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Manhattan Bridge Capital, Inc. Reports Third Quarter 2023 Results

GREAT NECK, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2023 was approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $1,237,000, or $0.11 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2022, an increase of $209,000, or 16.9%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense.

Total revenues for the three months ended September 30, 2023 were approximately $2,434,000 compared to approximately $2,107,000 for the three months ended September 30, 2022, an increase of $327,000, or 15.5%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2023 and 2022, approximately $1,992,000 and $1,678,000, 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 $441,000 and $429,000, respectively, of the Company’s 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, 2023 was approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $4,018,000, or $0.35 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2022, an increase of $110,000, or 2.7%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense.

Total revenues for the nine months ended September 30, 2023 were approximately $7,231,000 compared to approximately $6,339,000 for the nine months ended September 30, 2022, an increase of $892,000, or 14.1%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the nine months ended September 30, 2023 and 2022, revenues of approximately $5,889,000 and $4,934,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,342,000 and $1,405,000, respectively, of the Company’s 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.

As of September 30, 2023, total stockholders' equity was approximately $42,944,000.

On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 of its common shares. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. The authorization for the program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of September 30, 2023, the Company has purchased an aggregate of 37,860 common shares under this repurchase program, at an aggregate cost of approximately $186,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “In the current real estate market condition, we are reaping the fruits of our disciplined and conservative underwriting practices as well as our extraordinary low leverage versus our peers. Due to the high interest rates environment, real estate markets are slower and heavier. Yet, we face less competition, so we have managed to remain active.”

“I’d like to offer my sincere condolences to the families of the victims of the evil massacre of innocent Israeli citizens, including babies, children and women by the terror organization Hamas, and I pray for fast recovery of the wounded and the return of the over 200 hostages,” added Mr. Ran.

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
 

 Assets
September 30, 2023
(unaudited)
 December 31, 2022
(audited)
Loans receivable$70,781,039  $74,483,463 
Interest receivable on loans 1,349,374   1,363,502 
Cash
 133,147   103,540 
Other assets 100,030   59,566 
Operating lease right-of-use asset, net 221,079   262,222 
Deferred financing costs, net 30,765   7,708 
Total assets$72,615,434  $76,280,001 


Liabilities and Stockholders’ Equity     
Liabilities:     
Line of credit$21,433,094  $24,994,234 
Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158   5,752,845 
Deferred origination fees 670,295   669,128 
Accounts payable and accrued expenses 236,186   289,868 
Operating lease liability 233,978   273,485 
Dividends payable 1,288,753   1,436,868 
Total liabilities 29,671,464   33,416,428 

Commitments and contingencies
     
Stockholders’ equity:     
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued ---   --- 
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,457,085 and 11,494,945 outstanding, respectively 11,757   11,757 
Additional paid-in capital 45,545,609   45,535,811 
Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630)  (798,939)
Accumulated deficit (1,628,766)   (1,885,056)
Total stockholders’ equity 42,943,970   42,863,573 

Total liabilities and stockholders’ equity
$72,615,434  $76,280,001 


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 Three Months
Ended September 30,
Nine Months
Ended September 30,
 
  2023  2022  2023  2022 

Interest income from loans
$1,992,495 $1,677,670 $5,888,843 $4,933,767 
Origination fees 441,271  429,350  1,342,077  1,405,076 
Total revenue 2,433,766  2,107,020  7,230,920  6,338,843 
       
Operating costs and expenses:      
Interest and amortization of deferred financing costs 614,389  496,718  1,856,079  1,204,954 
Referral fees 361  625  1,652  3,945 
General and administrative expenses 377,192  377,436  1,274,267  1,125,162 
Total operating costs and expenses 991,942  874,779  3,131,998  2,334,061 
Income from operations 1,441,824  1,232,241  4,098,922  4,004,782 
Other income 4,500  4,500  29,380  13,500 
Income before income tax expense 1,446,324  1,236,741  4,128,302  4,018,282 
Income tax expense ---  ---  (650) (650)
Net income$1,446,324 $1,236,741 $4,127,652 $4,017,632 
       
Basic and diluted net income per common share outstanding:      
--Basic$0.13 $0.11 $0.36 $0.35 
--Diluted$0.13 $0.11 $0.36 $0.35 
       
Weighted average number of common shares outstanding      
--Basic 11,461,052  11,494,945  11,477,133  11,494,945 
--Diluted 11,461,052  11,494,945  11,477,133  11,494,945 


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)
 
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
 Common SharesAdditional Paid
in Capital
Treasury SharesAccumulated
Deficit
Totals
 SharesAmount SharesCost  
Balance, July 1, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018
Purchase of treasury shares   4,500(20,885) (20,885)
Non-cash compensation  3,266   3,266
Dividends declared and payable     (1,288,753)(1,288,753)
Net income                                                                               1,446,3241,446,324
Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970


FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 
 Common SharesAdditional Paid
in Capital
Treasury SharesAccumulated
Deficit
Totals
 SharesAmount SharesCost  
Balance, July 1, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929
Non-cash compensation  3,266   3,266
Dividends declared and payable     (1,436,868)(1,436,868)
Net income                                                                               1,236,7411,236,741
Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294) $43,103,068


FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
 Common SharesAdditional Paid
in Capital
Treasury SharesAccumulated
Deficit
Totals
 SharesAmount SharesCost  
Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939)$(1,885,056)$42,863,573
Purchase of treasury shares   37,860(185,691) (185,691)
Non-cash compensation  9,798   9,798
Dividends paid     (2,582,609)(2,582,609)
Dividends declared and payable     (1,288,753)(1,288,753)
Net income                                                                               4,127,6524,127,652
Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970


FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
 Common SharesAdditional Paid
in Capital
Treasury SharesAccumulated
Deficit
Totals
 SharesAmount SharesCost  
Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242
Non-cash compensation  9,798   9,798
Dividends paid     (2,873,736)(2,873,736)
Dividends declared and payable     (1,436,868)(1,436,868)
Net income                                                                                4,017,6324,017,632
Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294)$43,103,068


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

  Nine Months
Ended September 30, 
    2023    2022 
Cash flows from operating activities:    
 Net income $4,127,652  $4,017,632 
 Adjustments to reconcile net income to net cash provided by operating activities -    
 Amortization of deferred financing costs  71,449   83,401 
 Adjustment to operating lease right-of-use asset and liability  1,636   3,274 
 Depreciation  3,001   1,598 
 Non-cash compensation expense  9,798   9,798 
 Changes in operating assets and liabilities:    
Interest receivable on loans  14,128   (176,746)
Other assets  (38,381)  (29,164)
Accounts payable and accrued expenses  (53,682)  47,890 
Deferred origination fees  1,167   61,645 
Net cash provided by operating activities  4,136,768   4,019,328 
     
Cash flows from investing activities:    
Issuance of short term loans  (40,810,565)  (49,241,679)
Collections received from loans  44,512,989   42,255,461 
Purchase of fixed assets  (5,085)  (1,893)
Net cash provided by (used in) investing activities  3,697,339   (6,988,111)
     
Cash flows from financing activities:    
(Repayment of) proceeds from line of credit, net  (3,561,140)  7,715,637 
Dividends paid  (4,019,478)  (4,310,604)
Purchase of treasury shares  (185,691)  --- 
Deferred financing costs incurred  (38,191)  (35,819)
Net cash (used in) provided by financing activities  (7,804,500)  3,369,214 
     
Net increase in cash and restricted cash*  29,607   400,431 
Cash and restricted cash*, beginning of year  103,540   142,546 
Cash and restricted cash*, end of period $133,147  $542,977 
     
Supplemental Cash Flow Information:    
Taxes paid during the period $650  $650 
Interest paid during the period $1,797,254  $1,036,338 
Operating leases paid during the period $47,822  $47,703 
     
Supplemental Information – Noncash Information:    
Dividend declared and payable $1,288,753  $1,436,868 
         
* At September 30, 2022, cash and restricted cash included $433,269 of restricted cash.
 
  

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.

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