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hahahahahaha
now its time to party
the buys will be pouring in....
give me more give me more ...before she runs
no one is selling hahaahahahahahaha
my guess....this will be up 50% in the first 30 minutes
looks like NITE is on the bid and ask...bid is .012 ask is 0.013
but the ask is a small amount
not that many ask orders until to 0.02
looks like a 0.016 open
O/S - 30mil as of 10/31/07
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5541700
Float - 22mil
27% held by insiders
http://finance.yahoo.com/q/ks?s=MSTF.OB
Boardmarks: 117
your lucky...but you wouldnt mind selling to me at 0.013 right?
graduated from central florida :)
honestly, i wish i could of gotten more shares of this today....i just expect a gap up in the morning.
if i can get filled at 0.013 i will feel very blessed
beargator u dont happen to live in florida do u?
nite buddy
Medical
American Academy of Physicians Assistants
American Association of Medical Assistants
American Association of Medical Transcription
American Board of Radiology
American Health Care Association
American Medical Association
American Nurses Association
American Registry of Radiologic Technicians
American Society for Clinical Pathology
American Society of Phlebotomy Technicians
American Society of Radiologic Technicians
Clinical Magnetic Resonance Society
International Society for Magnetic Resonance in Medicine
Professional Association of Health Care Office Managers
Radiological Society of North America
Society for Radiologists in Ultrasound
we have somebody else up!
my husabnd is in paris on business :(
so hows was your valentines day guys?
if i dont wake up tomorrow, can you make sure my buy order goes through for 500,000 shares at 0.013?
hahahah just got a grey goose with some cranberry
dont like beer
you guys are making me thirsty now...let me see what i can get
sleep?
ambien hasnt kicked in yet....
no i dont...but i thought it worth a try
sorry i was asking you :)
this will be the #1 board for the next couple of months....
welcome back and hope you had a great time :)
by the way was this the #1 gainer today?
you think this can test that?
BREAKDOWN
% of Shares Held by All Insider and 5% Owners: 30%
is the 52 week high really .15?
hey dont laugh i'll take 5000 shares at a time rather than sitting on the sideline on this play
this will be a fun ride tomorrow, if i can get in
i dont think this has even started yet
is ambien a good option to take now? lol
its too early to go to bed
market opens up in 7 hrs
doesnt this look so sweet
Monarch Financial Reports Record Quarter and Exceeds $500 Million in Total Assets
Wednesday January 30, 9:30 am ET
CHESAPEAKE, Va., Jan. 30 /PRNewswire-FirstCall/ -- Monarch Financial Holdings, Inc. (Nasdaq: MNRK - News), the bank holding company for Monarch Bank, reported record quarterly net income and continued strong loan and asset growth. Net income was $1,131,130 for the fourth quarter of 2007, up 11% from the fourth quarter of 2006 when net income was $1,016,556. The quarterly annualized return on average assets (ROA) was 0.95%, and the annualized return on average equity (ROE) was 12.50%. Quarterly basic earnings per share were $0.24, compared to $0.21 the previous year, a 14% increase. Net income for 2007 totaled $3,158,174 for a return on average assets (ROA) of 0.76% and a return on average equity (ROE) of 8.86%. Basic earnings per share were $0.66 for the year.
ADVERTISEMENT
Total assets at December 31, 2007 exceeded the one-half billion mark for the first time at $502.5 million, up $94.8 million or 23% from $407.7 million one year prior. Total loans increased $97.9 million to $419.2 million, up 30% from 2006. Deposits increased $75.6 million to $389.7 million, up 24% from 2006. The Bank's capital position remains strong with tier one regulatory capital growing to $46.5 million at December 31, 2007, which includes the $10 million in trust preferred subordinated debt. Monarch Bank remains "Well Capitalized," the highest rating of capital strength by bank regulatory standards.
"We are pleased to report a record quarter of earnings which caps off an exciting year of growth for Monarch. The fact that we greatly expanded our mortgage operations, opened our Kempsville office in Virginia Beach and started OBX Bank in Northeastern North Carolina in 2007 and still earned over $3.1 Million for the year shows the strength of the Monarch franchise. Monarch Mortgage continued to expand in the fourth quarter with the opening of two additional offices in Maryland and the hiring of additional loan officers in Hampton Roads. While our mortgage expansion has affected our 2007 results, we feel Monarch Mortgage is well positioned to contribute to earnings in 2008. Our launch of OBX Bank in the Outer Banks of North Carolina mid-year is also showing strong results with over $25 million in loan and deposit growth in that short period," stated William 'Tree' Rountree, President and Chief Executive Officer. "Monarch Bank continues to perform extremely well with our best year ever of loan growth. Asset quality also remained strong with minimal non-performing assets at year-end."
Monarch Mortgage has grown to eight offices with locations in Chesapeake, Norfolk and Virginia Beach as well as two offices in Rockville, Maryland, and offices in Waldorf, Annapolis and College Park, Maryland. Two of the Maryland offices opened and began production on December 1, 2007. Mortgage loan applications were $214 million in the fourth quarter of 2007, with $90 million in loans closed. This compares favorably to the third quarter of 2007, during our initial startup phase, when mortgage loan applications were $116 Million with $69 million in loans closed. December was Monarch Mortgage's first profitable month of operation with over $35 million in closed loans. Recent reductions in fixed mortgage overhead have resulted in a lower break-even for the company. Monarch Mortgage is focused on the retail A-paper mortgage market and does not participate in the sub-prime mortgage market. Monarch does not hold any sub-prime mortgage loans or related securities, and because the company began expansion after the sub-prime meltdown, no repurchases or asset writedowns are expected.
Net interest income grew 13% or $1.9 million in 2007 compared to 2006 due to growth in balances with only a slight decline in net interest margin. The net interest margin for 2007 was a 4.29%, a slight decline from the 4.41% margin in 2006. The decline was led primarily by a 100 basis point decline in the prime rate later in the year coupled with extreme competition in our local loan and deposit marketplace. The vast majority of the time deposits used to support 2007 balance sheet growth have maturities in the five to seven month range, which once reset to market rates should improve our margin.
Non-interest income more than doubled, increasing 137% from the same period in 2006, fueled by increased production in mortgage originations, investment and insurance revenues from Virginia Asset Group, Monarch's investment subsidiary, growth in bank deposit fees, and a gain from the sale of bank property. Virginia Asset Group was the top performing bank investment group for 2007 for broker-dealer BI Investments, with our investment and insurance commission revenues up 453% from the previous year.
Non-interest expense grew 58%, with the majority of the increase related to the expansion of Monarch Mortgage. Operating expenses also grew due to opening a new retail banking office in Virginia Beach, the opening of our first OBX Bank office, and the hiring of additional bankers and other critical staffing positions to support the growth of the company.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with two offices in Chesapeake, four offices in Virginia Beach, and two offices in Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates one office in Kitty Hawk, North Carolina. Services are also provided through fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (www.monarchbank.com and OBXBank.com). Our subsidiaries/divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Virginia Asset Group, LLC (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). We offer investment services through our ownership in BI Investments, LLC (investments and asset management), and insurance services through our ownership in Bankers Insurance, LLC (full-service insurance agency). The shares 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.
Consolidated Balance Sheets
Monarch Financial Holdings, Inc. and Subsidiaries
(In thousands)
Unaudited
December 31
2007 2006
ASSETS:
Cash and due from banks $8,409 $9,505
Interest bearing bank balances 993 7,964
Federal funds sold 63 1,498
Investment securities:
Securities available for sale 8,874 11,456
Securities held to maturity 22,085 38,574
Total investment securities 30,959 50,030
Mortgages held for sale 18,793 606
Loans 419,153 321,263
Less allowance for loan losses (3,976) (3,235)
Net loans 415,177 318,028
Bank premises and equipment 9,719 6,685
Restricted equity securities 4,847 3,750
Bank owned life insurance 6,544 6,297
Intangible Assets 1,950 -
Accrued interest receivable and other assets 5,040 3,358
Total assets $502,494 $407,721
LIABILITIES:
Demand deposits--non-interest bearing $66,078 $62,685
Demand deposits--interest bearing 11,165 9,759
Money market deposits 137,025 146,771
Savings deposits 5,374 6,600
Time deposits 170,062 88,299
Total deposits 389,704 314,114
FHLB borrowings 63,531 48,075
Trust preferred subordinated debt 10,000 10,000
Accrued interest payable and other
liabilities 2,653 1,496
Total liabilities 465,888 373,685
MINORITY INTERESTS IN SUBSIDIARY 58 27
SHAREHOLDERS' EQUITY:
Preferred stock, $5 par value, 2,000,000
shares authorized, none issued - -
Common stock, $5 par, 20,000,000 shares
authorized, issued 4,827,505 shares
outstanding at December 31, 2007 and
4,845,917 shares outstanding at
December 31, 2006 24,137 24,230
Capital in excess of par value 5,008 5,627
Retained earnings 7,420 4,261
Accumulated other comprehensive loss (17) (109)
Total shareholders' equity 36,548 34,009
Total liabilities and shareholders'
equity $502,494 $407,721
Consolidated Statements of Income
Monarch Financial Holdings, Inc. and Subsidiaries
Unaudited
Three Months Ended Twelve Months Ended
December 31 December 31
2007 2006 2007 2006
INTEREST INCOME:
Interest on federal funds
sold $9,225 $6,255 $27,747 $209,189
Interest on other bank
accounts 40,152 49,994 97,435 353,079
Dividends on restricted
securities 63,366 31,538 184,879 118,331
Interest & dividends on
investment securities:
Taxable 126,914 206,073 571,318 778,669
Interest and fees on
loans 7,933,130 6,686,695 29,744,163 23,651,179
Total interest income 8,172,787 6,980,555 30,625,542 25,110,447
INTEREST EXPENSE:
Interest on deposits 3,268,392 2,746,939 12,336,289 9,931,661
Interest on trust
preferred subordinated
debt 172,663 172,799 698,331 351,231
Interest on other
borrowings 501,118 171,738 1,452,005 577,794
Total interest expense 3,942,173 3,091,476 14,486,625 10,860,686
NET INTEREST INCOME 4,230,614 3,889,079 16,138,917 14,249,761
PROVISION FOR LOAN LOSSES 332,960 77,100 976,478 559,344
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,897,654 3,811,979 15,162,439 13,690,417
NON-INTEREST INCOME:
Service charges on
deposit accounts 324,124 255,848 1,159,253 924,449
Mortgage banking income 2,652,463 374,148 5,278,946 2,060,700
Investment and
insurance commissions 358,269 156,213 1,130,594 204,386
Security losses, net - (29,139) - (29,139)
Gain on sale of assets 586,234 - 586,234 -
Other income 92,008 226,191 351,004 425,362
Total non-interest
income 4,013,098 983,261 8,506,031 3,585,758
NON-INTEREST EXPENSE:
Salaries and employee
benefits 4,300,710 1,933,869 12,483,022 7,018,828
Occupancy and equipment 740,847 450,974 2,188,833 1,549,886
Data processing 163,684 150,737 628,839 562,684
Other expenses 911,746 735,702 3,511,711 2,738,194
Total non-interest
expense 6,116,987 3,271,282 18,812,405 11,869,592
INCOME BEFORE TAXES
AND MINORITY INTERESTS 1,793,765 1,523,958 4,856,065 5,406,583
MINORITY INTEREST IN
SUBSIDIARY'S INCOME (72,863) 5,581 (164,582) 5,581
NET INCOME BEFORE TAXES 1,720,902 1,529,539 4,691,483 5,412,164
Income tax provision 589,772 512,983 1,533,309 1,785,706
NET INCOME $1,131,130 $1,016,556 $3,158,174 $3,626,458
NET INCOME PER COMMON
SHARE:
Basic $0.24 $0.21 $0.66 $0.76
Diluted $0.23 $0.20 $0.63 $0.72
Financial Highlights
Monarch Financial Holdings, Inc. and Subsidiaries
(Unaudited) (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31 December 31
2007 2006 Change 2007 2006 Change
EARNINGS
Interest income $8,173 $6,980 17.1% $30,625 $25,110 22.0%
Interest expense 3,942 3,091 27.5 14,487 10,861 33.4
Net interest income 4,231 3,889 8.8 16,138 14,249 13.3
Provision for loan
losses 333 77 332.5 976 559 74.6
Noninterest income 4,013 983 308.2 8,506 3,586 137.2
Noninterest expense 6,117 3,271 87.0 18,812 11,870 58.5
Pre-tax net income 1,794 1,524 17.7 4,856 5,406 (10.2)
Minority interest
in net income 73 (6) 100.0 165 (6) 100.0
Income taxes 590 513 15.0 1,533 1,786 (14.2)
Net income 1,131 1,017 11.2 3,158 3,626 (12.9)
PER COMMON SHARE
Earnings per share
- basic $0.24 $0.21 14.3% $0.66 $0.76 (13.2)%
Earnings per share
- diluted 0.23 0.20 15.0 0.63 0.72 (12.5)
Book value 7.57 7.02 7.8
Closing market price
(adjusted) 9.50 14.58 (34.8)
FINANCIAL RATIOS
Return on average
assets 0.95% 1.12% (15.2)% 0.76% 1.05% (27.6)%
Return on average
shareholders'
equity 12.50 11.96 4.5 8.86 11.38 (22.1)
Average equity to
average assets 7.64 9.33 (18.1) 8.59 9.24 (7.0)
Net interest margin
(FTE) 3.98 4.56 (12.7) 4.29 4.41 (2.7)
Non-interest
revenue/Total
revenue 32.9 12.3 167.5 21.7 12.5 73.6
Efficiency - Monarch
Financial 73.7 66.7 10.5 76.0 66.4 14.5
Efficiency - Bank
only 62.1 69.8 (11.0) 68.0 64.5 5.4
PERIOD END BALANCES
Investment securities $30,959 $50,030 (38.1)%
Total loans 419,153 321,263 30.5
Interest-earning assets 462,559 391,408 18.2
Assets 502,494 407,721 23.2
Total deposits 389,704 314,114 24.1
Other borrowings 73,531 58,075 26.6
Shareholders' equity 36,548 34,009 7.5
AVERAGE BALANCES
Total loans $373,660 $315,400 18.5% $350,244 $293,241 19.4%
Interest-earning
assets 430,495 346,729 24.2 384,533 331,211 16.1
Assets 470,204 361,443 30.1 415,034 344,891 20.3
Total deposits 379,773 303,449 25.2 339,269 294,075 15.4
Other borrowings 51,881 13,168 294.0 33,225 13,063 154.3
Shareholders'
equity 35,910 33,729 6.5 35,641 31,873 11.8
ALLOWANCE FOR LOAN
LOSSES
Beginning balance $3,732 $3,157 18.2% $3,235 $2,685 20.5%
Provision for loan
losses 333 77 332.5 976 559 74.6
Charge-offs 90 - n/a 237 13 1723.1
Recoveries 1 1 n/a 2 4 (50.0)
Ending balance 3,976 3,235 22.9 3,976 3,235 22.9
ASSET QUALITY RATIOS
Nonperforming loans
to total loans 0.10% 0.03% 7.0bp
Allowance for loan
losses to total loans 0.95 1.01 (0.06)%
Allowance for loan
losses to nonperforming
loans 958.07 3,235.00 (70.38)
Charge-off loans to
average loans 0.07 0.00 14.26
COMPOSITION OF RISK ASSETS
Nonperforming loans:
90 days past due 333 0 100.00%
Nonaccrual 82 100 (18.00)
OREO 0 0 0.0
Nonperforming assets 415 100 315.00%
bp - Change is measured as difference in basis points