Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding
company for Monarch Bank, reported improved fourth quarter and
annual financial performance. The Board of Directors also announced
a quarterly common stock cash dividend of $0.08 per common share,
payable on February 27, 2015, to shareholders of record on February
10, 2015.
Annual 2014 highlights are:
- Net income of $11,211,850, for Return on Equity of 10.95%
- Diluted earnings per share of $1.05
- Cash dividends of $0.31 paid per share, up 29% from 2013
- Loans held for investment grew $59.9 million, up 8.4%
- Non-performing assets at 0.28% of total assets
- Net Interest Margin was 4.25%
- $1.6 billion in mortgage loans closed, with 80% home
purchases
Fourth quarter 2014 highlights are:
- Quarterly net income of $2,683,163, up 24%
- Return on equity of 10.03%
- Diluted earnings per share of $0.25
- Loans held for investment grew $58.9 million
- $446 million in mortgage loans closed with 69% home
purchase
"We are pleased with our quarterly and annual financial
performance, with very strong organic loan growth finally taking
hold in the fourth quarter. Unlike many of our peers we have grown
loans with our bankers, in our markets, and have not purchased
loans to drive this growth. Mortgage production was in line with
the previous year with our best year ever for purchase mortgage
loan closings. We improved our performance in all three lines of
business to include banking, mortgage, and wealth management,"
stated Brad E. Schwartz, Chief Executive Officer. "Non-performing
assets remained low, our margin improved due to asset mix and
pricing discipline, and our capital grew stronger with our
retention of earnings. The market has responded to our performance
with price appreciation in our common stock that, when combined
with the increase in our common stock dividends, produced a 14%
total shareholder return for 2014."
For 2014 net income was $11,211,850 compared to $11,091,007 for
the same period in 2013, a 1% increase. The 2014 return on average
equity (ROE) was 10.95%, and the return on average assets (ROA) was
1.13%. Annual diluted earnings per share were $1.05 compared to
$1.08 in 2013, as our higher earnings were more than offset by the
number of additional outstanding shares.
Net income was $2,683,163 for the fourth quarter of 2014
compared to $2,156,566 for the same period in 2013, a 24% increase.
The quarterly annualized return on average equity (ROE) was 10.03%,
and the annualized quarterly return on average assets (ROA) was
1.04 %, both metrics up from the same period a year ago. Diluted
earnings per share for the fourth quarter were $0.25, up 25% from
the previous year.
Total assets at December 31, 2014 were $1.07 billion, up 5% from
the prior year. In 2014 loans held for investment grew 8% to $773
million and mortgage loans held for sale grew 48% to $148 million.
The vast majority of the net loan growth occurred in the fourth
quarter. Total deposits grew 3% to $919 million, with demand
deposits growing $40 million or 15% for the year. Demand deposits
now represent 33% of total deposits, an achievement driven by our
dedicated cash management and banking office teams. While the
current rate environment does not appropriately reward banks for a
transaction-focused funding strategy, this strategy should deliver
net interest margin protection when rates eventually rise.
"We are pleased to deliver over 8% quarterly and year over year
loan growth. We are equally proud that we produced each and every
loan and have not been tempted by participation loans or other loan
purchase programs we see in the marketplace," stated E. Neal
Crawford Jr., President of Monarch Bank. "We continue to hire
talented bankers and expect to continue expanding the banking team
into 2015. Our Richmond and Peninsula expansion is driving quality
loan growth and deposit growth while our cash management and
private banking teams continue to focus on growing core
deposits."
Non-performing assets were 0.28% as of December 31, 2014
compared to 0.25% one year prior, and non-performing loans to loans
held for investment were 0.37% compared to 0.31% one year
prior. Non-performing assets were $3.0 million, comprised of
$175 thousand 90 days or more past due and still accruing interest,
$2.7 million in non-accrual loans and $144,000 in one parcel of
other real estate owned that is already under contract for
sale. The allowance for loan losses represents 1.16% of total
loans held for investment and 311% of non-performing loans.
Average equity to average assets rose to 10.39% at year-end
2014, an increase from 9.73% one year prior. Cash dividends of
$0.08 per share were paid in the fourth quarter of 2014, and a
total of $0.31 per share was paid during the year, an increase of
29% over 2013. Total risk-based capital to risk weighted
assets at Monarch Bank equaled 13.79%, significantly higher than
the required level to meet the highest rating of "Well Capitalized"
by federal banking regulators. We also already meet the new
Basel III capital standards for a well-capitalized
bank. Monarch was again awarded the highest 5-Star "Superior"
rating by Bauer Financial, an independent third-party bank rating
agency that rates banks on safety and soundness.
Net interest income, our number one driver of profitability, was
flat for the year driven by the large volume of mortgage loans held
for sale in the first six months of 2013 compared to the balances
carried in 2014. These balances are driven by mortgage loan
closings. Excluding the mortgage loans held for sale
volatility, the net interest income from core banking operations
increased 5.9% or $1.9 million. Our net interest margin for
2014 was 4.25%, up from 4.10% due to asset mix, loan and deposit
pricing, mortgage loans held for sale pricing, fee income capture,
and the additional income from loans previously on non-accrual
status. Loan growth that occurred late in the year had minimal
impact on net interest income even though it should contribute to
net interest income on a going forward basis.
Non-interest income decreased $2.8 million in 2014 over the
previous year driven by lower mortgage revenues, which was more
than offset by a reduction of $3.6 million in commissions and
incentives. Net overhead, or the difference between
non-interest income and non-interest expenses, increased only $372
thousand or 1.7% due to increased spending for facilities,
technology, technology risk management, compliance and
marketing. Salaries and benefits were held flat for the year,
a significant accomplishment with our increased benefits
costs. Investment revenues related to Monarch Bank Private
Wealth totaled $1.6 million for the year compared to $1.1 million
the previous year, a noteworthy increase. The Company is
recognized by Raymond James Financial Services as a top performing
bank investment program, with $235 million in assets under
management accumulated since the formation of Monarch Bank Private
Wealth in the third quarter of 2012.
Mortgage revenue remains the number one driver of non-interest
income. $446 million in mortgage loans were closed during the
fourth quarter of 2014 (69% purchase) compared to $350 million in
the fourth quarter of 2013 (80% purchase). Monarch closed $1.6
billion in mortgage loans during 2014 compared to $2.0 billion in
2012. While volumes year over year declined approximately 20%,
revenues from mortgage lending declined only 5% due to a strong
focus on loan product mix, secondary market pricing, and fee
income.
"Our focus on the purchase market paid off in 2014 when we had
the best year of purchase mortgage business in our history. We
closed $1.3 billion in home purchase loans and $0.3 billion in
refinances, and altogether closed over 6,000 loans during the
year," stated William T. Morrison, CEO of Monarch Mortgage. "The
year 2015 is beginning with an attractive rate environment and a
much stronger pipeline of activity, and we expect it to be a great
year for our mortgage operations."
Monarch Financial Holdings, Inc. is the one-bank holding company
for Monarch Bank. Monarch Bank is a community bank with ten
banking offices in Chesapeake, Virginia Beach, Norfolk, and
Williamsburg, Virginia. Monarch Bank also has loan production
offices in Newport News and Richmond, Virginia. OBX Bank, a
division of Monarch Bank, operates offices in Kitty Hawk and Nags
Head, North Carolina. Monarch Mortgage and our affiliated
mortgage companies have over thirty offices with locations in
Virginia, North Carolina, Maryland, and South Carolina. Our
subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch
Mortgage (secondary mortgage origination), OBX Bank Mortgage
(secondary mortgage origination), Coastal Home Mortgage, LLC
(secondary mortgage origination), Monarch Bank Private Wealth
(investment, trust, planning and private banking), Monarch
Investments (investment and insurance solutions), Real Estate
Security Agency, LLC (title agency) and Monarch Capital, LLC
(commercial mortgage brokerage). The shares of common stock of
Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq
Capital Market under the symbol "MNRK".
This press release may contain "forward-looking statements,"
within the meaning of federal securities laws that involve
significant risks and uncertainties. Statements herein are based on
certain assumptions and analyses by the Company and are factors it
believes are appropriate in the circumstances. Actual results could
differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to:
changes in interest rates; changes in accounting principles,
policies, or guidelines; significant changes in the economic
scenario: significant changes in regulatory requirements; and
significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company's
most recent Form 10-K and 10-Q reports and other documents filed
with the Securities and Exchange Commission. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
|
Consolidated Balance
Sheets |
Monarch Financial
Holdings, Inc. and Subsidiaries |
(In thousands) |
Unaudited |
|
|
|
|
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2014 |
2014 |
2014 |
2014 |
2013 |
ASSETS: |
|
|
|
|
|
Cash and due from banks |
$ 14,503 |
$ 21,083 |
$ 19,661 |
$ 18,510 |
$ 18,971 |
Interest bearing bank
balances |
49,761 |
58,207 |
37,166 |
37,033 |
31,955 |
Federal funds sold |
1,135 |
3,938 |
29,761 |
84,232 |
53,985 |
|
|
|
|
|
|
Investment securities, at fair
value |
23,725 |
25,137 |
23,773 |
23,197 |
48,822 |
|
|
|
|
|
|
Mortgage loans held for
sale |
147,690 |
138,590 |
156,584 |
92,839 |
99,718 |
|
|
|
|
|
|
Loans held for investment, net
of unearned income |
772,590 |
713,667 |
700,159 |
715,088 |
712,671 |
Less: allowance for loan
losses |
(8,949) |
(8,977) |
(9,070) |
(9,213) |
(9,061) |
Net loans |
763,641 |
704,690 |
691,089 |
705,875 |
703,610 |
|
|
|
|
|
|
Bank premises and equipment,
net |
30,247 |
30,368 |
31,407 |
29,902 |
28,882 |
Restricted equity securities,
at cost |
3,633 |
3,179 |
3,169 |
3,156 |
3,683 |
Bank owned life insurance |
9,687 |
9,587 |
7,526 |
7,467 |
7,409 |
Goodwill |
775 |
775 |
775 |
775 |
775 |
Intangible assets, net |
-- |
-- |
15 |
60 |
104 |
Accrued interest receivable and
other assets |
21,940 |
23,688 |
22,973 |
19,673 |
18,786 |
Total assets |
$ 1,066,737 |
$ 1,019,242 |
$ 1,023,899 |
$ 1,022,719 |
$ 1,016,700 |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Demand deposits--non-interest
bearing |
$ 235,301 |
$ 252,286 |
$ 240,348 |
$ 221,357 |
$ 206,891 |
Demand deposits--interest
bearing |
66,682 |
53,093 |
51,563 |
55,949 |
55,528 |
Money market deposits |
369,221 |
365,041 |
377,096 |
367,590 |
374,462 |
Savings deposits |
20,003 |
25,211 |
24,539 |
24,327 |
22,137 |
Time deposits |
228,207 |
189,142 |
197,747 |
224,947 |
234,100 |
Total deposits |
919,414 |
884,773 |
891,293 |
894,170 |
893,118 |
|
|
|
|
|
|
FHLB borrowings |
1,075 |
1,100 |
1,125 |
1,150 |
1,175 |
Federal funds |
10,000 |
-- |
-- |
-- |
-- |
Trust preferred subordinated
debt |
10,000 |
10,000 |
10,000 |
10,000 |
10,000 |
Accrued interest payable and
other liabilities |
18,710 |
18,145 |
18,650 |
17,422 |
14,661 |
Total liabilities |
959,199 |
914,018 |
921,068 |
922,742 |
918,954 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Common stock |
51,864 |
51,735 |
51,624 |
51,584 |
51,432 |
Capital in excess of par
value |
8,336 |
7,966 |
7,675 |
7,357 |
7,069 |
Retained earnings |
47,354 |
45,523 |
43,566 |
41,232 |
39,437 |
Accumulated other comprehensive
loss |
(102) |
(135) |
(159) |
(314) |
(419) |
Total Monarch Financial
Holdings, Inc. stockholders' equity |
107,452 |
105,089 |
102,706 |
99,859 |
97,519 |
Noncontrolling interest |
86 |
135 |
125 |
118 |
227 |
Total equity |
107,538 |
105,224 |
102,831 |
99,977 |
97,746 |
Total liabilities and
stockholders' equity |
$ 1,066,737 |
$ 1,019,242 |
$ 1,023,899 |
$ 1,022,719 |
$ 1,016,700 |
|
|
|
|
|
|
Common shares outstanding at period end |
10,652,475 |
10,646,873 |
10,624,668 |
10,619,444 |
10,502,323 |
|
|
|
|
|
|
Nonvested shares of common stock included in
commons shares outstanding |
279,750 |
299,910 |
299,910 |
302,710 |
215,960 |
|
|
|
|
|
|
Book value per common share at period end
(1) |
$ 10.10 |
$ 9.87 |
$ 9.67 |
$ 9.40 |
$ 9.29 |
Tangible book value per common share at
period end (2) |
$ 10.02 |
$ 9.80 |
$ 9.59 |
$ 9.33 |
$ 9.20 |
Closing market price |
$ 13.75 |
$ 12.56 |
$ 11.72 |
$ 12.26 |
$ 12.31 |
|
|
|
|
|
|
Total risk based capital - Consolidated
company |
13.79% |
14.16% |
14.29% |
14.27% |
13.91% |
Total risk based capital - Bank |
13.81% |
14.18% |
14.31% |
14.30% |
13.95% |
|
|
|
|
|
|
(1) Book value per common share
is defined as stockholders' equity divided by common shares
outstanding. |
(2) Tangible book value per
common share is defined as stockholders' equity less goodwill and
other intangibles divided by commons shares outstanding |
|
|
|
|
|
|
|
Consolidated Statements
of Income |
Monarch Financial
Holdings, Inc. and Subsidiaries |
Unaudited |
|
Three Months Ended |
Year Ended |
|
December 31, |
December 31, |
|
2014 |
2013 |
2014 |
2013 |
INTEREST INCOME: |
|
|
|
|
Interest on federal funds
sold |
$ 4,980 |
$ 42,283 |
$ 84,850 |
$ 115,963 |
Interest on other bank
accounts |
92,156 |
28,626 |
244,702 |
58,027 |
Dividends on equity
securities |
33,545 |
67,540 |
106,955 |
277,700 |
Interest on investment
securities |
100,957 |
60,311 |
359,604 |
230,496 |
Interest on mortgage loans held
for sale |
1,376,920 |
1,090,070 |
4,866,818 |
7,021,186 |
Interest and fees on loans held
for investment |
9,752,472 |
9,388,407 |
37,327,978 |
36,645,065 |
Total interest income |
11,361,030 |
10,677,237 |
42,990,907 |
44,348,437 |
INTEREST EXPENSE: |
|
|
|
|
Interest on deposits |
722,537 |
905,970 |
3,185,965 |
3,936,203 |
Interest on trust preferred
subordinated debt |
46,337 |
122,850 |
416,233 |
491,910 |
Interest on other
borrowings |
16,615 |
15,002 |
58,966 |
358,345 |
Total interest expense |
785,489 |
1,043,822 |
3,661,164 |
4,786,458 |
NET INTEREST INCOME |
10,575,541 |
9,633,415 |
39,329,743 |
39,561,979 |
PROVISION FOR LOAN LOSSES |
-- |
-- |
-- |
-- |
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
10,575,541 |
9,633,415 |
39,329,743 |
39,561,979 |
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
Mortgage banking income |
16,210,774 |
13,276,836 |
62,440,013 |
65,672,402 |
Service charges and fees |
489,974 |
502,373 |
2,058,262 |
1,941,926 |
Title income |
216,895 |
124,774 |
669,785 |
789,253 |
Investment and insurance
income |
382,774 |
336,002 |
1,592,398 |
1,053,429 |
Other income |
72,366 |
111,924 |
318,783 |
425,261 |
Total non-interest income |
17,372,783 |
14,351,909 |
67,079,241 |
69,882,271 |
NON-INTEREST EXPENSE: |
|
|
|
|
Salaries and employee
benefits |
8,798,996 |
8,772,157 |
34,134,998 |
34,112,834 |
Commissions and incentives |
6,926,507 |
5,248,131 |
24,754,633 |
28,344,347 |
Occupancy and equipment |
2,412,086 |
2,220,634 |
9,548,543 |
8,449,912 |
Loan expense |
1,676,134 |
1,526,317 |
6,652,007 |
7,891,835 |
Marketing expense |
990,383 |
807,717 |
3,111,535 |
2,873,259 |
Data processing |
715,057 |
459,681 |
2,272,785 |
1,696,535 |
Telephone |
296,396 |
314,984 |
1,226,389 |
1,184,894 |
Other expenses |
1,789,789 |
1,212,731 |
6,778,966 |
6,357,202 |
Total non-interest expense |
23,605,348 |
20,562,352 |
88,479,856 |
90,910,818 |
|
|
|
|
|
INCOME BEFORE TAXES |
4,342,976 |
3,422,972 |
17,929,128 |
18,533,432 |
Income tax provision |
(1,616,093) |
(1,179,017) |
(6,490,273) |
(6,386,040) |
NET INCOME |
2,726,883 |
2,243,955 |
11,438,855 |
12,147,392 |
|
|
|
|
|
Less: Net income attributable
to noncontrolling interest |
(43,720) |
(87,389) |
(227,005) |
(1,056,385) |
NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL
HOLDINGS, INC |
$2,683,163 |
$2,156,566 |
$11,211,850 |
$11,091,007 |
|
|
|
|
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
Basic |
$ 0.25 |
$ 0.21 |
$ 1.06 |
$ 1.09 |
Diluted |
$ 0.25 |
$ 0.20 |
$ 1.05 |
$ 1.08 |
|
|
|
|
|
Weighted average basic shares
outstanding |
10,648,184 |
10,486,056 |
10,619,443 |
10,167,156 |
Weighted average diluted shares
outstanding |
10,689,219 |
10,535,313 |
10,658,600 |
10,299,471 |
|
|
|
|
|
Return on average assets |
1.04% |
0.86% |
1.13% |
1.07% |
Return on average stockholders' equity |
10.03% |
8.88% |
10.95% |
11.97% |
|
|
|
|
|
|
Financial
Highlights |
Monarch Financial
Holdings, Inc. and Subsidiaries |
|
(Dollars in thousands, |
For the Quarter
Ended |
except per share data) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2014 |
2014 |
2014 |
2014 |
2013 |
EARNINGS |
|
|
|
|
|
Interest income |
$ 11,361 |
$ 10,639 |
$ 10,557 |
$ 10,434 |
$ 10,677 |
Interest expense |
(786) |
(928) |
(977) |
(971) |
(1,044) |
Net interest income |
10,575 |
9,711 |
9,580 |
9,463 |
9,633 |
Provision for loan losses |
-- |
-- |
-- |
-- |
-- |
Noninterest income - mortgage
banking income |
16,211 |
16,658 |
17,369 |
12,202 |
13,277 |
Noninterest income - other |
1,162 |
1,241 |
1,130 |
1,106 |
1,075 |
Noninterest expense |
(23,605) |
(23,121) |
(23,007) |
(18,747) |
(20,562) |
Pre-tax net income |
4,343 |
4,489 |
5,072 |
4,024 |
3,423 |
Minority interest in net
income |
(44) |
(46) |
(121) |
(16) |
(87) |
Income taxes |
(1,616) |
(1,635) |
(1,767) |
(1,471) |
(1,179) |
Net income |
$ 2,683 |
$ 2,808 |
$ 3,184 |
$ 2,537 |
$ 2,157 |
|
|
|
|
|
|
PER COMMON SHARE |
|
|
|
|
|
Earnings per share - basic |
$ 0.25 |
$ 0.26 |
$ 0.30 |
$ 0.24 |
$ 0.21 |
Earnings per share -
diluted |
0.25 |
0.26 |
0.30 |
0.24 |
0.20 |
Common stock - per share
dividends |
0.08 |
0.08 |
0.08 |
0.07 |
0.07 |
Average Basic Shares
Outstanding |
10,648,184 |
10,635,275 |
10,620,869 |
10,600,766 |
10,486,056 |
Average Diluted Shares
Outstanding |
10,689,219 |
10,670,507 |
10,660,217 |
10,641,782 |
10,535,313 |
|
|
|
|
|
|
ALLOWANCE FOR LOAN
LOSSES |
|
|
|
|
|
Beginning balance |
$ 8,977 |
$ 9,070 |
$ 9,213 |
$ 9,061 |
$ 11,228 |
Provision for loan losses |
-- |
-- |
-- |
-- |
-- |
Charge-offs |
(174) |
(181) |
(184) |
(12) |
(2,252) |
Recoveries |
146 |
88 |
41 |
164 |
85 |
Net charge-offs |
(28) |
(93) |
(143) |
152 |
(2,167) |
Ending balance |
$ 8,949 |
$ 8,977 |
$ 9,070 |
$ 9,213 |
$ 9,061 |
|
|
|
|
|
|
COMPOSITION OF RISK
ASSETS |
|
|
|
|
|
Nonperforming loans: |
|
|
|
|
|
90 days past due |
$ 175 |
$ 243 |
$ 499 |
$ 759 |
$ 472 |
Nonaccrual loans |
2,705 |
2,180 |
3,028 |
1,718 |
1,740 |
OREO |
144 |
767 |
144 |
302 |
302 |
Nonperforming assets |
3,024 |
3,190 |
3,671 |
2,779 |
2,514 |
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
Nonperforming assets to total
assets |
0.28% |
0.31% |
0.36% |
0.27% |
0.25% |
Nonperforming loans to total
loans |
0.37 |
0.34 |
0.50 |
0.35 |
0.31 |
Allowance for loan losses to
total loans held for investment |
1.16 |
1.26 |
1.30 |
1.29 |
1.27 |
Allowance for loan losses to
nonperforming loans |
310.73 |
370.49 |
257.16 |
371.94 |
409.63 |
Annualized net charge-offs to
average loans held for investment |
0.02 |
0.05 |
0.08 |
-0.09 |
1.25 |
|
|
|
|
|
|
FINANCIAL RATIOS |
|
|
|
|
|
Return on average assets |
1.04% |
1.11% |
1.29% |
1.06% |
0.86% |
Return on average stockholders'
equity |
10.03 |
10.72 |
12.63 |
10.46 |
8.88 |
Net interest margin (FTE) |
4.42 |
4.18 |
4.18 |
4.25 |
4.13 |
Non-interest revenue/Total
revenue |
60.5 |
62.7 |
63.7 |
56.1 |
57.3 |
Efficiency - Consolidated |
84.5 |
83.7 |
81.8 |
82.1 |
85.5 |
Efficiency - Bank only |
61.2 |
61.7 |
63.9 |
59.9 |
60.4 |
Average equity to average
assets |
10.39 |
10.40 |
10.18 |
10.13 |
9.73 |
|
|
|
|
|
|
PERIOD END BALANCES (Amounts in
thousands) |
|
|
|
|
|
Total mortgage loans held for
sale |
$ 147,690 |
$ 138,590 |
$ 156,584 |
$ 92,839 |
$ 99,718 |
Total loans held for
investment |
772,590 |
713,667 |
700,159 |
715,088 |
712,671 |
Interest-earning assets |
1,003,332 |
945,697 |
949,872 |
956,160 |
952,981 |
Assets |
1,066,737 |
1,019,242 |
1,023,899 |
1,022,719 |
1,016,700 |
Total deposits |
919,414 |
884,773 |
891,293 |
894,170 |
893,118 |
Other borrowings |
21,075 |
11,100 |
11,125 |
11,150 |
11,175 |
Stockholders' equity |
107,451 |
105,089 |
102,706 |
99,859 |
97,519 |
|
|
|
|
|
|
AVERAGE BALANCES (Amounts in
thousands) |
|
|
|
|
|
Total mortgage loans held for
sale |
$ 131,471 |
$ 138,382 |
$ 116,851 |
$ 70,856 |
$ 104,104 |
Total loans held for
investment |
725,093 |
701,137 |
698,851 |
704,917 |
695,074 |
Interest-earning assets |
958,904 |
930,420 |
927,552 |
910,929 |
935,059 |
Assets |
1,021,591 |
999,358 |
993,003 |
970,815 |
990,734 |
Total deposits |
883,478 |
867,980 |
867,217 |
848,969 |
869,113 |
Other borrowings |
14,575 |
11,124 |
11,150 |
11,174 |
11,199 |
Stockholders' equity |
106,088 |
103,908 |
101,092 |
98,374 |
96,415 |
|
|
|
|
|
|
MORTGAGE PRODUCTION (Amounts in
thousands) |
|
|
|
|
|
Dollar volume of mortgage loans
closed |
$ 445,846 |
$ 440,784 |
$ 446,863 |
$ 271,233 |
$ 349,695 |
Percentage of refinance based
on dollar volume |
30.9% |
16.0% |
15.0% |
19.1% |
20.3% |
|
|
|
|
|
|
CONTACT: Brad E. Schwartz - (757) 389-5111, www.monarchbank.com
Monarch Financial Holdings, Inc. (NASDAQ:MNRK)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Monarch Financial Holdings, Inc. (NASDAQ:MNRK)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024