Mountain Commerce Bancorp, Inc. Announces First Quarter 2020 Results
MOUNTAIN COMM BANCORP INC (MCBI)
Company Research
Source: PR Newswire
KNOXVILLE, Tenn., April 27, 2020 /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 months ended March 31, 2020.HighlightsThe following tables highlight the trends that the Company believes are most relevant to understanding the performance of the Company. As further detailed in Appendix A to this press release, adjusted results (which are non-GAAP financial measures) reflect adjustments for investment gains and losses and negative provisions for loan losses. See Appendix B to this press release for more information on our tax equivalent net interest margin.For the Three Months Ended March 31(Dollars in thousands, except per share data)20202019Change (%)GAAPAdjustedGAAPAdjustedGAAPAdjustedNet income$2,2862,286$2,8892,776-20.9%-17.7%Net interest margin (tax equivalent)3.46%
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