Segment information for the three and six months ended June 30, 2015 and 2014 is shown in the following tables.

Selected Financial Information



	Commercial and Other Banking			Mortgage Banking Operations			Inter-segment Eliminations			Total
Quarter Ended June 30, 2015
Income:
Interest income	$	11,700,295		$	323,521		$	—		$	12,023,816
Non-interest income	1,891,160			22,240,973			(505,869		)	23,626,264
Total operating income	13,591,455			22,564,494			(505,869		)	35,650,080
Expenses:
Interest expense	(810,101		)	(505,869		)	505,869			(810,101		)
Provision for loan losses	(250,000		)	—			—			(250,000		)
Personnel expense	(4,771,234		)	(16,131,450		)	—			(20,902,684		)
Other non-interest expenses	(4,496,694		)	(3,754,135		)	—			(8,250,829		)
Total operating expenses	(10,328,029		)	(20,391,454		)	505,869			(30,213,614		)
Income before income taxes	3,263,426			2,173,040			—			5,436,466
Provision for income taxes	(1,177,947		)	(783,816		)	—			(1,961,763		)
Less: Net income attributable to non-controlling interests	(15,122		)	(35,752		)	—			(50,874		)
Net income attributable to Monarch Financial Holdings, Inc.	$	2,070,357		$	1,353,472		$	—		$	3,423,829

Quarter Ended June 30, 2014
Income:
Interest income	$	10,397,287		$	159,705		$	—		$	10,556,992
Non-interest income	1,304,304			17,369,228			(174,659		)	18,498,873
Total operating income	11,701,591			17,528,933			(174,659		)	29,055,865
Expenses:
Interest expense	(976,886		)	—			—			(976,886		)
Personnel expense	(3,930,738		)	(11,327,260		)	(4,470		)	(15,262,468		)
Other non-interest expenses	(3,970,887		)	(3,952,758		)	179,129			(7,744,516		)
Total operating expenses	(8,878,511		)	(15,280,018		)	174,659			(23,983,870		)
Income before income taxes	2,823,080			2,248,915			—			5,071,995
Provision for income taxes	(983,793		)	(783,707		)	—			(1,767,500		)
Less: Net income attributable to non-controlling interests	(6,857		)	(114,064		)	—			(120,921		)
Net income attributable to Monarch Financial Holdings, Inc.	$	1,832,430		$	1,351,144		$	—		$	3,183,574



	Commercial and Other Banking			Mortgage Banking Operations			Inter-segment Eliminations			Total
Six Months Ended June 30, 2015
Income:
Interest income	$	22,783,587		$	625,799		$	—		$	23,409,386
Non-interest income	3,476,283			43,304,652			(888,508		)	45,892,427
Total operating income	26,259,870			43,930,451			(888,508		)	69,301,813
Expenses:
Interest expense	(1,547,182		)	(888,508		)	888,508			(1,547,182		)
Provision for loan losses	(500,000		)	—			—			(500,000		)
Personnel expense	(9,444,701		)	(30,497,397		)	—			(39,942,098		)
Other non-interest expenses	(8,483,066		)	(7,906,181		)	—			(16,389,247		)
Total operating expenses	(19,974,949		)	(39,292,086		)	888,508			(58,378,527		)
Income before income taxes	6,284,921			4,638,365			—			10,923,286
Provision for income taxes	(2,275,644		)	(1,679,459		)	—			(3,955,103		)
Less: Net income attributable to non-controlling interests	(31,027		)	(52,120		)	—			(83,147		)
Net income attributable to Monarch Financial Holdings, Inc.	$	3,978,250		$	2,906,786		$	—		$	6,885,036

Six Months Ended June 30, 2014
Income:
Interest income	$	20,723,919		$	267,156		$	—		$	20,991,075
Non-interest income	2,526,025			29,571,390			(289,891		)	31,807,524
Total operating income	23,249,944			29,838,546			(289,891		)	52,798,599
Expenses:
Interest expense	(1,947,998		)	—			—			(1,947,998		)
Personnel expense	(7,602,757		)	(19,937,330		)	(4,906		)	(27,544,993		)
Other non-interest expenses	(7,315,501		)	(7,187,920		)	294,797			(14,208,624		)
Total operating expenses	(16,866,256		)	(27,125,250		)	289,891			(43,701,615		)
Income before income taxes	6,383,688			2,713,296			—			9,096,984
Provision for income taxes	(2,272,743		)	(965,997		)	—			(3,238,740		)
Less: Net income attributable to non-controlling interests	(6,541		)	(130,864		)	—			(137,405		)
Net income attributable to Monarch Financial Holdings, Inc.	$	4,104,404		$	1,616,435		$	—		$	5,720,839



Segment Assets
June 30, 2015	$	1,169,578,999	$	22,113,950	$	(21,018,311	)	$	1,170,674,638
December 31, 2014	$	1,062,825,141	$	15,071,113	$	(11,159,280	)	$	1,066,736,974



Capital Expenditures
June 30, 2015	$	1,072,483	$	321,243	$	—	$	1,393,726
December 31, 2014	$	3,932,268	$	352,505	$	—	$	4,284,773