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Mountain Commerce Bancorp, Inc. Announces Third Quarter 2024 Results And Quarterly Cash Dividend

Finanznachrichten News

KNOXVILLE, Tenn., Oct. 21, 2024 /PRNewswire/ -- Mountain Commerce Bancorp, Inc. (the "Company") (OTCQX: MCBI), the holding company for century-old Mountain Commerce Bank (the "Bank"), today announced results and related data as of and for the three and nine months ended September 30, 2024.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per common share, its sixteenth consecutive quarterly dividend. The dividend is payable on December 2, 2024 to shareholders of record as of the close of business on November 4, 2024.

Management Commentary

William E. "Bill" Edwards, III, President and Chief Executive Officer of the Company, commented as follows:

"The third quarter of 2024 delivered further improvement in yields on interest-earning assets resulting in further increases in the Company's net interest margin, which improved from 2.00% in the second quarter of 2024 to 2.08% in the third quarter of 2024, and finished the quarter at 2.16% for the month of September 2024. The Company anticipates continued improvement in its net interest margin for the remainder of 2024 and throughout 2025 as the result of improved loan yields and improved funding costs resulting from the repricing of certificates of deposit that have already repriced or will reprice during 2025. We also believe we are well positioned for future changes in interest rates, whether these adjustments are up or down. We are pleased that our average yield on taxable loans continues to increase, rising 12 bp to 5.89% in the third quarter of 2024 from 5.77% in the second quarter of 2024 and rising 45 bp from the same quarter a year ago. Equally as important, our cost of funds remained steady at 3.70% in the second and third quarter of 2024 and declined 22bp from 3.92% in the first quarter of 2024. We continue to experience excellent asset quality with non-performing assets to total assets of 0.08%, no properties in real estate owned, and an allowance to non-performing loans coverage ratio of over 8x. Liquidity remained strong as of September 30, 2024 with available funding sources more than $100 million in excess of our level of uninsured and uncollateralized deposits. We remain very focused on controlling noninterest expenses which totaled 1.45% of average assets on an adjusted basis during the third quarter of 2024, which we believe is among the best in our peer group. Careful management of our dividend and asset growth has allowed our tangible common equity to tangible assets ratio to rise to 7.50% from 7.06% at June 30, 2024, with the Bank's leverage ratio remaining steady at 9.29% at September 30, 2024 compared to 9.31% at June 30, 2024. We continue to see excellent growth from our newest branches in Brentwood, West Knoxville and Johnson City and believe that these markets will continue to drive profitable growth for the Company.

While some of our markets were devastated by the recent storm and floods, we are thankful that our branches and employees sustained minimal damage. Additionally, we have an immaterial amount of loans in Unicoi County where most of the storm damage occurred and do not expect significant loan losses."

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 nine months ended September 30, 2024. As further detailed in Appendix A and Appendix C to this press release, adjusted results (which are non-GAAP financial measures), reflect adjustments for realized and unrealized investment gains and losses, gains and losses from the sale of fixed assets, the provision for or recovery of credit losses, the impact of material one-time fraud losses or recoveries, and software conversion expenses. See Appendix B to this press release for more information on the Company's tax equivalent net interest margin. All financial information in this press release is unaudited.



For the Three Months Ended September 30,



(Dollars in thousands, except per share data)













2024



2023













GAAP


Adjusted (1)



GAAP


Adjusted (1)

Net income

$

2,992


2,203


$

2,473


2,405

Diluted earnings per share

$

0.48


0.35


$

0.40


0.39

Return on average assets (ROAA)


0.67 %


0.49 %



0.58 %


0.56 %

Return on average equity


9.17 %


6.75 %



8.19 %


7.97 %

Noninterest expense to average assets


1.46 %


1.45 %



1.34 %


1.34 %

Net interest margin (tax equivalent)


2.08 %


2.08 %



2.08 %


2.08 %











Pre-tax, pre-provision earnings (1)

$



2,450


$



2,684

Pre-tax, pre-provision ROAA (1)




0.55 %





0.00 %











(1) Represents a non-GAAP financial measure. See Appendix A to this press release for more information.



For the Nine Months Ended September 30,



(Dollars in thousands, except per share data)













2024



2023













GAAP


Adjusted (1)



GAAP


Adjusted (1)

Net income

$

6,830


5,273


$

7,290


7,663

Diluted earnings per share

$

1.09


0.84


$

1.17


1.23

Return on average assets (ROAA)


0.51 %


0.40 %



0.58 %


0.61 %

Return on average equity


7.22 %


5.58 %



8.08 %


8.49 %

Noninterest expense to average assets


1.37 %


1.36 %



1.42 %


1.43 %

Net interest margin (tax equivalent)


1.88 %


1.88 %



2.24 %


2.24 %











Pre-tax, pre-provision earnings (1)

$



6,315


$



8,536

Pre-tax, pre-provision ROAA (1)




0.47 %





0.68 %











(1) Represents a non-GAAP financial measure. See Appendix A to this press release for more information.



For the Three Months Ended



(Dollars in thousands, except per share data)














2024


2023



September 30


June 30


March 31


December 31


September 30



GAAP


GAAP


GAAP


GAAP


GAAP

Net income (loss)

$

2,992


2,324

$

1,515

$

(376)

$

2,473

Diluted earnings (loss) per share

$

0.48


0.37

$

0.24

$

(0.06)

$

0.40

Return on average assets (ROAA)


0.67 %


0.53 %


0.34 %


-0.09 %


0.58 %

Return on average equity


9.17 %


7.46 %


4.92 %


-1.25 %


8.19 %

Noninterest expense to average assets


1.46 %


1.36 %


1.30 %


1.48 %


1.34 %

Net interest margin (tax equivalent)


2.08 %


2.00 %


1.66 %


1.98 %


2.08 %














2024


2023



September 30


June 30


March 31


December 31


September 30



Adjusted (1)


Adjusted (2)


Adjusted (2)


Adjusted (2)


Adjusted (1)

Net income

$

2,203


1,966

$

1,104

$

1,244

$

2,405

Diluted earnings per share

$

0.35


0.31

$

0.18

$

0.20

$

0.39

Return on average assets (ROAA)


0.49 %


0.44 %


0.25 %


0.29 %


0.56 %

Return on average equity


6.75 %


6.31 %


3.59 %


4.13 %


7.97 %

Noninterest expense to average assets


1.45 %


1.36 %


1.30 %


1.48 %


1.34 %

Net interest margin (tax equivalent)


2.08 %


2.00 %


1.66 %


1.98 %


2.08 %












Pre-tax, pre-provision earnings

$

2,450


2,448

$

1,418

$

1,182

$

2,684

Pre-tax, pre-provision ROAA


0.55 %


0.55 %


0.32 %


0.27 %


0.63 %












(1) Represents a non-GAAP financial measure. See Appendix A to this press release for more information.



(2) Represents a non-GAAP financial measure. See Appendix C to this press release for more information.






As of and for the



As of and for the



As of and for the




3 Months Ended



3 Months Ended



12 Months Ended




September 30,



June 30,



December 31,




2024



2024



2023














(Dollars in thousands, except share data)

Asset Quality










Non-performing loans

$

1,381


$

1,381


$

1,607


Real estate owned

$

-


$

-


$

-


Non-performing assets

$

1,381


$

1,381


$

1,607


Non-performing loans to total loans


0.09 %



0.09 %



0.11 %


Non-performing assets to total assets


0.08 %



0.08 %



0.09 %


Year-to-date net charge-offs (recoveries)

$

(258)


$

(243)


$

459


Allowance for credit losses to non-performing loans


805.21 %



889.86 %



811.08 %


Allowance for credit losses to total loans


0.76 %



0.83 %



0.90 %











Other Data










Cash dividends declared

$

0.050


$

0.050


$

0.640


Shares outstanding


6,371,324



6,373,998



6,352,725


Book and tangible book value per share (2)

$

20.83


$

19.83


$

19.33


Accumulated other comprehensive income (loss) (AOCI) per share


(2.02)



(2.57)



(2.56)


Book and tangible book value per share, excluding AOCI (1) (2)


22.85


$

22.39


$

21.89


Closing market price per common share

$

20.98


$

16.87


$

18.50


Closing price to book value ratio


100.70 %



85.08 %



95.71 %


Tangible common equity to tangible assets ratio


7.50 %



7.06 %



7.07 %


Bank regulatory leverage ratio


9.29 %



9.31 %



9.45 %












(1) As further detailed in Appendix A and Appendix C to this press release, this is a non-GAAP financial measure





(2) The Company does not have any intangible assets









Net Interest Income

Net interest income increased $0.3 million, or 3.1%, from $8.0 million for the three months ended September 30, 2023 to $8.3 million for the same period in 2024. The change between the periods was primarily the net result of the following factors:

  • Average interest-earning assets grew $50.9 million, or 3.1%, from $1.622 billion to $1.673 billion, driven primarily by increases in loans.
  • Average net interest-earning assets declined $25.4 million, or 7.8%, from $324.3 million to $298.9 million, due primarily to a $16.6 million decrease in noninterest bearing deposits and a $19.4 million increase in noninterest earning assets - primarily resulting from higher levels of fixed assets which are discussed below.
  • The average rate paid on interest-bearing liabilities increased 32 bp from 4.09% to 4.41%, while the average rate earned on interest-earning assets increased 35 bp from 5.35% to 5.70%, resulting in tax-equivalent net interest rate spread expanding by 3 bp to 1.29% from 1.26% and a consistent level of net interest margin of 2.08% in both periods.

Net interest income decreased $2.8 million, or 11.0%, from $25.3 million for the nine months ended September 30, 2023 to $22.5 million for the same period in 2024. The change between the periods was primarily the net result of the following factors:

  • Average interest-earning assets grew $78.2 million, or 4.9%, from $1.594 billion to $1.672 billion, driven primarily by increases in loans.
  • Average net interest-earning assets declined $47.7 million, or 14.4%, from $330.5 million to $282.8 million, due primarily to a $31.0 million decrease in noninterest bearing deposits and a $23.1 million increase in noninterest earning assets - primarily resulting from higher levels of fixed assets which are discussed below.
  • The average rate paid on interest-bearing liabilities increased 75 bp from 3.71% to 4.46%, while the average rate earned on interest-earning assets increased 40 bp from 5.18% to 5.58%, resulting in a decrease in tax-equivalent net interest rate spread from 1.47% to 1.13% and a decrease in tax-equivalent net interest margin from 2.24% to 1.88%.

Rate Sensitivity

The Company has the following assets subject to contractual repricing of interest rates as of September 30, 2024:



As of



September 30, 2024

Loans receivable

$

339,865

Investments available for sale


7,400

Interest rate swaps (notional)


225,000





$

572,265

Interest Rate Swaps

The Company has the following interest rate swaps hedging loans receivable as of September 30, 2024:





Estimated








Fair

Annual



Receive

Pay



Notional

Value

Earnings

Term

Maturity

Rate

Rate










Interest Rate Swap

$

150,000

(3,735)

405

3 Yrs

10/1/2026

4.96 %

4.69 %

Interest Rate Swap


75,000

(326)

938

2 Yrs

9/1/2026

4.96 %

3.71 %


$

225,000

(4,061)

1,343





Recovery Of Credit Losses



Three Months Ended September 30



2024

2023

Recovery of credit losses

$

1,282

411







Nine Months Ended September 30



2024

2023

Recovery of credit losses

$

2,250

385

The Company continues to experience near historically low levels of problem assets and charge-offs which, when combined with favorable economic factors, has resulted in minimal provisions for credit losses or reductions to our allowance for credit losses in recent periods. Additionally, the Company began recognizing industry benchmarks for expected recoveries during the third quarter of 2024 which had the effect of reducing the allowance for credit losses.

Noninterest Income

The following summarizes changes in the Company's noninterest income for the periods indicated:



Three Months Ended September 30

(In thousands)


2024

2023

Change






Service charges and fees

$

389

369

20

Bank owned life insurance


56

47

9

Realized and unrealized gain (loss) on equity securities


57

(50)

107

Gain on sale of loans


12

7

5

Loss on sale of fixed assets


-

(269)

269

Wealth management


193

158

35

Swap fees


-

145

(145)

Other


3

-

3






Total noninterest income

$

710

407

303

Noninterest income increased to $0.7 million in the third quarter of 2024 from $0.4 million in the same quarter of 2023. The following factors had an impact on noninterest income during these periods:

  • Realized and unrealized losses on equity securities improved by $0.1 million from the third quarter of 2023 as a result of the sale of the majority of the Company's equity securities during the fourth quarter of 2023 which were causing the realized and unrealized losses.
  • The Company incurred a $0.3 million loss on the sale of fixed assets from the sale of its former headquarters building during the third quarter of 2023.
  • The Company recognized a $0.1 million decrease in swap fees from the third quarter of 2023 due to a decline in the Company's lending volume. The Bank receives a fee for delivering the swap to a third party with our borrower as counterparty to the swap, but does not maintain a contractual obligation for the swap other than in the event of a default.


Nine Months Ended September 30

(In thousands)


2024

2023

Change






Service charges and fees

$

1,142

1,137

5

Bank owned life insurance


166

139

27

Realized gain (loss) on sale of investment securities available for sale


69

(9)

78

Realized and unrealized gain (loss) on equity securities


30

(781)

811

Gain on sale of loans


39

21

18

Gain (loss) on sale of fixed assets


30

(200)

230

Wealth management


611

479

132

Swap fees


51

365

(314)

Other


26

37

(11)






Total noninterest income

$

2,164

1,188

976

Noninterest income increased to $2.2 million for the nine months ended September 30, 2024 from $1.2 million in the same period of 2023. The following factors had an impact on noninterest income during these periods:

  • Realized and unrealized losses on equity securities improved by $0.8 million from the nine months ended September 30, 2023 as a result of the sale of the majority of the Company's equity securities during the fourth quarter of 2023 which were causing the realized and unrealized losses.
  • The Company incurred a $0.3 million loss on the sale of fixed assets from the sale of its former headquarters building during the third quarter of 2023.
  • Wealth management fees improved by $0.1 million from the 2023 to the 2024 period as a result of an improvement in equity market conditions.
  • The Company recognized a $0.3 million decrease in swap fees from the nine months ended June 30, 2023 due to a decline in the Company's lending volume. The Bank receives a fee for delivering the swap to a third party, but does not maintain a contractual obligation for the swap other than in the event of a default.

Noninterest Expense

The following summarizes changes in the Company's noninterest expense for the periods indicated:



Three Months Ended September 30

(In thousands)


2024

2023

Change






Compensation and employee benefits

$

2,904

3,148

(244)

Occupancy


780

568

212

Furniture and equipment


320

166

154

Data processing


955

536

419

FDIC insurance


371

286

85

Office


214

197

17

Advertising


121

127

(6)

Professional fees


441

421

20

Other noninterest expense


406

277

129






Total noninterest expense

$

6,512

5,726

786

Noninterest expense increased $0.8 million, or 13.7%, from $5.7 million in the third quarter of 2023 to $6.5 million in the same period of 2024. The following factors had an impact on changes in noninterest expense during these periods:

  • Compensation and employee benefits expense decreased $0.2 million, or 7.8%, due primarily to a decrease in incentive accruals and bonuses tied to 2024 performance and a decline in FTE employees from 115 to 108, offset, in part, by merit increases.
  • Occupancy and furniture and equipment expenses increased by a combined $0.4 million, or 49.9%, due to the opening of the Johnson City financial center on July 1, 2024, offset by the absence of expenses previously recorded for formerly leased facilities.
  • Data processing increased $0.4 million, or 78.1%, due primarily to a $0.3 million one-time payment to a vendor in connection with the termination of a software relationship.


Nine Months Ended September 30

(In thousands)


2024

2023

Change






Compensation and employee benefits

$

8,902

9,807

(905)

Occupancy


2,011

1,740

271

Furniture and equipment


834

543

291

Data processing


2,009

1,597

412

FDIC insurance


1,119

874

245

Office


560

603

(43)

Advertising


323

392

(69)

Professional fees


1,591

1,325

266

Other noninterest expense


982

1,021

(39)






Total noninterest expense

$

18,331

17,902

429

Noninterest expense increased $0.4 million, or 2.4%, from $17.9 million in the first nine months of 2023 to $18.3 million in the same period of 2024. The following factors had an impact on changes in noninterest expense during these periods:

  • Compensation and employee benefits decreased $0.9 million, or 9.2%, due primarily to a decrease in incentive accruals and bonuses tied to 2024 performance and a decline in FTE employees from 117 to 108, offset, in part, by merit increases.
  • Occupancy and furniture and equipment expenses increased by a combined $0.6 million, or 24.6%, due to the opening of the West Knoxville financial center on October 1, 2023 and Johnson City financial center on July 1, 2024, offset by the absence of expenses previously recorded for formerly leased facilities.
  • Data processing increased $0.4 million, or 25.8%, due primarily to a $0.3 million one-time payment to a vendor in connection with the termination of a software relationship.
  • FDIC insurance increased $0.2 million, or 28.0%, due primarily to an increase in average assets and the quarterly multiplier used to determine assessments.
  • Professional fees increased $0.3 million, or 20.0%, due to a change in the timing of recognizing certain auditing, regulatory and legal costs.

Income Taxes

The effective tax rates of the Company were as follows for the periods indicated

Three Months Ended September 30

2024

2023

19.83 %

20.10 %



Nine Months Ended September 30

2024

2023

20.26 %

18.28 %

The Company's tax rates for the three and nine months ended September 30, 2024 and 2023 reflect the impact of tax credits on certain loans which reduce the effective state tax rate to a nominal amount. The Company's marginal tax rate of 26.14% is also favorably impacted by certain sources of non-taxable income including bank-owned life insurance (BOLI) and investments in tax-free municipal securities.

Balance Sheet

Total assets increased 33.3 million, or 1.9%, from $1.738 billion at December 31, 2023 to $1.771 billion at September 30, 2024. The change was primarily driven by the following factors:

  • Cash and cash equivalents increased $17.0 million, or 24.7%, due to a decrease in new loan volumes and an increased focus on core deposit growth.
  • Available for sale investment security balances decreased $12.4 million, or 9.5%, primarily due to the sale of approximately $8.0 million of securities during the first quarter of 2024 and principal paydowns.

The following summarizes the composition of the Company's available for sale investment securities portfolio (at fair value) as of September 30, 2024 and December 31, 2023:



September 30, 2024


December 31, 2023



Estimated

Net


Estimated

Net



Fair

Unrealized


Fair

Unrealized



Value

Gain (Loss)


Value

Gain (Loss)

(in thousands)














Agency MBS / CMO

$

12,403

(1,566)


12,870

(1,853)

Agency multifamily (non-guaranteed)


7,237

(618)


8,944

(897)

Agency floating rate


6,998

15


16,919

(41)

Business Development Companies


3,500

(260)


3,420

(345)

Corporate


22,595

(1,867)


23,801

(2,673)

Municipal


27,443

(5,728)


26,465

(6,790)

Non-agency MBS / CMO


37,691

(7,428)


37,805

(9,489)









$

117,867

(17,452)


130,224

(22,088)

Non-agency MBS/CMO have an average credit-enhancement of approximately 32% as of September 30, 2024. Municipal securities are generally rated AA or higher.

  • The Company did not have any securities classified as held-to-maturity as of September 30, 2024 and December 31, 2023.
  • Loans receivable increased $19.6 million, or 1.4%, from $1.453 billion at December 31, 2023 to $1.472 billion at September 30, 2024. The Company is actively managing its exposure to commercial real estate and has a regulatory commercial real estate concentration of 312% of total risk-based capital as of September 30, 2024, down from 322% as of June 30, 2024 and 318% at December 31, 2023. The following summarizes changes in loan balances over the last five quarters:


September 30,


June 30,


March 31,


December 31,


September 30,



2024


2024


2024


2023


2023

(in thousands)






















Residential construction

$

18,957


18,859


29,716


33,881


39,824

Other construction


48,991


79,309


84,967


89,388


82,288

Farmland


9,462


9,539


9,684


8,614


8,699

Home equity


53,407


53,670


48,059


48,118


45,839

Residential


466,107


459,572


449,894


452,957


446,215

Multi-family


115,069


115,530


115,065


109,859


112,786

Owner-occupied commercial


260,981


244,344


239,010


234,289


229,879

Non-owner occupied commercial


367,918


356,914


335,634


329,204


317,651

Commercial & industrial


122,096


124,712


134,397


137,076


142,685

PPP Program


101


119


137


154


191

Consumer


9,409


9,562


8,779


9,331


9,572













$

1,472,498


1,472,130


1,455,342


1,452,871


1,435,629

The following summarizes the industry components of the Company's non-owner occupied commercial real estate loans as of September 30, 2024. Office loans are primarily comprised of low-rise office space.



Loan


% of Total



Balance


Loans






Hotels

$

72,289


4.9 %

Retail


71,249


4.8 %

Office


67,868


4.6 %

Marina


31,217


2.1 %

Campground


24,849


1.7 %

Warehouse


22,722


1.5 %

Mini-storage


22,359


1.5 %

Vacation Rentals


18,081


1.2 %

Car Wash


16,829


1.1 %

Entertainment


9,346


0.6 %

Restaurant


4,876


0.3 %

Other


6,233


0.4 %


$

367,918


25.0 %

  • Premises and equipment increased $9.3 million, or 17.8%, from December 31, 2023 to September 30 30, 2024 primarily due to costs incurred for the construction of the 23,000 sf Johnson City combined financial/corporate center which opened for business on July 1, 2024.
  • Total deposits increased $79.7 million, or 5.4%, from $1.472 billion at December 31, 2023 to $1.552 billion at September 30, 2024. An increase in non-interest bearing transaction and NOW and money market accounts during the first nine months of 2024 offset a decline in savings accounts and retail time deposits and was further used to reduce wholesale time deposits and increase liquidity.

The following summarizes changes in deposit balances over the last five quarters:



September 30,


June 30,


March 31,


December 31,


September 30,



2024


2024


2024


2023


2023

(in thousands)






















Non-interest bearing transaction

$

268,563


285,446


247,262


243,750


270,299

NOW and money market


437,579


415,772


421,139


271,208


250,920

Savings


207,466


227,282


266,168


248,576


258,110

Retail time deposits


382,386


378,944


381,110


392,638


382,708



1,295,994


1,307,444


1,315,679


1,156,172


1,162,037

Wholesale time deposits


255,739


247,329


272,932


315,862


246,716












Total deposits

$

1,551,733


1,554,773


1,588,611


1,472,034


1,408,753

The following summarizes the composition of wholesale time deposits as of September 30, 2024:






Original

Type


Principal

Rate

Maturity

Term







(in thousands)












Brokered CD


46,673

5.25 %

May, 2025

1 Yr

Brokered CD


555

4.75 %

Dec, 2025

2 Yr

Brokered CD


39,721

4.95 %

Mar, 2026

2 Yr

Brokered CD


10,579

4.90 %

Mar, 2026

2 Yr

Brokered CD


48,551

4.50 %

Dec, 2026

3 Yr

Brokered CD


44,201

4.75 %

Apr, 2027

3 Yr

Qwickrate


65,459

5.21 %

Through Mar 30, 2027

2.5 Yrs or Less








$

255,739

4.95 %



  • FHLB borrowings decreased $55.5 million from December 31, 2023 to September 30, 2024, and consisted of the following at September 30, 2024:

Amounts

Original

Current

Maturity


(000's)

Term

Rate

Date






$

10,000

1 month

5.23 %

10/08/24


20,000

1 month

4.82 %

10/23/24


15,000

1 Year

4.53 %

08/26/25






$

45,000


4.81 %


  • Total equity increased $10.0 million, or 8.1%, from $122.8 million at December 31, 2023 to $132.7 million at September 30, 2024. The following summarizes the components of the change in total shareholders' equity and tangible book value per share for the nine months ended September 30, 2024:


Total

Tangible




Shareholders'

Book Value




Equity

Per Share


(In thousands)










December 31, 2023

$

122,787

19.33







Net income


6,830

1.09


Dividends paid


(1,148)

(0.18)


Stock compensation


915

0.14


Share repurchases from stock compensation


(30)

(0.00)


Change in fair value of investments available for sale


3,389

0.53







September 30, 2024

$

132,743

20.83

*

* Sum of the individual components may not equal the total





The Company's tangible equity to tangible assets ratio increased to 7.50% at September 30, 2024 from 7.07% at December 31, 2023, as the Company continues to manage its growth and dividend levels in light of current income levels. The Company and Bank both remain well capitalized at September 30, 2024, with the Bank maintaining a regulatory leverage ratio of 9.29% at September 30, 2024.

Share Repurchases

The Company has an active authorization to repurchase up to $5 million of shares through March 31, 2025. No shares were repurchased pursuant to such plan during the nine months ended September 30, 2024.

Asset Quality

Non-performing loans to total loans decreased to 0.09% at September 30, 2024 from 0.11% at December 31, 2023. Non-performing assets to total assets decreased to 0.08% at September 30, 2024 from 0.09% at December 31, 2023. Other real estate owned balances remained at $0 at both September 30, 2024 and December 31, 2023. Net recoveries of $0.3 million were recognized during the nine months ended September 30, 2024, compared to net charge-offs of $0.5 million during the year ended December 31, 2023. The allowance for credit losses to total loans declined to 0.76% at September 30, 2024 from 0.90% at December 31, 2023 due, in part, to the payoff in full of a $0.7 million loan which was fully-reserved as of December 31, 2023, an improvement in modeled economic projections, and inclusion of expected recoveries beginning in the third quarter of 2024. Coverage of non-performing loans by the allowance for credit losses was more than 8 to 1 at September 30, 2024 and December 31, 2023.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables in Appendix A and Appendix C, which provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. This press release and the accompanying tables discuss financial measures such as adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, and adjusted noninterest expense to average assets ratio, which are all non-GAAP financial measures. We also present in this press release and the accompanying tables pre-tax, pre-provision earnings, pre-tax, pre-provision return on average assets, and book and tangible book value per share excluding AOCI, which are also non-GAAP financial measures. We believe that such non-GAAP financial measures are useful because they enhance the ability of investors and management to evaluate and compare the Company's operating results from period to period in a meaningful manner. Non-GAAP financial measures should not be considered as an alternative to any measure of performance calculated pursuant to GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. Investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

Forward-Looking Statements

This press release contains forward-looking statements. The words "expect," "intend," "should," "may," "could," "believe," "suspect," "anticipate," "seek," "plan," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical fact may also be considered forward-looking. Such forward-looking statements involve known and unknown risks and uncertainties that include, without limitation, (i) deterioration in the financial condition of our borrowers, including as a result of continued elevated interest rates, persistent inflationary pressures and challenging economic conditions, resulting in significant increases in credit losses and provisions for those losses; (ii) fluctuations or differences in interest rates on loans or deposits from those that we are modeling or anticipating, including as a result of our inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) deterioration in the real estate market conditions in our market areas; (iv) our ability to grow and retain low cost core deposits and retain large, uninsured deposits including during times when we are seeking to limit the rates we pay on deposits or uncertainty exists in the financial services sector; v) the impact of increased competition with other financial institutions, including pricing pressures, and the resulting impact on our results, including as a result of compression to our net interest margin; (vi) the deterioration of the economy in our market areas, including the negative impact of inflationary pressures and other challenging economic conditions on our customers and their businesses; (vii) our ability to meet our liquidity needs without having to liquidate investment securities that we own while those securities are in an unrealized loss position as a result of the elevated rate environment, or increase the rates we pay on deposits or increase our levels of non-core deposits to levels that cause our net interest margin to decline; (viii) significant downturns in the business of one or more large customers; (ix) effectiveness of our asset management activities in improving, resolving or liquidating lower quality assets; (x) our inability to maintain the historical, long-term growth rate of our loan portfolio; (xi) risks of expansion into new geographic or product markets; (xii) the possibility of increased compliance and operational costs as a result of increased regulatory oversight; (xiii) our inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies and required capital maintenance levels; (xiv) the ineffectiveness of our hedging strategies, or the unexpected counterparty failure or failure of the underlying hedges; (xv) changes in state or Federal regulations, policies, or legislation applicable to banks and other financial service providers, including regulatory or legislative developments arising out of current unsettled conditions in the economy; (xvi) changes in capital levels and loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xvii) inadequate allowance for credit losses; (xviii) results of regulatory examinations; (xix) the vulnerability of our network and online banking portals, and the systems of parties with whom we contract or do business with, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xx) loss of key personnel; and (xxi) adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future litigation, examinations or other legal and/or regulatory actions. These risks and uncertainties may cause our actual results or performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. Our future operating results depend on a number of factors which were derived utilizing numerous assumptions that could cause actual results to differ materially from those projected in forward-looking statements.

About Mountain Commerce Bancorp, Inc. and Mountain Commerce Bank

Mountain Commerce Bancorp, Inc. is the holding company for Mountain Commerce Bank. The Company's shares of common stock trade on the OTCQX under the symbol "MCBI".

Mountain Commerce Bank is a state-chartered financial institution headquartered in Knoxville, TN. The Bank traces its history back over a century and serves Middle and East Tennessee through 7 branches located in Brentwood, Erwin, Johnson City (2), Bearden (Knoxville), West Knoxville and Unicoi. The Bank focuses on responsive relationship banking of small and medium-sized businesses, professionals, affluent individuals, and those who value the personal service and attention that only a community bank can offer. For further information, please visit us at www.mcb.com.

Mountain Commerce Bancorp, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in thousands, except share data)














Three Months Ended



Nine Months Ended




September 30,

June 30,

September 30,



September 30,

September 30,




2024

2024

2023



2024

2023

Interest income










Loans

$

21,131

20,542

19,015


$

61,518

52,936


Investment securities - taxable


1,100

1,112

1,274



3,534

3,886


Investment securities - tax exempt


29

29

39



88

117


Dividends and other


1,224

1,133

1,059



3,684

3,398




23,484

22,816

21,387



68,824

60,337

Interest expense










Savings


1,550

1,859

1,760



5,488

4,902


Interest bearing transaction accounts


4,178

4,175

2,487



12,001

7,512


Time certificates of deposit of $250,000 or more


4,319

4,302

4,351



13,480

10,825


Other time deposits


3,710

3,569

2,615



10,931

5,617


Total deposits


13,757

13,905

11,213



41,900

28,856


Senior debt


347

405

405



1,157

1,042


Subordinated debt


164

164

163



493

493


FHLB advances


964

549

1,603



2,792

4,696




15,232

15,023

13,384



46,342

35,087











Net interest income


8,252

7,793

8,003



22,482

25,250











Recovery of credit losses


(1,282)

(499)

(411)



(2,250)

(385)











Net interest income after recovery of credit losses


9,534

8,292

8,414



24,732

25,635











Noninterest income










Service charges and fees


389

371

369



1,142

1,137


Bank owned life insurance


56

55

47



166

139


Realized gain (loss) on sale of investment securities available for sale


-

(8)

-



69

(9)


Realized and unrealized gain (loss) on equity securities


57

(7)

(50)



30

(781)


Gain on sale of loans


12

29

7



39

21


Gain (loss) on sale of fixed assets


-

-

(269)



30

(200)


Wealth management


193

217

158



611

479


Swap fees


-

-

145



51

365


Other


3

15

-



26

37




710

672

407



2,164

1,188

Noninterest expense










Compensation and employee benefits


2,904

3,005

3,148



8,902

9,807


Occupancy


780

643

568



2,011

1,740


Furniture and equipment


320

269

166



834

543


Data processing


955

608

536



2,009

1,597


FDIC insurance


371

364

286



1,119

874


Office


214

180

197



560

603


Advertising


121

102

127



323

392


Professional fees


441

551

421



1,591

1,325


Other noninterest expense


406

295

277



982

1,021




6,512

6,017

5,726



18,331

17,902











Income before income taxes


3,732

2,947

3,095



8,565

8,921











Income taxes


740

623

622



1,735

1,631











Net income

$

2,992

2,324

2,473


$

6,830

7,290











Earnings per common share:










Basic

$

0.48

0.37

0.40


$

1.09

1.17


Diluted

$

0.48

0.37

0.40


$

1.09

1.17











Weighted average common shares outstanding:










Basic


6,271,047

6,264,564

6,240,403



6,262,499

6,231,237


Diluted


6,279,212

6,270,308

6,243,630



6,271,068

6,240,119

Mountain Commerce Bancorp, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)














September 30,



June 30,



December 31,




2024



2024



2023

Assets



















Cash and due from banks

$

13,796


$

19,122


$

21,193

Interest-earning deposits in other banks


72,112



95,238



47,688


Cash and cash equivalents


85,908



114,360



68,881











Investments available for sale


117,867



117,048



130,224

Equity securities


2,727



1,884



1,882

Premises and equipment held for sale


3,762



3,762



3,762











Loans receivable


1,472,498



1,472,130



1,452,871

Allowance for credit losses


(11,120)



(12,289)



(13,034)


Net loans receivable


1,461,378



1,459,841



1,439,837











Premises and equipment, net


61,715



58,676



52,397

Accrued interest receivable


5,622



5,707



5,479

Bank owned life insurance


10,134



10,078



9,968

Restricted stock


4,563



4,563



8,145

Deferred tax assets, net


7,200



8,562



9,101

Other assets


10,156



5,940



8,094











Total assets

$

1,771,032


$

1,790,421


$

1,737,770











Liabilities and Shareholders' Equity



















Noninterest-bearing

$

268,563


$

285,446


$

243,750

Interest-bearing


1,027,431



1,021,998



912,422

Wholesale


255,739



247,329



315,862


Total deposits


1,551,733



1,554,773



1,472,034











FHLB borrowings


45,000



70,000



100,000

Senior debt, net


16,000



18,000



20,000

Subordinated debt, net


9,957



9,946



9,917

Accrued interest payable


3,482



3,142



2,258

Post-employment liabilities


3,319



3,350



3,414

Other liabilities


8,798



4,817



7,360











Total liabilities


1,638,289



1,664,028



1,614,983











Total shareholders' equity


132,743



126,393



122,787











Total liabilities and shareholders' equity

$

1,771,032


$

1,790,421


$

1,737,770

Appendix A - Reconciliation of Non-GAAP Financial Measures










Three Months Ended


Nine Months Ended



September 30


September 30



(Dollars in thousands, except per share data)


(Dollars in thousands, except per share data)










2024

2023


2024

2023

Adjusted Net Income







Net income (GAAP)

$

2,992

2,473

$

6,830

7,290

Realized (gain) loss on sale of investment securities available for sale


-

-


(69)

9

Realized and unrealized (gain) loss on equity securities


(57)

50


(30)

781

(Gain) loss on sale of fixed assets


-

269


(30)

200

Recovery of credit losses


(1,282)

(411)


(2,250)

(385)

Recovery of fraud loss


-

-


-

(100)

Software conversion expense


271

-


271

-

Tax effect of adjustments


279

24


551

(132)

Adjusted net income (Non-GAAP)

$

2,203

2,405

$

5,273

7,663








Adjusted Diluted Earnings Per Share







Diluted earnings per share (GAAP)

$

0.48

0.40

$

1.09

1.17

Realized (gain) loss on sale of investment securities available for sale


-

-


(0.01)

0.00

Realized and unrealized (gain) loss on equity securities


(0.01)

0.01


(0.00)

0.13

(Gain) loss on sale of fixed assets


-

0.04


(0.00)

0.03

Recovery of credit losses


(0.20)

(0.07)


(0.36)

(0.06)

Recovery of fraud loss


-

-


-

(0.02)

Software conversion expense


0.04

-


0.04

-

Tax effect of adjustments


0.04

0.00


0.09

(0.02)

Adjusted diluted earnings per share (Non-GAAP)

$

0.35

0.39

$

0.84

1.23








Adjusted Return on Average Assets







Return on average assets (GAAP)


0.67 %

0.58 %


0.51 %

0.58 %

Realized (gain) loss on sale of investment securities available for sale


0.00 %

0.00 %


-0.01 %

0.00 %

Realized and unrealized (gain) loss on equity securities


-0.01 %

0.01 %


0.00 %

0.06 %

(Gain) loss on sale of fixed assets


0.00 %

0.06 %


0.00 %

0.02 %

Recovery of credit losses


-0.29 %

-0.10 %


-0.17 %

-0.03 %

Recovery of fraud loss


0.00 %

0.00 %


0.00 %

-0.01 %

Software conversion expense


0.06 %

0.00 %


0.02 %

0.00 %

Tax effect of adjustments


0.06 %

0.01 %


0.04 %

-0.01 %

Adjusted return on average assets (Non-GAAP)


0.49 %

0.56 %


0.40 %

0.61 %








Adjusted Return on Average Equity







Return on average equity (GAAP)


9.17 %

8.19 %


7.22 %

8.08 %

Realized (gain) loss on sale of investment securities available for sale


0.00 %

0.00 %


-0.07 %

0.01 %

Realized and unrealized (gain) loss on equity securities


-0.17 %

0.17 %


-0.03 %

0.87 %

(Gain) loss on sale of fixed assets


0.00 %

0.89 %


-0.03 %

0.22 %

Recovery of credit losses


-3.93 %

-1.36 %


-2.38 %

-0.43 %

Recovery of fraud loss


0.00 %

0.00 %


0.00 %

-0.11 %

Software conversion expense


0.83 %

0.00 %


0.29 %

0.00 %

Tax effect of adjustments


0.86 %

0.08 %


0.58 %

-0.15 %

Adjusted return on average equity (Non-GAAP)


6.75 %

7.97 %


5.58 %

8.49 %

Appendix A - Reconciliation of Non-GAAP Financial Measures, Continued










Three Months Ended


Nine Months Ended



September 30


September 30



(Dollars in thousands, except per share data)


(Dollars in thousands, except per share data)










2024

2023


2024

2023

Adjusted Noninterest Expense to Average Assets







Noninterest expense to average assets (GAAP)


1.46 %

1.34 %


1.37 %

1.42 %

Software conversion expense


-0.02 %

0.00 %


-0.02 %

0.01 %

Adjusted noninterest expense to average assets (Non-GAAP)


1.45 %

1.34 %


1.36 %

1.43 %








Pre-tax, Pre-Provision Earnings







Net income (GAAP)

$

2,992

2,473

$

6,830

7,290

Income taxes


740

622


1,735

1,631

Recovery of credit losses


(1,282)

(411)


(2,250)

(385)

Pre-tax, pre-provision earnings (non-GAAP)

$

2,450

2,684

$

6,315

8,536








Pre-tax, Pre-Provision Return on Average Assets (ROAA)







Return on average assets (GAAP)


0.67 %

0.58 %

$

0.51 %

0.58 %

Income taxes


0.17 %

0.15 %


0.13 %

0.13 %

Recovery of credit losses


-0.29 %

-0.10 %


-0.17 %

-0.03 %

Pre-tax, pre-provision return on average assets (non-GAAP)


0.55 %

0.63 %

$

0.47 %

0.68 %








Book and Tangible Book Value Per Share, excluding AOCI







Book and tangible book value per share (GAAP)

$

20.83

18.78




Impact of AOCI per share


2.02

3.28




Book and tangible book value per share, excluding AOCI (non-GAAP)

$

22.85

22.06




Appendix B - Tax Equivalent Net Interest Margin Analysis















For the Three Months Ended September 30,




2024



2023




Average





Average






Outstanding


Yield /



Outstanding


Yield /




Balance

Interest

Rate



Balance

Interest

Rate




(Dollars in thousands)

Interest-earning Assets:











Loans - taxable, including loans held for sale

$

1,427,693

21,131

5.89 %


$

1,386,818

19,015

5.44 %


Loans - imputed tax credits (2)


28,814

489

6.75 %



28,935

492

6.75 %


Investments - taxable


115,964

1,100

3.77 %



131,461

1,274

3.84 %


Investments - tax exempt (1)


4,244

37

3.44 %



5,301

49

3.69 %


Interest earning deposits


90,779

1,093

4.79 %



60,571

720

4.72 %


Other investments, at cost


5,429

131

9.60 %



8,982

339

14.97 %


Total interest-earning assets


1,672,923

23,981

5.70 %



1,622,068

21,889

5.35 %


Noninterest earning assets


107,583





88,162




Total assets

$

1,780,506




$

1,710,230














Interest-bearing liabilities:











Interest-bearing transaction accounts

$

137,038

1,370

3.98 %


$

65,837

607

3.66 %


Savings accounts


218,956

1,550

2.82 %



259,887

1,760

2.69 %


Money market accounts


291,614

2,808

3.83 %



186,249

1,880

4.00 %


Retail time deposits


382,547

4,348

4.52 %



371,000

3,994

4.27 %


Wholesale time deposits


252,313

3,681

5.80 %



236,112

2,972

4.99 %


Total interest bearing deposits


1,282,468

13,757

4.27 %



1,119,085

11,213

3.98 %













Senior debt


17,000

347

8.12 %



20,000

405

8.03 %


Subordinated debt


9,953

164

6.56 %



9,898

163

6.53 %


Federal Home Loan Bank advances


64,565

964

5.94 %



148,739

1,603

4.28 %


Total interest-bearing liabilities


1,373,986

15,232

4.41 %



1,297,722

13,384

4.09 %













Noninterest-bearing deposits


264,015





280,651




Other noninterest-bearing liabilities


12,039





11,137




Total liabilities


1,650,040





1,589,510















Total shareholders' equity


130,466





120,720




Total liabilities and shareholders' equity

$

1,780,506




$

1,710,230















Tax-equivalent net interest income



8,749





8,505














Net interest-earning assets (3)

$

298,937




$

324,346















Average interest-earning assets to interest-











bearing liabilities


122 %





125 %















Tax-equivalent net interest rate spread (4)


1.29 %





1.26 %















Tax equivalent net interest margin (5)


2.08 %





2.08 %















(1) Tax exempt investments are calculated assuming a 21% federal tax rate








(2) Reflects the tax equivalent yield of a 5% state tax credit assuming a 26% federal and state tax rate




(3) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities




(4) Tax-equivalent net interest rate spread represents the difference between the tax equivalent yield on average



interest-earning assets and the cost of average interest-bearing liabilities.








(5) Tax equivalent net interest margin represents tax equivalent net interest income divided by average total




interest-earning assets










Appendix B - Tax Equivalent Net Interest Margin Analysis















For the Nine Months Ended September 30,




2024



2023




Average





Average






Outstanding


Yield /



Outstanding


Yield /




Balance

Interest

Rate



Balance

Interest

Rate




(Dollars in thousands)

Interest-earning Assets:











Loans, including loans held for sale

$

1,423,285

61,518

5.77 %


$

1,340,148

52,936

5.28 %


Loans - imputed tax credits (2)


29,104

1,035

4.75 %



27,425

1,384

6.75 %


Investments - taxable


119,110

3,534

3.96 %



135,649

3,886

3.83 %


Investments - tax exempt (1)


4,222

111

3.52 %



5,380

148

3.68 %


Interest earning deposits


90,268

3,184

4.71 %



74,264

2,650

4.77 %


Other investments, at cost


6,118

499

10.89 %



11,077

749

9.04 %


Total interest-earning assets


1,672,107

69,881

5.58 %



1,593,943

61,753

5.18 %


Noninterest earning assets


105,609





82,531




Total assets

$

1,777,716




$

1,676,474














Interest-bearing liabilities:











Interest-bearing transaction accounts

$

130,577

3,815

3.90 %


$

88,179

2,351

3.56 %


Savings accounts


239,298

5,487

3.06 %



289,039

4,902

2.27 %


Money market accounts


269,662

8,186

4.05 %



193,337

5,160

3.57 %


Retail time deposits


385,760

12,868

4.46 %



303,640

8,984

3.96 %


Wholesale time deposits


264,603

11,544

5.83 %



212,432

7,459

4.69 %


Total interest bearing deposits


1,289,900

41,900

4.34 %



1,086,627

28,856

3.55 %













Senior debt


18,667

1,157

8.28 %



17,000

1,042

8.20 %


Subordinated debt


9,941

493

6.62 %



9,885

493

6.67 %


Federal Home Loan Bank advances


70,803

2,792

5.27 %



149,908

4,696

4.19 %


Total interest-bearing liabilities


1,389,311

46,342

4.46 %



1,263,420

35,087

3.71 %













Noninterest-bearing deposits


250,811





281,830




Other noninterest-bearing liabilities


11,527





10,902




Total liabilities


1,651,649





1,556,152















Total shareholders' equity


126,067





120,322




Total liabilities and shareholders' equity

$

1,777,716




$

1,676,474















Tax-equivalent net interest income



23,539





26,666














Net interest-earning assets (3)

$

282,796




$

330,523















Average interest-earning assets to interest-











bearing liabilities


120 %





126 %















Tax-equivalent net interest rate spread (4)


1.13 %





1.47 %















Tax equivalent net interest margin (5)


1.88 %





2.24 %















(1) Tax exempt investments are calculated assuming a 21% federal tax rate








(2) Reflects the tax equivalent yield of a 5% state tax credit assuming a 26% federal and state tax rate





(3) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities




(4) Tax-equivalent net interest rate spread represents the difference between the tax equivalent yield on average




interest-earning assets and the cost of average interest-bearing liabilities.








(5) Tax equivalent net interest margin represents tax equivalent net interest income divided by average total




interest-earning assets










Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures








Three Months Ended



(Dollars in thousands, except per share data)








June 30, 2024

March 31, 2024

December 31, 2023

Adjusted Net Income





Net income (loss) (GAAP)

$

2,324

1,515

(376)

Realized (gain) loss on sale of investment securities available for sale


8

(77)

666

Realized and unrealized (gain) loss on equity securities


7

20

90

(Gain) loss on sale of fixed assets


-

(30)

55

Provision for (recovery of) credit losses


(499)

(469)

1,382

Tax effect of adjustments


126

145

(573)

Adjusted net income (Non-GAAP)

$

1,966

1,104

1,244






Adjusted Diluted Earnings Per Share





Diluted earnings (loss) per share (GAAP)

$

0.37

0.24

(0.06)

Realized (gain) loss on sale of investment securities available for sale


-

(0.01)

0.11

Realized and unrealized (gain) loss on equity securities


-

-

0.01

(Gain) loss on sale of fixed assets


-

-

0.01

Provision for (recovery of) credit losses


(0.08)

(0.07)

0.22

Tax effect of adjustments


0.02

0.02

(0.09)

Adjusted diluted earnings per share (Non-GAAP)

$

0.31

0.18

0.20






Adjusted Return on Average Assets





Return on average assets (GAAP)


0.53 %

0.34 %

-0.09 %

Realized (gain) loss on sale of investment securities available for sale


0.00 %

-0.02 %

0.15 %

Realized and unrealized (gain) loss on equity securities


0.00 %

0.00 %

0.02 %

(Gain) loss on sale of fixed assets


0.00 %

-0.01 %

0.01 %

Provision for (recovery of) credit losses


-0.11 %

-0.11 %

0.32 %

Tax effect of adjustments


0.03 %

0.03 %

-0.13 %

Adjusted return on average assets (Non-GAAP)


0.44 %

0.25 %

0.29 %






Adjusted Return on Average Equity





Return on average equity (GAAP)


7.46 %

4.92 %

-1.25 %

Realized (gain) loss on sale of investment securities available for sale


0.03 %

-0.25 %

2.21 %

Realized and unrealized (gain) loss on equity securities


0.02 %

0.06 %

0.30 %

(Gain) loss on sale of fixed assets


0.00 %

-0.10 %

0.18 %

Provision for (recovery of) credit losses


-1.60 %

-1.52 %

4.59 %

Tax effect of adjustments


0.41 %

0.47 %

-1.90 %

Adjusted return on average equity (Non-GAAP)


6.31 %

3.58 %

4.13 %

Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures, Continued


















Three Months Ended



(Dollars in thousands, except per share data)








June 30, 2024

March 31, 2024

December 31, 2023

Adjusted Noninterest Expense to Average Assets





Noninterest expense to average assets (GAAP)


1.36 %

1.30 %

1.48 %

Adjusted noninterest expense to average assets (Non-GAAP)


1.36 %

1.30 %

1.48 %






Pre-tax Pre-Provision Earnings





Net income (loss) (GAAP)

$

2,324

1,515

(376)

Income taxes


623

372

176

Provision for (recovery of) credit losses


(499)

(469)

1,382

Pre-tax Pre-provision earnings (non-GAAP)

$

2,448

1,418

1,182






Pre-tax Pre-Provision Return on Average Assets (ROAA)





Return on average assets (GAAP)

$

0.53 %

0.34 %

-0.09 %

Income taxes


0.14 %

0.08 %

0.04 %

Provision for (recovery of) credit losses


-0.11 %

-0.11 %

0.32 %

Pre-tax Pre-provision return on average assets (non-GAAP)

$

0.55 %

0.31 %

0.27 %






Book and Tangible Book Value Per Share, excluding AOCI





Book and tangible book value per share (GAAP)

$

19.83

19.46

19.33

Impact of AOCI per share


2.57

2.55

2.56

Book and tangible book value per share, excluding AOCI (non-GAAP)

$

22.39

22.01

21.89

SOURCE Mountain Commerce Bancorp, Inc.

© 2024 PR Newswire
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