Michael Lowry, President of Brooke Credit Corporation, the finance subsidiary of Brooke Corporation, announced selected August 2005 results.
Lowry announced that loan portfolio balances for Brooke Credit Corporation on August 31, 2005, totaled approximately $251,000,000 as compared to loan portfolio balances of approximately $240,000,000 on July 31, 2005, and approximately $232,000,000 on June 30, 2005.
Lowry also announced that, during August, Brooke Credit Corporation received net interest and servicing income of approximately $992,000 and incurred operating interest expense of approximately $235,000. To help put these August results into perspective, Lowry noted that, during the preceding 12 months, the monthly average of net interest and servicing income totaled approximately $634,000 and the monthly average of operating interest expense totaled approximately $104,000.
Lowry also announced that, during August, Brooke Credit Corporation incurred a loss on loan sale activities of approximately $901,000. The Company experienced a loss on loan sales activities because it reacquired some previously sold loans for its inventory and as the result of the monthly write-down of retained interest asset to fair market value on previously sold loans. To help observers put the August loss on loan sale activities into perspective, Lowry noted that, during the preceding 12 months, the monthly average of gain on loan sale revenues totaled approximately $278,000.
All results exclude portfolio balances and revenues derived from lending activities with parent and sister companies.
Brooke Credit Corporation is a subsidiary of Brooke Corporation, Overland Park, Kan., that originates loans to insurance agencies, financial services practices, funeral homes and other local businesses, including Brooke franchises.
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