XML 60 R51.htm IDEA: XBRL DOCUMENT v3.2.0.727
SEGMENT REPORTING Segment Information (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Segment Reporting Information [Line Items]          
Reserve for loan repurchases $ 3,222,710   $ 3,222,710   $ 3,013,396
Income:          
Interest income 12,023,816 $ 10,556,992 23,409,386 $ 20,991,075  
Non-interest income 23,626,264 18,498,873 45,892,427 31,807,524  
Total operating income 35,650,080 29,055,865 69,301,813 52,798,599  
Expenses:          
Interest expense (810,101) (976,886) (1,547,182) (1,947,998)  
Provision for loan losses (250,000) 0 (500,000) 0  
Personnel expense (20,902,684) (15,262,468) (39,942,098) (27,544,993)  
Other non-interest expense (8,250,829) (7,744,516) (16,389,247) (14,208,624)  
Total operating expenses (30,213,614) (23,983,870) (58,378,527) (43,701,615)  
Income before income taxes 5,436,466 5,071,995 10,923,286 9,096,984  
Provision for income taxes (1,961,763) (1,767,500) (3,955,103) (3,238,740)  
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  
Segment Assets          
Segment Assets 1,170,674,638   1,170,674,638   1,066,736,974
Capital Expenditures     1,393,726 3,970,751 4,284,773
Community Banking Segment [Member]          
Income:          
Interest income 1,746,435 1,274,498 3,053,472 2,047,230  
Commercial and Other Banking [Member]          
Income:          
Interest income 11,700,295 10,397,287 22,783,587 20,723,919  
Non-interest income 1,891,160 1,304,304 3,476,283 2,526,025  
Total operating income 13,591,455 11,701,591 26,259,870 23,249,944  
Expenses:          
Interest expense (810,101) (976,886) (1,547,182) (1,947,998)  
Provision for loan losses (250,000)   (500,000)    
Personnel expense (4,771,234) (3,930,738) (9,444,701) (7,602,757)  
Other non-interest expense (4,496,694) (3,970,887) (8,483,066) (7,315,501)  
Total operating expenses (10,328,029) (8,878,511) (19,974,949) (16,866,256)  
Income before income taxes 3,263,426 2,823,080 6,284,921 6,383,688  
Provision for income taxes (1,177,947) (983,793) (2,275,644) (2,272,743)  
Less: Net income attributable to non-controlling interests (15,122) (6,857) (31,027) (6,541)  
Net income attributable to Monarch Financial Holdings, Inc. 2,070,357 1,832,430 3,978,250 4,104,404  
Segment Assets          
Segment Assets 1,169,578,999   1,169,578,999   1,062,825,141
Capital Expenditures     1,072,483   3,932,268
Mortgage Banking Operations [Member]          
Income:          
Interest income 323,521 159,705 625,799 267,156  
Non-interest income 22,240,973 17,369,228 43,304,652 29,571,390  
Total operating income 22,564,494 17,528,933 43,930,451 29,838,546  
Expenses:          
Interest expense (505,869) 0 (888,508) 0  
Provision for loan losses 0   0    
Personnel expense (16,131,450) (11,327,260) (30,497,397) (19,937,330)  
Other non-interest expense (3,754,135) (3,952,758) (7,906,181) (7,187,920)  
Total operating expenses (20,391,454) (15,280,018) (39,292,086) (27,125,250)  
Income before income taxes 2,173,040 2,248,915 4,638,365 2,713,296  
Provision for income taxes (783,816) (783,707) (1,679,459) (965,997)  
Less: Net income attributable to non-controlling interests (35,752) (114,064) (52,120) (130,864)  
Net income attributable to Monarch Financial Holdings, Inc. 1,353,472 1,351,144 2,906,786 1,616,435  
Segment Assets          
Segment Assets 22,113,950   22,113,950   15,071,113
Capital Expenditures     321,243   352,505
Inter-segment Eliminations [Member]          
Income:          
Interest income 0 0 0 0  
Non-interest income (505,869) (174,659) (888,508) (289,891)  
Total operating income (505,869) (174,659) (888,508) (289,891)  
Expenses:          
Interest expense 505,869 0 888,508 0  
Provision for loan losses 0   0    
Personnel expense 0 (4,470) 0 (4,906)  
Other non-interest expense 0 179,129 0 294,797  
Total operating expenses 505,869 174,659 888,508 289,891  
Income before income taxes 0 0 0 0  
Provision for income taxes 0 0 0 0  
Less: Net income attributable to non-controlling interests 0 0 0 0  
Net income attributable to Monarch Financial Holdings, Inc. 0 $ 0 0 $ 0  
Segment Assets          
Segment Assets $ (21,018,311)   (21,018,311)   (11,159,280)
Capital Expenditures     $ 0   $ 0