JOHNSON CITY, TN—April 25, 2012— Mountain Commerce Bank (MCB) announced first quarter net income of $700,404, an increase of 15% over the prior year’s first quarter.
Bill Edwards, President and CEO stated, “We have begun 2012 with positive results. While all banks have endured a difficult operating environment, MCB continues to be well-capitalized, have strong loan demand, and a solid, growing core deposit base. I am pleased with our first quarter results, and believe we are now beginning to achieve the operating results and the positive momentum that we have been working to realize.”
MCB’s earnings for the first quarter of 2012 were $700,404 as compared to $608,072 the same period last year. Net interest margin remained strong averaging 3.97% for the quarter. Operating expenses continue to be reduced as reflected in a $195,000 decrease from the same quarter last year. Noninterest-bearing deposits increased $7.7 million over the same period last year.
About Mountain Commerce Bank:
Mountain Commerce Bank (MCB) is a state-chartered, FDIC-insured, century-old, privately held financial services institution serving Knoxville, Johnson City, and Unicoi County. 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 2012, MCB had $320.6 million in Total Assets and $285 million in Total Deposits. MCB currently employs more than 60 individuals at six 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.