StoneCastle Financial Corp. Reports Third Quarter 2017 Results


NEW YORK, Nov. 09, 2017 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq:BANX), an investment company registered with the Securities and Exchange Commission, today announced results for the third fiscal quarter ended September 30, 2017.

Third Quarter 2017 Investment Highlights:

  • Received full call proceeds of $13.0 million from one investment
  • Received pay-downs of $37,752 from six investments

A complete listing of investments as of the end of the quarter can be found on the Company’s website at

The estimated annualized yield generated by the invested portfolio as of September 30, 2017 (excluding cash and cash equivalents) was approximately, 9.06% up from 8.96%, year over year.

Third Quarter 2017 Financial Results

Net investment income was $2,601,835 or $0.40 per share, comprised of $4,359,828 in gross income and $1,757,993 of expenses. Realized capital losses were ($147,236).

Net Assets at quarter end were $141,078,696, up from $140,419,836 in the previous quarter. The Company’s Net Asset Value was $21.56 per share, up $0.09 from the prior quarter. The value of the invested portfolio increased $630,018.

In the third quarter, the Company paid a cash distribution of $0.38 per share, up $0.01 from the prior quarter. The distribution was paid on September 28, 2017 to shareholders of record at the close of business on September 21, 2017.

The Company had $36.5 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 20.4% of total assets. According to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.

Portfolio and Investment Summary

As of the close of business on September 30, 2017, the Company had total assets of $178,703,715 consisting of total investments of $174,745,784, cash of $248,128 and other assets of $3,709,803. Other assets include interest and dividends receivable of $2,600,690 and prepaid assets of $1,109,113.

During the quarter, the Company received one call and six pay-downs for a total of $13,074,627.

About StoneCastle Financial Corp.

StoneCastle Financial is an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the symbol "BANX." StoneCastle Financial intends to make long-term, passive, non-control investments in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective is to provide current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset Management LLC.

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