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TheStreet Open House

NewStar Reports Fourth Quarter 2012 Net Income Of $6.2 Million, Or $0.12 Per Diluted Share

Stocks in this article: NEWS

  • New Loan Volume – New funded loan volume exceeded $400 million for the quarter and $1 billion for the year – up 20% from 2011  
  • Revenue Growth – Risk-adjusted revenue 1 in the fourth quarter increased 3% from the prior quarter and was up 29% for the full year  
  • Margins – Net interest margin in the fourth quarter improved to 4.58% from 4.22% in the prior quarter and to 4.34% for the full year from 4.28% in the prior year  
  • Credit Trends – Provision for credit losses increased $2.2 million from the prior quarter, but was down $4.6 million, or 27%, for the full year as NPAs decreased 23% from the prior quarter and 16% from the prior year  
  • Funding – Completed a new $326 million securitization and added a new $75 million credit facility to support continued growth in ABL business and replace capacity from decrease in credit facility with DZ Bank  
  • Building Book Value – Book value per share increased by $0.19 to $12.06 in the quarter, or $0.64 from 2011

BOSTON, Feb. 13, 2013 (GLOBE NEWSWIRE) -- NewStar Financial, Inc. (Nasdaq:NEWS), a specialized commercial finance company, today reported net income of $6.2 million, or $0.12 per diluted share for the fourth quarter of 2012. These results compare to net income of $6.4 million, or $0.12 per diluted share in the fourth quarter of 2011 and $6.1 million, or $0.11 per diluted share in the third quarter of 2012. Income before income taxes (pre-tax income) was $10.3 million for the fourth quarter of 2012 compared to $10.0 million in the fourth quarter of 2011 and $10.5 million in the third quarter of 2012.

The company also reported that net income for 2012 increased approximately 70% to $24.0 million, or $0.45 per diluted share, compared to $14.2 million, or $0.27 per diluted share in 2011.

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