MIAMI, FL / ACCESSWIRE / August 18, 2022 / Standard Premium Finance Holdings, Inc. ("Standard") (OTCQX:SPFX) this week released its financial results for its second quarter of fiscal year 2022 ended June 30, 2022 on its Form 10-Q filed with the SEC.
"This quarter's results are exciting and reflect the Company's ability to withstand a difficult macroeconomic environment, said William Koppelmann, CEO of Standard. "We must still be diligent in our operations to ensure that increasing interest rates can be swiftly adjusted in our lending models to maintain our profitability. We're confident that our ability to increase our loan portfolio without sacrificing our high quality of service can sustain profitability and growth into the future. We have a positive outlook on the remainder of 2022 and do not expect business to fall off due to recessionary pressures."
Second Quarter 2022 Financial Highlights
- Revenue. Total revenue exceeded $2 million, an increase of 6% from the second quarter of 2021. Total revenue of $3.9 million year-to-date 2022 amounts to an 8% increase over 2021.
- Loan Originations. Total loan originations reached approximately $30 million during the second quarter of 2022, an increase of 5% from the second quarter of 2021.
- Net Income and EPS. Net income was $185,353, an increase of 19% from the second quarter of 2021. Accordingly, diluted earnings per share were $0.05 based on weighted-average common shares outstanding during the period.
- Preferred Dividends. Dividends on preferred stock for the second quarter of 2022 were declared and paid in July 2022.
- Return on Equity. The Company maintained a return on equity over 20% for the year-to-date period in 2022.
This press release contains forward-looking statements, including but not limited to, statements regarding our outlook for the remainder of 2022. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "target", "aim", "believe", "may", "will", "should", "becoming", "look forward", "could", "can have", "likely", "are confident", "outlook", and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities; assumptions; risks; future performance; business; and any investments; and results of operations, including revenue, and net income. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Standard undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission, copies of which may be obtained by visiting our investor relations website at www.standardpremiuminvestors.com or the SEC's website at www.sec.gov. These risks and uncertainties include, but are not limited to, our ability to sustain our growth rates; the effectiveness of our credit decisioning models and risk management efforts; overall economic conditions, including interest rate changes; geopolitical events, such as the Russia-Ukraine conflict; disruptions in the credit markets; our ability to retain existing, and attract new, bank partners and lenders; our ability to access sufficient loan funding; and our ability to operate successfully in a highly-regulated industry.
About Standard Premium Finance Holdings, Inc.
Standard Premium Finance Holdings, Inc. is an insurance premium finance company providing insurance premium financing solutions to businesses and individuals. With over 200 collective years of insurance premium finance experience, Standard Premium Finance is best positioned to consult and assist our valued partner agents and client base on every aspect of their insurance premium financing. Standard is an industry-leading premium finance company with annual loan originations of approximately $120 million with loans ranging from $500 to over $500,000.
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SOURCE: Standard Premium Finance Holdings Inc.