Business
Manhattan Bridge Capital, Inc. Reports Second Quarter 2021 Results
GREAT NECK, N.Y., July 23, 2021 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its total revenues for the three months
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"GREAT NECK, N.Y., July 23, 2021 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its total revenues for the three months ended June 30, 2021 were approximately $1,713,000 compared to approximately $1,741,000 for the three months ended June 30, 2020, a decrease of $28,000, or 1.6%. The decrease in revenues was primarily attributable to lower interest rates charged on loans due to market conditions and intense competition from other lenders. For the three months ended June 30, 2021 and 2020, approximately $1,424,000 and $1,490,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to real estate investors, and approximately $290,000 and $251,000, respectively, of our revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers. Net income for the three months ended June 30, 2021 was approximately $1,058,000, or $0.11 per basic and diluted share (based on approximately 9.62 million weighted-average outstanding common shares), as compared to approximately $1,097,000, or $0.11 per basic and diluted share (based on approximately 9.63 million weighted-average outstanding common shares), for the three months ended June 30, 2020. The decrease is primarily attributable to the decrease in interest income resulting from the lower interest rates charged on loans. Total revenues for the six months ended June 30, 2021 were approximately $3,443,000 compared to approximately $3,452,000 for the six months ended June 30, 2020, a decrease of $9,000. The decrease in revenues was primarily attributable to lower interest rates charged on loans due to market conditions and intense competition from other lenders, offset by an increase in origination fees. For the six months ended June 30, 2021 and 2020, revenues of approximately $2,867,000 and $2,964,000, respectively, were attributable to interest income on secured commercial loans that we offer to real estate investors, and approximately $576,000 and $488,000, respectively, were attributable to origination fees on such loans. Net income for the six months ended June 30, 2021 was approximately $2,164,000, or $0.22 per basic and diluted share (based on approxi...