Monarch Community Bancorp Inc. (MCBF) announced a second-quarter net loss available to common shareholders of $372,000 compared to net loss available to common shareholders of $70,000 last year. Loss per share for the quarter was $0.19 compared to a loss of $0.04 for the same period in 2011.
The loss represents a decline in interest income due to a decrease in the average loans outstanding, an increase in salaries and employment benefits associated with opening new residential loan production offices, and higher foreclosure costs associated with a more conservative approach in recognizing losses from foreclosed assets.
Non-interest income for the quarter increased 60%, from $728,000 to $1.2 million for the same period a year ago. This increase is primarily attributable to an increase in other income of $357,000 and in gain on sale of loans of $113,000. The increase in other income was largely due to an increase in the gain on sale of repossessed of property.
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