WALNUT CREEK, CA—Owens Realty Mortgage, Inc. recently reported financial results for the first quarter ended March 31, and while net income was down significantly from the same period in 2013, the firm says it has increased commercial lending activities and secured additional lines of credit.
“We made significant progress towards our strategic objectives in the first quarter, increasing our commercial lending activities and successfully securing lines of credit, providing us with up to $40 million in additional liquidity,” said William Owens, chairman and CEO. “We are seeing positive
trends in the commercial real estate bridge lending market and, while still in the early stages, we are optimistic that we will continue to expand our loan portfolio in 2014.”

Owens reported net income attributable to common stockholders of $760,563, or $0.07 per basic and diluted common share, compared to a net income of $1,429,932 or $0.13 or the same quarter ended March 31, 2013. The decrease was primarily attributable to a decrease in gains on loan foreclosures, it said. The decrease was partially offset by an increase in interest income on loans of approximately $250,000, an increase in net income from real estate properties of approximately $110,000.

First Quarter 2014 Financial Highlights

    –  Net income attributable to common stockholders of $760,563, or $0.07
per diluted common share
    –  Book value attributable to common stockholders of $16.69 per common
        share at March 31, 2014 as compared to $16.66 per common share at
        December 31, 2013
    –  Declared quarterly dividends of $0.05 per share of common stock
    –  FFO of $835,318, or $0.08 per diluted common share (see Non-GAAP
        Financial Measures)

 

Recent Operational Highlights

    –  Funded seven loans during the quarter, including  six new loans
totaling $8,433,000 and the rewrite of one loan for $616,000
    –  Secured a revolving line of credit of up to $20,000,000 with
California Bank & Trust to provide additional loan funding capacity and
operatinal liquidity
    –  Completed the purchase of $6.0 million in additional parcels of land
        that will allow greater development flexibility for the Chateau at South
        Lake Tahoe and enhance its marketability
    –  Secured additional capital resources to accelerate mortgage lending
        activities through a $20,000,000 revolving line of credit with Opus Bank