Monarch Community Bancorp Inc. (MCBF: Quote), the holding company for Monarch Community Bank, Friday reported a loss for the first quarter compared to a profit last year, due mainly to lower incomes and higher non-interest expenses.
The Coldwater, Michigan-based company's first-quarter net loss available to common stock was $501thousand or $0.25 per share, compared to a profit of $110 thousand or $0.06 per share last year.
Net interest income for the quarter dropped to $1.67 million from $1.78 million in the year-ago quarter. Total non-interest income declined to $840 thousand from $1.05 million in the prior-year quarter.
Loan loss provisions for the quarter decreased to $28 thousand from $260 thousand last year.
Non-interest expense for the quarter increased to $2.89 million from $2.36 million in the prior-year quarter.
by RTT Staff Writer
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