MINNEAPOLIS, May 16, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, disclosed its revenue and net income for the quarter ended March 31, 2022 with the filing of its quarterly report on Form 10-Q on Friday, May 13, 2022. The filing reported that:
- Interest income from lending operations increased 83% to $1M compared to $546k for the prior-year period;
- Pre-tax earnings from lending operations increased to $454k compared to $12k in the prior-year period; and
- Shareholder equity increased to $13.8M, up from $13.4M at December 31, 2021.
"We have achieved our ninth record quarter for both income and earnings from our lending operations, " said Chief Executive Officer Douglas M. Polinsky. "We continue to see strong demand for our loan products and have been able thus far to maintain a zero-loss ratio with respect to defaults in our loan portfolio.
"With the establishment of our $5M line of credit in the fourth quarter, we were able to leverage our equity and grow our loan business substantially. Our revenue growth continues to outpace the growth in operational expenses allowing for us to expand our net margins," Mr. Polinsky expained.
The company also recently filed an S-1 registration statement for a potential common stock public offering the proceeds of which would be used to continue to meet demand for loans. In addition, the company continues to work with its counsel and NASDAQ to acquire a listing on the exchange.
Mill City continues exploring potential opportunities in real estate bridge loans, title loans, insurance claims, litigation financing and business acquisitions.
Forward-looking statements in this release are made pursuant to the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.
About Mill City Ventures III, Ltd.
Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company.
SOURCE Mill City Ventures III, Ltd.