JOHNSON CITY, TN—May 16, 2011—Despite challenges in the financial sector, Mountain Commerce Bank (MCB) improved earnings during the first quarter of 2011.
“I am pleased that Mountain Commerce Bank began the year profitably in spite of the economic downturn. We continue to monitor credit quality, improve operational efficiency, and concentrate on balanced growth in loans and deposits,” said Bill Edwards, President and CEO.
MCB’s earnings for the first quarter of 2011 were $890,000 before tax and $608,000 after tax, as compared to $230,000 after tax for the same period last year. As of March 31, 2011, MCB’s revenue totaled $4.8 million, in contrast to $4.4 million for the same quarter last year. Net interest margins, total loans, and total deposits also improved over last year’s first quarter numbers.