CHESAPEAKE, Va., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported third quarter financial results and increased their quarterly cash dividend. The Board of Directors announced a 16.7% increase in the quarterly common stock cash dividend to $0.07 per common share, payable on November 29, 2013, to shareholders of record on November 12, 2013.
Third quarter 2013 highlights are:
- Quarterly net income of $2,409,674 for a return on equity of 10.18%
- Diluted earnings per share of $0.23
- Net Interest Margin holding steady at 4.11%
- Non-performing assets at 0.30% of total assets
- $478 million in mortgage loans closed with 77% purchase
Year to date 2013 highlights are:
- Net income of $8,934,441, for a return on equity of 13.07%
- Diluted earnings per share of $0.85
- $1.6 billion in mortgage loans closed with 60% purchase
"We knew this quarter was going to be a challenge, on a comparative basis, because of the record mortgage refinance volume we closed in the second half of 2012. We are proud to show improved profitability this quarter in our banking and investment operations which was somewhat offset by a decline in mortgage profitability. Our investment in the formation of Monarch Bank Private Wealth, the expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty also impacted our solid yet reduced earnings," stated Brad E. Schwartz, Chief Executive Officer. "We will continue on our strategic path of growing our franchise and diversifying our revenue even if it impacts short-term results. The fact we increased our cash dividend payout by over 16% indicates the confidence we have in our core earnings and performance."
For the first nine months of 2013 net income was $8,934,441 compared to $9,056,496 for the same period in 2012. While net income was in line with the previous year, net income available to common shareholders rose 13% for an increase of $1,044,679. The nine month annualized return on average equity (ROE) was 13.07%, and the annualized return on average assets (ROA) was 1.14%. Year to date diluted earnings per share were $0.85 compared to $0.89 per share in the same quarter of 2012.
Net income was $2,409,674 for the third quarter of 2013, down 36% from the same period in 2012, which was the second best quarter in the Company's history. The quarterly annualized return on average equity (ROE) was 10.18%, and the quarterly return on average assets (ROA) was 0.94%. Diluted earnings per share were $0.23, compared to $0.37 per share in the same quarter of 2012.
Total assets at September 30, 2013 were $1.01 billion. Over the past year loans held for investment grew 11% to $698 million while mortgage loans held for sale declined 68% to $120 million. Total deposits remained at the same level as one year ago yet their composition changed. Demand deposits have grown $47 million or 21% from a year ago, with demand deposits now representing 31% of total deposits. Money market accounts have grown $51 million or 16% from one year prior, while higher cost certificates of deposit decreased $101 million or 31%. At the same time borrowings declined $109 million or 99% from one year prior. While the current rate environment does not appropriately reward banks for a transaction-focused funding strategy, this strategy should deliver long-term net interest margin protection when rates eventually rise.
"Building a high quality and profitable loan portfolio remains our primary focus, and we are proud of our 11% year over year loan growth," stated E. Neal Crawford Jr., President of Monarch Bank. "Our peninsula expansion and the integration of Monarch Bank Private Wealth into our client base are just beginning and we continue to attract new banking relationships in all our markets."
Non-performing assets were 0.30% as of September 30, 2013 compared to 0.48% one year prior, and non-performing loans to loans held for investment were 0.43% compared to 0.65% one year prior. Non-performing assets were $3.1 million, comprised of $82 thousand 90 days or more past due and still accruing interest, $2.9 million in non-accrual loans and $0.1 million in other real estate owned. The Company recorded net loan losses of $92 thousand in the third quarter, and year to date net loan loss recoveries totaled $318 thousand. The allowance for loan losses represents 1.61% of total loans held for investment and 379% of non-performing loans.
Average equity to average assets rose to 9.27% during the third quarter of 2013, an increase from 7.85% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 13.84%, significantly higher than the required level to meet the highest rating of "Well Capitalized" by federal banking regulators. Monarch was again awarded the highest 5-Star "Superior" rating by Bauer Financial, an independent third-party bank rating agency that rates banks on safety and soundness.
Net interest income, our number one driver of profitability, decreased 6% or $669,000 during the third quarter of 2013 compared to the same quarter in 2012. A decrease in the average balance of our mortgage loans held for sale of $191 million or 58% was partially offset by increases in the average balance of our loans held for investment portfolio of $76 million or 12% when comparing year over year results. Our quarterly net interest margin was 4.11% which was equal to the previous quarter.
Non-interest income decreased $9.9 million or 37% during the third quarter over the previous year, while non-interest expenses declined by $7.5 million, increasing net overhead expense by $2.4 million for the third quarter compared to the previous year. Investment revenues related to Monarch Bank Private Wealth totaled $717,427 for the year compared to $66,138 the previous year, a significant increase. The Company was recently recognized by Raymond James Financial Services as a top performing investment program, with over $150 million in assets under management accumulated since the formation of Monarch Bank Private Wealth in the third quarter of 2012.
Mortgage revenue remains the number one driver of non-interest income. $478 million in mortgage loans were closed during the third quarter of 2013 (77% purchase) compared to $785 million in the third quarter of 2012 (40% purchase). Monarch closed $1.6 billion in mortgage loans during the first nine months of 2013. The reduction in mortgage revenue was due to lower margins driven by competition, a lower volume of closings, and reduced balances and related earnings from our loans held for sale portfolio. The third quarter of 2012 was the best quarter for mortgage loan closings in our Company's history. Ongoing expense reductions are being made in our mortgage operations to better align our expense structure with current mortgage production levels.
"Our long-term focus on purchase mortgage lending will continue to help us grow market share, with 77% of our mortgages closed in the third quarter being purchase mortgage loans. We took advantage of the refinance market last year and remain committed to building relationships with the realtor and builder community, as well as our past clients to drive loan volume," stated William T. Morrison, CEO of Monarch Mortgage.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg Virginia. Monarch Bank also has a loan production office in Newport News, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty-five offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Advance Financial Group (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock 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 | ||||||||||
|
September 30, 2013 |
June 30, 2013 |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
||||||
| ASSETS: | ||||||||||
| Cash and due from banks | $ 21,016 | $ 19,050 | $ 17,414 | $ 27,364 | $ 14,633 | |||||
| Interest bearing bank balances | 24,504 | 15,195 | 14,099 | 14,667 | 12,043 | |||||
| Federal funds sold | 83,454 | 56,972 | 21,937 | 15,744 | 8,191 | |||||
| Investment securities, at fair value | 16,973 | 16,573 | 16,493 | 14,634 | 10,328 | |||||
| Loans held for sale | 120,435 | 166,586 | 242,457 | 419,075 | 382,095 | |||||
| Loans held for investment, net of unearned income | 697,541 | 697,376 | 692,410 | 661,094 | 627,256 | |||||
| Less: allowance for loan losses | (11,228) | (11,320) | (10,788) | (10,910) | (10,890) | |||||
| Net loans | 686,313 | 686,056 | 681,622 | 650,184 | 616,366 | |||||
| Bank premises and equipment, net | 28,454 | 28,101 | 27,507 | 25,448 | 23,449 | |||||
| Restricted equity securities, at cost | 3,666 | 3,792 | 3,781 | 12,363 | 8,346 | |||||
| Bank owned life insurance | 7,351 | 7,290 | 7,231 | 7,173 | 7,132 | |||||
| Goodwill | 775 | 775 | 775 | 775 | 775 | |||||
| Intangible assets, net | 149 | 194 | 238 | 283 | 327 | |||||
| Accrued interest receivable and other assets | 18,857 | 20,815 | 21,421 | 27,868 | 26,727 | |||||
| Total assets | $ 1,011,947 | $ 1,021,399 | $ 1,054,975 | $ 1,215,578 | $ 1,110,412 | |||||
| LIABILITIES: | ||||||||||
| Demand deposits---non-interest bearing | $ 222,021 | $ 218,880 | $ 201,346 | $ 190,120 | $ 182,080 | |||||
| Demand deposits---interest bearing | 48,302 | 52,101 | 57,074 | 65,369 | 40,865 | |||||
| Money market deposits | 364,488 | 341,042 | 332,305 | 335,899 | 313,985 | |||||
| Savings deposits | 22,665 | 22,172 | 23,579 | 22,127 | 21,531 | |||||
| Time deposits | 228,652 | 264,491 | 317,181 | 288,267 | 329,246 | |||||
| Total deposits | 886,128 | 898,686 | 931,485 | 901,782 | 887,707 | |||||
| FHLB borrowings | 1,200 | 1,225 | 1,250 | 194,299 | 105,027 | |||||
| Short Term borrowings | -- | -- | 5,000 | 5,000 | 5,000 | |||||
| Federal funds purchased | -- | -- | -- | -- | -- | |||||
| Trust preferred subordinated debt | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||
| Accrued interest payable and other liabilities | 17,855 | 16,733 | 14,894 | 15,550 | 17,151 | |||||
| Total liabilities | 915,183 | 926,644 | 962,629 | 1,126,631 | 1,024,885 | |||||
| STOCKHOLDERS' EQUITY: | ||||||||||
| Preferred Stock | -- | -- | -- | 2,406 | 3,945 | |||||
| Common stock | 51,230 | 50,873 | 50,821 | 41,632 | 35,732 | |||||
| Capital in excess of par value | 6,755 | 6,521 | 6,300 | 12,718 | 16,867 | |||||
| Retained earnings | 38,014 | 36,233 | 33,790 | 30,786 | 27,586 | |||||
| Accumulated other comprehensive loss | (406) | (480) | (174) | (200) | (218) | |||||
| Total Monarch Financial Holdings, Inc. stockholders' equity | 95,593 | 93,147 | 90,737 | 87,342 | 83,912 | |||||
| Noncontrolling interest | 1,171 | 1,608 | 1,609 | 1,605 | 1,615 | |||||
| Total equity | 96,764 | 94,755 | 92,346 | 88,947 | 85,527 | |||||
| Total liabilities and stockholders' equity | $ 1,011,947 | $ 1,021,399 | $ 1,054,975 | $ 1,215,578 | $ 1,110,412 | |||||
| Preferred shares outstanding at period end | -- | -- | -- | 481,123 | 788,900 | |||||
| Common shares outstanding at period end (1) | 10,480,023 | 10,408,544 | 10,398,073 | 8,557,939 | 7,251,491 | |||||
| Nonvested shares of common stock included in commons shares outstanding (1) | 233,960 | 233,960 | 233,960 | 231,460 | 126,072 | |||||
| Book value per common share at period end (1) (2) | $ 9.12 | $ 8.95 | $ 8.73 | $ 8.80 | $ 8.85 | |||||
| Tangible book value per common share at period end (1) (3) | $ 9.03 | $ 8.86 | $ 8.63 | $ 8.68 | $ 8.70 | |||||
| Closing market price (1) | $ 11.72 | $ 10.83 | $ 10.61 | $ 8.22 | $ 8.13 | |||||
| Total risk based capital - Consolidated company | 13.70% | 13.42% | 13.06% | 12.05% | 12.49% | |||||
| Total risk based capital - Bank | 13.84% | 13.66% | 13.78% | 12.73% | 13.23% | |||||
| (1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares. | ||||||||||
| (2) Book value per common share is defined as stockholders' equity divided by as-converted common shares outstanding. | ||||||||||
| (3) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by as-converted commons shares outstanding. | ||||||||||
| Consolidated Statements of Income | ||||||||
| Monarch Financial Holdings, Inc. and Subsidiaries | ||||||||
| Unaudited | ||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
| 2013 | 2012 | 2013 | 2012 | |||||
| INTEREST INCOME: | ||||||||
| Interest on federal funds sold | $ 43,210 | $ 3,973 | $ 73,680 | $ 19,135 | ||||
| Interest on other bank accounts | 11,307 | 4,713 | 29,401 | 13,159 | ||||
| Dividends on equity securities | 66,500 | 38,500 | 210,160 | 140,974 | ||||
| Interest on investment securities | 55,314 | 52,670 | 170,185 | 149,991 | ||||
| Interest and fees on loans | 10,665,512 | 11,719,849 | 33,187,774 | 33,454,639 | ||||
| Total interest income | 10,841,843 | 11,819,705 | 33,671,200 | 33,777,898 | ||||
| INTEREST EXPENSE: | ||||||||
| Interest on deposits | 979,858 | 1,207,004 | 3,030,233 | 3,755,695 | ||||
| Interest on trust preferred subordinated debt | 125,818 | 123,422 | 369,060 | 369,697 | ||||
| Interest on other borrowings | 15,355 | 99,723 | 343,343 | 199,837 | ||||
| Total interest expense | 1,121,031 | 1,430,149 | 3,742,636 | 4,325,229 | ||||
| NET INTEREST INCOME | 9,720,812 | 10,389,556 | 29,928,564 | 29,452,669 | ||||
| PROVISION FOR LOAN LOSSES | -- | 898,598 | -- | 4,313,677 | ||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||
| FOR LOAN LOSSES | 9,720,812 | 9,490,958 | 29,928,564 | 25,138,992 | ||||
| NON-INTEREST INCOME: | ||||||||
| Mortgage banking income | 15,657,242 | 25,651,606 | 52,395,566 | 62,387,895 | ||||
| Service charges and fees | 510,739 | 458,572 | 1,439,553 | 1,340,188 | ||||
| Title income | 177,705 | 294,369 | 664,479 | 577,249 | ||||
| Investment and insurance income | 264,967 | 34,826 | 717,427 | 66,138 | ||||
| Other income | 64,420 | 121,756 | 313,337 | 509,600 | ||||
| Total non-interest income | 16,675,073 | 26,561,129 | 55,530,362 | 64,881,070 | ||||
| NON-INTEREST EXPENSE: | ||||||||
| Salaries and employee benefits | 8,632,847 | 7,944,646 | 25,340,677 | 21,669,084 | ||||
| Commissions and incentives | 6,326,920 | 14,501,486 | 23,096,216 | 33,586,352 | ||||
| Occupancy and equipment | 2,232,315 | 1,827,114 | 6,229,278 | 5,141,293 | ||||
| Loan expense | 1,904,786 | 2,226,109 | 6,365,518 | 6,025,563 | ||||
| Marketing expense | 807,938 | 632,996 | 2,065,542 | 1,636,813 | ||||
| Data processing | 400,125 | 360,284 | 1,236,854 | 1,069,616 | ||||
| Other expenses | 2,010,030 | 2,317,353 | 6,014,381 | 6,068,856 | ||||
| Total non-interest expense | 22,314,961 | 29,809,988 | 70,348,466 | 75,197,577 | ||||
| INCOME BEFORE TAXES | 4,080,924 | 6,242,099 | 15,110,460 | 14,822,485 | ||||
| Income tax provision | (1,415,697) | (2,111,207) | (5,207,023) | (5,089,042) | ||||
| NET INCOME | 2,665,227 | 4,130,892 | 9,903,437 | 9,733,443 | ||||
| Less: Net income attributable to noncontrolling interest | (255,553) | (367,489) | (968,996) | (676,947) | ||||
| NET INCOME ATTRIBUTABLE TO MONARCH | ||||||||
| FINANCIAL HOLDINGS, INC | $ 2,409,674 | $ 3,763,403 | $ 8,934,441 | $ 9,056,496 | ||||
| Preferred stock dividend and accretion of preferred | ||||||||
| stock discount | -- | (386,734) | -- | (1,166,734) | ||||
| NET INCOME AVAILABLE TO COMMON | ||||||||
| STOCKHOLDERS | $ 2,409,674 | $ 3,376,669 | $ 8,934,441 | $ 7,889,762 | ||||
| NET INCOME PER COMMON SHARE: | ||||||||
| Basic | $ 0.23 | $ 0.47 | $ 0.89 | $ 1.09 | ||||
| Diluted | $ 0.23 | $ 0.37 | $ 0.85 | $ 0.89 | ||||
| Weighted average basic shares outstanding | 10,464,992 | 7,251,870 | 10,060,179 | 7,144,496 | ||||
| Weighted average diluted shares outstanding | 10,519,472 | 10,255,285 | 10,479,841 | 10,388,676 | ||||
| Return on average assets | 0.94% | 1.43% | 1.14% | 1.25% | ||||
| Return on average stockholders' equity | 10.18% | 18.24% | 13.07% | 15.23% | ||||
| (1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares. | ||||||||
| Financial Highlights | ||||||||||
| Monarch Financial Holdings, Inc. and Subsidiaries | ||||||||||
|
(Dollars in thousands, except per share data) |
For the Quarter Ended | |||||||||
|
September 30, 2013 |
June 30, 2013 |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
||||||
| EARNINGS | ||||||||||
| Interest income | $ 10,842 | $ 10,976 | $ 11,854 | $ 12,690 | $ 11,820 | |||||
| Interest expense | (1,121) | (1,184) | (1,438) | (1,591) | (1,430) | |||||
| Net interest income | 9,721 | 9,792 | 10,416 | 11,099 | 10,390 | |||||
| Provision for loan losses | -- | -- | -- | (517) | (899) | |||||
| Noninterest income - mortgage banking income | 15,510 | 20,572 | 16,166 | 23,826 | 25,652 | |||||
| Noninterest income - other | 1,018 | 1,102 | 1,015 | 1,054 | 909 | |||||
| Noninterest expense | (22,315) | (26,173) | (21,861) | (29,058) | (29,810) | |||||
| Pre-tax net income | 3,934 | 5,293 | 5,736 | 6,404 | 6,242 | |||||
| Minority interest in net income | (108) | (428) | (285) | (298) | (368) | |||||
| Income taxes | (1,416) | (1,798) | (1,993) | (2,338) | (2,111) | |||||
| Net income | $ 2,410 | $ 3,067 | $ 3,458 | $ 3,768 | $ 3,763 | |||||
| PER COMMON SHARE | ||||||||||
| Earnings per share - basic | $ 0.23 | $ 0.29 | $ 0.37 | $ 0.44 | $ 0.47 | |||||
| Earnings per share - diluted | 0.23 | 0.29 | 0.33 | 0.37 | 0.37 | |||||
| Common stock - per share dividends | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | |||||
| Average Basic Shares Outstanding | 10,464,992 | 10,401,992 | 9,300,760 | 7,980,259 | 7,251,870 | |||||
| Average Diluted Shares Outstanding | 10,519,472 | 10,483,420 | 10,451,897 | 10,315,360 | 10,255,285 | |||||
| ALLOWANCE FOR LOAN LOSSES | ||||||||||
| Beginning balance | $ 11,320 | $ 10,788 | $ 10,910 | $ 10,890 | $ 10,724 | |||||
| Provision for loan losses | -- | -- | -- | 517 | 899 | |||||
| Charge-offs | (137) | (279) | (554) | (622) | (823) | |||||
| Recoveries | 45 | 811 | 432 | 125 | 90 | |||||
| Net charge-offs | (92) | 532 | (122) | (497) | (733) | |||||
| Ending balance | $ 11,228 | $ 11,320 | $ 10,788 | $ 10,910 | $ 10,890 | |||||
| COMPOSITION OF RISK ASSETS | ||||||||||
| Nonperforming loans: | ||||||||||
| 90 days past due | $ 82 | $ -- | $ 351 | $ 153 | $ -- | |||||
| Nonaccrual & Restructured debt | 2,883 | 2,933 | 3,149 | 3,483 | 4,105 | |||||
| OREO | 95 | 95 | 95 | 0 | 1,250 | |||||
| Nonperforming assets | 3,060 | 3,028 | 3,595 | 3,636 | 5,355 | |||||
| ASSET QUALITY RATIOS | ||||||||||
| Nonperforming assets to total assets | 0.30% | 0.30% | 0.34% | 0.30% | 0.48% | |||||
| Nonperforming loans to total loans | 0.43 | 0.42 | 0.51 | 0.55 | 0.65 | |||||
| Allowance for loan losses to total loans held for investment | 1.61 | 1.62 | 1.56 | 1.65 | 1.74 | |||||
| Allowance for loan losses to nonperforming loans | 378.68 | 385.95 | 308.23 | 300.06 | 265.29 | |||||
| Annualized net charge-offs to average loans held for investment | 0.05 | -0.31 | 0.07 | 0.31 | 0.48 | |||||
| FINANCIAL RATIOS | ||||||||||
| Return on average assets | 0.94% | 1.19% | 1.27% | 1.28% | 1.43% | |||||
| Return on average stockholders' equity | 10.18 | 13.42 | 15.86 | 17.51 | 18.24 | |||||
| Net interest margin (FTE) | 4.11 | 4.11 | 4.12 | 4.02 | 4.27 | |||||
| Non-interest revenue/Total revenue | 60.4 | 66.4 | 59.2 | 66.3 | 69.2 | |||||
| Efficiency - Consolidated | 84.8 | 83.0 | 79.1 | 80.4 | 80.6 | |||||
| Efficiency - Bank only | 59.1 | 58.2 | 53.1 | 54.5 | 52.6 | |||||
| Average equity to average assets | 9.27 | 8.88 | 8.00 | 7.29 | 7.85 | |||||
| PERIOD END BALANCES (Amounts in thousands) | ||||||||||
| Total loans held for sale | $ 120,435 | $ 166,586 | $ 242,457 | $ 419,075 | $ 382,095 | |||||
| Total loans held for investment | 697,541 | 697,376 | 692,410 | 661,094 | 627,256 | |||||
| Interest-earning assets | 950,760 | 960,481 | 994,946 | 1,141,180 | 1,051,145 | |||||
| Assets | 1,011,947 | 1,021,399 | 1,054,975 | 1,215,578 | 1,110,412 | |||||
| Total deposits | 886,128 | 898,686 | 931,485 | 901,782 | 887,707 | |||||
| Other borrowings | 11,200 | 11,225 | 16,250 | 209,299 | 120,027 | |||||
| Stockholders' equity | 95,593 | 93,147 | 90,737 | 87,342 | 83,912 | |||||
| AVERAGE BALANCES (Amounts in thousands) | ||||||||||
| Total loans held for sale | $ 136,660 | $ 200,733 | $ 316,189 | $ 423,354 | $ 327,378 | |||||
| Total loans held for investment | 692,731 | 680,037 | 665,542 | 637,774 | 616,728 | |||||
| Interest-earning assets | 946,575 | 964,872 | 1,033,838 | 1,103,667 | 978,135 | |||||
| Assets | 1,013,932 | 1,032,345 | 1,105,933 | 1,173,820 | 1,044,966 | |||||
| Total deposits | 882,553 | 908,229 | 865,146 | 945,297 | 890,772 | |||||
| Other borrowings | 11,257 | 11,250 | 123,291 | 114,140 | 46,320 | |||||
| Stockholders' equity | 93,958 | 91,638 | 88,430 | 85,584 | 82,070 | |||||
| MORTGAGE PRODUCTION (Amounts in thousands) | ||||||||||
| Dollar volume of mortgage loans closed | $ 478,304 | $ 607,189 | $ 542,235 | $ 762,131 | $ 784,963 | |||||
| Percentage of refinance based on dollar volume | 22.6% | 39.2% | 56.8% | 61.4% | 59.8% | |||||