CHESAPEAKE, Va., July 25, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported their best second quarter profits in the Company's history. The Board of Directors also declared a cash dividend of $0.06 per share. Second quarter 2013 highlights are:
- Net income available to common shareholders up 29%
- Record quarterly net income of $3,066,638, up 10%
- Diluted earnings per share of $0.29, up 7%
- Net Interest Margin holding steady at 4.11%
- Non-performing assets at 0.30% of total assets
- $607 million in mortgage loans closed
"The second quarter of 2013 represents the 18 th record quarterly improvement in our profitability. The leading drivers of our performance were improved credit quality, non-interest income growth, consistent mortgage loan closings and net interest income growth. Even with startup expenses related to Monarch Bank Private Wealth, expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty, we managed to improve our profitability and financial performance from the same period one year ago." stated Brad E. Schwartz, Chief Executive Officer. "Our shareholders have been rewarded this year with an improved stock price, increased cash dividends, and higher earnings per share."
The Board of Directors on July 24, 2013 declared a regular quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on August 30, 2013 to shareholders of record on August 9, 2013. The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.For the first six months of 2013 net income was a record $6,524,767 compared to $5,293,093 for the same period in 2012, a 23% increase. The six month annualized return on average equity (ROE) was 14.61%, and the annualized return on average assets (ROA) was 1.23%. Year to date diluted earnings per share were $0.62 compared to $0.52 per share in the same quarter of 2012, a 19% improvement.