CHESAPEAKE, Va., July 25, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported their best second quarter profits in the Company's history. The Board of Directors also declared a cash dividend of $0.06 per share. Second quarter 2013 highlights are:
- Net income available to common shareholders up 29%
- Record quarterly net income of $3,066,638, up 10%
- Diluted earnings per share of $0.29, up 7%
- Net Interest Margin holding steady at 4.11%
- Non-performing assets at 0.30% of total assets
- $607 million in mortgage loans closed
"The second quarter of 2013 represents the 18th record quarterly improvement in our profitability. The leading drivers of our performance were improved credit quality, non-interest income growth, consistent mortgage loan closings and net interest income growth. Even with startup expenses related to Monarch Bank Private Wealth, expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty, we managed to improve our profitability and financial performance from the same period one year ago." stated Brad E. Schwartz, Chief Executive Officer. "Our shareholders have been rewarded this year with an improved stock price, increased cash dividends, and higher earnings per share."
The Board of Directors on July 24, 2013 declared a regular quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on August 30, 2013 to shareholders of record on August 9, 2013. The amount and declaration of future cash dividends are subject to Board of Director's approval in addition to regulatory restrictions.
For the first six months of 2013 net income was a record $6,524,767 compared to $5,293,093 for the same period in 2012, a 23% increase. The six month annualized return on average equity (ROE) was 14.61%, and the annualized return on average assets (ROA) was 1.23%. Year to date diluted earnings per share were $0.62 compared to $0.52 per share in the same quarter of 2012, a 19% improvement.
Net income was $3,066,638 for the second quarter of 2013, up 10% from the same period in 2012, which was the Company's previous record second quarter with $2,776,987 in net income. The quarterly annualized return on average equity (ROE) was 13.42%, and the quarterly return on average assets (ROA) was 1.19%. Diluted earnings per share were $0.29, compared to $0.27 per share in the same quarter of 2012.
Total assets at June 30, 2013 were $1.02 billion, up from $995 million one year prior. While total asset growth was nominal year over year, the shift in assets continued with loans held for investment growing $70.9 million, cash and funds sold growing $64.5 million, and short-term mortgage loans held for sale declining $115.4 million. A major company focus in 2013 has been to improve delivery and funding times for mortgage loans sold to our correspondents to improve our liquidity position, reduce potential interest rate risk, and ensure adequate funding to grow loans held for investment.
Loans held for investment grew $70.9 million or 11% in the past year. Loans held for investment grew a net of $5 million during the second quarter of 2013 and have grown $36 million year to date. We booked and funded $63 million in new loans held for investment during the second quarter of 2013 and $117 million year to date. The majority of our second quarter new loan growth was offset by loan payments and payoffs.
Deposits increased $45.3 million or 5.3% year over year and now total $898.6 million. The positive shift between deposit categories continued with our focus on generating commercial demand deposits through our cash management team. Demand deposits grew $51.2 million to $271.0 million, money market accounts grew $33.7 million to $341.0 million, and higher-cost certificates of deposits declined $42.2 million to $264.5 million. At the same time borrowings declined $35.1 million. The shift in certificates of deposit and borrowings is a direct reflection on our streamlined process for delivering closed mortgage loans held for sale to improve funding turnaround. Demand deposits now represent 30.2% of our total deposits. While the current rate environment does not appropriately reward banks for a demand deposit-focused funding strategy, this strategy should deliver long-term net interest margin protection when rates eventually rise.
"We are pleased to report a great quarter and year for loan production and growth, with all of this accomplished to our higher credit standards. We continue to see credit standards in the marketplace loosen and pledge to lend as we have in the past to the top clients in our markets with properly structured and priced loans." stated Neal Crawford, President of Monarch Bank. "Our funding initiatives continue to improve our deposit mix and for the first time we have over 30% of our deposits in demand deposit accounts. We are very proud of our team in hitting this goal in the second quarter."
Non-performing assets were 0.30%, which remains below that of our local, state, and national peer group. This was down from 0.34% in the first quarter of 2013 and 0.82% one year ago. Non-performing assets were $3.0 million, comprised of no loans 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. There was one property held at quarter-end in other real estate owned. The Company recorded net loan loss recoveries in the second quarter of $532 thousand, and year to date net loan loss recoveries totaled $410 thousand. The allowance for loan losses represents 1.62% of total loans held for investment and 385% of non-performing loans.
Average equity to average assets was 8.88% during the second quarter of 2013, an increase from 8.34% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 13.66%, 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, increased 2.5% or $236,000 during the second quarter of 2013 compared to the same quarter in 2012. Our net interest margin was 4.11% which improved from 4.02% at year-end 2012 and was in line with the previous quarter of 4.12%. Competition for loans for top credit clients continues to impact new loan pricing. Our focus on improving mortgage loan funding speeds also reduced our total earnings assets quarter over quarter.
Non-interest income increased $0.8 million during the second quarter over the previous year, while non-interest expenses grew by $1.7 million, increasing net overhead expense by $0.9 million for the second quarter compared to the previous year. Every category of non-interest income increased for the quarter and year to date. Investment revenues related to Monarch Bank Private Wealth totaled $452 thousand for the year compared to $31 thousand the previous year, a significant increase. The net overhead growth is attributed to the strategic growth of all our lines of business in the Williamsburg and Peninsula markets which opened in September 2012, the startup of Monarch Bank Private Wealth which began business in the third quarter of 2012, as well as mortgage and bank staffing growth. Salary and benefits expense, facilities expense, marketing expense, and the cost of governmental compliance expenses were the primary drivers of our net overhead growth.
Mortgage revenue continues to be the number one driver of non-interest income. $607 million in mortgage loans were closed during the second quarter of 2013, and home purchase mortgage loans represented 61% of total closed loans. We have closed $1.1 billion in mortgage loans during the first six months of 2013, which is in line with the same period in 2102. During the second quarter we also opened several mortgage banking offices of Advance Financial Group, our mortgage partnership with Rose and Womble Realty.
"We are pleased to report another quarter of strong mortgage production with over 60% of our volume from purchase mortgage loans. We have always structured our company to focus on purchase money mortgages and while we enjoyed the refinance volume in the past we are well positioned to continue our profit contribution in the current environment." stated William T. Morrison, CEO of Monarch Mortgage. "Our expansion in the Peninsula and Williamsburg markets is just beginning, with our Newport News mortgage office opening just last week. We remain focused on building relationships with the realtor and builder community, as well as our past clients to drive production volume."
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 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 | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2013 | 2013 | 2012 | 2012 | 2012 | |
ASSETS: | |||||
Cash and due from banks | $ 19,050 | $ 17,414 | $ 27,364 | $ 14,633 | $ 16,263 |
Interest bearing bank balances | 15,195 | 14,099 | 14,667 | 12,043 | 4,295 |
Federal funds sold | 56,972 | 21,937 | 15,744 | 8,191 | 6,142 |
Investment securities, at fair value | 16,573 | 16,493 | 14,634 | 10,328 | 10,820 |
Loans held for sale | 166,586 | 242,457 | 419,075 | 382,095 | 282,014 |
Loans held for investment, net of unearned income | 697,376 | 692,410 | 661,094 | 627,256 | 626,464 |
Less: allowance for loan losses | (11,320) | (10,788) | (10,910) | (10,890) | (10,724) |
Net loans | 686,056 | 681,622 | 650,184 | 616,366 | 615,740 |
Bank premises and equipment, net | 28,101 | 27,507 | 25,448 | 23,449 | 23,210 |
Restricted equity securities, at cost | 3,792 | 3,781 | 12,363 | 8,346 | 4,885 |
Bank owned life insurance | 7,290 | 7,231 | 7,173 | 7,132 | 7,069 |
Goodwill | 775 | 775 | 775 | 775 | 775 |
Intangible assets, net | 194 | 238 | 283 | 327 | 372 |
Accrued interest receivable and other assets | 20,815 | 21,421 | 27,868 | 26,727 | 23,649 |
Total assets | $ 1,021,399 | $ 1,054,975 | $ 1,215,578 | $ 1,110,412 | $ 995,234 |
LIABILITIES: | |||||
Demand deposits---non-interest bearing | $ 218,880 | $ 201,346 | $ 190,120 | $ 182,080 | $ 178,520 |
Demand deposits---interest bearing | 52,101 | 57,074 | 65,369 | 40,865 | 41,219 |
Money market deposits | 341,042 | 332,305 | 335,899 | 313,985 | 307,392 |
Savings deposits | 22,172 | 23,579 | 22,127 | 21,531 | 19,633 |
Time deposits | 264,491 | 317,181 | 288,267 | 329,246 | 306,649 |
Total deposits | 898,686 | 931,485 | 901,782 | 887,707 | 853,413 |
FHLB borrowings | 1,225 | 1,250 | 194,299 | 105,027 | 31,324 |
Short Term borrowings | -- | 5,000 | 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 | 16,733 | 14,894 | 15,550 | 17,151 | 14,260 |
Total liabilities | 926,644 | 962,629 | 1,126,631 | 1,024,885 | 913,997 |
STOCKHOLDERS' EQUITY: | |||||
Preferred Stock | -- | -- | 2,406 | 3,945 | 3,945 |
Common stock | 50,873 | 50,821 | 41,632 | 35,732 | 35,732 |
Capital in excess of par value | 6,521 | 6,300 | 12,718 | 16,867 | 16,724 |
Retained earnings | 36,233 | 33,790 | 30,786 | 27,586 | 24,512 |
Accumulated other comprehensive loss | (480) | (174) | (200) | (218) | (299) |
Total Monarch Financial Holdings, Inc. stockholders' equity | 93,147 | 90,737 | 87,342 | 83,912 | 80,614 |
Noncontrolling interest | 1,608 | 1,609 | 1,605 | 1,615 | 623 |
Total equity | 94,755 | 92,346 | 88,947 | 85,527 | 81,237 |
Total liabilities and stockholders' equity | $ 1,021,399 | $ 1,054,975 | $ 1,215,578 | $ 1,110,412 | $ 995,234 |
Preferred shares outstanding at period end | -- | -- | 481,123 | 788,900 | 788,900 |
Common shares outstanding at period end (1) | 10,408,544 | 10,398,073 | 8,557,939 | 7,251,491 | 7,251,491 |
Nonvested shares of common stock included in commons shares outstanding (1) | 233,960 | 233,960 | 231,460 | 105,060 | 105,060 |
Book value per common share at period end (1) (2) | $ 8.95 | $ 8.73 | $ 8.80 | $ 8.85 | $ 8.40 |
Tangible book value per common share at period end (1) (3) | $ 8.86 | $ 8.63 | $ 8.68 | $ 8.70 | $ 8.24 |
Closing market price (1) | $ 10.83 | $ 10.61 | $ 8.22 | $ 8.13 | $ 8.21 |
Total risk based capital - Consolidated company | 13.42% | 13.06% | 12.05% | 12.49% | 12.17% |
Total risk based capital - Bank | 13.66% | 13.78% | 12.73% | 13.23% | 12.79% |
(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 | Six Months Ended | |||
June 30, | June 30, | |||
2013 | 2012 | 2013 | 2012 | |
INTEREST INCOME: | ||||
Interest on federal funds sold | $ 25,312 | $ 8,903 | $ 30,470 | $ 15,162 |
Interest on other bank accounts | 9,952 | 4,898 | 18,094 | 8,446 |
Dividends on equity securities | 69,225 | 64,974 | 143,660 | 102,474 |
Interest on investment securities | 57,302 | 51,090 | 114,871 | 97,321 |
Interest and fees on loans | 10,813,696 | 10,853,754 | 22,522,262 | 21,734,790 |
Total interest income | 10,975,487 | 10,983,619 | 22,829,357 | 21,958,193 |
INTEREST EXPENSE: | ||||
Interest on deposits | 1,020,913 | 1,266,904 | 2,050,375 | 2,548,691 |
Interest on trust preferred subordinated debt | 124,200 | 123,425 | 243,242 | 246,275 |
Interest on other borrowings | 38,810 | 37,607 | 327,988 | 100,114 |
Total interest expense | 1,183,923 | 1,427,936 | 2,621,605 | 2,895,080 |
NET INTEREST INCOME | 9,791,564 | 9,555,683 | 20,207,752 | 19,063,113 |
PROVISION FOR LOAN LOSSES | -- | 1,484,400 | -- | 3,415,079 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,791,564 | 8,071,283 | 20,207,752 | 15,648,034 |
NON-INTEREST INCOME: | ||||
Mortgage banking income | 20,572,388 | 20,152,078 | 36,738,324 | 36,736,289 |
Service charges and fees | 477,660 | 467,565 | 928,814 | 881,616 |
Title income | 232,423 | 168,622 | 486,774 | 282,880 |
Investment and insurance income | 245,524 | 16,676 | 452,460 | 31,312 |
Other income | 146,276 | 118,992 | 248,917 | 387,844 |
Total non-interest income | 21,674,271 | 20,923,933 | 38,855,289 | 38,319,941 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 8,502,755 | 7,093,920 | 16,707,830 | 13,724,438 |
Commissions and incentives | 9,703,820 | 10,352,665 | 16,769,296 | 19,084,866 |
Occupancy and equipment | 2,130,445 | 1,715,098 | 3,996,963 | 3,314,179 |
Loan expense | 2,630,295 | 2,184,323 | 4,460,732 | 3,799,454 |
Marketing expense | 744,646 | 593,526 | 1,257,604 | 1,003,817 |
Data processing | 435,771 | 363,342 | 836,729 | 709,332 |
Other expenses | 2,025,152 | 2,202,905 | 4,004,351 | 3,751,503 |
Total non-interest expense | 26,172,884 | 24,505,779 | 48,033,505 | 45,387,589 |
INCOME BEFORE TAXES | 5,292,951 | 4,489,437 | 11,029,536 | 8,580,386 |
Income tax provision | (1,797,773) | (1,556,294) | (3,791,326) | (2,977,835) |
NET INCOME | 3,495,178 | 2,933,143 | 7,238,210 | 5,602,551 |
Less: Net income attributable to noncontrolling interest | (428,540) | (156,156) | (713,443) | (309,458) |
NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC | $ 3,066,638 | $ 2,776,987 | $ 6,524,767 | $ 5,293,093 |
Preferred stock dividend and accretion of preferred stock discount | -- | (390,000) | -- | (780,000) |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 3,066,638 | $ 2,386,987 | $ 6,524,767 | $ 4,513,093 |
NET INCOME PER COMMON SHARE: | ||||
Basic | $ 0.29 | $ 0.33 | $ 0.66 | $ 0.63 |
Diluted | $ 0.29 | $ 0.27 | $ 0.62 | $ 0.52 |
Weighted average basic shares outstanding | 10,401,992 | 7,188,270 | 9,854,418 | 7,183,028 |
Weighted average diluted shares outstanding | 10,463,851 | 10,225,182 | 10,451,897 | 10,214,481 |
Return on average assets | 1.19% | 1.18% | 1.23% | 1.14% |
Return on average stockholders' equity | 13.42% | 14.14% | 14.61% | 13.63% |
(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 | ||||
June 30, |
March 31, |
December 31, | September 30, |
June 30, |
|
2013 | 2013 | 2012 | 2012 | 2012 | |
EARNINGS | |||||
Interest income | $ 10,976 | $ 11,854 | $ 12,690 | $ 11,820 | $ 10,983 |
Interest expense | (1,184) | (1,438) | (1,591) | (1,430) | (1,428) |
Net interest income | 9,792 | 10,416 | 11,099 | 10,390 | 9,555 |
Provision for loan losses | -- | -- | (517) | (899) | (1,484) |
Noninterest income - mortgage banking income | 20,572 | 16,166 | 23,826 | 25,652 | 20,152 |
Noninterest income - other | 1,102 | 1,015 | 1,054 | 909 | 772 |
Noninterest expense | (26,173) | (21,861) | (29,058) | (29,810) | (24,506) |
Pre-tax net income | 5,293 | 5,736 | 6,404 | 6,242 | 4,489 |
Minority interest in net income | (428) | (285) | (298) | (368) | (156) |
Income taxes | (1,798) | (1,993) | (2,338) | (2,111) | (1,556) |
Net income | $ 3,067 | $ 3,458 | $ 3,768 | $ 3,763 | $ 2,777 |
PER COMMON SHARE | |||||
Earnings per share - basic | $ 0.29 | $ 0.37 | $ 0.44 | $ 0.47 | $ 0.33 |
Earnings per share - diluted | 0.29 | 0.33 | 0.37 | 0.37 | 0.27 |
Common stock - per share dividends | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 |
Average Basic Shares Outstanding | 10,401,992 | 9,300,760 | 7,980,259 | 7,235,370 | 7,188,270 |
Average Diluted Shares Outstanding | 10,483,420 | 10,451,897 | 10,315,360 | 10,255,285 | 10,205,401 |
ALLOWANCE FOR LOAN LOSSES | |||||
Beginning balance | $ 10,788 | $ 10,910 | $ 10,890 | $ 10,724 | $ 10,400 |
Provision for loan losses | -- | -- | 517 | 899 | 1,484 |
Charge-offs | (279) | (554) | (622) | (823) | (1,403) |
Recoveries | 811 | 432 | 125 | 90 | 243 |
Net charge-offs | 532 | (122) | (497) | (733) | (1,160) |
Ending balance | $ 11,320 | $ 10,788 | $ 10,910 | $ 10,890 | $ 10,724 |
COMPOSITION OF RISK ASSETS | |||||
Nonperforming loans: | |||||
90 days past due | $ -- | $ 351 | $ 153 | $ -- | $ 461 |
Nonaccrual & Restructured debt | 2,933 | 3,149 | 3,483 | 4,105 | 5,691 |
OREO | 95 | 95 | 0 | 1,250 | 2,013 |
Nonperforming assets | 3,028 | 3,595 | 3,636 | 5,355 | 8,165 |
ASSET QUALITY RATIOS | |||||
Nonperforming assets to total assets | 0.30% | 0.34% | 0.30% | 0.48% | 0.82% |
Nonperforming loans to total loans | 0.42 | 0.51 | 0.55 | 0.65 | 0.98 |
Allowance for loan losses to total loans held for investment | 1.62 | 1.56 | 1.65 | 1.74 | 1.71 |
Allowance for loan losses to nonperforming loans | 385.95 | 308.23 | 300.06 | 265.29 | 174.32 |
Annualized net charge-offs to average loans held for investment | -0.31 | 0.07 | 0.31 | 0.48 | 0.76 |
FINANCIAL RATIOS | |||||
Return on average assets | 1.19% | 1.27% | 1.28% | 1.43% | 1.18% |
Return on average stockholders' equity | 13.42 | 15.86 | 17.51 | 18.24 | 14.14 |
Net interest margin (FTE) | 4.11 | 4.12 | 4.02 | 4.27 | 4.36 |
Non-interest revenue/Total revenue | 66.4 | 59.2 | 66.3 | 69.2 | 65.6 |
Efficiency - Consolidated | 83.0 | 79.1 | 80.4 | 80.6 | 80.3 |
Efficiency - Bank only | 58.2 | 53.1 | 54.5 | 52.6 | 57.0 |
Average equity to average assets | 8.88 | 8.00 | 7.29 | 7.85 | 8.34 |
PERIOD END BALANCES (Amounts in thousands) | |||||
Total loans held for sale | $ 66,586 | $ 242,457 | $ 419,075 | $ 382,095 | $ 282,014 |
Total loans held for investment | 697,376 | 692,410 | 661,094 | 627,256 | 626,464 |
Interest-earning assets | 960,481 | 994,946 | 1,141,180 | 1,051,145 | 935,908 |
Assets | 1,021,399 | 1,054,975 | 1,215,578 | 1,110,412 | 995,234 |
Total deposits | 898,686 | 931,485 | 901,782 | 887,707 | 853,413 |
Other borrowings | 11,225 | 16,250 | 209,299 | 120,027 | 46,325 |
Stockholders' equity | 93,147 | 90,737 | 87,342 | 83,912 | 80,614 |
AVERAGE BALANCES (Amounts in thousands) | |||||
Total loans held for sale | $ 200,733 | $ 316,189 | $ 423,354 | $ 327,378 | $ 239,558 |
Total loans held for investment | 680,037 | 665,542 | 637,774 | 616,728 | 613,334 |
Interest-earning assets | 964,872 | 1,033,838 | 1,103,667 | 978,135 | 891,340 |
Assets | 1,032,345 | 1,105,933 | 1,173,820 | 1,044,966 | 947,060 |
Total deposits | 908,229 | 865,146 | 945,297 | 890,772 | 827,258 |
Other borrowings | 11,250 | 123,291 | 114,140 | 46,320 | 20,367 |
Stockholders' equity | 91,638 | 88,430 | 85,584 | 82,070 | 78,969 |
MORTGAGE PRODUCTION (Amounts in thousands) | |||||
Dollar volume of mortgage loans closed | $ 607,189 | $ 542,235 | $ 762,131 | $ 784,963 | $ 605,926 |
Percentage of refinance based on dollar volume | 39.2% | 56.8% | 61.4% | 59.8% | 47.5% |