StoneCastle Financial Corp. Reports First Quarter 2014 Results
"We continue in our mission of seeking investment income and, to a lesser extent, capital appreciation for our investors. In the past six months, we have been steadily executing on our strategy of deploying capital raised in the initial public offering as a preferred investor in what we believe to be the country's healthiest community banks", stated
First Quarter 2014 Investment Highlights
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Invested
$56.3 million in 13 investments during the quarter endedMarch 31, 2014 .
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Received repayment of
$12.9 million for 3 investments during the quarter endedMarch 31, 2014 .
Financial Results
The Company's net increase in net assets resulting from operations was
The net increase in net assets resulting from operations is comprised of net investment income and net realized and unrealized gains on investments. Net investment income includes
The Company paid a quarterly dividend of
At
Portfolio and Investment Summary
At
During the quarter ended
Investment highlights in the first quarter included:
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$15.7 million investment in fixed-rate mezzanine notes issued byPreferred Term Securities, Ltd. -
$13.9 million investment in fixed-rate cumulative perpetual preferred stock issued by BNCCORP, Inc. -
$6.5 million investment in fixed-rate cumulative perpetual preferred stock issued by Chicago Shore Corp.
A full listing of investments as of the end of the quarter can be found in the Company's N-Q filed with the
At
Quarterly Conference Call
The conference call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call via live webcast by visiting
A replay will be available shortly after the call and be available through midnight (Eastern Time) on
About
Forward-Looking Statements
This report contains statements that are not historical facts but are forward-looking statements based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of shares of common stock, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in
The Annual Report and other regulatory filings of the Company with the
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Statement of Assets and Liabilities | ||
(unaudited) | ||
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ASSETS | ||
Long-Term investments, at fair value | $ 69,932,562 | $ 26,590,879 |
Cash and cash equivalents | 55,388,812 | 82,578,183 |
Interest receivable, including accrued interest | 278,636 | 59,861 |
Receivable from investments redeemed | -- | 1,047,746 |
Total assets | 125,600,010 | 110,276,669 |
LIABILITIES | ||
Promissory Note payable | 15,000,000 | -- |
Payable for offering costs | 90 | 191,659 |
Securities purchased not settled | 1,012,250 | -- |
Dividend payable | 2,348,082 | 1,314,893 |
Investment advisory fee payable | 292,798 | 81,261 |
Directors' fees payable | 39,686 | 31,158 |
Administrator expense payable | 109,373 | 50,476 |
Accrued expenses | 246,222 | 269,121 |
Total liabilities | 19,048,501 | 1,938,568 |
NET ASSETS | $ 106,551,509 | $ 108,338,101 |
NET ASSETS consist of: | ||
Par value ( |
4,696 | 4,696 |
Paid in capital | 110,146,147 | 110,020,998 |
Distributions in excess of net investment income | (3,662,959) | (1,314,893) |
Net unrealized appreciation on investments | 63,624 | (372,700) |
Total Net Assets | $ 106,551,509 | $ 108,338,101 |
Common Stock Outstanding | 4,696,131 | 4,696,048 |
Net asset value per common share | $ 22.69 | $ 23.07 |
Market price per share | $ 24.58 | $ 24.56 |
Market price premium to net asset value per share | 7.69% | 6.07% |
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Statement of Operations | ||
(unaudited) | ||
For the Three Months Ended |
Period Ended |
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INVESTMENT INCOME | ||
Dividend income | $ 259,882 | $ 2,906 |
Interest income | 461,202 | 3,376 |
Total Investment Income | 721,084 | 6,282 |
EXPENSES | ||
Investment advisory fees | 292,798 | 81,261 |
ABA marketing and licensing fees | 123,288 | 83,333 |
Directors' fees | 47,999 | 31,158 |
Administrator fees | 92,703 | 50,476 |
Audit fees | 11,712 | 47,500 |
Professional fees | 21,192 | 32,094 |
Transfer agent and custodian fees | 18,000 | 13,398 |
Miscellaneous fees | 107,466 | 92,796 |
Total expenses | 715,158 | 432,016 |
Net Investment Income (Loss) | 5,926 | (425,734) |
Net Realized and Unrealized Gain (Loss) | ||
Net realized gain on investments | 116,954 | 136,541 |
Net change in unrealized appreciation (depreciation) on investments | 436,324 | (372,700) |
Net realized and unrealized gain (loss) on investments | 553,278 | (236,159) |
Net Increase (Decrease) in Net Assets Resulting From Operations | $ 559,204 | $ (661,893) |
* Commencement date |
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Financial Highlights | ||
(unaudited) | ||
For the Three Months Ended |
Period Ended December 31, 2013(1) | |
PER SHARE OPERATING PERFORMANCE: | ||
Net Asset Value, beginning of period | $ 23.07 | $ 23.49(2) |
Net investment income (loss) | -- | (0.09) |
Net realized and unrealized gain (loss) on investments | 0.12 | (0.05) |
Total from investment operations | 0.12 | (0.14) |
Distributions to shareholders in excess of net investment income | (0.50) | (0.28) |
Net Asset Value, end of period | $ 22.69 | $ 23.07 |
Net Assets, end of period | $ 106,551,509 | $ 108,338,101 |
Market value, end of period | $ 24.58 | $ 24.56 |
Total investment return based on market value (3) | 2.11% | -0.62% |
RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS: (4) | ||
Ratio of operating expenses | 2.70% | 3.04% |
Ratio of net investment income | 0.02% | -3.00% |
SUPPLEMENTAL DATA: | ||
Portfolio turnover rate (5) | 27% | 81% |
(1) Commencement date |
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(2) Net asset value at beginning of period reflects a deduction of |
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(3) Assumes the return for a shareholder from |
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(4) Annualized | ||
(5) Not annualized |
CONTACT: Investor Contact:Source:Stephen Swett , ICR 347-887-0399 Media Contact:Brian Ruby , ICR 203-682-8268 brian.ruby@icrinc.com
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