CHESAPEAKE, Va., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the bank holding company for Monarch Bank, reported record all-time quarterly and annual profits with total assets growing $307 million in 2012 to reach $1.21 billion at year end.
"We are excited to close out a record year for profitability and growth, with our 16 th quarter of record year over year quarterly performance. Strong and profitable mortgage loan closings, improved credit costs, loan and demand deposit growth, and strong net interest income continues to drive our bottom line results," stated Brad E. Schwartz, Chief Executive Officer. "Non-performing assets hit their lowest level since 2008 with no foreclosed real estate owned at year-end. The market has responded to our standout performance with price appreciation in our common stock that, when combined with our dividend payments, produced a 30% annual shareholder return for 2012."
Fourth quarter 2012 highlights are:
- Record 4 th quarter net income of $3,768,373, up 93%
- Net income available to common shareholders up 126%
- Basic earnings per share of $0.44 up 100%
- $765 million in mortgage loans closed
- Record annual net income of $12,824,869, up 80%
- Net income available to common shareholders up 105%
- Basic earnings per share of $1.54, up 97%
- Total assets reach $1.21 billion mark
- Non-performing assets drop to 0.30% of total assets
- $2.7 billion in mortgage loans closed