CHESAPEAKE, Va., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the bank holding company for Monarch Bank, reported their best all-time and third quarter profits in the Company's history. Third quarter 2012 highlights are:
- Record 3rd quarter net income of $3,763,403, up 76%
- Net income available to common shareholders was up 93%
- Basic earnings per share of $0.56, up 93%
- Total assets reach $1.1 billion
- Non-performing assets drop to 0.48% of total assets
- $788 million in mortgage loans closed
"The third quarter of 2012 was a fantastic period for Monarch in so many ways and represents our 15 th quarter of record performance. Strong and profitable mortgage loan closings, improved credit costs, and strong net interest income drove our bottom line results," stated Brad E. Schwartz, Chief Executive Officer. "Our asset quality continues to improve with non-performing assets dropping below one-half of one percent, the lowest level of non-performing assets in four years. Monarch's conservative approach to risk, combined with our aggressive focus on smart and profitable growth, continues to drive our performance. Our recently announced expansion into the Williamsburg/Peninsula markets, the launch of Monarch Bank Private Wealth, and our affiliation with Raymond James Financial are all designed to further drive our franchise value and non-interest income growth."
Net income was $3,763,403 for the third quarter of 2012, up 76% from the same period in 2011, which was the Company's previous record third quarter with $2,137,230 in net income. The quarterly annualized return on average equity (ROE) was 18.24%, and the quarterly return on average assets (ROA) was 1.43%. Quarterly basic earnings per share were $0.56, compared to $0.29 per share in the same quarter of 2011, a 93% improvement. Diluted earnings per share were $0.44, compared to $0.25 per share in the same quarter of 2011, a 76% improvement.