PSM Holdings, Inc. (PSMH) Posts First Quarter Profit
OKLAHOMA CITY, Nov. 16, 2012 /PRNewswire/ -- PSM Holdings, Inc. (OTCBB: PSMH), is pleased to announce the results for the quarter ending September 30, 2012. The company reports a profit of $232,520.00 as compared to a net loss of $1,131,498.00 for the same comparable prior year period. Our total revenue increased by $3,746,652.00, or 172%, to $5,928,887.00 over the same period. The total loans closed for the three months increased sharply to 1,106 loans, as compared to 270 loan closings in the comparable prior year. Our loan production for the quarter was $186,094,933.00 which compares to loan production of $50,207,783.00 for the same quarter in 2011.
Ron Hanna, President and CEO of PSMH, stated, "Our strong first quarter results are a reflection of the maturation and alignment of our 2011 acquisitions. These Regional Lending Centers have made gains in loan production, expansion of their lending footprints and profitability. This shift to profitability is a further demonstration that we are executing on our model with precision and the accretive impact of our acquisition strategy is mounting. We are very excited about the future."
About PSM Holdings, Inc.
PSM Holdings, Inc., through its wholly owned subsidiary, PrimeSource Mortgage, Inc. (PSMI) provides mortgage brokerage and banking services across the United States. PSMI is currently licensed in many states across the United States, and oversees the operations of more than 20 branches. For more information, visit http://www.psmholdings.com.
Certain statements contained herein, including, without limitation, statements containing the words "believes," "intends" and other words of similar import, constitute "forward-looking statements" within the meaning of Section 7A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include but are not limited to that we are in the process of furthering several of the key milestones we achieved last year and creating new growth opportunities for PSM Holdings, Inc. and its subsidiaries, and that we will continue to enter new projects and strategic partnerships in 2012. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of PSM Holdings, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. PSM Holdings, Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.
Ron W. Hanna, President and CEO
SOURCE PSM Holdings, Inc.