CHESAPEAKE, Va., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported third quarter financial results and increased their quarterly cash dividend. The Board of Directors announced a 16.7% increase in the quarterly common stock cash dividend to $0.07 per common share, payable on November 29, 2013, to shareholders of record on November 12, 2013.
Third quarter 2013 highlights are:
- Quarterly net income of $2,409,674 for a return on equity of 10.18%
- Diluted earnings per share of $0.23
- Net Interest Margin holding steady at 4.11%
- Non-performing assets at 0.30% of total assets
- $478 million in mortgage loans closed with 77% purchase
Year to date 2013 highlights are:
- Net income of $8,934,441, for a return on equity of 13.07%
- Diluted earnings per share of $0.85
- $1.6 billion in mortgage loans closed with 60% purchase
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