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Mountain Commerce Bancorp, Inc. Announces First Quarter 2025 Results And Quarterly Cash Dividend

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Mountain Commerce Bancorp (OTCQX: MCBI) has reported its Q1 2025 financial results, showing improvements in key metrics. The company's net interest margin increased to 2.31% from 2.29% in Q4 2024, while cost of funds decreased by 18 basis points to 3.30%. Net income rose to $2,179,000, with diluted earnings per share of $0.35.

The bank maintains strong asset quality with non-performing loans at just 0.06% of total loans and an allowance coverage ratio exceeding 12x. The Board declared a quarterly cash dividend of $0.07 per share, representing a 40% increase from the previous quarter. The company's tangible common equity ratio improved to 7.60%, with the Bank's leverage ratio at 9.35%.

Notable metrics include noninterest expense to average assets at 1.50%, approximately half that of peer banks. The company expects continued improvement in earnings throughout 2025, contingent on stable macro-economic conditions.

Mountain Commerce Bancorp (OTCQX: MCBI) ha riportato i risultati finanziari del primo trimestre 2025, evidenziando miglioramenti nei principali indicatori. Il margine di interesse netto è salito al 2,31% rispetto al 2,29% del quarto trimestre 2024, mentre il costo dei fondi è diminuito di 18 punti base, attestandosi al 3,30%. L'utile netto è aumentato a 2.179.000 dollari, con un utile diluito per azione di 0,35 dollari.

La banca mantiene un'elevata qualità degli attivi, con i prestiti in sofferenza pari allo 0,06% del totale dei prestiti e un rapporto di copertura delle rettifiche superiore a 12 volte. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale in contanti di 0,07 dollari per azione, con un incremento del 40% rispetto al trimestre precedente. Il rapporto di capitale tangibile comune è migliorato al 7,60%, mentre il rapporto di leva finanziaria della banca è al 9,35%.

Tra gli indicatori rilevanti, le spese non legate agli interessi rispetto agli attivi medi si attestano all'1,50%, circa la metà rispetto alle banche concorrenti. L'azienda prevede un continuo miglioramento degli utili nel corso del 2025, a condizione che le condizioni macroeconomiche rimangano stabili.

Mountain Commerce Bancorp (OTCQX: MCBI) ha presentado sus resultados financieros del primer trimestre de 2025, mostrando mejoras en métricas clave. El margen neto de interés aumentó a 2.31% desde 2.29% en el cuarto trimestre de 2024, mientras que el costo de los fondos disminuyó 18 puntos básicos hasta 3.30%. El ingreso neto subió a 2,179,000 dólares, con ganancias diluidas por acción de 0.35 dólares.

El banco mantiene una sólida calidad de activos, con préstamos en mora que representan solo el 0.06% del total de préstamos y una cobertura de provisiones superior a 12 veces. La Junta declaró un dividendo trimestral en efectivo de 0.07 dólares por acción, lo que representa un aumento del 40% respecto al trimestre anterior. La razón de capital tangible común mejoró a 7.60%, con una razón de apalancamiento del banco del 9.35%.

Entre las métricas destacadas, los gastos no relacionados con intereses sobre activos promedio son del 1.50%, aproximadamente la mitad que los bancos competidores. La empresa espera una mejora continua en las ganancias durante 2025, condicionada a la estabilidad de las condiciones macroeconómicas.

Mountain Commerce Bancorp (OTCQX: MCBI)는 2025년 1분기 재무 실적을 발표하며 주요 지표에서 개선을 보였습니다. 순이자마진은 2024년 4분기 2.29%에서 2.31%로 상승했고, 자금 비용은 18bp 하락한 3.30%를 기록했습니다. 순이익은 2,179,000달러로 증가했으며, 희석 주당순이익은 0.35달러였습니다.

은행은 총대출 대비 부실대출 비율이 0.06%에 불과하고, 충당금 커버리지 비율이 12배 이상으로 우수한 자산 건전성을 유지하고 있습니다. 이사회는 주당 0.07달러의 분기 현금 배당을 선언했으며, 이는 전 분기 대비 40% 증가한 수치입니다. 회사의 유형 보통주 자기자본 비율은 7.60%로 개선되었고, 은행의 레버리지 비율은 9.35%입니다.

주목할 만한 지표로는 평균 자산 대비 비이자 비용이 1.50%로, 동종 은행의 약 절반 수준입니다. 회사는 안정적인 거시경제 상황이 유지될 경우 2025년 내내 수익이 지속적으로 개선될 것으로 기대하고 있습니다.

Mountain Commerce Bancorp (OTCQX : MCBI) a publié ses résultats financiers du premier trimestre 2025, montrant des améliorations dans les indicateurs clés. La marge nette d’intérêt est passée à 2,31 % contre 2,29 % au quatrième trimestre 2024, tandis que le coût des fonds a diminué de 18 points de base pour atteindre 3,30 %. Le revenu net a augmenté à 2 179 000 dollars, avec un bénéfice dilué par action de 0,35 dollar.

La banque maintient une forte qualité d’actifs, avec des prêts non performants représentant seulement 0,06 % du total des prêts et un ratio de couverture des provisions supérieur à 12 fois. Le conseil d’administration a déclaré un dividende trimestriel en espèces de 0,07 dollar par action, soit une augmentation de 40 % par rapport au trimestre précédent. Le ratio de fonds propres tangibles s’est amélioré à 7,60 %, avec un ratio de levier de la banque à 9,35 %.

Parmi les indicateurs notables, les charges hors intérêts par rapport aux actifs moyens s’élèvent à 1,50 %, soit environ la moitié de celles des banques concurrentes. La société prévoit une amélioration continue des bénéfices tout au long de 2025, sous réserve de conditions macroéconomiques stables.

Mountain Commerce Bancorp (OTCQX: MCBI) hat seine Finanzergebnisse für das erste Quartal 2025 veröffentlicht und Verbesserungen bei wichtigen Kennzahlen gezeigt. Die Nettozinsmarge stieg von 2,29 % im vierten Quartal 2024 auf 2,31 %, während die Kapitalkosten um 18 Basispunkte auf 3,30 % sanken. Der Nettogewinn stieg auf 2.179.000 US-Dollar, mit einem verwässerten Ergebnis je Aktie von 0,35 US-Dollar.

Die Bank hält eine starke Vermögensqualität mit notleidenden Krediten von nur 0,06 % der Gesamtkredite und einer Rückstellungsdeckungsquote von über dem 12-fachen. Der Vorstand erklärte eine vierteljährliche Bardividende von 0,07 US-Dollar je Aktie, was einer Steigerung von 40 % gegenüber dem Vorquartal entspricht. Die harte Kernkapitalquote verbesserte sich auf 7,60 %, die Verschuldungsquote der Bank liegt bei 9,35 %.

Bemerkenswerte Kennzahlen sind die nicht zinstragenden Aufwendungen in Höhe von 1,50 % der durchschnittlichen Aktiva, etwa halb so hoch wie bei Wettbewerbsbanken. Das Unternehmen erwartet für 2025 eine weiterhin positive Entwicklung der Gewinne, vorausgesetzt die makroökonomischen Bedingungen bleiben stabil.

Positive
  • Net income increased to $2,179,000 in Q1 2025 from $1,515,000 in Q1 2024
  • Net interest margin improved to 2.31% from 2.29% in previous quarter
  • 40% increase in quarterly dividend to $0.07 per share
  • Cost of funds decreased by 18 basis points to 3.30%
  • Strong asset quality with non-performing loans at just 0.06% of total loans
Negative
  • Taxable loan yields declined 9 basis points to 5.78%
  • Average interest-earning assets declined $30.5 million (1.8%)
  • Noninterest income declined to $0.5 million from $0.8 million year-over-year
  • Noninterest expense increased by $0.8 million (14.0%) year-over-year

KNOXVILLE, Tenn., April 21, 2025 /PRNewswire/ -- Mountain Commerce Bancorp, Inc. (the "Company") (OTCQX: MCBI), the holding company for century-old Mountain Commerce Bank (the "Bank"), today announced financial results and related data as of and for the three months ended March 31, 2025.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.07 per common share, its eighteenth consecutive quarterly dividend, and a 40% increase from the prior quarter.  The dividend is payable on June 2, 2025 to shareholders of record as of the close of business on May 5, 2025.

Management Commentary

William E. "Bill" Edwards, III, President and Chief Executive Officer of the Company, commented as follows:

"We continued to see further improvements in our net interest margin which improved from 2.29% in the fourth quarter of 2024 to 2.31% in the first quarter of 2025, and finished the quarter at 2.33% for the month of March 2025.  The Company anticipates continued improvement in its net interest margin throughout 2025 as the result of rising loan portfolio yields and improved funding costs resulting from contractually scheduled repricing of certain deposits and borrowings.  We also believe our net interest margin is well positioned and protected in a variety of potential interest rate scenarios.  Our cost of funds declined 18 bp to 3.30% in the first quarter of 2025 from 3.48% in the fourth quarter of 2024.  Partially offsetting this improvement was a 9 bp decline in taxable loan yields to 5.78% in the first quarter of 2025 from 5.87% in the fourth quarter of 2024 as a result of the Federal Reserve's decision to reduce interest rates on December 18, 2024.

We continue to experience excellent asset quality with non-performing loans to total loans of 0.06% and an allowance to non-performing loans coverage ratio of over 12x.  Our noninterest expense to average assets was 1.50% during the first quarter of 2025, which is approximately half that of similarly-sized peer banks based on recent call report data.  Careful management of our dividend and asset growth has allowed our tangible common equity to tangible assets ratio to rise to 7.60% at March 31, 2025 from 7.58% at December 31, 2024, with the Bank's leverage ratio finishing the first quarter of 2025 at 9.35%.

In summary, we will seek to continue to carefully control our risk and growth while net interest margin and earnings continue to recover.  Our modeling and forecasting suggest continued improvement in earnings throughout 2025, should macro-economic conditions hold."

Highlights

The following tables highlight the trends that the Company believes are most relevant to understanding the performance of the Company as of and for the three months ended March 31, 2025.  As further detailed in Appendix A and Appendix C to this press release, adjusted results (which are non-GAAP financial measures), reflect adjustments for realized and unrealized investment gains and losses, gains and losses from the sale of fixed assets, the provision for or recovery of credit losses, and net loan charge-offs or recoveries.  See Appendix B to this press release for more information on the Company's tax equivalent net interest margin.  All financial information in this press release is unaudited.



For the Three Months Ended



(Dollars in thousands, except per share data)














2025


2024



March 31


December 31


September 30


June 30


March 31



GAAP


GAAP


GAAP


GAAP


GAAP

Net income

$

2,179


2,092


2,992


2,324

$

1,515

Diluted earnings per share

$

0.35


0.33


0.48


0.37

$

0.24

Return on average assets (ROAA)


0.50 %


0.47 %


0.67 %


0.53 %


0.34 %

Return on average equity


6.43 %


6.32 %


9.17 %


7.46 %


4.92 %

Noninterest expense to average assets


1.50 %


1.40 %


1.46 %


1.36 %


1.30 %

Net interest margin (tax equivalent)


2.31 %


2.29 %


2.08 %


2.00 %


1.66 %

Yield on interest-earning assets


5.58 %


5.69 %


5.70 %


5.63 %


5.51 %

Cost of funds


3.30 %


3.48 %


3.70 %


3.70 %


3.98 %














2025


2024



March 31


December 31


September 30


June 30


March 31



Adjusted (1)


Adjusted (2)


Adjusted (2)


Adjusted (2)


Adjusted (1)

Net income

$

2,214


2,481


2,203


1,966

$

1,274

Diluted earnings per share

$

0.35


0.39


0.35


0.31

$

0.20

Return on average assets (ROAA)


0.50 %


0.56 %


0.49 %


0.44 %


0.29 %

Return on average equity


6.53 %


7.49 %


6.75 %


6.31 %


4.14 %












Pre-tax, pre-provision earnings

$

2,823


3,441


2,450


2,448

$

1,418

Pre-tax, pre-provision ROAA


0.64 %


0.78 %


0.55 %


0.55 %


0.32 %












(1) Represents a non-GAAP financial measure.  See Appendix A to this press release for more information.







(2) Represents a non-GAAP financial measure.  See Appendix C to this press release for more information.







 




As of and for the



As of and for the




3 Months Ended



12 Months Ended




March 31,



December 31,




2025



2024











(Dollars in thousands, except share data)

Asset Quality







Non-performing loans

$

891


$

1,383


Real estate owned

$

3,256


$

2,572


Non-performing assets

$

4,147


$

3,955


Non-performing loans to total loans


0.06 %



0.09 %


Non-performing assets to total assets


0.23 %



0.23 %


Year-to-date net charge-offs (recoveries)

$

155


$

(247)


Allowance for credit losses to non-performing loans


1279.01 %



835.14 %


Allowance for credit losses to total loans


0.78 %



0.79 %








Other Data







Cash dividends declared and paid

$

0.050


$

0.230


Shares outstanding


6,408,625



6,393,081


Book and tangible book value per share (2)

$

21.26


$

20.70


Accumulated other comprehensive loss (AOCI) per share


(2.09)



(2.37)


Book and tangible book value per share, excluding AOCI (1) (2)


23.35


$

23.07


Closing market price per common share

$

20.00


$

21.52


Closing price to book value ratio


94.08 %



103.95 %


Tangible common equity to tangible assets ratio


7.60 %



7.58 %


Bank regulatory leverage ratio


9.35 %



9.31 %









(1) As further detailed in Appendix A and Appendix C to this press release, this is a non-GAAP financial measure.


(2) The Company does not have any intangible assets.






 

Net Interest Income

Net interest income increased $2.5 million, or 38.4%, from $6.4 million for the three months ended March 31, 2024 to $8.9 million for the same period in 2025.  The change between the periods was primarily the net result of the following factors:

  • Average interest-earning assets declined $30.5 million, or 1.8%, from $1.680 billion to $1.649 billion, driven primarily by decreases in taxable investments and interest earning deposits.
  • Average net interest-earning assets grew $16.8 million, or 6.2%, from $268.6 million to $285.4 million, due primarily to a $18.1 million increase in noninterest-bearing deposits and a $12.5 million increase in shareholders' equity.
  • Cost of funds declined 68 bp from 3.98% to 3.30%, while the average yield earned on interest-earning assets increased 7 bp from 5.51% to 5.58%, resulting in tax-equivalent net interest rate spread expanding by 69 bp to 1.62% from 0.93% and tax-equivalent net interest margin expanding 65 bp from 1.66% to 2.31%. Cost of funds and the yield earned on interest-earning assets over the last year have been materially impacted by 100 bp's of decreases in interest rates by the Federal Reserve.

Rate Sensitivity

The Company has the following assets, derivatives and liabilities subject to contractual repricing of interest rates:



March 31, 2025

Interest-earning deposits

$

95,438

Investments available for sale


20,763

Loans receivable


388,273

Interest rate swaps (notional)


225,000


$

613,607




Deposits

$

99,254

Senior debt


12,000


$

111,254

 

Interest Rate Swaps

The Company has the following interest rate swaps designated as fair value hedges as of March 31, 2025:





Estimated








Fair

Annual



Receive

Pay

Hedged Item


Notional

Value

Earnings

Term

Maturity

Rate

Rate










Fixed rate loans

$

150,000

(2,140)

(525)

3 Yrs

10/1/2026

4.34 %

4.69 %

Fixed rate loans


75,000

103

473

2 Yrs

9/1/2026

4.34 %

3.71 %


$

225,000

(2,037)

(52)





 

Provision For (Recovery Of) Credit Losses

The following summarizes the Company's provision for (recovery of) credit losses and net charge-offs (recoveries) for each of the last five quarters:



Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,



2025


2024


2024


2024


2024












Provision for (recovery of) credit losses

$

64


480


(1,282)


(499)


(469)

Net charge-offs (recoveries)


155


11


-15


-13


-230

 

The Company continues to experience near historically low levels of problem assets and net charge-offs which, when combined with favorable economic factors, has resulted in minimal provisions for credit losses (or recoveries) of credit losses during the last five quarters.  Given our limited loss history, the Company utilizes peer data in its estimation of expected loan losses.

Noninterest Income

The following summarizes changes in the Company's noninterest income for the periods indicated:



Three Months Ended March 31

(In thousands)


2025

2024

Change






Service charges and fees

$

384

382

2

Bank owned life insurance


55

55

-

Realized gain (loss) on sale of investment securities available for sale


(139)

77

(216)

Realized and unrealized loss on equity securities


(4)

(20)

16

Gain (loss) on sale of loans


3

(3)

6

Gain on sale of fixed assets


5

30

(25)

Wealth management


219

201

18

Swap fees


-

51

(51)

Other


5

9

(4)






Total noninterest income

$

528

782

(254)

 

Noninterest income declined to $0.5 million in the first quarter of 2025 from $0.8 million in the same quarter of 2024.  The following factors had an impact on noninterest income during these periods:

  • Realized gain (loss) on sale of investment securities available for sale declined by $0.2 million from the first quarter of 2024 due to management's decision to sell a municipal bond that at a loss that was in close proximity to the California wildfires during the first quarter of 2025 rather than risk a complete loss.
  • Swap fees declined $0.1 million due to a decline in the Company's lending volume and reduced customer demand for swaps. The Bank receives a fee for delivering the swap to a third party with our borrower as counterparty to the swap, but does not maintain a contractual obligation for the swap other than in the event of a default.

Noninterest Expense

The following summarizes changes in the Company's noninterest expense for the periods indicated:



Three Months Ended March 31

(In thousands)


2025

2024

Change






Compensation and employee benefits

$

3,528

2,992

536

Occupancy


750

588

162

Furniture and equipment


332

245

87

Data processing


666

446

220

FDIC insurance


379

383

(4)

Office


166

166

-

Advertising


96

100

(4)

Professional fees


425

599

(174)

Real Estate Owned


23

-

23

Other noninterest expense


247

282

(35)






Total noninterest expense

$

6,612

5,801

811

 

Noninterest expense increased $0.8 million, or 14.0%, from $5.8 million for the three months ended March 31, 2024 to $6.6 million in the same period of 2025. The following factors had an impact on changes in noninterest expense during these periods:

  • Compensation and employee benefits expense increased $0.5 million, or 17.9%, due primarily to an increase in incentive accruals and bonuses tied to forecasted 2025 performance as well as merit increases, offset partly by a decline in FTE employees from 110 to 108.
  • Occupancy and furniture and equipment expenses increased by a combined $0.2 million, or 29.9%, due to the opening of the Johnson City financial center on July 1, 2024, offset, in part, by the elimination of expenses for the formerly leased facilities.
  • Data processing expense increased $0.2 million, or 49%, due to certain accrual adjustments during the first quarter of 2024 that reduced the amount of recorded data processing expenses in that quarter.
  • Professional fees declined $0.2 million, or 29.0%, due to a reduction in the Company's internal and external auditing costs.

Income Taxes

The effective tax rates of the Company were as follows for the periods indicated:

Three Months Ended March 31

2025

2024

21.02 %

19.71 %

 

The Company's marginal tax rate of 26.14% is favorably impacted by certain sources of non-taxable income including bank-owned life insurance (BOLI) and investments in tax-free municipal securities, and state tax credits on certain loans.

Balance Sheet

Total assets increased $48.0 million, or 2.75%, from $1.746 billion at December 31, 2024 to $1.794 billion at March 31, 2025.  The change was primarily driven by the following factors:

  • Cash and cash equivalents increased $40.1 million, or 53.1%, due to a decrease in new loan volumes and an increased focus on liquidity and core deposit growth.

  • Available for sale investment security balances increased $2.3 million, or 2.1%, primarily due to a $2.4 million improvement in the fair value of the underlying bonds.

The following summarizes the composition of the Company's available for sale investment securities portfolio (at fair value) as of the periods indicated:



March 31, 2025


December 31, 2024



Estimated

Net


Estimated

Net



Fair

Unrealized


Fair

Unrealized



Value

Gain (Loss)


Value

Gain (Loss)

(in thousands)














Agency MBS / CMO

$

12,979

(1,707)


11,560

(1,960)

Agency multifamily (non-guaranteed)


7,188

(620)


7,081

(750)

Agency floating rate


6,399

15


6,647

18

Business Development Companies


3,584

(172)


3,522

(236)

Corporate


23,175

(1,495)


22,832

(1,860)

Municipal


26,224

(6,403)


25,987

(7,169)

Non-agency MBS / CMO


35,740

(7,745)


35,331

(8,566)









$

115,290

(18,126)


112,960

(20,523)

 

Non-agency MBS/CMO have an average credit-enhancement of approximately 33% as of March 31, 2025.  Municipal securities are generally rated AA or higher. 

  • The Company did not have any securities classified as held-to-maturity as of March 31, 2025 and December 31, 2024

  • Loans receivable increased $6.4 million, or 0.4%, from $1.463 billion at December 31, 2024 to $1.469 billion at March 31, 2025. The Company is intentionally managing its loan growth as it seeks to improve its risk profile and begin reducing the amount of its wholesale borrowings. The Company is actively managing its exposure to commercial real estate and has a regulatory commercial real estate concentration of 331% of total risk-based capital as of March 31, 2025 as compared to 325% at December 31, 2024. The following summarizes changes in loan balances over the last five quarters:


March 31,


December 31,


September 30,


June 30,


March 31,



2025


2024


2024


2024


2024

(in thousands)






















Residential construction

$

19,636


14,831


18,957


18,859


29,716

Other construction


51,047


60,474


48,991


79,309


84,967

Farmland


7,577


4,513


9,462


9,539


9,684

Home equity


56,588


57,972


53,407


53,670


48,059

Residential


444,620


449,056


466,107


459,572


449,894

Multi-family


121,511


114,634


115,069


115,530


115,065

Owner-occupied commercial


252,764


252,615


260,981


244,344


239,010

Non-owner occupied commercial


389,666


382,136


367,918


356,914


335,634

Commercial & industrial


114,899


115,234


122,096


124,712


134,397

PPP Program


66


83


101


119


137

Consumer


11,112


11,559


9,409


9,562


8,779













$

1,469,486


1,463,107


1,472,498


1,472,130


1,455,342

 

The following summarizes the industry components of the Company's non-owner occupied commercial real estate loans as of March 31, 2025.  Office loans are primarily comprised of low-rise office space.



Loan


% of Total



Balance


Loans






Hotels

$

92,299


6.3 %

Retail


82,089


5.6 %

Medical Office


33,640


2.3 %

Marina


30,779


2.1 %

Office


27,504


1.9 %

Campground


23,986


1.6 %

Warehouse


22,482


1.5 %

Mini-storage


22,213


1.5 %

Vacation Rentals


18,388


1.3 %

Car Wash


16,755


1.1 %

Entertainment


8,650


0.6 %

Restaurant


4,075


0.3 %

Other


6,805


0.5 %


$

389,666


26.5 %

 

The following summarizes the Company's loan portfolio by market where the loan was originated:



March 31,


December 31,



2025


2024






Tri-Cities

$

194,484


189,287

Knoxville


1,012,568


1,019,266

Nashville


262,434


254,554


$

1,469,486


1,463,107

 

  • Other real estate owned increased $0.7 million, or 26.6%, from $2.6 million at December 31, 2024 to $3.3 million at March 31, 2025.  The following summarizes the detail of Other real estate owned as of the periods indicated:


March 31,


December 31,



2025


2024






Residential

$

2,572


2,572

Vacation Rental


468


-

Land


216


-


$

3,256


2,572

 

  • Total deposits increased $43.5 million, or 2.8%, from $1.527 billion at December 31, 2024 to $1.570 billion at March 31, 2025.

The following summarizes changes in deposit balances over the last five quarters:



March 31,


December 31,


September 30,


June 30,


March 31,



2025


2024


2024


2024


2024

(in thousands)






















Non-interest bearing transaction

$

248,711


248,298


268,563


285,446


247,262

NOW and money market


462,367


431,629


437,579


415,772


421,139

Savings


189,814


189,246


207,466


227,282


266,168

Retail time deposits


372,741


370,989


382,386


378,944


381,110



1,273,633


1,240,162


1,295,994


1,307,444


1,315,679

Wholesale time deposits


296,578


286,552


255,739


247,329


272,932












Total deposits

$

1,570,211


1,526,714


1,551,733


1,554,773


1,588,611

 

The following summarizes the composition of wholesale time deposits as of March 31, 2025:






Original

Type


 Principal 

Rate

Maturity

Term







(in thousands)












Brokered CD


46,673

5.25 %

May, 2025

1 Yr

Brokered CD


555

4.75 %

Dec, 2025

2 Yr

Brokered CD


20,000

4.10 %

Jan, 2026

15 Months

Brokered CD


39,721

4.95 %

Mar, 2026

2 Yr

Brokered CD


10,579

4.90 %

Mar, 2026

2 Yr

Brokered CD


48,551

4.50 %

Dec, 2026

3 Yr

Brokered CD


44,201

4.75 %

Apr, 2027

3 Yr

Qwickrate


86,298

4.99 %

Through June 17, 2027

2.5 Yrs or Less








$

296,578

4.85 %



 

The following summarizes deposits by market where the deposit was originated:



March 31,


December 31,



2025


2024






Tri-Cities

$

330,976


329,912

Knoxville


691,813


688,049

Nashville


98,192


100,928


$

1,120,981


1,118,889

 

  • FHLB borrowings were $50.0 million at March 31, 2025 and December 31, 2024 and consisted of the following at March 31, 2025:

Amounts

Original

Current

Maturity


(000's)

Term

Rate

Date






$

25,000

1 month

4.42 %

04/16/25


15,000

1 Year

4.53 %

08/26/25


10,000

2 Years

4.38 %

11/05/26






$

50,000


4.45 %


 

  • Total equity increased $3.9 million, or 2.9%, from $132.4 million at December 31, 2024 to $136.2  million at March 31, 2025.  The following summarizes the components of the change in total shareholders' equity and tangible book value per share for the three months ended March 31, 2025:


Total

Tangible




Shareholders'

Book Value




Equity

Per Share


(In thousands)










December 31, 2024

$

132,353

20.70







Net income


2,179

0.35


Dividends paid


(320)

(0.05)


Stock compensation


287

0.04


Share repurchases from stock compensation 


(21)

(0.00)


Change in fair value of investments available for sale


1,758

0.27







March 31, 2025

$

136,236

21.26

*

            * Sum of the individual components may not equal the total





 

The Company's tangible equity to tangible assets ratio increased to 7.60% at March 31, 2025 from 7.58% at December 31, 2024, as the Company continues to manage its growth and dividend levels in light of current income levels.  The Company and Bank both remain well capitalized at March 31, 2025, with the Bank maintaining a regulatory leverage ratio of 9.35% at March 31, 2025.

Share Repurchases

The Company has an active authorization to repurchase up to $5 million of shares through March 31, 2026.  No shares were repurchased pursuant to such plan during the three months ended March 31, 2025.

Asset Quality

Non-performing loans to total loans decreased to 0.06% at March 31, 2025 from 0.09% at December 31, 2024.  Non-performing assets to total assets remained at 0.23% at both March 31, 2025 and December 31, 2024.  Other real estate owned of $3.3 million at March 31, 2025 is comprised of three properties for which no remaining loss on sale is anticipated.  Net charge-offs of $0.2 million were recognized during the three months ended March 31, 2025 in conjunction with the transfer of multiple properties to other real estate owned, compared to net recoveries of $0.2 million during the year ended December 31, 2024. 

The allowance for credit losses to total loans declined to 0.78% at March 31, 2025 from 0.79% at December 31, 2024 due primarily to the elimination of several specific reserves in conjunction with transfers to Other real estate owned.  Coverage of non-performing loans by the allowance for credit losses was more than 12 to 1 at March 31, 2025 as compared to more than 8 to 1 at December 31, 2024.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables in Appendix A and Appendix C, which provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.  This press release and the accompanying tables discuss financial measures such as adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average equity, which are all non-GAAP financial measures. We also present in this press release and the accompanying tables pre-tax, pre-provision earnings, pre-tax, pre-provision return on average assets, and book and tangible book value per share excluding AOCI, which are also non-GAAP financial measures. We believe that such non-GAAP financial measures are useful because they enhance the ability of investors and management to evaluate and compare the Company's operating results from period to period in a meaningful manner.  Non-GAAP financial measures should not be considered as an alternative to any measure of performance calculated pursuant to GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies.  Investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

Forward-Looking Statements

This press release contains forward-looking statements. The words "expect," "intend," "should," "may," "could," "believe," "suspect," "anticipate," "seek," "plan," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical fact may also be considered forward-looking. Such forward-looking statements involve known and unknown risks and uncertainties that include, without limitation, (i) deterioration in the financial condition of our borrowers, including as a result of continued elevated interest rates, persistent inflationary pressures and challenging economic conditions, resulting in significant increases in credit losses and provisions for those losses; (ii) the impact of U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting there from, and geopolitical instability, (iii) fluctuations or differences in interest rates on loans or deposits from those that we are modeling or anticipating, including as a result of our inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iv) deterioration in the real estate market conditions in our market areas;  (v) our ability to grow and retain low cost core deposits and retain large, uninsured deposits including during times when we are seeking to limit the rates we pay with other financial institutions, including pricing pressures, and the resulting impact on our results, including as a result of compression to our net interest margin; (vi) the deterioration of the economy in our market areas, including the negative impact of inflationary pressures and other challenging economic conditions on our customers and their businesses; (vii) our ability to meet our liquidity needs without having to liquidate investment securities that we own while those securities are in an unrealized loss position as a result of the elevated rate environment, or increase the rates we pay on deposits or increase our levels of non-core deposits to levels that cause our net interest margin to decline;  (viii) significant downturns in the business of one or more large customers; (ix) effectiveness of our asset management activities in improving, resolving or liquidating lower quality assets; (x) our inability to maintain the historical, long-term growth rate of our loan portfolio; (xi) risks of expansion into new geographic or product markets; (xii) the possibility of increased compliance and operational costs as a result of increased regulatory oversight; (xiii) our inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies and required capital maintenance levels; (xiv) the ineffectiveness of our hedging strategies, or the unexpected counterparty failure or failure of the underlying hedges; (xv) changes in state or Federal regulations, policies, or legislation applicable to banks and other financial  service providers, including regulatory or legislative developments arising out of current unsettled conditions in the economy; (xvi) changes in capital levels and loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xvii) inadequate allowance for credit losses; (xviii) results of regulatory examinations; (xix) the vulnerability of our network and online banking portals, and the systems of parties with whom we contract or do business with, to unauthorized access, computer viruses, phishing schemes, spam attacks, ransomware attacks, human error, natural disasters, power loss and other security breaches; (xx) loss of key personnel; and (xxi) adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, examinations or other legal and/or regulatory actions.  These risks and uncertainties may cause our actual results or performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. Our future operating results depend on a number of factors which were derived utilizing numerous assumptions that could cause actual results to differ materially from those projected in forward-looking statements.

About Mountain Commerce Bancorp, Inc. and Mountain Commerce Bank

Mountain Commerce Bancorp, Inc. is the holding company for Mountain Commerce Bank.  The Company's shares of common stock trade on the OTCQX under the symbol "MCBI".

Mountain Commerce Bank is a state-chartered financial institution headquartered in Knoxville, TN. The Bank traces its history back over a century and serves Middle and East Tennessee through 7 branches located in Brentwood, Erwin, Johnson City (2), Bearden (Knoxville), West Knoxville and Unicoi.  The Bank focuses on responsive relationship banking of small and medium-sized businesses, professionals, affluent individuals, and those who value the personal service and attention that only a community bank can offer.  For further information, please visit us at www.mcb.com.

Mountain Commerce Bancorp, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in thousands, except share data)











Three Months Ended





March 31,

December 31,

March 31,





2025

2024

2024


Interest income







Loans

$

20,395

21,055

19,846



Investment securities - taxable


1,028

1,076

1,323



Investment securities - tax exempt


30

29

29



Dividends and other


758

1,101

1,326





22,211

23,261

22,524


Interest expense







Savings


1,197

1,227

2,078



Interest bearing transaction accounts


3,513

3,762

3,648



Time certificates of deposit of $250,000 or more


4,238

4,397

4,860



Other time deposits


3,478

3,638

3,653



     Total deposits


12,426

13,024

14,239



Senior debt


229

269

405



Subordinated debt


164

167

164



FHLB advances


485

737

1,279





13,304

14,197

16,087









Net interest income


8,907

9,064

6,437









Provision for (recovery of) credit losses


64

480

(469)









Net interest income after provision for (recovery of) credit losses


8,843

8,584

6,906









Noninterest income







Service charges and fees


384

386

382



Bank owned life insurance


55

57

55



Realized gain (loss) on sale of investment securities available for sale


(139)

-

77



Realized and unrealized loss on equity securities


(4)

(58)

(20)



Gain (loss) on sale of loans


3

-

(3)



Gain on sale of fixed assets


5

-

30



Wealth management


219

199

201



Swap fees


-

-

51



Other


5

(2)

9





528

582

782


Noninterest expense







Compensation and employee benefits


3,528

3,010

2,992



Occupancy


750

742

588



Furniture and equipment


332

348

245



Data processing


666

634

446



FDIC insurance


379

332

383



Office


166

173

166



Advertising


96

120

100



Professional fees


425

450

599



Real estate owned expense


23

-

-



Other noninterest expense


247

396

282





6,612

6,205

5,801









Income before income taxes


2,759

2,961

1,887









Income taxes


580

869

372









Net income

$

2,179

2,092

1,515









Earnings  per common share:







Basic

$

0.35

0.33

0.24



Diluted

$

0.35

0.33

0.24









Weighted average common shares outstanding:







Basic


6,291,244

6,284,585

6,251,792



Diluted


6,305,674

6,297,259

6,264,626


 

Mountain Commerce Bancorp, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)














March 31,



December 31,



March 31, 




2025



2024



2024

Assets



















Cash and due from banks

$

20,232


$

15,819


$

12,176

Interest-earning deposits in other banks


95,438



59,717



127,961


Cash and cash equivalents


115,670



75,536



140,137











Investments available for sale


115,290



112,960



120,295

Equity securities


2,706



2,695



1,875

Premises and equipment held for sale


3,762



3,762



3,762











Loans receivable


1,469,486



1,463,107



1,455,342

Allowance for credit losses


(11,396)



(11,550)



(12,553)


Net loans receivable


1,458,090



1,451,557



1,442,789











Premises and equipment, net


60,478



61,215



56,182

Accrued interest receivable


5,804



5,587



5,657

Other real estate owned


3,256



2,572



-

Bank owned life insurance


10,245



10,190



10,023

Restricted stock


3,640



4,317



6,224

Deferred tax assets, net 


7,302



7,762



8,832

Other assets


7,473



7,516



7,337











Total assets

$

1,793,716


$

1,745,669


$

1,803,113











Liabilities and Shareholders' Equity



















Noninterest-bearing deposits

$

248,711


$

248,298


$

247,262

Interest-bearing deposits


1,024,922



991,864



1,068,417

Wholesale deposits


296,578



286,552



272,932


Total deposits


1,570,211



1,526,714



1,588,611











FHLB borrowings


50,000



50,000



50,000

Senior debt, net


12,000



14,000



20,000

Subordinated debt, net


9,985



9,971



9,932

Accrued interest payable


4,922



4,435



1,968

Post-employment liabilities


3,314



3,285



3,383

Other liabilities


7,048



4,911



5,134











Total liabilities


1,657,480



1,613,316



1,679,028











Total shareholders' equity


136,236



132,353



124,085











Total liabilities and shareholders' equity

$

1,793,716


$

1,745,669


$

1,803,113

 

Appendix A - Reconciliation of Non-GAAP Financial Measures 







Three Months Ended



March 31



(Dollars in thousands, except per share data)







2025

2024

Adjusted Net Income




Net income (GAAP)

$

2,179

1,515

Realized (gain) loss on sale of investment securities available for sale


139

(77)

Realized and unrealized loss on equity securities


4

20

Gain on sale of fixed assets


(5)

(30)

Provision for (recovery of) credit losses


64

(469)

Net (charge-offs) recoveries of credit losses


(155)

230

Tax effect of adjustments


(12)

85

Adjusted net income (Non-GAAP)

$

2,214

1,274





Adjusted Diluted Earnings Per Share




Diluted earnings per share (GAAP)

$

0.35

0.24

Realized (gain) loss on sale of investment securities available for sale


0.02

(0.01)

Realized and unrealized loss on equity securities


0.00

0.00

Gain on sale of fixed assets


(0.00)

(0.00)

Provision for (recovery of) credit losses


0.01

(0.07)

Net (charge-offs) recoveries of credit losses


(0.02)

0.04

Tax effect of adjustments


(0.00)

0.01

Adjusted diluted earnings per share (Non-GAAP)

$

0.35

0.20





Adjusted Return on Average Assets




Return on average assets (GAAP)


0.50 %

0.34 %

Realized (gain) loss on sale of investment securities available for sale


0.03 %

-0.02 %

Realized and unrealized loss on equity securities


0.00 %

0.00 %

Gain on sale of fixed assets


0.00 %

-0.01 %

Provision for (recovery of) credit losses


0.01 %

-0.11 %

Net (charge-offs) recoveries of credit losses


-0.04 %

0.05 %

Tax effect of adjustments


0.00 %

0.02 %

Adjusted return on average assets (Non-GAAP)


0.50 %

0.29 %





Adjusted Return on Average Equity




Return on average equity (GAAP)


6.43 %

4.92 %

Realized (gain) loss on sale of investment securities available for sale


0.41 %

-0.25 %

Realized and unrealized loss on equity securities


0.01 %

0.06 %

Gain on sale of fixed assets


-0.01 %

-0.10 %

Provision for (recovery of) credit losses


0.19 %

-1.52 %

Net (charge-offs) recoveries of credit losses


-0.46 %

0.75 %

Tax effect of adjustments


-0.04 %

0.28 %

Adjusted return on average equity (Non-GAAP)


6.53 %

4.14 %

 

Appendix A - Reconciliation of Non-GAAP Financial Measures, Continued







Three Months Ended



March 31



(Dollars in thousands, except per share data)







2025

2024

Pre-tax, Pre-Provision Earnings




Net income (GAAP)

$

2,179

1,515

Income taxes


580

372

Provision for (recovery of) credit losses


64

(469)

Pre-tax, pre-provision earnings (non-GAAP)

$

2,823

1,418





Pre-tax, Pre-Provision Return on Average Assets (ROAA)




Return on average assets (GAAP)


0.50 %

0.34 %

Income taxes


0.13 %

0.08 %

Provision for (recovery of) credit losses


0.01 %

-0.11 %

Pre-tax, pre-provision return on average assets (non-GAAP)


0.64 %

0.32 %





Book and Tangible Book Value Per Share, excluding AOCI




Book and tangible book value per share (GAAP)

$

21.26

19.46

Impact of AOCI per share


2.09

2.55

Book and tangible book value per share, excluding AOCI (non-GAAP)

$

23.35

22.01

 

Appendix B - Tax Equivalent Net Interest Margin Analysis 


























For the Three Months Ended March 31,




2025



2024




Average





Average






Outstanding 


Yield / 



Outstanding 


Yield / 




Balance

Interest

Rate



Balance

Interest

Rate




(Dollars in thousands)

Interest-earning Assets:











Loans - taxable, including loans held for sale

$

1,429,977

20,395

5.78 %


$

1,410,898

19,846

5.66 %


Loans - imputed tax credits (2)


28,414

473

6.75 %



29,440

494

6.75 %


Investments - taxable


111,726

1,028

3.73 %



126,380

1,323

4.21 %


Investments - tax exempt (1)


4,226

38

3.64 %



4,285

37

3.45 %


Interest earning deposits


69,783

631

3.67 %



100,896

1,126

4.49 %


Other investments, at cost


5,331

127

9.66 %



8,056

200

9.99 %


Total interest-earning assets


1,649,457

22,692

5.58 %



1,679,955

23,026

5.51 %


Noninterest earning assets


110,669





103,690




Total assets

$

1,760,126




$

1,783,645














Interest-bearing liabilities:











Interest-bearing transaction accounts

$

129,621

1,100

3.44 %


$

114,979

1,077

3.77 %


Savings accounts


195,542

1,197

2.48 %



258,151

2,078

3.24 %


Money market accounts


311,518

2,413

3.14 %



235,371

2,571

4.39 %


Retail time deposits


369,129

3,742

4.11 %



396,708

4,808

4.87 %


Wholesale time deposits


290,723

3,974

5.54 %



289,984

3,705

5.14 %


     Total interest bearing deposits


1,296,533

12,426

3.89 %



1,295,193

14,239

4.42 %













Senior debt


13,133

229

7.07 %



20,000

405

8.14 %


Subordinated debt


9,981

164

6.66 %



9,927

164

6.64 %


Federal Home Loan Bank advances


44,444

485

4.43 %



86,264

1,279

5.96 %


Total interest-bearing liabilities


1,364,091

13,304

3.96 %



1,411,384

16,087

4.58 %













Noninterest-bearing deposits


247,944





229,836




Other noninterest-bearing liabilities


12,465





19,338




Total liabilities


1,624,500





1,660,558















Total shareholders' equity


135,626





123,087




Total liabilities and shareholders' equity

$

1,760,126




$

1,783,645















Tax-equivalent net interest income



9,388





6,939














Net interest-earning assets (3)

$

285,366




$

268,571















Average interest-earning assets to interest-











     bearing liabilities


121 %





119 %















Tax-equivalent net interest rate spread (4)


1.62 %





0.93 %















Tax equivalent net interest margin (5)


2.31 %





1.66 %















(1)  Tax exempt investments are calculated assuming a 21% federal tax rate










(2)  Reflects the tax equivalent yield of a 5% state tax credit assuming a 26% federal and state tax rate







(3)  Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities







(4)  Tax-equivalent net interest rate spread represents the difference between the tax equivalent yield on average







       interest-earning assets and the cost of average interest-bearing liabilities.











(5)  Tax equivalent net interest margin represents tax equivalent net interest income divided by average total 







       interest-earning assets










 

Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures 








Three Months Ended



(Dollars in thousands, except per share data)








December 31, 2024

September 30, 2024

June 30, 2024

Adjusted Net Income





Net income (GAAP)

$

2,092

2,992

2,324

Realized loss on sale of investment securities available for sale


-

-

8

Realized and unrealized (gain) loss on equity securities


58

(57)

7

Provision for (recovery of) credit losses


480

(1,282)

(499)

Net (charge-offs) recoveries of credit losses


(11)

15

13

Software conversion expense


-

271

-

Tax effect of adjustments


(138)

275

123

Adjusted net income (Non-GAAP)

$

2,481

2,214

1,976






Adjusted Diluted Earnings Per Share





Diluted earnings per share (GAAP)

$

0.33

0.48

0.37

Realized loss on sale of investment securities available for sale


-

-

-

Realized and unrealized (gain) loss on equity securities


0.01

(0.01)

-

Provision for (recovery of) credit losses


0.08

(0.20)

(0.08)

Net (charge-offs) recoveries of credit losses


(0.00)

0.00

0.00

Software conversion expense


-

0.04

-

Tax effect of adjustments


(0.02)

0.04

0.02

Adjusted diluted earnings per share (Non-GAAP)

$

0.39

0.35

0.31






Adjusted Return on Average Assets





Return on average assets (GAAP)


0.47 %

0.67 %

0.53 %

Realized loss on sale of investment securities available for sale


0.00 %

0.00 %

0.00 %

Realized and unrealized (gain) loss on equity securities


0.01 %

-0.01 %

0.00 %

Provision for (recovery of) credit losses


0.11 %

-0.29 %

-0.11 %

Net (charge-offs) recoveries of credit losses


0.00 %

0.00 %

0.00 %

Software conversion expense


0.00 %

0.06 %

0.00 %

Tax effect of adjustments


-0.03 %

0.06 %

0.03 %

Adjusted return on average assets (Non-GAAP)


0.56 %

0.49 %

0.45 %






Adjusted Return on Average Equity





Return on average equity (GAAP)


6.32 %

9.17 %

7.46 %

Realized loss on sale of investment securities available for sale


0.00 %

0.00 %

0.03 %

Realized and unrealized (gain) loss on equity securities


0.18 %

-0.17 %

0.02 %

Provision for (recovery of) credit losses


1.45 %

-3.93 %

-1.60 %

Net (charge-offs) recoveries of credit losses


-0.03 %

0.05 %

0.04 %

Software conversion expense


0.00 %

0.83 %

0.00 %

Tax effect of adjustments


-0.42 %

0.86 %

0.41 %

Adjusted return on average equity (Non-GAAP)


7.49 %

6.81 %

6.36 %

 

Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures, Continued













Three Months Ended



(Dollars in thousands, except per share data)








December 31, 2024

September 30, 2024

June 30, 2024

Adjusted Noninterest Expense to Average Assets





Noninterest expense to average assets (GAAP)


1.40 %

1.46 %

1.36 %

Software conversion expense


0.00 %

-0.02 %

0.00 %

Adjusted noninterest expense to average assets (Non-GAAP)


1.40 %

1.45 %

1.36 %






Pre-tax Pre-Provision Earnings





Net income (GAAP)

$

2,092

2,992

2,324

Income taxes


869

740

623

Provision for (recovery of) credit losses


480

(1,282)

(499)

Pre-tax Pre-provision earnings (non-GAAP)

$

3,441

2,450

2,448






Pre-tax Pre-Provision Return on Average Assets (ROAA)





Return on average assets (GAAP)

$

0.47 %

0.67 %

0.53 %

Income taxes


0.20 %

0.17 %

0.14 %

Provision for (recovery of) credit losses


0.11 %

-0.29 %

-0.11 %

Pre-tax Pre-provision return on average assets (non-GAAP)

$

0.78 %

0.55 %

0.55 %






Book and Tangible Book Value Per Share, excluding AOCI





Book and tangible book value per share (GAAP)

$

20.70

20.83

19.83

Impact of AOCI per share


2.37

2.02

2.57

Book and tangible book value per share, excluding AOCI (non-GAAP)

$

23.07

22.85

22.39

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mountain-commerce-bancorp-inc-announces-first-quarter-2025-results-and-quarterly-cash-dividend-302432570.html

SOURCE Mountain Commerce Bancorp, Inc.

FAQ

What is Mountain Commerce Bancorp's (MCBI) Q1 2025 net interest margin and how has it changed?

MCBI's net interest margin improved to 2.31% in Q1 2025 from 2.29% in Q4 2024, with March 2025 ending at 2.33%.

How much did MCBI increase its quarterly dividend in Q1 2025?

MCBI increased its quarterly cash dividend by 40% to $0.07 per share, marking its eighteenth consecutive quarterly dividend.

What is MCBI's asset quality status as of Q1 2025?

MCBI maintains excellent asset quality with non-performing loans at 0.06% of total loans and an allowance to non-performing loans coverage ratio over 12x.

What was Mountain Commerce Bancorp's (MCBI) Q1 2025 earnings per share?

MCBI reported diluted earnings per share of $0.35 for Q1 2025, compared to $0.33 in Q4 2024.
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MCBI Latest News

Jan 21, 2025
Mountain Commerce Bancorp, Inc. Announces Fourth Quarter 2024 Results And Quarterly Cash Dividend
Oct 21, 2024
Mountain Commerce Bancorp, Inc. Announces Third Quarter 2024 Results And Quarterly Cash Dividend
Jul 22, 2024
Mountain Commerce Bancorp, Inc. Announces Second Quarter 2024 Results And Quarterly Cash Dividend
Jul 16, 2024
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Apr 22, 2024
Mountain Commerce Bancorp, Inc. Announces First Quarter 2024 Results And Quarterly Cash Dividend

MCBI Stock Data

130.55M
6.36M
10.95%
Banks - Regional
Financial Services
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United States
Knoxville