Great Neck, NY April 14, 2022 / GLOBE Newswire -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that net income for the three months ended March 31, 2022 was approximately $1,425,000, or $0.12 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), versus approximately $1,106,000, or $0.12 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares) for the three months ended March 31, 2021, an increase of $319,000, or 28.8%. This increase is primarily attributable to an increase in revenue, partially offset by an increase in general and administrative expenses.

Total revenue for the three months ended March 31, 2022 was approximately $2,115,000 compared to approximately $1,729,000 for the three months ended March 31, 2021, an increase of $386,000, or 22.3%. The increase in revenue was due to an increase in lending operations. For the three months ended March 31, 2022, approximately $1,644,000 of the Company’s revenue represents interest income on secured commercial loans that it offers to small businesses, compared to approximately $1,443,000 for the same period in 2021, and approximately $471,000 and $286,000, respectively, represent 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 March 31, 2022, total shareholders' equity was approximately $43,377,000.

Assaf Ran, Chairman of the Board and CEO, stated, “The first quarter financial results represent the impact of the additional funds we raised in the equity offering last summer. Despite the relatively lower interest rates that we are currently charging due to market conditions, our quarterly revenue and net earnings were near our all-time high.”

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.