Business
Manhattan Bridge Capital, Inc. Reports Third Quarter 2021 Results
GREAT NECK, N.Y., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"GREAT NECK, N.Y., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months ended September 30, 2021 was approximately $1,110,000, or $0.10 per basic and diluted share (based on approximately 11.3 million weighted-average outstanding common shares), as compared to approximately $1,151,000, or $0.12 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares), for the three months ended September 30, 2020. The decrease is primarily attributable to a decrease in interest income from loans, partially offset by a decrease in interest expense. Total revenues for the three months ended September 30, 2021 were approximately $1,627,000, as compared to approximately $1,786,000 for the three months ended September 30, 2020, a decrease of $159,000 or 8.9%. The decrease in revenue was primarily attributable to lower interest rates charged on loans due to market conditions and intense competition from other lenders, partially offset by an increase in origination fees. For the three months ended September 30, 2021 and 2020, approximately $1,323,000 and $1,521,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to real estate investors, and approximately $304,000 and $265,000, 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 nine months ended September 30, 2021 was approximately $3,274,000, or $0.32 per basic and diluted share (based on approximately 10.2 million weighted-average outstanding common shares), as compared to approximately $3,264,000, or $0.34 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares) for the nine months ended September 30, 2020, an increase of $10,000. This increase is primarily attributable to a decrease in interest expense, offset by a decrease in revenue. Total revenues for the nine months ended September 30, 2021 were approximately $5,070,000 compared to approximately $5,239,000 for the nine months ended September 30, 2020, a decrease of $169,000, or 3.2%. The decrease in reve...