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Article: Monarch Financial Reports Record Profits And New Hilltop Banking Office.
- Article from:
- PR Newswire
- Article date:
- October 15, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. 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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CHESAPEAKE, Va., Oct. 15 /PRNewswire-FirstCall/ -- Monarch Financial Holdings, Inc. , the bank holding company for Monarch Bank, reported the best third quarter and nine month profits in the company's history. Net income was $1,153,699 for the third quarter of 2009, up 49.4% from the same period in 2008 when net income was $772,333. The quarterly annualized return on average equity (ROE) was 7.25%, and the annualized return on average assets (ROA) was 0.74%. Quarterly basic and diluted earnings per share were $0.17, a 21.4% improvement over the third quarter of 2008 when basic and diluted earnings per share were $0.14.
For the first nine months of 2009 net ...
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