DALLAS, March 16 /PRNewswire-FirstCall/ -- PMC Commercial Trust (NYSE Amex: PCC) announced fourth quarter and year-end financial results today.
Compared to Fourth Quarter 2008
Income from continuing operations for the fourth quarter of 2009 decreased to $1,448,000 ( $0.14 per share) from $2,285,000 ( $0.21 per share) during the fourth quarter of 2008. Net income decreased to $1,676,000, or $0.16 per share, during the fourth quarter of 2009 compared to $2,291,000, or $0.21 per share, for the fourth quarter of 2008.
Compared to Third Quarter 2009Our income from continuing operations decreased $21,000 to $1,448,000 ( $0.14 per share) during the fourth quarter of 2009 from $1,469,000 ( $0.14 per share) during the third quarter of 2009. Net income decreased by $219,000 to $1,676,000, or $0.16 per share, during the fourth quarter of 2009 compared to $1,895,000, or $0.18 per share, for the third quarter of 2009. Compared to Year-End 2008 Income from continuing operations for 2009 decreased to $6,057,000 ( $0.57 per share) from $9,022,000 ( $0.84 per share) during 2008. Net income decreased to $6,761,000, or $0.64 per share, during 2009 compared to $9,806,000, or $0.91 per share, for 2008. Management Remarks Lance B. Rosemore, Chairman of the Board of Trust Managers, stated; "Because there continued to be a lack of liquidity in the marketplace, we redirected our efforts towards originating loans under the SBA 7(a) Program. The secondary market for these loans remains strong. Due in part to government programs and our increased emphasis, we were successful in ramping up our SBA 7(a) volume to $28 million in 2009 compared to $11 million in 2008. We anticipate originating between $30 and $40 million in these loans in 2010. Our year-end 2009 serviced portfolio totaled $273 million which was relatively unchanged from December 31, 2008. "Even though our portfolio continues to perform relatively well with loan losses totaling only 0.5% of our retained portfolio, we did increase our loan loss reserves during 2009. We anticipate that overall economic weakness may continue for several quarters. Fortunately, we are beginning to see early indications of economic recovery, which should benefit our borrowers."