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KNOXVILLE , Tenn . , April 26 , 2021 / PRNewswire / -- Mountain Commerce Bancorp , Inc. ( the " Company " ) ( OTCQX :) , 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 , 2021 . The Company also announced today that its Board of Directors declared a quarterly cash dividend of $ 0.13 per common share , representing a 4 % increase from the $ 0.125 cash dividend declared in the prior quarter . The dividend is payable on June 1 , 2021 to shareholders of record as of the close of business on May 12 , 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 months ended March 31 , 2021. As further detailed in Appendix A to this press release , adjusted results ( which are non - GAAP financial measures ) reflect adjustments for realized 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 loan losses , and the provision for 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 March 31 , ( Dollars in thousands , except per share data ) 2021 2020 GAAP Adjusted ( 1 ) GAAP Adjusted ( 1 ) Net income $ 4,860 4,313 $ 2,286 3,390 Diluted earnings per share $ 0.77 0.69 $ 0.36 0.54 Return on average assets ( ROAA ) 1.73 % 1.53 % 0.98 % 1.45 % Return on average equity 18.36 % 16.30 % 9.84 % 14.60 % Efficiency ratio 39.87 % 42.85 % 45.98 % 45.98 % Net interest margin ( tax equivalent ) 3.82 % 3.48 % 3.46 % 3.46 % Pre - tax , pre - provision earnings ( 1 ) $ 6,397 Pre - tax , pre - provision ROAA ( 1 ) 2.27 % $ 4,585 1.97 %