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Article: Hampton Roads/nation.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- July 17, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Monarch records record profit
Monarch Financial Holdings Inc. posted the best quarterly profit in its history Thursday, attributing the results to increased mortgage lending and a larger net interest margin - the difference between what it pays for funds and what it receives on loans.
The Chesapeake-based parent of Monarch Bank reported that it earned $1.42 million in the April-to-June period, up 53 percent from $927,027 in the same period a year earlier. Earnings per share rose about 17 percent to 21 cents in the second quarter, up from 18 cents the year before, because it now has more shares outstanding.
Monarch's assets swelled to $666 ...