MNRK Monarch Financial Holdings, Inc.

Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported record annual and increased fourth quarter profits, as well as strong loan and deposit growth. 

The Board of Directors announced a quarterly common stock cash dividend of $0.09 per common share, payable on February 26, 2016, to shareholders of record on February 12, 2016.  This quarterly payment represents a 24% increase over the dividend paid in first quarter of 2015 due to an increased payment amount and the effect of the December 2015 11-for-10 stock split.  The amount and declaration of future cash dividends is subject to Board of Director's approval in addition to regulatory restrictions.  All earnings per share and share totals have been restated to reflect the recent 11-for-10 stock split.

Annual 2015 highlights are:

• Record net income of $13,214,821, up 17.9%
• Diluted earnings per share of $1.11, up 15.6%
• Return on equity of 11.71%
• Net loans held for investment growth of $57 million, up 7.4%
• Net deposit growth of $80 million, up 8.7%
• $2.09 billion in mortgage loans closed, up 30.2%

Fourth quarter 2015 highlights are:

• Net income of $3,202,041, up 19.3%
• Diluted earnings per share of $0.27, up 17.4%
• Return on equity of 10.89%
• Net interest margin increased to 4.34%
• Loans held for investment grew $38 million
• Non-performing assets at 0.19% of total assets
• $469 million in mortgage loans closed, 76% purchase money

“We are pleased to report the best year of profitability in our 17 year history, a new record.  Our banking, mortgage and private wealth businesses continue to perform well with growth across all segments.  A strong net interest margin, robust mortgage production, loan and demand deposit growth, zero credit costs, and a focus on expense management continue to drive our above peer bottom line results.” stated Brad E. Schwartz, Chief Executive Officer.  “From a shareholder perspective earnings per share were up 16% for the year, cash dividends paid grew by 13% year over year, and our net income available to common shareholders reached record levels.  The announcement of our merger with TowneBank, expected to be completed by the end of the second quarter of 2016, drove a total shareholder return of 41% for the year.  We are excited about the integration of the two very strong banking franchises, with Monarch directors and employees expected to play a key role in the combined company.”

Record net income was $13,214,821 for 2015 compared to $11,211,850 in 2014, an increase of $2,002,971, or 17.9% over the previous year.  The annualized return on average equity (ROE) was 11.71%, and the return on average assets (ROA) was 1.20%.  Diluted earnings per share were $1.11, up 15.6% when compared to $0.96 for 2014. 

Net income was $3,202,041 for the fourth quarter of 2015, up 19.3% from the same period one year ago.  The quarterly annualized return on average equity (ROE) was 10.89%, and the quarterly return on average assets (ROA) was 1.16%.  Quarterly diluted earnings per share increased to $0.27 compared to $0.23 for the same quarter in 2014. 

Total assets at December 31, 2015 were $1.16 billion, with both loans and deposits showing strong year over year growth.  Year over year total loans held for investment grew $57 million or 7.4% and mortgage loans held for sale grew $22 million or 14.7%.  Deposits grew $79.7 million or 8.7% for the year, driven by growth in demand deposit accounts and time deposits.  Demand deposit accounts grew $47 million or 15.6% for the year, with 35% of our total deposit mix in demand deposits. 

“Loan growth increased dramatically late in the year driven by new loan volume as well as existing loan funding.  Even with the recent merger announcement our bankers continue to attract quality banking relationships that value our client-focused style of doing business.” stated Neal Crawford, President of Monarch Bank.  

Non-performing assets to total assets were 0.19% compared to 0.28% one year prior, which continues to remain significantly below that of our local, state, and national peer group.  This is the lowest level of non-performing assets reported at year end since 2007.  Non-performing assets were $2.2 million compared to $3.0 million at year end 2014.  Non-performing assets were comprised of $2.0 million in non-accrual loans, $248 thousand in loans more than 90 days past due, and no other real estate or repossessed assets.  Net charge-offs for the year were a negligible $65 thousand, with a large recovery of $724 thousand in the fourth quarter driving a reversal of $500 thousand in provision expense charged earlier in the year.  The allowance for loan losses represents 1.07% of loans held for investment and 397% of non-performing loans.

The Board of Directors announced a quarterly common stock cash dividend of $0.09 per common share, payable on February 26, 2016, to shareholders of record on February 12, 2016.  Due to the 11-for-10 stock split effected as a 10% stock dividend effective on December 4, 2015, the dividend represents a 10% increase in cash dividends over the previous quarterly dividend and a 24% increase over the dividend paid in the first quarter of 2015.  Total dividend payments on a per share basis increased 13% in 2015 when compared to 2014.  We have increased our cash dividend payout every year since we began paying cash dividends in 2010. 

Average equity to average assets was 10.6%, and total risk-based capital to risk weighted assets at Monarch Bank equaled 13.60%, significantly higher than the level required to be rated “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 for the full year by 12.5% driven by increased earning assets and management of our funding costs.   Net interest income increased 6.5% or $684 thousand during the fourth quarter of 2015.  An improved mix of earning assets in the fourth quarter along with higher loan fee recognition drove the improved fourth quarter performance.  The net interest margin was 4.34% for the fourth quarter compared to 4.19% in the third quarter of 2015 and 4.42% in the fourth quarter of 2014. 

Non-interest income in the fourth quarter increased 6.4% or $1.1 million from the previous year driven by increased revenues from mortgage loans sold, title insurance fees, investment and insurance revenue, service charges, and commercial mortgage placement fees.  Mortgage revenue continues to be the number one driver of non-interest income.  We closed $469 million in mortgage loans (76% purchase) during the fourth quarter of 2015 compared to $446 million (69% purchase) in the same quarter one year prior.  We closed $2.09 billion in mortgage loans (72% purchase) during 2015 compared to $1.60 billion (80% purchase) in 2014, an increase of 30%.  Total non-interest expense increased 6.6% or $1.6 million during the fourth quarter due to higher mortgage commissions, salaries and benefits expenses.  During the fourth quarter of 2015 we expensed $457,000 of merger related legal and investment banking expenses.

“The year 2015 was the second best year in our history for total closings, and a record year for mortgage purchase loan closings.  We closed $2.1 billion representing 7,996 loans.  We also had a good fourth quarter for mortgage originations and closings despite the new disclosure regulations that have slowed many of our competitors.” 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 ten banking offices in Chesapeake, Virginia Beach, Norfolk, and Williamsburg, Virginia.  Monarch Bank also has loan production offices in Newport News and Richmond, 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), Fitzgerald Financial, LLC (secondary mortgage origination), Advance Mortgage, LLC (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”.  On December 17, 2015 we announced the acquisition of Monarch Financial Holdings, Inc. and Monarch Bank by TowneBank of Portsmouth, Virginia. 

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
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
ASSETS:
Cash and due from banks		$	13,946			$	11,862			$	15,319			$	13,870			$	14,503
Interest bearing bank balances			58,638				75,658				84,225				73,237				49,761
Federal funds sold			1,296				14,188				2,377				63,311				1,135
Investment securities, at fair value			30,219				14,998				17,338				20,283				23,725
Mortgage loans held for sale			169,345				153,243				193,948				159,899				147,690
Loans held for investment, net of unearned income			829,269				790,704				792,962				787,003				772,590
Less: allowance for loan losses			(8,887	)			(8,733	)			(8,676	)			(8,644	)			(8,949	)
Net loans			820,382				781,971				784,286				778,359				763,641
Bank premises and equipment, net			28,972				29,513				30,117				30,050				30,247
Restricted equity securities, at cost			3,881				3,658				4,706				3,243				3,633
Bank owned life insurance			10,635				10,528				10,465				9,950				9,687
Goodwill			775				775				775				775				775
Accrued interest receivable and other assets			23,365				25,195				27,119				25,403				21,940
Total assets		$	1,161,454			$	1,121,589			$	1,170,675			$	1,178,380			$	1,066,737
LIABILITIES:
Demand deposits--non-interest bearing		$	280,080			$	276,706			$	293,442			$	270,446			$	235,301
Demand deposits--interest bearing			68,963				62,335				54,580				58,725				66,682
Money market deposits			364,893				365,615				379,716				417,329				369,221
Savings deposits			19,517				19,263				19,431				19,519				20,003
Time deposits			265,641				238,260				231,854				271,121				228,207
Total deposits			999,094				962,179				979,023				1,037,140				919,414
FHLB borrowings			16,000				10,000				46,025				1,050				11,075
Trust preferred subordinated debt			10,000				10,000				10,000				10,000				10,000
Accrued interest payable and other liabilities			18,638				23,376				22,167				19,653				18,710
Total liabilities			1,043,732				1,005,555				1,057,215				1,067,843				959,199
STOCKHOLDERS' EQUITY:
Common stock			57,199				57,516				52,182				51,950				51,864
Capital in excess of par value			17,241				16,859				8,846				8,555				8,336
Retained earnings			43,350				41,612				52,412				49,957				47,354
Accumulated other comprehensive loss			(157	)			(38	)			(65	)			(14	)			(102	)
Total Monarch Financial Holdings, Inc. stockholders' equity			117,633				115,949				113,375				110,448				107,452
Noncontrolling interest			89				85				85				89				86
Total equity			117,722				116,034				113,460				110,537				107,538
Total liabilities and stockholders' equity		$	1,161,454			$	1,121,589			$	1,170,675			$	1,178,380			$	1,066,737
Common shares outstanding at period end (3)			11,880,909				11,884,060				11,855,761				11,810,641				11,717,722
Nonvested shares of common stock included in commons shares outstanding (3)			441,040				380,875				375,595				381,645				307,725
Book value per common share at period end (1)(4)		$	9.89			$	9.79			$	9.56			$	9.35			$	9.17
Tangible book value per common share at period end (2)(4)		$	9.82			$	9.72			$	9.50			$	9.29			$	9.10
Closing market price (4)		$	17.99			$	11.27			$	11.41			$	11.37			$	12.50
Total risk based capital - Consolidated company			13.69	%			14.04	%			13.62	%			13.57	%			13.79	%
Total risk based capital - Bank			13.60	%			13.95	%			13.52	%			13.38	%			13.81	%
(1) Book value per common share is defined as stockholders' equity divided by common shares outstanding.
(2) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by common shares outstanding
(3) Common shares have been adjusted to reflect the 11 for 10 stock split
(4) Per share values have been restated to reflect the 11 for 10 stock split

 

Consolidated Statements of Income
Monarch Financial Holdings, Inc. and Subsidiaries
Unaudited
		Three Months Ended								Year Ended
		December 31,								December 31,
			2015				2014				2015				2014
INTEREST INCOME:
Interest and fees on loans held for investment		$	10,359,632			$	9,752,472			$	40,393,696			$	37,327,978
Interest on mortgage loans held for sale			1,414,542				1,376,920				5,963,440				4,866,818
Interest on investment securities			86,572				100,957				324,921				359,604
Interest on federal funds sold			2,814				4,980				33,661				84,850
Dividends on equity securities			55,087				33,545				194,313				106,955
Interest on other bank accounts			130,896				92,156				485,152				244,702
Total interest income			12,049,543				11,361,030				47,395,183				42,990,907
INTEREST EXPENSE:
Interest on deposits			733,533				722,537				2,868,240				3,185,965
Interest on trust preferred subordinated debt			48,700				46,337				191,071				416,233
Interest on other borrowings			7,520				16,615				87,825				58,966
Total interest expense			789,753				785,489				3,147,136				3,661,164
NET INTEREST INCOME			11,259,790				10,575,541				44,248,047				39,329,743
(RECOVERY) PROVISION OF/FOR LOAN LOSSES			(500,000	)			-				-				-
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES			11,759,790				10,575,541				44,248,047				39,329,743
NON-INTEREST INCOME:
Mortgage banking income			17,094,779				16,210,774				79,578,461				62,440,013
Service charges and fees			553,386				489,974				2,227,224				2,058,262
Title income			246,039				216,895				967,223				669,785
Investment and insurance income			391,973				382,774				1,607,823				1,592,398
Other income			196,460				72,366				733,361				318,783
Total non-interest income			18,482,637				17,372,783				85,114,092				67,079,241
NON-INTEREST EXPENSE:
Salaries and employee benefits			9,557,882				8,798,996				39,349,089				34,134,998
Commissions and incentives			7,631,428				6,926,507				36,995,519				24,754,633
Occupancy and equipment			2,337,342				2,412,296				9,442,268				9,548,543
Loan origination expense			1,375,139				1,676,134				7,382,476				6,652,007
Marketing expense			943,259				990,383				3,625,625				3,111,535
Data processing			571,521				715,057				2,329,983				2,272,785
Telephone			348,285				296,396				1,373,579				1,226,389
Merger related expenses			456,919				-				456,919				-
Other expenses			1,945,205				1,789,789				7,416,253				6,778,966
Total non-interest expense			25,166,980				23,605,558				108,371,711				88,479,856
INCOME  BEFORE TAXES			5,075,447				4,342,766				20,990,428				17,929,128
Income tax provision			(1,805,849	)			(1,616,093	)			(7,583,820	)			(6,490,273	)
NET INCOME			3,269,598				2,726,673				13,406,608				11,438,855
Less: Net income attributable to noncontrolling interest			(67,557	)			(43,720	)			(191,787	)			(227,005	)
NET INCOME ATTRIBUTABLE TO MONARCH
FINANCIAL HOLDINGS, INC		$	3,202,041			$	2,682,953			$	13,214,821			$	11,211,850
NET INCOME  PER COMMON SHARE:
Basic (1)		$	0.27			$	0.23			$	1.12			$	0.96
Diluted (1)		$	0.27			$	0.23			$	1.11			$	0.96
Weighted average basic shares outstanding (1)			11,856,180				11,713,002				11,840,837				11,681,387
Weighted average diluted shares outstanding (1)			11,856,180				11,758,140				11,853,128				11,724,460
Return on average assets			1.16	%			1.04	%			1.20	%			1.13	%
Return on average stockholders' equity			10.89	%			10.03	%			11.71	%			10.95	%
(1)  Per share values have been restated to reflect the 11 for 10 stock dividend

 

Financial Highlights
Monarch Financial Holdings, Inc. and Subsidiaries
	(Dollars in thousands,		For the Quarter Ended
	except per share data)		December 31,				September 30,				June 30,				March 31,				December 31,
				2015				2015				2015				2015				2014
EARNINGS - COMMERCIAL AND OTHER BANKING SEGMENT
	Interest income		$	11,652			$	11,497			$	11,526			$	10,999			$	10,889
	Interest expense			(790	)			(810	)			(810	)			(737	)			(786	)
	Net interest income			10,862				10,687				10,716				10,262				10,103
	Recovery (provision) of/for loan losses			500				-				(250	)			(250	)			-
	Noninterest income - other			1,588				1,359				1,385				1,202				1,162
	Noninterest expense			(8,425	)			(7,605	)			(8,174	)			(7,815	)			(7,228	)
	Pre-tax net income			4,525				4,441				3,677				3,399				4,037
	Noncontrolling interest in net income			(19	)			(13	)			(15	)			(16	)			(13	)
	Income taxes			(1,539	)			(1,622	)			(1,327	)			(1,235	)			(1,502	)
	Net income		$	2,967			$	2,806			$	2,335			$	2,148			$	2,522
EARNINGS - MORTGAGE BANKING OPERATIONS
	Interest income		$	1,415			$	1,495			$	1,746			$	1,307			$	1,377
	Interest expense			(1,017	)			(1,056	)			(1,248	)			(921	)			(905	)
	Net interest income			398				439				498				386				472
	Noninterest income - mortgage banking income			17,541				20,595				22,449				18,307				16,910
	Forward rate commitments and unrealized hedge gain (loss)			(288	)			(834	)			341				1,267				(565	)
	Noninterest expense			(17,101	)			(19,649	)			(21,529	)			(17,873	)			(16,511	)
	Pre-tax net income			550				551				1,759				2,087				306
	Noncontrolling interest in net income			(49	)			(28	)			(36	)			(16	)			(31	)
	Income taxes			(266	)			(201	)			(634	)			(758	)			(114	)
	Net income		$	235			$	322			$	1,089			$	1,313			$	161
INTERCOMPANY ELIMINATIONS
	Interest income - Commercial and Other Banking Segment			(1,017	)			(1,056	)			(1,248	)			(921	)			(905	)
	Interest expense - Mortgage Banking Operations			1,017				1,056				1,248				921				905
EARNINGS - CONSOLIDATED
	Interest income		$	12,050			$	11,936			$	12,024			$	11,385			$	11,361
	Interest expense			(790	)			(810	)			(810	)			(737	)			(786	)
	Net interest income			11,260				11,126				11,214				10,648				10,575
	Recovery (provision) of/for loan losses			500				-				(250	)			(250	)			-
	Noninterest income - mortgage banking income			17,095				19,380				22,241				21,064				16,211
	Noninterest income - other			1,388				1,359				1,385				1,202				1,162
	Noninterest expense			(25,168	)			(26,873	)			(29,154	)			(27,178	)			(23,605	)
	Pre-tax net income			5,075				4,992				5,436				5,486				4,343
	Noncontrolling interest in net income			(68	)			(41	)			(51	)			(32	)			(44	)
	Income taxes			(1,805	)			(1,823	)			(1,961	)			(1,993	)			(1,616	)
	Net income		$	3,202			$	3,128			$	3,424			$	3,461			$	2,683
PER COMMON SHARE (1)
	Earnings per share - basic		$	0.27			$	0.26			$	0.29			$	0.29			$	0.23
	Earnings per share - diluted			0.27				0.26				0.29				0.29				0.23
	Common stock - per share dividends			0.09				0.08				0.08				0.07				0.07
	Average Basic Shares Outstanding			11,856,180				11,864,347				11,836,175				11,801,027				11,713,002
	Average Diluted Shares Outstanding			11,856,180				11,864,347				11,848,826				11,837,536				11,758,140
YIELDS
	Loans held for investment			5.19	%			5.17	%			5.21	%			5.21	%			5.34	%
	Mortgage loans held for sale, net at fair value			3.94				4.02				3.88				3.90				4.16
	Other earning assets			1.53				1.04				1.38				1.31				1.33
	Total earning assets			4.64				4.49				4.59				4.62				4.75
	Interest bearing checking			0.12				0.12				0.13				0.13				0.14
	Money market and regular savings			0.36				0.35				0.36				0.30				0.31
	Time deposits			0.68				0.65				0.61				0.61				0.81
	Borrowings			0.90				0.96				1.04				1.33				1.71
	Total interest-bearing liabilities			0.46				0.46				0.44				0.43				0.48
	Interest rate spread			4.18				4.03				4.15				4.19				4.27
	Net interest margin			4.34				4.19				4.28				4.32				4.42
FINANCIAL RATIOS
	Return on average assets			1.16	%			1.11	%			1.22	%			1.31	%			1.04	%
	Return on average stockholders' equity			10.89				10.82				12.28				12.98				10.03
	Non-interest revenue/Total revenue			60.5				63.5				66.3				66.2				60.5
	Efficiency - Consolidated			84.6				84.3				83.7				82.6				84.5
	Efficiency - Bank only			60.9				60.8				64.6				66.2				61.2
	Average equity to average assets			10.61				10.22				9.92				10.10				10.39
(1) Per common share values have been restated to reflect the 11 for 10 stock dividend

 

Financial Highlights
Monarch Financial Holdings, Inc. and Subsidiaries
	(Dollars in thousands,		For the Quarter Ended
	except per share data)		December 31,				September 30,				June 30,				March 31,				December 31,
				2015				2015				2015				2015				2014
ALLOWANCE FOR LOAN LOSSES
	Beginning balance		$	8,733			$	8,676			$	8,644			$	8,949			$	8,977
	(Recovery) provision of/for loan losses			(500	)			-				250				250				-
	Charge-offs			(70	)			-				(287	)			(598	)			(174	)
	Recoveries			724				57				69				43				146
	Net recoveries (charge-offs)			654				57				(218	)			(555	)			(28	)
	Ending balance		$	8,887			$	8,733			$	8,676			$	8,644			$	8,949
COMPOSITION OF RISK ASSETS
	Nonperforming loans:
	90 days past due		$	248			$	-			$	-			$	175			$	175
	Nonaccrual loans			1,990				1,841				2,266				4,325				2,705
	OREO and reposessed assets			0				275				375				100				144
	Nonperforming assets		$	2,238			$	2,116			$	2,641			$	4,600			$	3,024
ASSET QUALITY RATIOS
	Nonperforming assets to total assets			0.19	%			0.19	%			0.23	%			0.39	%			0.28	%
	Nonperforming loans to total loans			0.27				0.23				0.29				0.57				0.37
	Allowance for loan losses to total loans held for investment			1.07				1.10				1.09				1.10				1.16
	Allowance for loan losses to nonperforming loans			397.10				474.36				382.88				192.09				310.73
	Annualized net charge-offs to average loans held for investment			(0.33	)			(0.03	)			0.11				0.29				0.02
PERIOD END BALANCES (Amounts in thousands)
	Total mortgage loans held for sale		$	169,345			$	153,243			$	193,948			$	159,899			$	147,690
	Total loans held for investment			829,269				790,704				792,962				787,003				772,590
	Interest-earning assets			1,099,316				1,059,135				1,101,733				1,110,582				1,003,332
	Assets			1,161,454				1,121,589				1,170,675				1,178,380				1,066,737
	Total deposits			999,094				962,179				979,023				1,037,140				919,414
	Other borrowings			26,000				20,000				56,025				11,050				21,075
	Stockholders' equity			117,633				116,034				113,460				111,443				107,452
AVERAGE BALANCES (Amounts in thousands)
	Total mortgage loans held for sale		$	142,363			$	147,670			$	180,485			$	136,084			$	131,471
	Total loans held for investment			792,115				783,113				778,757				771,587				725,093
	Interest-earning assets			1,040,577				1,060,069				1,062,119				1,009,389				958,904
	Assets			1,099,252				1,122,895				1,126,749				1,070,581				1,021,591
	Total deposits			939,400				955,979				969,144				925,984				883,478
	Other borrowings			24,756				33,872				27,437				21,049				14,575
	Stockholders' equity			116,634				114,714				111,824				108,174				106,088
MORTGAGE PRODUCTION (Amounts in thousands)
	Dollar volume of mortgage loans closed		$	468,606			$	527,514			$	605,401			$	487,423			$	445,846
	Percentage of refinance based on dollar volume			24.3	%			17.3	%			23.9	%			47.0	%			30.9	%

  

Contact: Brad E. Schwartz – (757) 389-5111, www.monarchbank.com