Exhibit 99.1

 

READY CAPITAL CORPORATION ANNOUNCES THIRD QUARTER 2018 RESULTS

-  Net Income of $0.53 per share of common stock in the third quarter   -

-  Third Quarter Core Earnings grew 26% to $0.48 per share of common stock   -

-  Added over $400 Million of SBC Loans During Third Quarter 2018      -

 

New York, New York, November 7, 2018 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) today reported financial results for the quarter ended September 30, 2018.      

Third Quarter Highlights:

·

Net income of $17.6 million, or $0.53 per share of common stock

·

Core earnings of $16.1 million, or $0.48 per share of common stock, up 26% compared to the same quarter last year

·

Return on Equity of 12.4%

·

Adjusted net book value of $17.08 per share of common stock as of September 30, 2018

·

Originated $291.2 million of small balance commercial (“SBC”) loans

·

Originated $51.1 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program

·

Originated $472.1 million of residential mortgage loans

·

Acquired $86.4 million of SBC loans

·

Declared and paid dividend of $0.40 per share. 

 

A summary of Ready Capital’s operating results for the quarter ended September 30, 2018 is presented below. Ready Capital reported U.S. GAAP net income for the three months ended September 30, 2018 of $17.6 million, or $0.53 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $16.1 million, or $0.48 per share of common stock.

 

“For the third consecutive quarter, our diversified multi-pronged platform enabled us to outperform our stated goal of a return on equity of at least 10%,” commented Thomas Capasse, Chairman and Chief Executive Officer. “Our focus on growing our earnings from our stable small balance commercial origination franchise, along with our robust origination and acquisition platform, also continued to contribute to our strong results and our efforts to provide strong value for our shareholders.”

The Company issued a supplemental presentation of its third quarter 2018 results, which can be viewed in the investor relations section at www.readycapital.com.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to certain mortgage backed securities, unrealized gains (losses) related to residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.

The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.

 

 

 


The following information was filed by Ready Capital Corp (RC) on Wednesday, November 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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