Mountain Commerce Bancorp (MCBI) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $2.1 million ($0.33 per diluted share), up from a loss in Q4 2023; full-year 2024 net income was $8.9 million ($1.42 per share), a 29% increase year-over-year.

• Board declared a $0.05 per share quarterly dividend, marking the seventeenth consecutive quarterly dividend.

• Management anticipates continued improvement in net interest margin and earnings into 2025, supported by rising loan yields and improved funding costs.

Financial highlights

• Q4 2024 net interest margin rose to 2.29% from 2.08% in Q3 2024 and 1.98% in Q4 2023; full-year 2024 margin was 2.01%, down from 2.17% in 2023.

• Net interest income for Q4 2024 increased 19.8% year-over-year to $9.1 million; full-year net interest income declined 3.9% to $31.5 million.

• Adjusted Q4 2024 net income was $2.5 million ($0.39 per share), up from $1.0 million ($0.15 per share) in Q4 2023.

• Noninterest income for Q4 2024 was $0.6 million, up from $10 thousand in Q4 2023; full-year noninterest income rose to $2.7 million from $1.2 million.

• Noninterest expense for Q4 2024 was $6.2 million, down 2.9% year-over-year; full-year noninterest expense increased 1.0% to $24.5 million.

Outlook and guidance

• Management expects further net interest margin and earnings improvement in 2025, driven by higher loan yields and repricing of deposits and borrowings.

• Moderate loan growth is anticipated to support margin expansion.