Monarch Financial sees profit rise about 20% in 2011

By Carolyn Shapiro
The Virginian-Pilot
© February 1, 2012

CHESAPEAKE

Monarch Financial Holdings Inc. reported record profits for the fourth quarter of 2011 and the full year.

Monarch Financial, the Chesapeake-based parent of Monarch Bank and OBX Bank, said its fourth-quarter earnings rose 10.7 percent to $1.95 million, or 23 cents per share, compared with the same period in 2010.

For all of 2011, earnings jumped 19.8 percent to $7.13 million, or 84 cents a share, compared with $5.95 million, or 75 cents a share, for the previous year.

The banking company's assets grew to $908.5 million as of Dec. 31, up 10 percent from a year earlier. Deposits were $740.1 million at the end of the year, 4.9 percent more than at the end of 2010.

Monarch's nonperforming assets fell to $7.8 million at year-end, down $3 million from the end of 2010. Those bad assets, which included loans in default and foreclosed real estate, represented 0.85 percent of its assets at the end of the year.

Net interest income, a bank's principal source of earnings, climbed 10.3 percent to $3.1 million in 2011. Monarch attributed the increase to asset growth and a decline in its cost of funds.

Monarch's stock price closed Tuesday at $8.20, up a penny. The bank has nine locations in Hampton Roads and two in the Outer Banks.

Carolyn Shapiro, 757-446-2270, carolyn.shapiro@pilotonline.com

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Monarch Financial Holdings Inc.

Submitted by adk109 on Mon, 02/20/2012 at 4:39 am.

Monarch Financial Holdings Inc. is one of the well reputed bank which is in work since last five to six years. It owns the whole stock in Monarch bank. This is really great that its profit has been raised up-to 20% in last year, we wish this will keep the ratio up for the profit.
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