KNOXVILLE, TN — October 23, 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 $1.775 million for the third quarter of 2017, a 59 percent increase compared with $1.116 million for the third quarter of 2016. Earnings per fully diluted share for the quarter ended September 30, 2017 totaled $0.29 versus $0.26 for the same period in 2016.
For the nine months ended September 30, 2017, the company reported net income of $4.569 million compared to $3.096 million for the comparable 2016 period, an increase of 48 percent. Earnings per fully diluted share for the nine months ended September 30, 2017 totaled $0.74 versus $0.74 for the same period in 2016.
The major factor driving the modest increase 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.
Assets as of September 30, 2017 were $711.7 million, an increase of $134.6 million or 23 percent from September 30, 2016. Over the same period, gross loans increased 21 percent to $601.0 million, while deposits grew 20 percent to $615.6 million. As of September 30, 2017, MCB’s estimated Tier I leverage ratio was 10.05 percent.
Non-interest expense for the third quarter of 2017 was $3.403 million compared to $3.585 million during the same period in 2016, a decrease of 5 percent.
As of September 30, 2017, tangible book value per share was $10.94 compared to $9.55 at the same time a year ago, an increase of $1.39 or 15 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 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 September 2017, MCB had $711.7 million in total assets and $615.6 million in total deposits. MCB currently employs more than 75 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