For the Thirteenth Consecutive Quarter, Knoxville-Based MCB Posts Record Operating Earnings
KNOXVILLE, TN — January 27, 2020 — 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 $3.34 million for the fourth quarter of 2019, up from $2.80 million for the fourth quarter of 2018, an increase of 19 percent. Earnings per fully diluted share for the quarter ended December 31, 2019 totaled $0.53 versus $0.45 for the fourth quarter of 2018. The efficiency ratio in the fourth quarter of 2019 was 48.0 percent, while annualized ROAE was 14.74 percent and annualized ROAA was 1.48 percent.
It was the thirteenth consecutive quarter in which MCB achieved record operating earnings.
For the twelve months ended December 31, 2019, the Company reported net income of $12.35 million, up from $10.18 million during the same period in 2018, an increase of 21 percent. Earnings per fully diluted share for the twelve months ended December 31, 2019 totaled $1.96 versus $1.63 for the same period in 2018.
For the twelve months ended December 31, 2019, noninterest income increased 40 percent to $2.73 million from $1.95 million during the same period in 2018. Included in the 2019 income was $757,000 in swap fees earned, which was partially offset by a $100,000 net loss on sale of investment securities.
Annual earnings also benefitted from a reduction in the allowance for loan losses due to the continuation of strong credit metrics. The efficiency ratio in 2019 was 48.4 percent, while ROAE was 14.61 percent and ROAA was 1.40 percent. Nonperforming assets, which includes non-accruing loans and other real estate owned, were $6.65 million—or 0.73 percent of assets—at December 31, 2019 versus $7.63 million—or .90 percent of assets—at December 31, 2018.
Total assets as of December 31, 2019 were $906.7 million, an increase of $57.5 million or 7 percent from December 31, 2018. Over the same period, gross loans increased 14 percent to $807.4 million, while deposits grew 6 percent to $757.9 million. Shareholders’ equity totaled $91.0 million, or 10.0 percent of assets, at December 31, 2019 versus $76.5 million, or 9.0 percent of assets, at December 31, 2018. The tangible book value was $14.57 at December 31, 2019 versus $12.45 at December 31, 2018, an increase of $2.12, or 17 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 December 31, 2019, MCB had $906.7 million in total assets and $761.3 million in total deposits.
MCB currently employs 83 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.