Come join us today from 1:00pm to 4:00pm to wish Jerry Yoder and very happy retirement. The open house will be at the Willowbrook branch, with cake and punch! We look forward to seeing you.
Monarch Announces First Quarter 2011 Earnings
May 4th, 2011 by Courtney No comments »COLDWATER, MICHIGAN, May 3, 2011 – Monarch Community Bancorp, Inc. (Nasdaq Capital Market: MCBF), the parent company of Monarch Community Bank, today announced earnings for the quarter ended March 31, 2011 of $110,000 based on net income available to common shareholders compared to a net loss available to common shareholders of $1.3 million for the quarter ended March 31, 2010. Basic and diluted losses per share for the quarter ended March 31, 2011 were $.06 compared to $(.67) for the same period in 2010.
“We are pleased with the continued improvement in the bank’s performance,” stated Rick DeVries, President and CEO, adding that, “We have undergone two external commercial loan reviews over the past eight months, and just completed our annual combined FDIC/OFIR examination. None of these events required additional provisions for commercial loans. These results reflect our continued focus on reducing the level of problem loans as we continue to grow key sources of fee income.”
The net interest margin for the first quarter of 2011 decreased 11 basis points to 2.97% compared to 3.08% for the same period in 2010. The decline in the margin is largely due to a shift in the composition of earning assets. The balance sheet reflects elevated levels of liquidity in anticipation of repayment of scheduled maturities of wholesale funding including Federal Home Loan Bank advances and brokered deposits. The Bank anticipates the deployment of excess liquidity in investment and lending opportunities.
The provision for loan losses was $260,000 in the first quarter of 2011 compared to $1.8 million for the first quarter of 2010. The reduced level of provision is reflective of management’s efforts in previous periods to identify potential problem loans and establish adequate reserves and/or charge-offs to address those problems. Non-performing assets totaled $16.4 million at the end of the first quarter of 2011, a decrease of $1.4 million from December 31, 2010 and a decrease of $10.9 million from June 30, 2010. Net charge offs for the quarter ended March 31, 2011 were $599,000 compared to $1.4 million for the same period in 2010. Net charge offs year to date consisted of primarily of one to four residential mortgages.
Non-interest income remained relatively unchanged for the first quarter of 2011 compared to the same period a year ago. Declines in fee income from loan origination and the overdraft protection program were offset by increased income from the gain on sale of other repossessed property.
Non-interest expense decreased $130,000 for the first quarter of 2011, compared to the same period a year ago. Cost control remains a focus of the Company. Costs associated with non-performing assets and foreclosed properties such as collection and maintenance costs, and impairment charges related to the disposition of other real estate have decreased $118,000.
Total assets were $255.8 million at March 31, 2011 compared to $256.9 million at December 31, 2010. Total loans decreased $8.2 million (4.5 %), to $174.6 million at March 31, 2011 from $182.8 million at December 31, 2010. Deposits increased $4.7 million, or 2.3%, to $210.7 million during the first quarter from $206.0 million at of the end of 2010.
Stockholder’s equity increased to $12.2 million at March 31, 2011 compared to $12.0 million at December 31, 2010. The Bank must meet certain minimum capital requirements to satisfy federal and state laws. Monarch Community Bank’s tier 1 leverage ratio increased to 4.67%, an increase of .31% from December 31, 2010. The Bank’s total risk based ratio was 8.46% an increase of .38% from December 31, 2010. In May of 2010 the Bank agreed with FDIC to develop a plan to increase its tier 1 leverage ratio to 9% and total risk based ratio to 11%. The Bank is pursuing all opportunities to raise capital and was considered adequately capitalized according to the FDIC definition as of March 31, 2011.
Monarch Community Bank is headquartered in Coldwater, Michigan and operates five full service retail offices in Branch, Calhoun and Hillsdale counties.
For additional information, visit Monarch Community Bancorp’s website at www.monarchcb.com.
Earth Day Tips
April 22nd, 2011 by Courtney No comments »Today is Earth Day, and the City of Coldwater sent out these great tips for community members to keep in mind.
“Earth Day is a good way to get people thinking about conserving energy”, Jodi Shook, Customer Service Manager said. “Energy conservation shouldn’t just be done around Earth Day; it should be done all year long. Taking one step now could lead to another step and then another. It might not seem like a lot, but if everyone is taking a step to conserve, it can have a large positive impact for our community.”
Here are five ways to ease into energy conservation:
1. Install compact fluorescent light bulbs – Energy Star qualified CFL’s use up to 75 percent less electricity than incandescent light bulbs.
2. Turn of the lights when you leave a room – this simple task can reduce lighting expenses by 10 to 40 percent.
3. Turn computers and monitors off when not in use – the monitor should be turned off if the PC isn’t used for 20 minutes; and both the CPU and monitor should be turned off if the PC isn’t used for more than two hours.
4. Unplug battery chargers when the batteries are fully charged or the chargers are not in use – Plug-in chargers continue to use power even when the device is fully charged or not attached to the charger.
5. Install a programmable thermostat – the U.S. Department of Energy estimates that programmable thermostats save one percent on energy bills per degree set-back for eight hours.
For those looking for an even greener solution, our new green pricing program, EcoSmart Choice may be for you. EcoSmart Choice allows both residential and commercial customers to support renewable energy development based on the purchase and retirement of renewable energy certificates. All CBPU electric customers are able to offset up to 100% of their electric usage with renewable energy for as little as an additional .007 cents per kWh.
It’s an opportunity to reflect on the importance of the environment and create awareness for the need to conserve energy. The Coldwater Board of Public Utilities (CBPU) encourages customers to take at least one step toward conserving energy. This not only helps individuals and businesses, it helps our entire community. To view a complete listing of Energy Efficiency programs and services offered by the CBPU, log on to www.coldwater.org or contact us at 517-279-9531. There are certainly other ways to conserve electricity; some require more effort than others, but all are beneficial.
To note: An Earth Day Celebration will be held on Friday, April 22nd
from 10:00 a.m. to 4:00 p.m. between 73 W Chicago St (Integrative Somatics Institute) and 89 W Chicago St (Eby-Klein Center). Presentations and displays include Bicycle Registration and Safety, Tai-Chi, Drinking Green, Energy Efficiency, Recycling, Stream/Water Quality Monitoring, Backyard Wildlife Habitats, Paper Crane Folding and Fred the Fish! Don’t miss this fun, informative afternoon. from 10:00 a.m. to 4:00 p.m. between 73 W Chicago St (Integrative Somatics Institute) and 89 W Chicago St (Eby-Klein Center). Presentations and displays include Bicycle Registration and Safety, Tai-Chi, Drinking Green, Energy Efficiency, Recycling, Stream/Water Quality Monitoring, Backyard Wildlife Habitats, Paper Crane Folding and Fred the Fish! Don’t miss this fun, informative afternoon.
Mulka Appointed as Chief Lending Officer at Monarch
April 20th, 2011 by Courtney No comments »
Monarch Community Bank is proud to announce the promotion of Charles Mulka, to chief lending officer (CLO) and first vice president at the bank. Formerly, Mulka was a commercial lender with the bank and will continue to work with both the residential and commercial lenders.
Mulka has worked at Monarch for the last year, and has 20 years experience in banking. His responsibilities in the new position include managing the commercial lending area, and playing an active role in driving organizational growth and the achievement of key strategic initiatives.
Mulka is a graduate of Madonna University, where he obtained a masters degree in business. In his spare time he enjoys playing and teaching guitar and staying active in karate.
Monarch Hosts Branch County Chamber After Business Hours with the Board of Realtors
April 18th, 2011 by Courtney No comments »We had a full house for the Branch County Chamber of Commerce After Business Hours, that Monarch co-hosted with the Branch County Board of Realtors! Thanks to everyone who came out to network!
Thanks to Steve Foster of the Branch County Sheriff’s Department for an information talk on meth clean-up and what to watch for when doing yard clean up.
Snapshots of Marshall Seniors Event
April 8th, 2011 by Courtney No comments »Yesterday, Monarch Community Bank was one of many organizations who came out to Marshall Middle School to show their support (and services/products) for area senior citizens. It was a fun-filled day with many activities at the event.
Tracy Engelsma of Monarch provided some "Financial Health Information" to participants.
A local accordian player lended some spirit to the air of the event.
Our Fearless Leader, Carl Gibson, is performing his best Chicken Dance as one of the activities at the event.
Theresa Chaney of Oaklawn Hospital gives a participant some health information.
Many community members came out to receive important health information.
A drumming workshop was held during the event, as a therapeutic way to reduce stress.
Home Rehab Grant Offered by City of Coldwater
April 8th, 2011 by Courtney No comments »The City of Coldwater is announcing their 2011 Home Repair Grant Program, which would provide up to $1,000 per property for exterior activities that could include siding, painting, windowsm doors, or any other exterior repair that would improve your home. To be eligible, the applicant must live within the city limits, own a home, and be living in it.
To be qualified for the program, applicants must be at or below 80% of the area median income. Applications are available at the City Building, on their website at www.coldwater.org or by calling Piers Kirby at 279-6911. Completed applications are due by Wednesday, April 29th.
IRS Warns of E-mail Fraud
April 1st, 2011 by Courtney No comments »The IRS is currently warning taxpayers of an active e-mail scam in the Midwest. The scam
involves e-mails supposedly sent from the IRS that bear copycat logos and the names of
real IRS officials. The recipients are told that their payment for taxes due has been rejected.
They are then asked to click on a link in order to fill out an attached form and
thereby resolve the payment rejection issue. However, the attachment actually contains a
virus. This virus allows the scammer to gather personal and financial information from the
recipient’s computer.
IRS spokesperson Michael Devine says that the IRS will never send an e-mail asking for
personal information to any taxpayer. All correspondence regarding any problem with your
tax return will be through the U.S. Mail. This official IRS letter will describe the problem and
contain contact information for the person or agency who can help you resolve the issue.
If you receive an e-mail that claims to be from the IRS, remember the following:
-Do not respond to it.
-Do not open any attachments.
-Do not click on any links in the e-mail.
To assist the IRS in locating and prosecuting the criminals perpetrating this scam, you can
do the following:
-Call 1-800-829-1040 to determine if the IRS is indeed trying to contact you regarding
your tax return.
-Forward any e-mail claiming to be from the IRS to phishing@irs.gov.
Fraud Assistance Hotline: (314) 612-1412
Office Phone: (314) 622-4941
Fax: (314) 622-3369
Monarch Community Center Opens
March 22nd, 2011 by Courtney No comments »
In September 2010, Monarch Community Bank made the decision to close the branch at 87 Marshall Street in Coldwater to reduce costs. However, in closing the branch, the Bank has also made the decision to open the space to non-profit groups in the area for reasonably priced offices.
Since September, Monarch has worked with the Branch County United Way to convert the building into the “Monarch Community Center”. Recently Monarch has moved out, and United Way has moved in. United Way will help fill the vacant office spaces with those non-profits in the area that are looking for offices at a reasonable cost. “We didn’t want to see another empty building in Coldwater, and we’re happy to offer the Center as an option for non-profit businesses,” said Courtney Dirschell, Marketing Department at Monarch Community Bank. “We’re hoping this option will also bring together many organizations that can benefit from being in close proximity, to increase networking and the sharing of resources.”
If you’re interested in having an office space inside the Monarch Community Center, please call United Way at 279-7919. United Way director Judy Krzeminski states “ The ability to house a number of non-profits under the same roof is an opportunity we could not pass up. We look forward to increasing the ability to collaborate and meet the needs of our community.”
Chapman Welcomed to Monarch’s Team
March 21st, 2011 by Courtney No comments »
Monarch Community Bank welcomes new employee, Arell Chapman. Chapman is first vice president and will head up the operations and information technology for the bank.
Chapman comes to Monarch Community Bank from First State Bank of East Detroit and has been in banking for 10 years. He is a graduate of Adrian High School and a college graduate of University of Phoenix with a master’s degree in business administration.
He resides in Onstead and he is involved in the Boy Scouts of America. Chapman is married to his wife Kellie and they have three sons ages 3, 5, and 8. When asked what he’s looking forward to in his new position he said, “I appreciate the opportunity to join a bank with the current management and I’m excited to a part of change and growth for the bank.”
