The company’s loan portfolio stood at $278.1 million at the close of the second quarter of 2014, up nearly $9 million from the previous quarter ended March 31, when the company reported $269.3 million, according to its earnings report filed today with the SEC.
Nicholas said net earnings for the three months ended June 30, 2014 decreased 14% to $4,909,000, compared with $5,700,000 for the three months ended June 30, 2013. Per share diluted net earnings decreased 13% to $0.40, compared with $0.46 at the same time last year.
Company president and CEO Ralph T. Finkenbrink said results were negatively impacted by a reduction in the gross portfolio yield, an increase in the provision for credit losses, and an increase in operating expenses compared to the corresponding period, ended June 30,2013.
He said results were further impacted negatively by a change in the fair value of interest rate swap agreements, which resulted in a loss of $212,000 for the three months ended June 30, 2014 compared to a gain of $833,000 for the period ended June 30, 2013.
“Finally, for the period ended June 30, 2014, professional fees associated with the previously announced potential sale of the Company, that were not deductible for income tax purposes, will now be deductible as a result of the termination of the Arrangement Agreement as announced on July 1, 2014, resulting in a decrease in income tax expense of $804,000,” Finkenbrink said. “We will continue to develop additional markets and we may open additional branch locations during the remainder of our current fiscal year, which ends March 31, 2015.”Like This Post