Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Monarch Financial Holdings, Inc. | d915017d8k.htm |
Exhibit 99.1
MONARCH FINANCIAL REPORTS 36% INCREASE IN PROFITS AND STRONG BALANCE SHEET GROWTH
Chesapeake, VA, April 23, 2015 - Monarch Financial Holdings, Inc. (Nasdaq: MNRK), the bank holding company for Monarch Bank, reported record first quarter net income and overall strong financial performance. First quarter 2015 highlights are:
| • | Net income of $3,461,207, up 36% |
| • | Diluted earnings per share of $0.32, up 33% |
| • | Return on Average Equity of 12.98% |
| • | Deposit growth of $117 million, driving balance sheet growth |
| • | Non-performing assets low at 0.39% of total assets |
| • | Net Interest Margin remained strong at 4.32% |
| • | $487 million in mortgage loans closed, up 80% |
“We are extremely pleased with our first quarter financial performance, with mortgage banking earnings driving the strong increase over the previous year. Loans held for investment grew in the first quarter at an annualized rate of over 7%, and our asset quality remains in the top quartile of banks. Total deposits exceeded $1 billion for the first time in our history, led by growth in checking, money market, and time deposit accounts,” stated Brad E. Schwartz, Chief Executive Officer. “This is the best first quarter in our history and we are bullish on the prospects for the remainder of the year.”
Net income was $3,461,207 for the first quarter of 2015 compared to $2,537,265 for the same period in 2014, a 36% increase. The quarterly annualized return on average equity (ROE) was 12.98% compared to 10.46% one year prior, and the annualized quarterly return on average assets (ROA) was 1.31% compared to 1.06% one year prior. Diluted earnings per share for the first quarter were $0.32, up 33% from the previous year’s first quarter.
Total assets at March 31, 2015 were $1.18 billion, up 15% from the prior year. During the first quarter of 2015 loans held for investment increased $14.4 million to $787 million, and mortgage loans held for sale grew $12.2 million to $160 million. Total deposits grew 16% to $1.036 billion, with demand deposits growing $51 million or 18% year over year. Demand deposits represent 31% of total deposits, an achievement driven by our dedicated cash management and banking office teams.
“We continue to hire talented bankers and expand our banking teams to drive client acquisition and overall balance sheet growth. While deposit growth was at a record pace in the first quarter, one major client made a significant deposit at quarter-end that we anticipate will run-off over the next several months. We remain focused on quality loan and deposit growth, while our cash management and private banking teams continue to focus on growing core deposits,” stated E. Neal Crawford Jr., President of Monarch Bank.
Non-performing assets were 0.39% as of March 31, 2015 compared to 0.27% one year prior. Non-performing assets were $4.6 million, comprised of $175 thousand in 90 days or more past due and still accruing interest, $4.3 million in non-accrual loans and $100,000 in one parcel of other real estate owned that is under contract to close in April. The allowance for loan losses represents 1.10% of total loans held for investment and 192% of non-performing loans.
Average equity to average assets was 10.10% and total risk-based capital to risk weighted assets was 13.52%, significantly higher than the required level to meet the highest rating of “Well Capitalized” by federal banking regulators. Cash dividends of $0.08 per share were paid in the first quarter of 2015, and tangible book value per share grew to $10.32. 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, grew 12.5% in the first quarter driven by higher average balances of earning assets and a decline in the cost of funding those assets. Our net interest margin was 4.32%, slightly up from 4.25% one year ago yet slightly down from 4.42% in the previous quarter. 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.
Non-interest income increased $9.0 million in the first quarter over the previous year driven primarily by mortgage and title company revenues. Mortgage revenue remains the number one driver of non-interest income. $487 million in mortgage loans were closed during the first quarter of 2015 (52% purchase) compared to $271 million in the first quarter of 2014. The first quarter is typically the weakest quarter for purchase money mortgage closings, and the drop in rates in January drove refinance volume to offset the seasonal purchase money decline.
“The first quarter of 2105 was the best quarter for closings over the past year, with both refinance and purchase volume higher. We anticipate, based on our current pipeline of expected loan closings, the beginning to a strong spring home selling season where our purchase closings should drive the majority of our volume,” stated William T. Morrison, CEO of Monarch Mortgage.
Page 2
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.
| Contact: | Brad E. Schwartz – (757) 389-5111, www.monarchbank.com |
##
Page 3
Consolidated Balance Sheets
Monarch Financial Holdings, Inc. and Subsidiaries
(In thousands)
Unaudited
| March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
||||||||||||||||
| ASSETS: |
||||||||||||||||||||
| Cash and due from banks |
$ | 13,870 | $ | 14,503 | $ | 21,083 | $ | 19,661 | $ | 18,510 | ||||||||||
| Interest bearing bank balances |
73,237 | 49,761 | 58,207 | 37,166 | 37,033 | |||||||||||||||
| Federal funds sold |
63,311 | 1,135 | 3,938 | 29,761 | 84,232 | |||||||||||||||
| Investment securities, at fair value |
20,283 | 23,725 | 25,137 | 23,773 | 23,197 | |||||||||||||||
| Mortgage loans held for sale |
159,899 | 147,690 | 138,590 | 156,584 | 92,839 | |||||||||||||||
| Loans held for investment, net of unearned income |
787,003 | 772,590 | 713,667 | 700,159 | 715,088 | |||||||||||||||
| Less: allowance for loan losses |
(8,644 | ) | (8,949 | ) | (8,977 | ) | (9,070 | ) | (9,213 | ) | ||||||||||
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|
|
|
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|
|||||||||||
| Net loans |
778,359 | 763,641 | 704,690 | 691,089 | 705,875 | |||||||||||||||
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| Bank premises and equipment, net |
30,050 | 30,247 | 30,368 | 31,407 | 29,902 | |||||||||||||||
| Restricted equity securities, at cost |
3,243 | 3,633 | 3,179 | 3,169 | 3,156 | |||||||||||||||
| Bank owned life insurance |
9,950 | 9,687 | 9,587 | 7,526 | 7,467 | |||||||||||||||
| Goodwill |
775 | 775 | 775 | 775 | 775 | |||||||||||||||
| Intangible assets, net |
— | — | — | 15 | 60 | |||||||||||||||
| Accrued interest receivable and other assets |
25,403 | 21,940 | 23,688 | 22,973 | 19,673 | |||||||||||||||
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|||||||||||
| Total assets |
$ | 1,178,380 | $ | 1,066,737 | $ | 1,019,242 | $ | 1,023,899 | $ | 1,022,719 | ||||||||||
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| LIABILITIES: |
||||||||||||||||||||
| Demand deposits—non-interest bearing |
$ | 269,451 | $ | 235,301 | $ | 252,286 | $ | 240,348 | $ | 221,357 | ||||||||||
| Demand deposits—interest bearing |
58,725 | 66,682 | 53,093 | 51,563 | 55,949 | |||||||||||||||
| Money market deposits |
417,329 | 369,221 | 365,041 | 377,096 | 367,590 | |||||||||||||||
| Savings deposits |
19,519 | 20,003 | 25,211 | 24,539 | 24,327 | |||||||||||||||
| Time deposits |
271,121 | 228,207 | 189,142 | 197,747 | 224,947 | |||||||||||||||
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|
|
|
|
|
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|
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|
|||||||||||
| Total deposits |
1,036,145 | 919,414 | 884,773 | 891,293 | 894,170 | |||||||||||||||
| FHLB borrowings |
1,050 | 11,075 | 1,100 | 1,125 | 1,150 | |||||||||||||||
| Trust preferred subordinated debt |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
| Accrued interest payable and other liabilities |
19,653 | 18,710 | 18,145 | 18,650 | 17,422 | |||||||||||||||
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|
|
|
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|
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|
|||||||||||
| Total liabilities |
1,066,848 | 959,199 | 914,018 | 921,068 | 922,742 | |||||||||||||||
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| STOCKHOLDERS’ EQUITY: |
||||||||||||||||||||
| Common stock |
51,950 | 51,864 | 51,735 | 51,624 | 51,584 | |||||||||||||||
| Capital in excess of par value |
9,550 | 8,336 | 7,966 | 7,675 | 7,357 | |||||||||||||||
| Retained earnings |
49,957 | 47,354 | 45,523 | 43,566 | 41,232 | |||||||||||||||
| Accumulated other comprehensive loss |
(14 | ) | (102 | ) | (135 | ) | (159 | ) | (314 | ) | ||||||||||
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|||||||||||
| Total Monarch Financial Holdings, Inc. stockholders’ equity |
111,443 | 107,452 | 105,089 | 102,706 | 99,859 | |||||||||||||||
| Noncontrolling interest |
89 | 86 | 135 | 125 | 118 | |||||||||||||||
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| Total equity |
111,532 | 107,538 | 105,224 | 102,831 | 99,977 | |||||||||||||||
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| Total liabilities and stockholders’ equity |
$ | 1,178,380 | $ | 1,066,737 | $ | 1,019,242 | $ | 1,023,899 | $ | 1,022,719 | ||||||||||
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| Common shares outstanding at period end |
10,736,947 | 10,652,475 | 10,646,873 | 10,624,668 | 10,619,444 | |||||||||||||||
| Nonvested shares of common stock included in commons shares outstanding |
346,950 | 279,750 | 299,910 | 299,910 | 302,710 | |||||||||||||||
| Book value per common share at period end (1) |
$ | 10.39 | $ | 10.10 | $ | 9.87 | $ | 9.67 | $ | 9.40 | ||||||||||
| Tangible book value per common share at period end (2) |
$ | 10.32 | $ | 10.02 | $ | 9.80 | $ | 9.59 | $ | 9.33 | ||||||||||
| Closing market price |
$ | 12.51 | $ | 13.75 | $ | 12.56 | $ | 11.72 | $ | 12.26 | ||||||||||
| Total risk based capital - Consolidated company |
13.52 | % | 13.79 | % | 14.16 | % | 14.29 | % | 14.27 | % | ||||||||||
| Total risk based capital - Bank |
13.32 | % | 13.81 | % | 14.18 | % | 14.31 | % | 14.30 | % | ||||||||||
| (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 |
Page 4
Consolidated Statements of Income
Monarch Financial Holdings, Inc. and Subsidiaries
Unaudited
| Three Months Ended March 31, |
||||||||
| 2015 | 2014 | |||||||
| INTEREST INCOME: |
||||||||
| Interest on federal funds sold |
$ | 8,253 | $ | 40,378 | ||||
| Interest on other bank accounts |
102,029 | 36,032 | ||||||
| Dividends on equity securities |
39,000 | 30,000 | ||||||
| Interest on investment securities |
88,915 | 76,049 | ||||||
| Interest on mortgage loans held for sale |
1,307,037 | 772,732 | ||||||
| Interest and fees on loans held for investment |
9,840,336 | 9,478,892 | ||||||
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| Total interest income |
11,385,570 | 10,434,083 | ||||||
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| INTEREST EXPENSE: |
||||||||
| Interest on deposits |
668,060 | 834,413 | ||||||
| Interest on trust preferred subordinated debt |
46,415 | 122,337 | ||||||
| Interest on other borrowings |
22,606 | 14,362 | ||||||
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| Total interest expense |
737,081 | 971,112 | ||||||
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| NET INTEREST INCOME |
10,648,489 | 9,462,971 | ||||||
| PROVISION FOR LOAN LOSSES |
250,000 | — | ||||||
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| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
10,398,489 | 9,462,971 | ||||||
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| NON-INTEREST INCOME: |
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| Mortgage banking income |
21,063,679 | 12,202,162 | ||||||
| Service charges and fees |
516,554 | 470,212 | ||||||
| Title income |
232,771 | 105,034 | ||||||
| Investment and insurance income |
344,126 | 445,472 | ||||||
| Other income |
109,033 | 85,771 | ||||||
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| Total non-interest income |
22,266,163 | 13,308,651 | ||||||
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| NON-INTEREST EXPENSE: |
||||||||
| Salaries and employee benefits |
9,594,276 | 8,271,561 | ||||||
| Commissions and incentives |
9,445,138 | 4,010,964 | ||||||
| Occupancy and equipment |
2,288,508 | 2,276,703 | ||||||
| Loan expense |
2,458,663 | 1,363,141 | ||||||
| Marketing expense |
746,227 | 521,841 | ||||||
| Data processing |
629,750 | 479,278 | ||||||
| Telephone |
325,746 | 311,137 | ||||||
| Other expenses |
1,689,524 | 1,512,008 | ||||||
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| Total non-interest expense |
27,177,832 | 18,746,633 | ||||||
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| INCOME BEFORE TAXES |
5,486,820 | 4,024,989 | ||||||
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| Income tax provision |
(1,993,340 | ) | (1,471,240 | ) | ||||
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| NET INCOME |
3,493,480 | 2,553,749 | ||||||
| Less: Net income attributable to noncontrolling interest |
(32,273 | ) | (16,484 | ) | ||||
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| NET INCOME ATTRIBUTABLE TO MONARCH |
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| FINANCIAL HOLDINGS, INC |
$ | 3,461,207 | $ | 2,537,265 | ||||
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| NET INCOME PER COMMON SHARE: |
||||||||
| Basic |
$ | 0.32 | $ | 0.24 | ||||
| Diluted |
$ | 0.32 | $ | 0.24 | ||||
| Weighted average basic shares outstanding |
10,728,206 | 10,572,435 | ||||||
| Weighted average diluted shares outstanding |
10,761,396 | 10,613,452 | ||||||
| Return on average assets |
1.31 | % | 1.06 | % | ||||
| Return on average stockholders’ equity |
12.98 | % | 10.46 | % | ||||
Page 5
Financial Highlights
Monarch Financial Holdings, Inc. and Subsidiaries
| (Dollars in thousands, except per share data) | For the Quarter Ended | |||||||||||||||||||
| March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
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| EARNINGS |
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| Interest income |
$ | 11,385 | $ | 11,361 | $ | 10,639 | $ | 10,557 | $ | 10,434 | ||||||||||
| Interest expense |
(737 | ) | (786 | ) | (928 | ) | (977 | ) | (971 | ) | ||||||||||
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| Net interest income |
10,648 | 10,575 | 9,711 | 9,580 | 9,463 | |||||||||||||||
| Provision for loan losses |
(250 | ) | — | — | — | — | ||||||||||||||
| Noninterest income - mortgage banking income |
21,064 | 16,211 | 16,658 | 17,369 | 12,202 | |||||||||||||||
| Noninterest income - other |
1,202 | 1,162 | 1,241 | 1,130 | 1,106 | |||||||||||||||
| Noninterest expense |
(27,178 | ) | (23,605 | ) | (23,121 | ) | (23,007 | ) | (18,747 | ) | ||||||||||
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| Pre-tax net income |
5,486 | 4,343 | 4,489 | 5,072 | 4,024 | |||||||||||||||
| Minority interest in net income |
(32 | ) | (44 | ) | (46 | ) | (121 | ) | (16 | ) | ||||||||||
| Income taxes |
(1,993 | ) | (1,616 | ) | (1,635 | ) | (1,767 | ) | (1,471 | ) | ||||||||||
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| Net income |
$ | 3,461 | $ | 2,683 | $ | 2,808 | $ | 3,184 | $ | 2,537 | ||||||||||
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| PER COMMON SHARE |
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| Earnings per share - basic |
$ | 0.32 | $ | 0.25 | $ | 0.26 | $ | 0.30 | $ | 0.24 | ||||||||||
| Earnings per share - diluted |
0.32 | 0.25 | 0.26 | 0.30 | 0.24 | |||||||||||||||
| Common stock - per share dividends |
0.08 | 0.08 | 0.08 | 0.08 | 0.07 | |||||||||||||||
| Average Basic Shares Outstanding |
10,728,206 | 10,648,184 | 10,635,275 | 10,620,869 | 10,572,435 | |||||||||||||||
| Average Diluted Shares Outstanding |
10,761,396 | 10,689,219 | 10,670,507 | 10,660,217 | 10,613,452 | |||||||||||||||
| YIELDS |
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| Loans held for investment |
5.21 | % | 5.34 | % | 5.16 | % | 5.22 | % | 5.50 | % | ||||||||||
| Mortgage loans held for sale, net at fair value |
3.90 | 4.16 | 4.14 | 4.37 | 4.42 | |||||||||||||||
| Other earning assets |
1.31 | 1.33 | 1.16 | 1.04 | 0.79 | |||||||||||||||
| Total earning assets |
4.62 | 4.75 | 4.58 | 4.61 | 4.69 | |||||||||||||||
| Interest bearing checking |
0.13 | 0.14 | 0.15 | 0.17 | 0.16 | |||||||||||||||
| Money market and regular savings |
0.30 | 0.31 | 0.36 | 0.39 | 0.38 | |||||||||||||||
| Time deposits |
0.61 | 0.81 | 0.88 | 0.88 | 0.90 | |||||||||||||||
| Borrowings |
1.33 | 1.71 | 4.92 | 4.95 | 4.96 | |||||||||||||||
| Total interest-bearing liabilities |
0.43 | 0.48 | 0.57 | 0.60 | 0.60 | |||||||||||||||
| Interest rate spread |
4.19 | 4.27 | 4.01 | 4.01 | 4.09 | |||||||||||||||
| Net interest margin |
4.32 | 4.42 | 4.18 | 4.18 | 4.25 | |||||||||||||||
| FINANCIAL RATIOS |
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| Return on average assets |
1.31 | % | 1.04 | % | 1.11 | % | 1.29 | % | 1.06 | % | ||||||||||
| Return on average stockholders’ equity |
12.98 | 10.03 | 10.72 | 12.63 | 10.46 | |||||||||||||||
| Non-interest revenue/Total revenue |
66.2 | 60.5 | 62.7 | 63.7 | 56.1 | |||||||||||||||
| Efficiency - Consolidated |
82.6 | 84.5 | 83.7 | 81.8 | 82.1 | |||||||||||||||
| Efficiency - Bank only |
66.2 | 61.2 | 61.7 | 63.9 | 59.9 | |||||||||||||||
| Average equity to average assets |
10.10 | 10.39 | 10.40 | 10.18 | 10.13 | |||||||||||||||
| ALLOWANCE FOR LOAN LOSSES |
||||||||||||||||||||
| Beginning balance |
$ | 8,949 | $ | 8,977 | $ | 9,070 | $ | 9,213 | $ | 9,061 | ||||||||||
| Provision for loan losses |
250 | — | — | — | — | |||||||||||||||
| Charge-offs |
(598 | ) | (174 | ) | (181 | ) | (184 | ) | (12 | ) | ||||||||||
| Recoveries |
43 | 146 | 88 | 41 | 164 | |||||||||||||||
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| Net charge-offs |
(555 | ) | (28 | ) | (93 | ) | (143 | ) | 152 | |||||||||||
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| Ending balance |
$ | 8,644 | $ | 8,949 | $ | 8,977 | $ | 9,070 | $ | 9,213 | ||||||||||
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| COMPOSITION OF RISK ASSETS |
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| Nonperforming loans: |
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| 90 days past due |
$ | 175 | $ | 175 | $ | 243 | $ | 499 | $ | 759 | ||||||||||
| Nonaccrual loans |
4,325 | 2,705 | 2,180 | 3,028 | 1,718 | |||||||||||||||
| OREO |
100 | 144 | 767 | 144 | 302 | |||||||||||||||
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| Nonperforming assets |
$ | 4,600 | $ | 3,024 | $ | 3,190 | $ | 3,671 | $ | 2,779 | ||||||||||
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| ASSET QUALITY RATIOS |
||||||||||||||||||||
| Nonperforming assets to total assets |
0.39 | % | 0.28 | % | 0.31 | % | 0.36 | % | 0.27 | % | ||||||||||
| Nonperforming loans to total loans |
0.57 | 0.37 | 0.34 | 0.50 | 0.35 | |||||||||||||||
| Allowance for loan losses to total loans held for investment |
1.10 | 1.16 | 1.26 | 1.30 | 1.29 | |||||||||||||||
| Allowance for loan losses to nonperforming loans |
192.09 | 310.73 | 370.49 | 257.16 | 371.94 | |||||||||||||||
| Annualized net charge-offs to average loans held for investment |
0.29 | 0.02 | 0.05 | 0.08 | -0.09 | |||||||||||||||
| AVERAGE BALANCES (Amounts in thousands) |
||||||||||||||||||||
| Total mortgage loans held for sale |
$ | 136,084 | $ | 131,471 | $ | 138,382 | $ | 116,851 | $ | 70,856 | ||||||||||
| Total loans held for investment |
771,587 | 725,093 | 701,137 | 698,851 | 704,917 | |||||||||||||||
| Interest-earning assets |
1,009,389 | 958,904 | 930,420 | 927,552 | 910,929 | |||||||||||||||
| Assets |
1,070,581 | 1,021,591 | 999,358 | 993,003 | 970,815 | |||||||||||||||
| Total deposits |
925,984 | 883,478 | 867,980 | 867,217 | 848,969 | |||||||||||||||
| Other borrowings |
21,049 | 14,575 | 11,124 | 11,150 | 11,174 | |||||||||||||||
| Stockholders’ equity |
108,174 | 106,088 | 103,908 | 101,092 | 98,374 | |||||||||||||||
| MORTGAGE PRODUCTION (Amounts in thousands) |
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| Dollar volume of mortgage loans closed |
$ | 487,423 | $ | 445,846 | $ | 440,784 | $ | 446,863 | $ | 271,233 | ||||||||||
| Percentage of refinance based on dollar volume |
47.0 | % | 30.9 | % | 16.0 | % | 15.0 | % | 19.1 | % | ||||||||||
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