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Mountain Commerce Bancorp, Inc. Announces Second Quarter 2021 Results and 4%


KNOXVILLE, Tenn., July 26, 2021 /PRNewswire/ — Mountain Commerce Bancorp, Inc. (the “Company”) (OTCQX: MCBI), the holding company for Mountain Commerce Bank (the “Bank”), today announced earnings and related data as of and for the three and six months ended June 30, 2021.

(PRNewsfoto/Mountain Commerce Bank)

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.135 per common share, representing a 4% increase from the $0.13 cash dividend declared in the prior quarter. The dividend is payable on September 1, 2021 to shareholders of record as of the close of business on August 9, 2021.

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 and six months ended June 30, 2021. As further detailed in Appendix A to this press release, adjusted results (which are non-GAAP financial measures), reflect adjustments for realized and unrealized investment gains and losses, the impact of PPP fee accretion (net of the amortization of PPP deferred loan costs and one-time PPP bonuses), gains and losses from the sale of REO, the provision for (recovery of) loan losses, and the provision for (recovery of) unfunded loan commitments. See Appendix B to this press release for more information on our tax equivalent net interest margin. All financial information in this press release is unaudited.

For the Three Months Ended June 30,

(Dollars in thousands, except per share data)

2021

2020

GAAP

Adjusted (1)

GAAP

Adjusted (1)

Net income

$

8,034

4,603

$

1,520

3,679

Diluted earnings per share

$

1.28

0.73

$

0.24

0.58

Return on average assets (ROAA)

2.75%

1.57%

0.53%

1.28%

Return on average equity

29.00%

16.62%

6.32%

15.30%

Efficiency ratio

35.87%

41.22%



Read More: Mountain Commerce Bancorp, Inc. Announces Second Quarter 2021 Results and 4%

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