Mountain Commerce reports strong 2018 earnings

Johnson City Press • Updated Apr 23, 2018 at 5:05 PM

KNOXVILLE – Mountain Commerce Bancorp, Inc., parent company of Mountain Commerce Bank, reported a consolidated net income of $2.327 million for the first quarter of 2018, a 76 percent increase over the comparable period in 2017.

According to a recent press release, the company’s earnings per fully diluted share for the quarter ended March 31 and totaled 38 cents versus 21 cents for the first quarter of 2017.

Assets as of March 31 were $782.8 million, an increase of $130.9 million, or 20 percent, from last year. Non-interest income for the first quarter of 2018 was $416,000, compared to $342,000 during the same period in 2017, an increase of 22 percent.

As of March 31, tangible book value per share was $11.22, compared to $10.39 at the same time a year ago. This marked an 8 percent increase.

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