Mountain Commerce Bancorp, Inc. ( (MCBI) ) has released its Q3 earnings. Here is a breakdown of the information Mountain Commerce Bancorp, Inc. presented to its investors.
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Mountain Commerce Bancorp, Inc., a holding company for the century-old Mountain Commerce Bank, operates in the financial services sector, focusing on community banking for small and medium-sized businesses and affluent individuals in Tennessee. In its third quarter of 2024, Mountain Commerce Bancorp reported an improvement in net interest margin and asset yields, alongside a steady cost of funds. The company’s net income increased to $2.99 million from $2.47 million in the previous year, with diluted earnings per share rising to $0.48. The bank’s asset quality remains strong, with non-performing assets at just 0.08% of total assets. Total assets grew slightly to $1.77 billion, while total deposits increased significantly by $79.7 million. The bank’s management anticipates continued growth in net interest margin and asset quality, positioning the company well for future interest rate changes, with a focus on maintaining low noninterest expenses and leveraging its new branches for growth.