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  • maine1964 maine1964 Feb 24, 2013 9:56 AM Flag

    2/22 Article; Inside Business

    As the region faces another year of slow recovery, several of community banks saw improvements in profits:
    012 was a record-setting year for two Hampton Roads community banks, Monarch and TowneBank, while the region's most troubled one - the Bank of Hampton Roads - saw another decline in its losses.

    * It was a banner year for Monarch Financial, the Chesapeake-based holding company of Monarch Bank. The bank reported record quarterly and annual earnings and its assets surpassed the $1 billion mark.

    The bank had a net income of $12.82 million, an 80 percent increase over its net income of $7.13 million in 2011. Its assets grew to $1.2 billion, up $307 million over 2011, and its nonperforming assets dropped to 0.3 percent to $3.6 million.

    For the fourth quarter 2012, Monarch Financial had a net income of $3.77 million, up 93 percent over fourth quarter 2011.

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