GREAT NECK, N.Y., July 22, 2024 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today its financial results for the second quarter of 2024.
For the three months ended June 30, 2024, the Company reported total revenues of approximately $2,443,000, compared to approximately $2,399,000 for the same period in 2023, marking an increase of $44,000 or 1.8%. This growth in revenue was primarily driven by higher interest rates on the Company’s commercial loans. However, it was partially offset by a decrease in loans receivable and reduced origination fees due to a slowdown in new loan originations. Specifically, interest income on secured commercial loans contributed approximately $2,033,000 and $1,943,000 for the quarters ended June 30, 2024 and 2023, respectively, while origination fees totaled approximately $411,000 and $457,000 for the same periods.
Net income for the second quarter of 2024 was approximately $1,409,000, or $0.12 per basic and diluted share, based on approximately 11.44 million weighted-average outstanding common shares. This compares to approximately $1,422,000, or $0.12 per basic and diluted share, based on approximately 11.48 million weighted-average outstanding common shares, for the second quarter of 2023, reflecting a slight decrease of $13,000 or 0.9%.
For the six months ended June 30, 2024, total revenues were approximately $5,016,000, up from approximately $4,797,000 for the same period in 2023, representing an increase of $219,000 or 4.6%. Similar to the quarterly results, this increase was driven by higher interest rates on commercial loans, partially offset by a reduction in loans receivable and lower origination fees. Interest income for the six months ended June 30, 2024 and 2023 amounted to approximately $4,175,000 and $3,896,000, respectively, while origination fees were approximately $841,000 and $901,000 for the same periods.
