Member News

Mountain Commerce Bancorp, Inc. Announces Strong Q3 2018 Earnings
Knoxville, TN
10/21/2018 11:07 AM

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.

Reference
Regenia Ellis
(423) 262-5820
 
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