BALTIMORE, Aug. 9, 2016 /PRNewswire/ -- MMA Capital
Management, LLC (NASDAQ: MMAC) ("MMA Capital" or
"the Company") today reported financial results for the
quarter ended June 30, 2016,
including common shareholders' equity of $122.1 million, or $19.62 per diluted common share. The
Company filed its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016 (the "Second
Quarter 2016 Report") with the Securities and Exchange
Commission ("SEC") earlier today and will hold an investor
call on Wednesday, August 10, 2016 at
8:30 a.m. ET.
For the three and six months ended June
30, 2016, common shareholders' equity increased by
$0.6 million and $5.9 million, respectively, to $122.1 million. Diluted common shareholders'
equity per share increased 5.4% during the second quarter of 2016,
from $18.62 at March 31, 2016 to $19.62 at June 30,
2016. The Company's growth in book value per share in the
second quarter of 2016 was primarily driven by a net increase in
the fair value of investments in bonds, with the balance of such
growth, or $0.12 per share, due to
purchases of common shares during the second quarter of 2016 at
prices below book value per share. For the six months ended
June 30, 2016, the Company purchased
approximately 407,000 shares pursuant to our 2016 buyback program
for approximately $6.5 million.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "We have enjoyed another quarter of
solid returns and continue to build on the results from the first
half of the year. In many ways, we had a quiet quarter that
focused on execution within our primary lines of business, with
little impact from the run-off of the legacy portfolio activities.
For the balance of the year, we see continued opportunities to grow
our solar lending business and expect positive market conditions
that may allow us to realize additional value in our affordable
housing portfolio. As reflected in our increase to book value per
common share, we continued to execute on our stock buyback plan
during the quarter, buying back approximately 286,000 shares at a
discount to book value per share and resulting in immediate
accretion for our shareholders. Lastly, the Board has
authorized us to amend our repurchase plan during the next open
trading window to reflect an increase in the maximum price at which
we may buy back stock to our newly reported GAAP diluted common
equity per share of $19.62."
Conference Call Information
The Company will host a conference call on Wednesday, August 10, 2016 at 8:30 a.m.
ET to provide a business update and review financial results
for the three months ended June 30,
2016. The conference call with investors will be
webcast. All interested parties are welcome to join the live
webcast, which can be accessed through the Company's web site at
www.mmacapitalmanagement.com, under Investor Relations.
Participants may also join the conference call by dialing
toll free 1-888-346-6987 or 1-412-902-4268 for international
participants and 1-866-605-3851 for Canadian participants.
For purposes of the conference call, the Company will reference
select tables from Item 2 of the Second Quarter 2016 Report
(Management's Discussion & Analysis).
An archived replay of the event will be available one hour after
the event through August 17, 2016,
toll free at 1-877-344-7529, or 1-412-317-0088 for international
participants and 1-855-669-9658 for Canadian participants
(Passcode: 10090810).
The Second Quarter 2016 Report is posted to MMA Capital's web
site at www.mmacapitalmanagement.com, under Investor
Relations, and is also available at the SEC's web site at
www.sec.gov.
Cautionary Statement Regarding
Forward-Looking Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements often include words such as "may," "will," "should,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "seek," "would," "could," and similar words or are made
in connection with discussions of future operating or financial
performance.
Forward-looking statements reflect our management's
expectations at the date of this Release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this Release. These factors include changes in market conditions
that affect the willingness of potential investors or lenders to
provide us with debt or equity, changes in market conditions that
affect the value or marketability of assets we own, changes in
market conditions or other factors that affect our access to cash
that we may need to meet our commitments to other persons, changes
in interest rates or other conditions that affect the value of
mortgage loans we have made, changes in interest rates that affect
our cost of funds, tax laws, environmental laws or other conditions
that affect the value of the real estate underlying mortgage loans
we own, and changes in tax laws or other things beyond our control
that affect the tax benefits available to us and our investors.
Readers are cautioned not to place undue reliance on
forward-looking statements. We have not undertaken to update any
forward-looking statements in this Release.
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION.
SERVICE.
www.mmacapitalmanagement.com
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SOURCE MMA Capital Management, LLC