BALTIMORE, Nov. 9, 2016 /PRNewswire/ -- MMA Capital
Management, LLC (NASDAQ: MMAC) ("MMA Capital" or
"the Company") today reported financial results for the
quarter ended September 30, 2016,
including common shareholders' equity of $132.1 million, or $21.34 per diluted common share. The
Company filed its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2016 (the
"Third Quarter 2016 Report") with the Securities and
Exchange Commission ("SEC") earlier today and will hold an
investor call on Thursday, November 10,
2016 at 8:30 a.m. ET.
For the three and nine months ended September 30, 2016, common shareholders' equity
increased by $9.9 million and
$15.9 million, respectively, to
$132.1 million. Diluted common
shareholders' equity per share increased 8.8% during the third
quarter of 2016, from $19.62 at
June 30, 2016 to $21.34 at September
30, 2016. Most of this growth was attributable to
comprehensive income from core operations and bond valuations while
purchases of common shares contributed $0.03 per share to the increase in book value in
the third quarter. For the nine months ended September 30, 2016, the Company purchased
approximately 472,000 shares pursuant to our 2016 buyback program
for approximately $7.7 million.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "We continue to show solid
performance from most of our business lines. Our new
solar venture with TSSP highlights what we hope to be an
opportunity to further grow our origination platform across
multiple product types within the solar lending space and add to
our bottom line performance. In addition, we have also
realized strong returns on investment from the GE affordable
housing portfolio that we acquired last year, further driving our
bottom line performance in the quarter. 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 65,000 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 $21.34."
Conference Call Information
The Company will host a conference call on Thursday, November 10, 2016 at 8:30
a.m. ET to provide a business update and review financial
results for the three months ended September
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 Third Quarter 2016 Report
(Management's Discussion & Analysis).
An archived replay of the event will be available one hour after
the event through November 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: 10095567).
The Third 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mma-capital-management-announces-third-quarter-2016-financial-results-300359638.html
SOURCE MMA Capital Management, LLC