StoneCastle Financial Corp. Reports Third Quarter 2016 Results

NEW YORK, Nov. 10, 2016 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq:BANX) ("StoneCastle Financial" or the "Company"), an investment company registered with the Securities and Exchange Commission ("SEC"), today announced results for the third fiscal quarter ended September 30, 2016. 

Third Quarter 2016 Investment Highlights:
  • Invested $9.0 million in 1 investment
  • Received call proceeds of $25.4 million from 4 investments
  • Received sales proceeds of $511,695 from 1 investment
  • Received pay downs of $39,693 from 6 investments

Investment Activity in the Third Quarter 2016 Included:
  • $9.0 million in Reliance Bancshares Inc., Fixed Rate Cumulative Perpetual Preferred Stock,  9.00%

A complete listing of investments as of the end of the quarter can be found in the Schedule of Investments on the Company's website at www.StoneCastle-Financial.com.

The estimated annualized yield generated by the invested portfolio as of September 30, 2016 (excluding cash and cash equivalents) was approximately 8.96% based on market value.

Third Quarter 2016 Financial Results

Total earnings for the third quarter were $2,690,428 or $0.42 per share.  Net investment income was $2,514,029 or $0.39 per share, comprised of $4,245,474 in gross income and $1,731,445 of expenses.  Realized capital gains were $176,399 or $0.03 per share.

Net Assets at quarter end were $138,870,865 and the Company's Net Asset Value was $21.29 per share, up $0.08 from the previous quarter. 

In the third quarter, the Company paid a cash distribution of $0.37 per share.  The distribution was paid on September 30, 2016 to shareholders of record at the close of business on September 27, 2016. 

The Company had drawn $35.25 million on its $70 million credit facility at quarter end, which represents 19.1% of total assets.  According to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.  The Company seeks a target leverage rate of 30%.

If you liked this article you might like

The Calm During the Storm: Finding Yield in Community Banks

The Calm During the Storm: Finding Yield in Community Banks

3 Stocks With Upcoming Ex-Dividend Dates: BANX, TCRD, AINV

3 Stocks Going Ex-Dividend Friday: BANX, FSIC, NDSN

3 Stocks Going Ex-Dividend Thursday: BANX, KTF, MITT

Tomorrow's Ex-Dividends To Watch: TLI, BANX, HIO