TEXAS | 1-13610 | 75-6446078 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
17950 Preston Road, Suite 600, Dallas, TX |
75252 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release dated May 9, 2011. |
PMC COMMERCIAL TRUST |
||||
By: | /s/ Barry N. Berlin | |||
Barry N. Berlin, Chief Financial Officer | ||||
FOR:
|
PMC Commercial Trust | CONTACT: | Investor Relations | |||
17950 Preston Road, Suite 600 | 972-349-3235 | |||||
Dallas, TX 75252 | www.pmctrust.com |
Dallas, TX | May 9, 2011 |
| Revenues increased $601,000 primarily due to an increase in premium income of
$431,000; |
| Expenses increased $611,000 primarily due to a change in provision for
(reduction) of loan losses, net which was a provision of $313,000 during the three
months ended March 31, 2011 compared to a reduction of $202,000 during the three
months ended March 31, 2010; and |
| Discontinued operations incurred a loss of $208,000 during the three months ended
March 31, 2011 compared to income of $11,000 during the three months ended March 31,
2010. |
PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
| Approximately 58% and 20% of our retained loans at March 31, 2011 were based on LIBOR
and the prime rate, respectively. |
| LIBOR rates have remained stable. |
| The base LIBOR charged to our borrowers during the first quarter of 2011
was 0.30% compared to 0.29% during the fourth quarter of 2010 and 0.25% during the
first quarter of 2010. |
| The base LIBOR for the second quarter of 2011 has been set at 0.30%. |
| Our total assets remained relatively unchanged at $251.6 million at March 31, 2011
compared to $252.1 million at December 31, 2010 and $251.0 million at March 31, 2010. |
| Our retained loan portfolio was also relatively unchanged at $235.3 million at March 31,
2011 compared to $234.9 million at December 31, 2010 and $234.3 million as of March 31,
2010. |
| Our serviced loan portfolio increased to $288.5 million at March 31, 2011 compared to
$284.5 million at December 31, 2010. |
| During the three months of 2011, we originated $7.9 million of SBA 7(a) loans compared
to $10.8 million during the three months of 2010. |
| Our pipeline of outstanding loan commitments was $12.5 million at March 31, 2011
compared to $16.5 million at December 31, 2010. |
| We anticipate our 2011 fundings to be between $40 million and $50 million. |
| Our loan loss reserves have increased and were $1,887,000 at March 31, 2011 compared to
$1,609,000 at December 31, 2010 and $1,239,000 at March 31, 2010. |
| The total amount available under our collateralized revolving credit facility is $30
million. |
| The facility currently matures December 31, 2011 and had $12.2 million outstanding at
March 31, 2011. |
| We are in the process of completing a new agreement with our current lender which will
amend and extend our revolving credit facility. |
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PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
Net cash used in operating activities |
$ | (1,314 | ) | $ | (7,920 | ) | ||
Change in operating assets and liabilities |
850 | (569 | ) | |||||
Operating Loan Activity |
2,129 | 9,401 | ||||||
Modified Cash |
$ | 1,665 | $ | 912 | ||||
| Regular quarterly dividends on our common shares of $0.16 per share were declared in
March and paid in April. |
| Since inception in 1993, we have paid $172.7 million in dividends or $23.32 per common
share. |
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(In thousands, except per share information) | ||||||||||||||||||||
Loans receivable, net |
$ | 233,443 | $ | 233,218 | $ | 231,326 | $ | 237,882 | $ | 232,852 | ||||||||||
Total assets |
$ | 251,580 | $ | 252,127 | $ | 250,523 | $ | 257,372 | $ | 251,033 | ||||||||||
Debt |
$ | 93,447 | $ | 92,969 | $ | 90,881 | $ | 97,045 | $ | 91,042 | ||||||||||
Total equity |
$ | 149,881 | $ | 150,560 | $ | 151,623 | $ | 151,897 | $ | 152,241 | ||||||||||
Shares outstanding |
10,570 | 10,560 | 10,560 | 10,558 | 10,548 | |||||||||||||||
Net asset value per share |
$ | 14.18 | $ | 14.26 | $ | 14.36 | $ | 14.39 | $ | 14.43 |
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PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
Three Months Ended March 31, | ||||||||||||
2011 | 2010 | Inc (Dec) % | ||||||||||
(Dollars in thousands, except per share information) | ||||||||||||
Income: |
||||||||||||
Interest income |
$ | 3,367 | $ | 3,217 | 5 | % | ||||||
Other income |
689 | 238 | 189 | % | ||||||||
Total revenues |
4,056 | 3,455 | 17 | % | ||||||||
Expenses: |
||||||||||||
Interest |
973 | 989 | (2 | %) | ||||||||
Salaries and related benefits |
1,117 | 941 | 19 | % | ||||||||
General and administrative |
504 | 568 | (11 | %) | ||||||||
Provision for (reduction of) loan losses, net |
313 | (202 | ) | (255 | %) | |||||||
Total expenses |
2,907 | 2,296 | 27 | % | ||||||||
Income before income tax benefit (provision) and discontinued operations |
1,149 | 1,159 | (1 | %) | ||||||||
Income tax benefit (provision) |
(25 | ) | 108 | (123 | %) | |||||||
Income from continuing operations |
1,124 | 1,267 | (11 | %) | ||||||||
Discontinued operations |
(208 | ) | 11 | NM | ||||||||
Net income |
$ | 916 | $ | 1,278 | (28 | %) | ||||||
Basic weighted average shares outstanding |
10,561 | 10,548 | ||||||||||
Basic and diluted earnings per share: |
||||||||||||
Income from continuing operations |
$ | 0.11 | $ | 0.12 | ||||||||
Discontinued operations |
(0.02 | ) | | |||||||||
Net income |
$ | 0.09 | $ | 0.12 | ||||||||
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PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
Three Months Ended | ||||||||||||||||||||
March 31, | Dec 31, | Sept. 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Interest income |
$ | 3,367 | $ | 3,339 | $ | 3,483 | $ | 3,498 | $ | 3,217 | ||||||||||
Other income |
689 | 431 | 820 | 437 | 238 | |||||||||||||||
Total revenues |
4,056 | 3,770 | 4,303 | 3,935 | 3,455 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Interest |
973 | 974 | 1,042 | 1,011 | 989 | |||||||||||||||
Salaries and related benefits |
1,117 | 1,030 | 986 | 970 | 941 | |||||||||||||||
General and administrative |
504 | 506 | 450 | 644 | 568 | |||||||||||||||
Impairments and provisions |
313 | 252 | 487 | 104 | (202 | ) | ||||||||||||||
Total expenses |
2,907 | 2,762 | 2,965 | 2,729 | 2,296 | |||||||||||||||
Income before income tax benefit (provision) and Discontinued operations |
1,149 | 1,008 | 1,338 | 1,206 | 1,159 | |||||||||||||||
Income tax benefit (provision) |
(25 | ) | 99 | (96 | ) | 20 | 108 | |||||||||||||
Income from continuing operations |
1,124 | 1,107 | 1,242 | 1,226 | 1,267 | |||||||||||||||
Discontinued operations |
(208 | ) | (518 | ) | (35 | ) | (3 | ) | 11 | |||||||||||
Net income |
$ | 916 | $ | 589 | $ | 1,207 | $ | 1,223 | $ | 1,278 | ||||||||||
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PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
Net income |
$ | 916 | $ | 1,278 | ||||
Book/tax difference on gains related to real estate |
448 | 389 | ||||||
Book/tax difference on amortization and accretion |
(16 | ) | (26 | ) | ||||
Loan valuation |
188 | (197 | ) | |||||
Other book/tax differences, net |
30 | (54 | ) | |||||
Subtotal |
1,566 | 1,390 | ||||||
Less: taxable REIT subsidiaries net loss (income), net of tax |
(28 | ) | 233 | |||||
REIT taxable income |
$ | 1,538 | $ | 1,623 | ||||
Distributions declared |
$ | 1,691 | $ | 1,688 | ||||
Weighted average common shares outstanding |
10,561 | 10,548 | ||||||
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PMC COMMERCIAL TRUST | Earnings Press Release | May 9, 2011 |
Three Months Ended March 31, 2011 | ||||||||||||
Combined | REIT | TRSs | ||||||||||
(In thousands, except footnotes) | ||||||||||||
Net income |
$ | 916 | $ | 888 | $ | 28 | ||||||
Book vs. tax timing differences |
1,220 | 650 | 570 | (1) | ||||||||
Taxable income |
2,136 | 1,538 | 598 | |||||||||
Special item (2) |
(448 | ) | (448 | ) | | |||||||
Taxable Income, adjusted for special item |
1,688 | 1,090 | 598 | |||||||||
Current income tax expense |
(203 | ) | | (203 | ) | |||||||
Adjusted Taxable Income, Net of Current Tax Expense |
$ | 1,485 | $ | 1,090 | $ | 395 | ||||||
Three Months Ended March 31, 2010 | ||||||||||||
Combined | REIT | TRSs | ||||||||||
(In thousands, except footnotes) | ||||||||||||
Net income (loss) |
$ | 1,278 | $ | 1,511 | $ | (233 | ) | |||||
Book vs. tax timing differences |
642 | 112 | 530 | (1) | ||||||||
Taxable income |
1,920 | 1,623 | 297 | |||||||||
Current income tax expense |
(102 | ) | | (102 | ) | |||||||
Adjusted Taxable Income, Net of Current Tax Expense |
$ | 1,818 | $ | 1,623 | $ | 195 | ||||||
(1) | Includes $468,000 and $701,000 of timing differences during 2011 and
2010, respectively, related primarily to Secondary Market Loan Sales. |
|
(2) | Recognition of deferred gain for tax purposes on the property previously
owned by our off-balance sheet variable interest entity. |
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