Larger Banks Looking to Get into the Norfolk/VA. Beach Area Will Look at MNRK!
Full year 2012 highlights are:
Record annual net income of $12,824,869, up 80%
Net income available to common shareholders up 105%
Basic earnings per share of $1.54, up 97%
Total assets reach $1.21 billion mark
Non-performing assets drop to 0.30% of total assets
$2.7 billion in mortgage loans closed
Non-performing assets were 0.30%, which remains significantly below that of our local, state, and national peer group.
Deposits increased $162 million year over year (Impressive!!!!!!)
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.
Total risk-based capital to risk weighted assets at Monarch Bank equaled 12.73%, significantly higher than the required level to meet the highest rating of "Well Capitalized" by federal banking regulators.
Preferred shares are a thing of the past...
While announced earlier, we are proud of being recognized as the second largest community bank based on deposits in the Greater Hampton Roads Metropolitan Area."