Monarch Bancorp: The Laguna Niguel company said...
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Monarch Bancorp: The Laguna Niguel company said net income for 1996 rose 8% to $738,000, or 5 cents a share, from $684,000, or 13 cents a share, for 1995. Fourth quarter net income increased 10% to $433,000, or 1 cent a share, from $394,000, or 5 cents a share.
The bank said several one-time charges reduced full-year net income by approximately $1 million and quarterly income by $920,000.
The charges stemmed from the acquisition of Western Bank and Monarch’s preparation for the previously announced acquisition of California Commercial Bankshares.
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