Sachem Capital Reports Third Quarter Results; Announces Third Quarter Dividend - Seite 2

Net income for the three months ended September 30, 2017 was approximately $1.3 million, or $0.12 per share (basic and diluted) compared to $675,000 for the three months ended September 30, 2016. The company does not report net income per share data for periods prior to its IPO when it operated as a limited liability company.

Total revenue for the nine months ended September 30, 2017 was approximately $4.7 million compared to approximately $3.0 million for the nine months ended September 30, 2016. For the 2017 period, interest income was approximately $3.8 million and net origination fees were approximately $464,000. In comparison, for the nine months ended September 30, 2016, interest income was approximately $2.7 million and net origination fees were approximately $139,000. As stated previously, for the 2016 period, net origination fee income is net of the amounts payable to JJV and other adjustments.

Total operating costs and expenses for nine months ended September 30, 2017 were approximately $1.6 million compared to approximately $763,000 for the nine months ended September 30, 2016 period, an increase of approximately 106.5%. The increase in operating costs and expenses is primarily attributable to: (i) an increase in compensation and taxes of approximately $438,000; (ii) an increase in professional fees of approximately $135,000; (iii) an increase in general and administrative expenses of approximately $213,000; and (iv) an increase in interest expense and amortization of deferred financing costs of approximately $229,000. These increases are primarily due to the same reasons previously noted above.

Net income for the nine months ended September 30, 2017 was approximately $3.2 million compared to $2.23 million for the nine months ended September 30, 2016. Net income per share (basic and diluted) for the period beginning February 9, 2017 (the effective date of the IPO) and ending September 30, 2017 was $0.26. The company does not report net income per share data for periods prior to its IPO when it operated as a limited liability company.

At September 30, 2017, total assets were approximately $56.9 million compared to approximately $38.4 million at December 31, 2016. The company’s loan portfolio at September 30, 2017 and December 31, 2016 was approximately $52.7 million and $33.75 million, respectively.

At September 30, 2017, total liabilities were approximately $17.7 million, including approximately $15.9 million outstanding under the company’s line of credit with Bankwell Bank and approximately a $304,000 outstanding balance on a term loan secured by a first mortgage lien on the property purchased by the company in December 2016 as its new headquarters. In comparison, at December 31, 2016, total liabilities were approximately $9.9 million, including approximately $8.1 million outstanding under the line of credit from Bankwell Bank and a $310,000 outstanding balance on the term loan.