JOHNSON CITY, TN – November 5, 2015 – Mountain Commerce Bank (MCB) announced third quarter year-to-date net income of $2,482,000.
“The opening of our second financial center in Bearden has proven to be very successful,” said Bill Edwards, president and chief executive officer of Mountain Commerce Bank. “The Knoxville market has grown to approximately $200 million in deposits, and now exceeds our deposit base of $185 million in the Johnson City market. Our strategic initiative to operate the bank with two diverse markets is paying off.”
Assets as of September 30, 2015 were $489.6 million, an increase of $87 million from the same period last year. Total Loans have increased by $61.2 million or 18.6 percent since the beginning of the year. Savings and checking accounts increased by $86.9 million or 59.4 percent.
MCB’s earnings for the third quarter of 2015 were $877,000. Net interest margin remained strong, averaging 3.84 percent for the quarter and 3.98 percent year-to-date. Noninterest-bearing deposits increased $11.2 million over the same period last year. Excluding certificates of deposit (CDs), deposits increased from $202.5 million as of September 30, 2014 to $286.3 million as of September 30, 2015, an increase of $83.9 million or 41.4 percent.
About Mountain Commerce Bank
Mountain Commerce Bank (MCB) is a state-chartered, FDIC-insured, century-old, privately held financial services institution serving Knoxville, Johnson City, and Unicoi County. Through Hometown Service and Smart Technology, MCB offers big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of June 2015, MCB had $442.5 million in Total Assets and $390.2 million in Total Deposits. MCB currently employs more than 70 individuals at six branches and one operations office. For more information, visit www.mcb.comor check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.