This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Monarch Community Bancorp, Inc. Announces First Quarter Loss

Stocks in this article: MCBF

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."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs