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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 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 approximately $2,681,000, or $0.23 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), as compared to approximately $2,781,000, or $0.24 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), for the six months ended June 30, 2022, a decrease of $100,000, or 3.6%. This decrease is primarily attributable to the increase in interest expense and a special bonus to officers in 2023, partially offset by an increase in interest income.

As of June 30, 2023, total stockholders' equity was approximately $42,804,000.

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 June 30, 2023, the Company has purchased an aggregate of 33,360 common shares under this repurchase program, at an aggregate cost of approximately $165,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “During the second quarter, we benefited from the impact of implementing increased interest rates on the vast majority of our loan portfolio. Finally, the balance between paying a higher interest to our bank and charging a higher interest to our borrowers is working in our favor, due to the fact that our debt to equity ratio is extraordinarily low.”

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
June 30, 2023
(unaudited)
 December 31, 2022
(audited)
Loans receivable$69,811,335 $74,483,463
Interest receivable on loans 1,274,288  1,363,502
Cash
 248,874  103,540
Other assets 134,819  59,566
Operating lease right-of-use asset, net 234,793  262,222
Deferred financing costs, net 33,948  7,708
         Total assets$71,738,057 $76,280,001


Liabilities and Stockholders’ Equity   
Liabilities:   
Line of credit$20,670,721  $24,994,234 
Senior secured notes (net of deferred financing costs of $209,614 and $247,155, respectively) 5,790,386   5,752,845 
Deferred origination fees 686,981   669,128 
Accounts payable and accrued expenses 231,736   289,868 
Operating lease liability 247,287   273,485 
Loan holdback 17,500   --- 
Dividends payable 1,289,428   1,436,868 
Total liabilities 28,934,039   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; 11,461,585 and 11,494,945 outstanding, respectively 11,757   11,757 
Additional paid-in capital 45,542,343   45,535,811 
Treasury stock, at cost – 295,473 and 262,113 shares, respectively (963,745)  (798,939)
Accumulated deficit (1,786,337)  (1,885,056)
Total stockholders’ equity 42,804,018   42,863,573 

Total liabilities and stockholders’ equity
$71,738,057  $76,280,001 



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

 Three Months
Ended June 30,
Six Months
Ended June 30,
  2023  2022  2023  2022 


Interest income from loans


$


1,942,527
 

$


1,612,308
 

$


3,896,349
 

$


3,256,097
 
Origination fees 456,835  504,455  900,806  975,726 
Total revenue 2,399,362  2,116,763  4,797,155  4,231,823 
                   
Operating costs and expenses:    
Interest and amortization of deferred financing costs 

595,427
  

376,383
  

1,241,690
  

708,236
 
Referral fees 1,000  1,958  1,292  3,320 
General and administrative expenses 400,979  386,238  897,075  747,726 
Total operating costs and expenses 997,406  764,579  2,140,057  1,459,282 
Income from operations 1,401,956  1,352,184  2,657,098  2,772,541 
Other income 20,380  4,500  24,880  9,000 
Income before income tax expense 1,422,336  1,356,684  2,681,978  2,781,541 
Income tax expense (650) (650) (650) (650)
Net income$1,421,686 $1,356,034 $2,681,328 $2,780,891 
     
Basic and diluted net income per common
share outstanding:
    
--Basic$                0.12 $                0.12 $                  0.23 $                  0.24 
--Diluted$                0.12 $                0.12 $                0.23 $                0.24 
     
Weighted average number of common shares outstanding:    
--Basic 11,475,406  11,494,945  11,485,116  11,494,945 
--Diluted 11,475,406  11,494,945  11,485,116  11,494,945 



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2023

 Common SharesAdditional Paid
in Capital
Treasury StockAccumulated DeficitTotals
 SharesAmount SharesCost  
Balance, April 1, 202311,757,058$11,757$45,539,077262,113$(798,939)$(1,918,595)$42,833,300 
Purchase of treasury shares   33,360 (164,806)  (164,806)
Non - cash compensation   3,266    3,266 
Dividends declared and payable      (1,289,428) (1,289,428)
Net income                                                                                           1,421,686  1,421,686 
Balance, June 30, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018 


FOR THE THREE MONTHS ENDED JUNE 30, 2022

 Common SharesAdditional Paid
in Capital
Treasury StockAccumulated DeficitTotals
 SharesAmount SharesCost  
Balance, April 1, 202211,757,058$11,757$45,526,012262,113$(798,939)$(1,361,333)$43,377,497 
Non - cash compensation   3,266    3,266 
Dividends declared and payable      (1,436,868) (1,436,868)
Net income                                                                                           1,356,034  1,356,034 
Balance, June 30, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929 


FOR THE SIX MONTHS ENDED JUNE 30, 2023

 Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
 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   33,360 (164,806)  (164,806)
Non - cash compensation   6,532    6,532 
Dividends paid      (1,293,181) (1,293,181)
Dividends declared and payable      (1,289,428) (1,289,428)
Net income                                                                                           2,681,328   2,681,328  
Balance, June 30, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018 


FOR THE SIX MONTHS ENDED JUNE 30, 2022

 Common SharesAdditional Paid
in Capital
Treasury StockAccumulated DeficitTotals
 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   6,532    6,532 
Dividends paid      (1,436,868) (1,436,868)
Dividends declared and payable      (1,436,868) (1,436,868)
Net income                                                                                           2,780,891  2,780,891 
Balance, June 30, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929 



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

  Six Months
Ended June 30,
   2023  2022
Cash flows from operating activities:    
Net income $ 2,681,328 $ 2,780,891
Adjustments to reconcile net income to net cash provided by operating activities -    
Amortization of deferred financing costs 49,494 53,999
Adjustment to operating lease right-of-use asset and liability 1,230 2,316
Depreciation 1,946 972
Non-cash compensation expense 6,532 6,532
Changes in operating assets and liabilities:    
Interest receivable on loans 89,214 (96,889)
Other assets (72,115) (63,871)
Accounts payable and accrued expenses (58,132) 31,151
Deferred origination fees 17,853 132,166
Net cash provided by operating activities 2,717,350 2,847,267
     
Cash flows from investing activities:    
Issuance of short term loans (28,122,249) (37,953,007)
Collections received from loans 32,811,877 34,364,708
Purchase of fixed assets (5,085) (1,893)
Net cash provided by (used in) investing activities 4,684,543 (3,590,192)
     
Cash flows from financing activities:    
(Repayment of) proceeds from line of credit, net (4,323,513) 3,627,556
Dividends paid (2,730,049) (2,873,736)
Purchase of treasury shares (164,806) ---
Deferred financing costs incurred (38,191) (35,819)
Net cash (used in) provided by financing activities (7,256,559) 718,001
     
Net increase (decrease) in cash 145,334 (24,924)
Cash, beginning of year 103,540 142,546
Cash, end of period $ 248,874 $ 117,622
     
Supplemental Cash Flow Information:    
Taxes paid during the period $ 650 $ 650
Interest paid during the period $ 1,215,297 $ 608,902
Operating leases paid during the period $ 31,863 $ 31,786
     
Supplemental Information – Noncash Information:    
Dividend declared and payable  $ 1,289,428  $ 1,436,868 
Loan holdback relating to mortgage receivable  $ 17,500  $ --- 



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

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