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.