July 25--Monarch Financial Holdings Inc., the Chesapeake-based parent company of Monarch Bank, on Thursday reported net income of $3.18 million for the second quarter, up 3.8 percent from the $3.06 million earned in the same period last year.
The bank's profitability, which breaks a three-quarter streak of losses, is attributable to higher mortgage loan closings, no credit costs and keeping expenses low, according to a news release.
Total assets as of June 30 were $1 billion, which was unchanged from the same date last year.
Nonperforming assets, which represented 0.36 percent of total assets, were $3.7 million as of the end of the quarter. That was a 23 percent increase over the $3 million at the end of the second quarter in 2013.
Equity exceeded $100 million in the quarter, a first for the bank.
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