KNOXVILLE, TN – January 23, 2018 – Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), the bank holding company and parent of Mountain Commerce Bank (MCB)—both based in Knoxville, Tennessee—reported consolidated net income of $904,000 for the fourth quarter of 2017. Earnings per fully diluted share for the quarter ended December 31, 2017 totaled $0.15. Because of tax reform laws enacted in December 2017, the company revalued its Deferred Tax Asset and booked an additional tax expense of $981,000 during the quarter. This expense was equivalent to $0.16 per share. All data presented here is net of the tax adjustment.
For the twelve months ended December 31, 2017, the company reported net income of $5.473 million compared to $4.233 million for the comparable 2016 period, an increase of 29 percent. Earnings per fully diluted share for the twelve months ended December 31, 2017 totaled $0.89, after the effect of the previously noted tax expense.
Assets as of December 31, 2017 were $746.9 million, an increase of $127.7 million or 21 percent from December 31, 2016. Over the same period, gross loans increased 22 percent to $626.1 million, while deposits grew 20 percent to $640.1 million. As of December 31, 2017, MCB’s Tier I leverage ratio was 9.92 percent.
As of December 31, 2017, tangible book value per share was $11.04 compared to $10.11 at the same time a year ago, an increase of $0.93 or 9 percent.
For more information on Mountain Commerce Bancorp, Inc.’s 2017 performance, please download the consolidated balance sheets and consolidated statements of operations.
About Mountain Commerce Bancorp, Inc. and 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 2017, MCB had $746.9 million in total assets and $640.1 million in total deposits. MCB currently employs more than 75 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.