Brooke Credit Corporation Announces Selected Results for February 2006
March 17 2006 - 9:26AM
PR Newswire (US)
OVERLAND PARK, Kan., March 17 /PRNewswire-FirstCall/ -- Michael
Lowry, president of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
February 2006 results. Lowry announced loan portfolio balances for
Brooke Credit Corporation on Feb. 28, 2006, totaled approximately
$296.3 million, compared to loan portfolio balances of
approximately $289.9 million on Jan. 31, 2006. Loan portfolio
balances increased as the result of February loan originations of
approximately $10.0 million, and decreased from February principal
payments of approximately $3.6 million. February originations
included $4.8 million in Brooke franchise insurance agency loans,
$2.1 million in non-franchise insurance agency loans and $3.1
million in non-franchise death care loans. The company's total loan
portfolio is composed of $55.6 million in loan balances held in the
company's inventory for future sale, and $240.7 million in loan
balances sold to investors with retained servicing rights. Lowry
also announced that, during February, Brooke Credit Corporation
received net interest and servicing income of approximately $1.0
million, and incurred operating interest expense of approximately
$95,000. Additionally, Lowry announced that, during February,
Brooke Credit Corporation incurred a gain on loan sale activities
of approximately $71,000. All results included within this press
release exclude portfolio balances and revenues derived from
lending activities with parent and sister companies. About our
company ... Brooke Credit Corporation is a subsidiary of Brooke
Corporation (NASDAQ:BXXX) that originates loans to insurance
agencies, financial services practices, funeral homes and other
local businesses, including Brooke franchises. Brooke Credit's loan
portfolio balances totaled approximately $296.3 million on Feb. 28,
2006. Loans have been mostly sold as individual loans to
participating lenders or as pooled loans to investors through
asset-backed securitizations. The Brooke organization was founded
on the belief that local business owners distribute insurance and
financial services more efficiently than others if supported by a
franchise system. Email Distribution ... To receive electronic
press release information, please visit the "Investor Relations"
section of Brooke Corporation's Web site at
http://www.brookecorp.com/ and subscribe to our "Email Alerts"
online. This press release contains forward-looking statements. All
forward- looking statements involve risks and uncertainties, and
several factors could cause actual results to differ materially
from those in the forward-looking statements. The following
factors, among others, could cause actual results to differ from
those indicated in the forward-looking statements: the uncertainty
that the Company will achieve its short-term and long-term
profitability and growth goals, uncertainties associated with
market acceptance of and demand for the Company's products and
services, the impact of competitive products and pricing, the
dependence on third-party suppliers and their pricing, its ability
to meet product demand, the availability of funding sources, the
exposure to market risks, uncertainties associated with the
development of technology, changes in the law and in economic,
political and regulatory environments, changes in management, the
dependence on intellectual property rights, the effectiveness of
internal controls, and risks and factors described from time to
time in reports and registration statements filed by Brooke
Corporation with the Securities and Exchange Commission. A more
complete description of Brooke's business is provided in Brooke
Corporation's most recent annual, quarterly and current reports,
which are available from Brooke Corporation without charge or at
http://www.sec.gov/ . DATASOURCE: Brooke Corporation CONTACT: Anita
Larson, Brooke Corporation, , or +1-913-661-0123 Web site:
http://www.brookecorp.com/
Copyright
Brooke Corp (MM) (NASDAQ:BXXX)
Historical Stock Chart
From May 2024 to Jun 2024
Brooke Corp (MM) (NASDAQ:BXXX)
Historical Stock Chart
From Jun 2023 to Jun 2024