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Monarch Financial Reports Quarterly Results And Raises Cash Dividend By 16%

Stocks in this article: MNRK

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

"We knew this quarter was going to be a challenge, on a comparative basis, because of the record mortgage refinance volume we closed in the second half of 2012. We are proud to show improved profitability this quarter in our banking and investment operations which was somewhat offset by a decline in mortgage profitability. Our investment in the formation of Monarch Bank Private Wealth, the expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty also impacted our solid yet reduced earnings," stated Brad E. Schwartz, Chief Executive Officer. "We will continue on our strategic path of growing our franchise and diversifying our revenue even if it impacts short-term results. The fact we increased our cash dividend payout by over 16% indicates the confidence we have in our core earnings and performance."

For the first nine months of 2013 net income was $8,934,441 compared to $9,056,496 for the same period in 2012. While net income was in line with the previous year, net income available to common shareholders rose 13% for an increase of $1,044,679. The nine month annualized return on average equity (ROE) was 13.07%, and the annualized return on average assets (ROA) was 1.14%. Year to date diluted earnings per share were $0.85 compared to $0.89 per share in the same quarter of 2012. 

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