Business
Manhattan Bridge Capital, Inc. Reports Second Quarter 2023 Results
GREAT NECK, N.Y., July 20, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"GREAT NECK, N.Y., July 20, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2023 were approximately $2,399,000 compared to approximately $2,117,000 for the three months ended June 30, 2022, an increase of $282,000, or 13.3%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended June 30, 2023 and 2022, approximately $1,943,000 and $1,612,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $457,000 and $504,000, respectively, of its 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, 2023 was approximately $1,422,000, or $0.12 per basic and diluted share (based on approximately 11.48 million weighted-average outstanding common shares), as compared to approximately $1,356,000, or $0.12 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), for the three months ended June 30, 2022, an increase of $66,000, or 4.9%. This increase is primarily attributable to the increase in interest income, partially offset by an increase in interest expense. Total revenues for the six months ended June 30, 2023 were approximately $4,797,000 compared to approximately $4,232,000 for the six months ended June 30, 2022, an increase of $565,000, or 13.4%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans. For the six months ended June 30, 2023 and 2022, revenues of approximately $3,896,000 and $3,256,000, respectively, were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $901,000 and $976,000, respectively, 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 six months ended June 30, 2023 was a...