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TheStreet Open House

Monarch Financial Reports 2013 Financial Results And Declares Cash Dividend

CHESAPEAKE, Va., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported annual and fourth quarter financial results and declared a quarterly cash dividend. The Board of Directors announced the quarterly common stock cash dividend of $0.07 per common share, payable on February 28, 2014, to shareholders of record on February 10, 2014.

Annual 2013 highlights are:

  • Net income of $11,091,007, for a return on equity of 11.97%
  • Diluted earnings per share of $1.08
  • Net Loans held for investment grew $51.6 million, up 7.8%
  • Non-performing assets at 0.26% of total assets
  • Net Interest Margin of 4.13%
  • $1.98 billion in mortgage loans closed, 65% for home purchases

Fourth quarter 2013 highlights are:

  • Quarterly net income of $2,156,566, for a return on equity of 8.88%
  • Diluted earnings per share of $0.20
  • $350 million in mortgage loans closed, 80% for home purchases

"We are proud to announce the best year in our history for total shareholder return, and the second best year for company financial performance. Market-driven declines in mortgage production, which was at an all-time high in 2012, resulted in a much lower mortgage banking contribution in 2013. Our banking and investment operations produced record results, with loans held for investment, core deposits, and assets under management all growing, driving higher revenue and net income for those segments," stated Brad E. Schwartz, Chief Executive Officer. "Non-performing assets hit a five-year low of 0.26% of total assets. The market has responded to our standout performance with price appreciation in our common stock that, when combined with two increases in our common stock dividends during the year, produced a 52% total shareholder return for 2013."

For 2013 net income was $11,091,007 compared to $12,824,869 for the same period in 2012. For 2013 net income available to common shareholders was $11,091,007 compared to $11,422,337 for the same period in 2012 when preferred stock dividends were paid. The 2013 return on average equity (ROE) was 11.97%, and the annualized return on average assets (ROA) was 1.07%. Annual diluted earnings per share were $1.08 compared to $1.25 per share in 2012. 

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