Welcome to our dedicated page for Mountain Comm news (Ticker: MCBI), a resource for investors and traders seeking the latest updates and insights on Mountain Comm stock.
Mountain Commerce Bancorp, Inc. reports news as the OTCQX-traded holding company for Mountain Commerce Bank, a century-old state-chartered community bank based in Knoxville, Tennessee. The bank serves Middle and East Tennessee through branches in markets including Brentwood, Erwin, Johnson City, Knoxville and Unicoi, with a relationship-banking focus for small and medium-sized businesses, professionals and individual customers.
Recurring MCBI news covers quarterly operating results, net interest income, asset quality, capital ratios, cash dividends and expense trends. Company updates also include capital-management actions such as share repurchase authorizations, senior debt and revolving credit facilities, as well as governance and leadership changes at the holding company and bank level.
Mountain Commerce Bancorp (MCBI) reported a strong financial performance for Q3 2021, achieving a net income of $5.6 million, up from $1.9 million in Q3 2020. Diluted earnings per share increased to $0.90, reflecting a 25% rise from the prior year. The company's board declared a quarterly cash dividend of $0.14 per share, marking a 4% increase and payable on December 1, 2021. Total assets surged by 16.6% year-over-year to $1.294 billion, driven by a notable rise in cash deposits and loans. Non-performing loans decreased significantly, indicating improved asset quality.
Mountain Commerce Bancorp reported strong financial performance for Q2 2021, with a net income of $8.03 million, a significant increase from $1.52 million in Q2 2020. Diluted earnings per share rose to $1.28 from $0.24 year-over-year. The quarterly cash dividend was declared at $0.135 per share, up 4% from the previous quarter, payable on September 1, 2021. Total assets increased by 11.5% to $1.238 billion, driven by growth in loans and deposits. Return on equity improved to 29% from 6.32% year-over-year, reflecting operational efficiency and strong credit quality.
Mountain Commerce Bancorp (OTCQX: MCBI) expands into Nashville and Middle Tennessee with the addition of Andrew Barrett as senior vice president and Samuel Stevenson as credit analyst. Barrett brings over 10 years of experience in commercial banking, focusing on private and commercial business development. Stevenson, with expertise in various lending types, will support MCB's portfolio in the region. This expansion is highlighted by a commitment to Responsive Relationship Banking, aiming to enhance the bank's presence in high-growth markets.
Mountain Commerce Bancorp's subsidiary, Mountain Commerce Bank, has been recognized as one of the top 200 publicly traded community banks in the U.S. by American Banker magazine for the third consecutive year. Ranking at #47, this accolade is based on a three-year average return on average equity (ROAE), which stood at 13.19%. MCB is notable as one of only four Tennessee-based banks in the ranking and the sole representative from East Tennessee, highlighting its commitment to delivering strong returns to shareholders.
The board of Mountain Commerce Bancorp (OTCQX: MCBI) has announced the election of Alvin J. Nance and Ernest D. Campbell to its board of directors. Nance, CEO of LHP Capital, brings extensive experience in affordable housing development, while Campbell, owner of Ernest Campbell Development, has over 20 years in general contracting and real estate. Their appointments are seen as significant for guiding the company forward, according to CEO William E. Edwards III.
Mountain Commerce Bancorp (MCBI) reported a strong Q1 2021, with net income of $4.86 million, a 13% increase year-over-year. Diluted EPS rose to $0.77, reflecting a 7% gain. The Board declared a quarterly cash dividend of $0.13, marking a 4% rise from the previous quarter, payable on June 1, 2021. Net interest income surged 30.2% to $10 million, driven by a 21.3% increase in average interest-earning assets. Despite a slight rise in non-performing assets to 0.27%, the allowance for loan losses remains robust at 774.46% of non-performing loans.
Mountain Commerce Bancorp has authorized a $5 million stock repurchase program to enhance shareholder value through liquidity management and improved returns. The program is valid until March 31, 2022, allowing the company to repurchase shares in the open market or private transactions. CEO Bill Edwards expressed confidence in the stock's current valuation as an attractive investment. The program's implementation depends on stock performance and market conditions.