KNOXVILLE, TN — October 22, 2018 — 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 $2.61 million for the third quarter of 2018. Earnings per fully diluted share for the quarter ended September 30, 2018 totaled $0.42 versus $0.29 for the third quarter of 2017.
For the nine months ended September 30, 2018, the company reported net income of $7.386 million, a 62 percent increase over the comparable period in 2017. Earnings per fully diluted share for the nine months ended September 30, 2018 totaled $1.19 versus $0.74 for the same period in 2017.
Assets as of September 30, 2018 were $829.4 million, an increase of $117.8 million or 17 percent from September 30, 2017. Over the same period, gross loans increased 17 percent to $700.3 million, while deposits grew 16 percent to $711.5 million.
Non-interest income increased 16 percent to $512,000 for the third quarter of 2018 compared to the same period in 2017.
As of September 30, 2018, tangible book value per share was $11.85.
In addition to its strong year-to-date and quarterly performance, MCB recently received a superior five-star rating from BauerFinancial, Inc., the nation’s leading independent bank and credit union rating and research firm. The rating is emblematic of MCB’s exemplary financial strength and stability.
About Mountain Commerce Bancorp and its subsidiary Mountain Commerce Bank:
MCB is a state-chartered, FDIC-insured, century-old, 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 September 2018, MCB had $829.2 million in total assets and $715.2 million in total deposits. MCB currently employs more than 80 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.