Great Neck, NY 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.