CHESAPEAKE, Va., April 18, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported record first quarter profitability and continued loan growth. First quarter 2013 highlights are:
- Record 1 st quarter net income of $3,458,129, up 37%
- Net income available to common shareholders up 63%
- Basic earnings per share of $0.37 up 23%
- Non-performing assets at 0.34% of total assets
- $542 million in mortgage loans closed
"We begin 2013 with our 17 th consecutive quarter of record year over year profitability. Solid mortgage loan closings, improved credit costs, loan and deposit growth, and strong net interest income continued to drive our bottom line results. These results, coupled with the conversion of our preferred shares to common stock, increased the net income available to our common shareholders and our earnings per share growth," stated Brad E. Schwartz, Chief Executive Officer.
Net income was $3,458,129 for the first quarter of 2013, up 37% from the same period in 2012. The quarterly annualized return on average equity (ROE) was 15.86%, and the quarterly return on average assets (ROA) was 1.27%. Quarterly diluted earnings per share were $0.33, compared to $0.25 per share in the same quarter of 2012, a 32% improvement.Total assets at March 31, 2012 grew $117 million on an annual basis driven primarily by growth in our loans held for investment portfolio of $94 million, a 15.7% annual growth rate. Deposits grew by $120 million on an annual basis, with $66 million in demand deposit growth and $41 million in money market and savings account growth. Total assets declined from their record high at December 31, 2012 to $1.05 billion due to a decline in mortgage loans held for sale, which was partially offset by an increase in loans held for investment.