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Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), headquartered in Knoxville, TN, serves as the holding company for Mountain Commerce Bank. Founded over a century ago, the Bank has established itself as a reliable financial institution with a strong presence in Middle and East Tennessee. The Bank operates through six branches located in Brentwood, Erwin, Johnson City, Bearden/Knoxville, West Knoxville, and Unicoi, focusing on responsive relationship banking for small and medium-sized businesses, professionals, affluent individuals, and those who value personalized service.
Recent financial updates reveal that Mountain Commerce Bancorp has successfully navigated a challenging financial landscape. As of September 30, 2023, the Company reported a quarterly cash dividend of $0.16 per common share, marking its twelfth consecutive quarterly dividend. The Bank recorded a significant increase in net interest income from taxable loans, reflecting a yield of 5.44% in Q3 2023, compared to 4.60% in Q3 2022. Despite an increase in the average rate paid on interest-bearing liabilities, the Bank maintained low levels of loan charge-offs and a strong allowance coverage of non-performing loans.
For the year ended December 31, 2023, the Company's effective tax rate decreased due to tax credits on certain loans. Total assets grew by $137.7 million to $1.738 billion, driven by a restructured $10.0 million in securities and a $50.0 million borrowings restructuring aimed at improving earnings from Q1 2024 onwards. The Bank remains disciplined on loan quality and pricing, prioritizing the growth of its retail deposit base.
As of March 31, 2024, the Bank's liquidity remains robust, with core deposits growing by $159.5 million while wholesale time deposits and FHLB advances declined. The average yield on taxable loans increased to 5.66%, and the Bank expects improved net interest margins in the coming quarters. The Company continues to manage non-interest expenses effectively, reflected in a decline to 1.30% of average assets in Q1 2024 from 1.47% in Q1 2023.
Construction of the new Johnson City financial center is underway, with an expected opening date of July 1, 2024. This upgrade will enhance the Bank's presence in the Tri-Cities area, consolidating over 8,300 square feet of leased space into the new building.
The Bank continues to experience low levels of problem assets and charge-offs, maintaining strong asset quality with non-performing loans to total loans at 0.06% as of March 31, 2024. The tangible equity to tangible assets ratio was 6.88%, with coverage of non-performing loans by the allowance for credit losses greater than 15 to 1.
Mountain Commerce Bancorp remains committed to providing exceptional banking services while ensuring financial stability and growth. For more information, visit www.mcb.com.
Mountain Commerce Bancorp (OTCQX: MCBI) reported its Q4 2024 results, showing improvements in key metrics. The company's net interest margin increased from 2.08% in Q3 2024 to 2.29% in Q4 2024, with December finishing at 2.38%. Net income for Q4 2024 was $2.092 million, compared to a loss of $376,000 in Q4 2023.
The bank maintained strong asset quality with non-performing loans at 0.09% of total loans and an allowance coverage ratio over 8x. The tangible common equity ratio improved to 7.58% from 7.07% year-over-year. The Board declared a quarterly cash dividend of $0.05 per share, payable March 3, 2025.
Loan yields increased to 5.92% in Q4 2024, while cost of funds decreased to 3.48%. Total assets grew slightly to $1.746 billion, with loans receivable increasing by $10.2 million to $1.463 billion. The company expects continued improvement in net interest margin throughout 2025.
Mountain Commerce Bancorp (MCBI) announced its Q3 2024 results and a quarterly dividend of $0.05 per share, payable on December 2, 2024, to shareholders of record on November 4, 2024. The company reported a net income of $2.99 million, up from $2.47 million in Q3 2023, and diluted earnings per share of $0.48, an increase from $0.40. The net interest margin improved to 2.08%, and the average yield on taxable loans increased to 5.89%. Non-performing assets remained low at 0.08% of total assets. Liquidity was strong with over $100 million in available funding sources. Noninterest expenses rose to $6.51 million, driven by increased occupancy and data processing costs. The tangible common equity to tangible assets ratio improved to 7.50%. The company anticipates continued improvement in net interest margin through 2025.
Mountain Commerce Bancorp (OTCQX: MCBI) released its Q2 2024 results and announced a quarterly cash dividend of $0.05 per share.
Key figures include a net interest margin improvement to 2.00%, net income of $2.32 million, and an earnings per share (EPS) of $0.37. The bank also reported a decline in noninterest expenses to 1.36% of average assets, with strong asset quality and liquidity.
For the six months ended June 30, 2024, net income was $3.84 million and EPS was $0.61. The company saw a decline in net interest income by 17.5% year-over-year, while noninterest income increased to $1.5 million from $0.8 million.
Key highlight was the opening of a new financial center in Johnson City, aiding potential growth in the TriCities market. The dividend is payable on September 2, 2024, to shareholders of record as of August 5, 2024.
Mountain Commerce Bank (MCB), a subsidiary of Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), has opened its new Johnson City Financial Center on July 1, 2024. This is Johnson City's second MCB location, complementing the existing Bristol Highway office. The new two-story facility, strategically located at exit 17 off I-26, offers a wide range of personal and business banking services, including deposits, loans, mortgage products, wealth management, and investments.
The bank emphasizes its commitment to Responsive Relationship Banking, providing customers with dedicated bankers who are readily accessible and familiar with their needs. The new center features modern amenities, including an interactive teller machine (ITM) and drive-thru. A grand opening and ribbon-cutting ceremony is scheduled for August 22, 2024, from 11:00 a.m. to 1:30 p.m.
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