For an Eleventh Consecutive Quarter, the Knoxville-Based Community Bank
Posts Record Operating Earnings
KNOXVILLE, TN — July 23, 2019 — 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 $2.96 million for the second quarter of 2019, up from $2.45 million for the second quarter of 2018, an increase of 21 percent. Earnings per fully diluted share for the quarter ended June 30, 2019 totaled $0.47 versus $0.39 for the second quarter of 2018.
It was the eleventh consecutive quarter in which MCB achieved record operating earnings.
For the six months ended June 30, 2019, the company reported net income of $5.85 million, up from $4.78 million during the same period in 2018, an increase of 22 percent. Earnings per fully diluted share for the six months ended June 30, 2019 totaled $0.93 versus $0.77 for the same period in 2018.
For the six months ended June 30, 2019, noninterest income increased 2 percent to $875,000 from $862,000 during the same period in 2018. Included in these figures was a $266,000 net loss on sale of investment securities in order to position the balance sheet. Partially offsetting this loss was $228,000 earned in noninterest fee income from swap fees.
Earnings also benefitted from a reduction in the provision for loan losses due to the continuation of strong credit metrics. The efficiency ratio in the second quarter of 2019 was 49.9 percent, while annualized ROAE was 14.32 percent and annualized ROAA was 1.36 percent. Nonperforming assets, which includes non-accruing loans and other real estate owned, were $6.75 million—or 0.77 percent of assets—at June 30, 2019 versus $8.71 million—or 1.08 percent of assets—at June 30, 2018.
Total assets as of June 30, 2019 were $881.7 million, an increase of $74.3 million or 9 percent from June 30, 2018. Over the same period, gross loans increased 10 percent to $740.6 million, while deposits grew 10 percent to $774.4 million. Shareholders’ equity totaled $84.2 million—or 9.6 percent of assets—at June 30, 2019 versus $70.4 million—or 8.7 percent of assets—at June 30, 2018. The tangible book value was $13.61 at the end of the second quarter of 2019 versus $11.51 at the end of the second quarter of 2018, an increase of $2.10, or 18 percent.
About Mountain Commerce Bancorp, Inc. 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, 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 30, 2019, MCB had $881.6 million in total assets and $777.9 million in total deposits.
MCB currently employs 86 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.