 versus $0.74 for the same period in 2015.
Assets as of December 31, 2016 were $619.1 million, an increase of $123.4 million or 25 percent from December 31, 2015. Over the same period, gross loans increased 24 percent to $515.4 million, while deposits grew 24 percent to $534.3 million. As of December 31, 2016, MCB’s estimated Tier I leverage ratio was 10.97 percent.
Non-interest income for 2016 was $2,033,000 compared to $1,567,000 for 2015, which is an increase of 29.7 percent.
As of December 31, 2106, tangible book value per share was $10.11 compared to $8.70 at the same time a year ago, which is a 16 percent increase.
For more information on Mountain Commerce Bank’s 2016 performance, please see the consolidated balance sheets and consolidated statements of operation PDF.
About Mountain Commerce Bancorp and its subsidiary Mountain Commerce Bank
Mountain Commerce Bancorp, Inc. is a bank holding company and the parent of Mountain Commerce Bank (MCB).
MCB is a state-chartered, FDIC-insured, century-old, privately held financial services institution headquartered in Knoxville, Tennessee and serving East Tennessee. Through Hometown Service and Smart Technology, MCB offers big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of December 2016, MCB had $619.1 million in total assets and $541.1 million in total deposits. MCB currently employs more than 70 individuals at five branches and one operations office. For more information, visit us at www.mcb.com or check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.