Mountain Commerce Bancorp, Inc. Announces Strong Q3 2018 Earnings
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 $2.61 million for the third quarter of 2018. Earnings per fully diluted share for the quarter ended September 30, 2018 totaled $0.42 versus $0.29 for the third quarter of 2017.
For the nine months ended September 30, 2018, the company reported net income of $7.386 million, a 62 percent increase over the comparable period in 2017. Earnings per fully diluted share for the nine months ended September 30, 2018 totaled $1.19 versus $0.74 for the same period in 2017.
Assets as of September 30, 2018 were $829.4 million, an increase of $117.8 million or 17 percent from September 30, 2017. Over the same period, gross loans increased 17 percent to $700.3 million, while deposits grew 16 percent to $711.5 million.
Non-interest income increased 16 percent to $512,000 for the third quarter of 2018 compared to the same period in 2017.
As of September 30, 2018, tangible book value per share was $11.85.
In addition to its strong year-to-date and quarterly performance, MCB recently received a superior five-star rating from BauerFinancial, Inc., the nation's leading independent bank and credit union rating and research firm. The rating is emblematic of MCB’s exemplary financial strength and stability.