KNOXVILLE, TN — April 23, 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 $2.327 million for the first quarter of 2018, a 76 percent increase over the comparable period in 2017. Earnings per fully diluted share for the quarter ended March 31, 2018 totaled $0.38 versus $0.21 for the first quarter of 2017.
Assets as of March 31, 2018 were $782.8 million, an increase of $130.9 million or 20 percent from March 31, 2017. Over the same period, gross loans increased 20 percent to $652.6 million, while deposits grew 23 percent to $696.2 million.
Non-interest income for the first quarter of 2018 was $416,000 compared to $342,000 during the same period in 2017, an increase of 22 percent.
As of March 31, 2018, tangible book value per share was $11.22 compared to $10.39 at the same time a year ago, an increase of $0.83 or 8 percent.
For more information on Mountain Commerce Bancorp, Inc.’s 2018 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 March 2018, MCB had $782.7 million in total assets and $697.8 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.