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Consolidated Statements Of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Interest and fees on loans held for investment $ 10,032,923 $ 9,089,071 $ 19,873,259 $ 18,567,963
Interest on mortgage loans held for sale 1,746,435 1,274,498 3,053,472 2,047,230
Interest on investment securities 78,784 91,929 167,699 167,978
Interest on federal funds sold 7,207 24,179 15,460 64,557
Dividends on equity securities 41,713 22,410 80,713 52,410
Interest on other bank accounts 116,754 54,905 218,783 90,937
Total interest income 12,023,816 10,556,992 23,409,386 20,991,075
Interest expense:        
Interest on deposits 738,767 839,303 1,406,827 1,673,716
Interest on trust preferred subordinated debt 47,867 123,359 94,282 245,696
Interest on borrowings 23,467 14,224 46,073 28,586
Total interest expense 810,101 976,886 1,547,182 1,947,998
Net interest income 11,213,715 9,580,106 21,862,204 19,043,077
Provision for loan losses 250,000 0 500,000 0
Net interest income after provision for loan losses 10,963,715 9,580,106 21,362,204 19,043,077
Non-interest income:        
Mortgage banking income 22,240,973 17,369,228 43,304,652 29,571,390
Service charges and fees 558,790 538,579 1,075,344 1,008,791
Title income 241,919 167,454 474,690 272,488
Investment and insurance income 400,542 335,887 744,668 781,359
Gain on disposition of property and equipment 44,848 0 79,859 0
Other 139,192 87,725 213,214 173,496
Total non-interest income 23,626,264 18,498,873 45,892,427 31,807,524
Non-interest expenses:        
Salaries and employee benefits 10,097,518 8,492,446 19,691,794 16,764,007
Commissions and incentives 10,805,166 6,770,022 20,250,304 10,780,986
Loan origination expense 1,930,961 2,060,570 4,389,624 3,423,711
Occupancy expense 2,389,884 2,395,088 4,678,392 4,671,791
Marketing expense 902,932 797,908 1,649,159 1,319,749
Data processing expense 599,568 476,806 1,229,318 956,084
Telephone 353,163 293,451 678,909 604,588
Professional fees 545,518 333,735 804,119 583,574
Foreclosed property expense 52,080 35,860 105,406 42,999
Other expenses 1,476,723 1,351,098 2,854,320 2,606,128
Total non-interest expenses 29,153,513 23,006,984 56,331,345 41,753,617
Income before income taxes 5,436,466 5,071,995 10,923,286 9,096,984
Income tax provision (1,961,763) (1,767,500) (3,955,103) (3,238,740)
Net income 3,474,703 3,304,495 6,968,183 5,858,244
Less: Net income attributable to non-controlling interests (50,874) (120,921) (83,147) (137,405)
Net income attributable to Monarch Financial Holdings, Inc. $ 3,423,829 $ 3,183,574 $ 6,885,036 $ 5,720,839
Basic net income per share $ 0.32 $ 0.30 $ 0.64 $ 0.54
Diluted net income per share $ 0.32 $ 0.30 $ 0.64 $ 0.54