KNOXVILLE, TN — July 22, 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 $1.475 million for the second quarter of 2017, a 32 percent increase compared to $1.116 million for the second quarter of 2016. Earnings per fully diluted share for the quarter ended June 30, 2017 totaled $0.24 versus $0.28 for the same period in 2016.
For the six months ending June 30, 2017, the company reported net income of $2.795 million compared to $1.980 million for the same 2016 period, an increase of 41 percent. Earnings per fully diluted share for those six months totaled $0.45 versus $0.48 for the same period a year ago.
The major factor driving the modest decrease in earnings per share was the company’s capital raise in December 2016. At that time, the company issued 1,666,667 shares, an increase of 41 percent.
As of June 30, 2017, assets were $678.8 million, an increase of $136.1 million or 25 percent compared with June 30, 2016. Over the same period, gross loans increased 22 percent to $575.4 million, and deposits grew 24 percent to $594.9 million. As of June 30, 2017, MCB’s estimated Tier I leverage ratio was 10.19 percent.
Non-interest income for the second quarter of 2017 was $605,000 versus $580,000 during the same period in 2016, an increase of 4 percent.
As of June 30, 2017, tangible book value per share was $10.64 compared to $9.34 at the same time a year ago, an increase of $1.30 per share or 14 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 provides Responsive Relationship Banking coupled with big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of June 2017, MCB had $678.8 million in total assets and $594.9 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.