Brooke Credit Corporation Announces Selected Results for March 200521 April 2005
Michael Lowry, President of Brooke Credit Corporation, the finance subsidiary of Brooke Corporation (Amex: BXX), announced selected March 2005 results.
Lowry announced that loan portfolio balances for Brooke Credit Corporation totaled approximately $201,000,000 on March 31, 2005, as compared to loan portfolio balances of approximately $194,000,000 on February 28, 2005, and approximately $185,000,000 on January 31, 2005. Portfolio balances exclude loan balances of Brooke Credit Corporation's parent and sister companies.
Lowry also announced that during March, Brooke Credit Corporation received net interest and servicing income of approximately $623,000 and incurred operating interest expense of approximately $157,000. To help put these March results into perspective, Lowry noted that during the preceding 12 months, the monthly average of net interest and servicing income totaled approximately $454,000 and the monthly average of operating interest expense totaled approximately $86,000.
Lowry also announced that during March, Brooke Credit Corporation recorded revenues from gain on loan sale activities of approximately $3,092,000. The March gain on loan sales primarily resulted from the issuance on March 23, 2005, of $32,000,000 in asset-backed securities through Brooke Capital Company, LLC. To help observers put the March gain on loan sale revenues into perspective, Lowry noted that during the preceding 12 months, the monthly average of gain on loan sale revenues totaled approximately $202,000.
All revenue results included within this press release exclude revenues derived from lending activities with parent and sister companies.
About our company:
Brooke Credit Corporation is a subsidiary of Brooke Corporation that originates loans to insurance agencies, financial services practices, funeral homes and other local businesses, including Brooke franchises. Brooke Credit's loan portfolio balances totaled approximately $201,000,000 on March 31, 2005. Loans have been mostly sold as individual loans to participating lenders or as pooled loans to investors through asset backed securitizations. The Brooke organization was founded on the belief that local business owners distribute insurance and financial services more efficiently than others if supported by a franchise system.
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Source: PR Newswire
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