COLDWATER, MI (WTVB) - Monarch Community Bancorp, Inc., the parent company of Monarch Community Bank Monday announced in Coldwater net earnings available to common shareholders of $46,000 for the quarter ended June 30, 2014 compared to a net loss available to common shareholders of ($929,000) for the same period in 2013. Basic and diluted earnings per share for the quarter ended June 30, 2014 were $.01 compared to basic and diluted losses per share of ($2.31) for the same period in 2013.
Monarch Community Bancorp also reported net earnings available to common shareholders for the first six months of 2014 of $64,000 compared to net loss available to common shareholders ($1.4 million) for the same period a year ago. Basic and diluted earnings per share for the six months ended June 30, 2014 were $.01 compared to basic and diluted losses per share of ($3.37) for the same period in 2013. Highlights of the quarter include the following: -- A 24.5% decline in Non-performing assets from $2.4 million at December 31, 2013 to $1.8 million at June 30, 2014. -- The recording of a reverse provision of $90,000, which was associated with the recovery of a previously charged off commercial real estate loan.-- A one - time charge to other non-interest income of $156,000 due to outstanding past variances associated with Freddie Mac.-- A 64 basis point improvement in the net interest margin of 4.03% for the quarter ending June 30, 2014, versus the same period in 2013. -- A decrease in salaries and employee benefits of 19.8%, compared to the same period in 2013, due to staffing reductions completed early in the fourth quarter of 2013.
Commenting on the bank's second quarter performance and 2014 thus far, Richard J. DeVries, President & CEO of Monarch Community Bancorp, Inc. and Monarch Community Bank, said "we are pleased with the continued progress of the bank, particularly in the areas of loan growth and improving credit quality. Total loans have grown 8.7% since December 31, 2013, while our non-performing assets, which reached a peak of almost $27.3 million in 2010, totaled only $1.8 million as of June 30, 2014."
(courtesy Monarch Community Bank)