KNOXVILLE, TN — July 24, 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 $2.449 million for the second quarter of 2018. Earnings per fully diluted share for the quarter ended June 30, 2018 totaled $0.39 versus $0.24 for the second quarter of 2017. For the six months ended June 30, 2018, the company reported net income of $4.777 million, a 71% increase over the comparable period in 2017. Earnings per fully diluted share for the six months ended June 30, 2018 totaled $0.77 versus $0.45 for the same period in 2017. Assets as of June 30, 2018 were $807.3 million, an increase of $128.5 million or 19 percent from June 30, 2017. Over the same period, gross loans increased 18 percent to $676.7 million, while deposits grew 19 percent to $706.3 million. For the second quarter of 2018, non-interest expenses increased less than 2 percent compared to the same period in 2017. As of June 30, 2018, tangible book value per share was $11.51 compared to $10.64 at the same time a year ago, an increase of $0.87 or 8 percent.
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 June 2018, MCB had $807.2 million in total assets and $710.0 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