Mountain Commerce Bancorp, Inc. Announces Strong Earnings for First Quarter 2017

KNOXVILLE, TN — April 27, 2017- Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), the Knoxville, Tennessee-based bank holding company and parent of Mountain Commerce Bank (MCB), reported consolidated net income of $1.32 million for the first quarter of 2017, a 53 percent increase compared to $863,000 for the first quarter of 2016. Earnings per fully diluted share for the quarter ended March 31, 2017 totaled $0.21 versus $0.20 for the same period in 2016.

Assets as of March 31, 2017 were $651.9 million, an increase of $135.1 million or 26 percent from March 31, 2016. Over the same period, gross loans increased 26 percent to $546.0 million, and deposits grew 24 percent to $566.9 million. At the close of the most recent quarter, MCB’s Tier I leverage ratio was 10.49 percent.

As of March 31, 2017, tangible book value per share was $10.39 compared to $9.02 at the same time a year ago, which is an increase of $1.37 or 15.2 percent.

 

About Mountain Commerce Bancorp, Inc. and Mountain Commerce Bank

Mountain Commerce Bancorp, Inc. (OTCQX: MCBI) is a bank holding company and the parent of Mountain Commerce Bank (MCB). Both are headquartered in Knoxville, Tennessee where MCB serves East Tennessee with five locations across Knox, Washington, and Unicoi counties.

MCB operates and competes with a team dedicated to Responsive Relationship Banking, and offers the latest in banking technology that clients have come to expect. Its mission is to grow and prosper, building long-term customer connections based on top-quality service, high ethical standards, and core-funded, safe and sound assets.

To that end, MCB bases its operations and decisions on the fundamental principles defined by its eight core values: Integrity, Excellence, Leadership, Communication, Reality, Accountability, Teamwork, and Consideration.

MCB believes that these values provide the appropriate framework to structure an organization that will meet the service needs of its customers, the performance requirements of its shareholders, and the regulatory standards of its authorities.

At the end of March 2017, MCB had $651.9 million in total assets and $572.4 million in total deposits. MCB currently employs approximately 75 individuals at five branches and one operations center. 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.