GREAT NECK, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that its net income for the three months ended March 31, 2024 was approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,260,000, or $0.11 per share (based on approximately 11.5 million weighted-average outstanding common shares) for the three months ended March 31, 2023, an increase of $216,000, or 17.1%. This increase is primarily attributable to an increase in interest income from loans and a decrease in general and administrative expenses, partially offset by an increase in interest expense. Total revenues for the three months ended March 31, 2024 were approximately $2,573,000 compared to approximately $2,398,000 for the three months ended March 31, 2023, an increase of $175,000, or 7.3%. The increase in revenue was due to higher interest rates charged on the Company's commercial loans. For the three months ended March 31, 2024, approximately $2,142,000 of its revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $1,954,000 for the same period in 2023, and approximately $431,000 and $444,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers. As of March 31, 2024, total shareholders' equity was approximately $43,087,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, "High interest rates are still the most common topic in the real estate investors community, as their impact is significant. Sales are lingering, refinance transactions are dragging, and existing adjustable-rate mortgages are becoming unaffordable for certain buildings. Additionally, construction costs increased to new records due to the higher-than-normal inflation. We've always been disciplined, conservative and careful, yet now is the time to be even stricter." About Manhattan Bridge Capital, Inc. Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money'' loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.   MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS   Assets March 31, 2024 (unaudited)   December 31, 2023 (audited) Loans receivable $ 72,596,149   $ 73,048,403   Interest receivable on loans   1,514,836     1,395,905   Cash    87,097     104,222   Cash - restricted   311,545     1,587,773   Other assets   97,734     63,636   Operating lease right-of-use asset, net   193,650     207,364   Deferred financing costs, net   24,400     27,583   Total assets $ 74,825,411   $ 76,434,886   Liabilities and Stockholders' Equity           Liabilities:           Line of credit  $  23,450,677    $  25,152,338 Senior secured notes (net of deferred financing costs of $153,298 and $172,069, respectively)   5,846,702     5,827,931 Deferred origination fees   655,023     719,019 Accounts payable and accrued expenses   263,692     295,292 Operating lease liability   206,934     220,527 Dividends payable   1,315,445     1,287,073 Total liabilities   31,738,473     33,502,180 Commitments and contingencies                           Stockholders' equity:           Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued   ---     --- Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 and 11,440,651 outstanding, respectively   11,757     11,757 Additional paid-in capital   45,552,142     45,548,876 Less: Treasury stock, at cost – 318,407 and 316,407 shares   (1,070,406)     (1,060,606) Accumulated deficit   (1,406,555)     (1,567,321) Total stockholders' equity   43,086,938     42,932,706 Total liabilities and stockholders' equity  $  74,825,411    $  76,434,886   MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)     Three Months Ended March 31,     2024     2023 Revenue:     Interest income from loans $ 2,142,487   $ 1,953,821 Origination fees   430,591     443,971 Total revenue   2,573,078     2,397,792 Operating costs and expenses:     Interest and amortization of deferred financing costs   690,589     646,263 Referral fees   500     291 General and administrative expenses   410,278     496,096 Total operating costs and expenses   1,101,367     1,142,650       Income from operations   1,471,711     1,255,142 Other income   4,500     4,500 Net income $ 1,476,211   $ 1,259,642       Basic and diluted net income per common share outstanding:     --Basic $ 0.13   $ 0.11 --Diluted $ 0.13   $ 0.11