COLDWATER, Mich., May 3, 2013 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (OTCQB:MCBF), the parent company of Monarch Community Bank, today announced a loss of $427,000 for the quarter ended March 31, 2013 compared to a loss of $501,000 for the same period in 2012. Basic and diluted losses per share for the quarter ended March 31, 2013 were ($.21) compared to basic and diluted losses per share of ($.25) for the same period in 2012.
Highlights of the quarter include the following:
- No provision in Allowance for Loan and Lease loss recorded for the period.
- A 59% decline in Non-performing assets from $9.0 million at December 31, 2012 to $3.7 million at March 31, 2013.
- A 20 basis point improvement in the net interest margin of 3.55% for the quarter ending March 31, 2013, versus the same period in 2012.
- An increase in gain on sale of loans of $332,000, from $288,000 for the 1st quarter of 2012 to $620,000 for the 1st quarter of 2013.
- An increase in salaries and employee benefits of 23.77%, compared to the same period in 2012.
The following Non-performing Assets graph illustrates the Bank's continued progress in improving the quality of the loan portfolio:A graph accompanying this release is available at http://media.globenewswire.com/cache/7290/file/19498.pdf "We are very pleased with the Bank's progress," stated Richard J. DeVries, President and CEO of Monarch Community Bank and Monarch Community Bancorp, Inc., "and anticipate that this will enhance our probability for success as we prepare to embark on a capital raise. With nine new residential loan production offices in place throughout Michigan and Indiana, and the recent expansion of our commercial lending staff, we believe the bank is well positioned for profitable growth."