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As of 8:10 PM 08/19/14 All times are local (Market data is delayed by at least 15 minutes).

newstar financial inc (NEWS) Key Developments

NewStar Financial, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2014; Provides Tax Rate Guidance for 2014

NewStar Financial, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net interest income of $19,668,000 against $24,983,000 a year ago. Operating loss before income taxes was $3,143,000 against operating income before income taxes of $9,345,000 a year ago. Loss before income taxes was $3,180,000 against income before income taxes of $9,574,000 a year ago. Net loss was $1,855,000 or $0.04 per diluted share against net income of $5,644,000 or $0.11 per diluted share a year ago. Negative return on average assets was 0.29% against positive return on average assets of 1.04% a year ago. Negative return on average equity was 1.20% against positive return on average assets of 3.74% a year ago. Book value per share as on June 30, 2014 was $12.62 against $12.39 as on June 30, 2013. Adjusted net interest income was $20,027,000 compared to $25,168,000 a year ago. Net income, excluding the VIE, showed the economic impact in NewStar's income statement if it did not consolidate the entire financial results for the Arlington Fund, which would result to the non-GAAP net loss of $1.3 million for the quarter. Net interest income after provision for credit losses was $7,016,000 against $20,653,000 a year ago. Net loss excluding managed VIE was $1,285,000 or $0.03 per diluted share against net income excluding managed VIE of $5,701,000 or $0.11 per diluted share a year ago. Adjusted net interest income was $20,027,000 against $25,168,000 a year ago. For the six months, the company reported net interest income of $40,294,000 against $45,936,000 a year ago. Operating income before income taxes was $6,266,000 against $19,772,000 a year ago. Income before income taxes was $7,357,000 against $20,001,000 a year ago. Net income was $4,348,000 or $0.08 per diluted share against $11,798,000 or $0.22 per diluted share a year ago. Return on average assets was 0.34% against 1.11% a year ago. Return on average equity was 1.41% against 3.95% a year ago. Book value per share was $12.62 at the end of the second quarter down $0.14 from $12.76 at the end of the prior quarter primarily due to the net settlement of warrants to purchase common stock and net income. Book value per share is reflecting second quarter's loss. Net interest income after provision for credit losses was $21,835,000 against $40,888,000 a year ago. Net income excluding managed VIE was $4,689,000 or $0.09 per diluted share against net income excluding managed VIE of $11,855,000 or $0.22 per diluted share a year ago. For the quarter, the company reported net charge-offs of $13,152,000 compared to $10,870,000 for the same period a year ago. The company expects its tax rate to be above 41% for the year 2014.

NewStar Financial, Inc. to Report Q2, 2014 Results on Aug 06, 2014

NewStar Financial, Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 06, 2014

NewStar Financial, Inc., Q2 2014 Earnings Call, Aug 06, 2014

NewStar Financial, Inc., Q2 2014 Earnings Call, Aug 06, 2014

NewStar Financial, Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014; Reports Net Charge-Offs for the First Quarter Ended March 31, 2014; Provides Tax Rate Guidance for the Year 2014

NewStar Financial, Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2014. For the quarter, the company reported net interest income of $20,626,000 against $20,953,000 a year ago. Operating income before income taxes was $9,409,000 against $10,427,000 a year ago. Income before income taxes was $10,537,000 against $10,427,000 a year ago. Net income was $6,203,000 or $0.12 per diluted share against $6,154,000 or $0.12 per diluted share a year ago. Return on average assets was 0.98% against 1.18% a year ago. Return on average equity was 4.05% against 4.17% a year ago. Book value per share as on March 31, 2014 was $12.76 against $12.19 a year ago. Interest income was $33,127,000 compared to $30,140,000 for the same period a year ago. The company expects the tax rate to be about 41% for 2014. For the first quarter ended March 31, 2014, the company reported net charge-offs of $8.062 million compared to $5.183 million for the same period a year ago.

NewStar Financial, Inc. Completes $348.4 Million Term Debt Securitization

NewStar Financial, Inc. completed a $348.4 million term debt securitization. The notes offered in the collateralized loan obligation were issued by NewStar Commercial Loan Funding 2014-1 LLC, a subsidiary of the company and are backed by a diversified portfolio of commercial loans originated and serviced by the company. Investors purchased approximately $289.5 million of the asset-backed Notes, representing approximately 83% of the value of the collateral pool. The company retained all of the Class E Notes, the Class F Notes, and the equity which totaled approximately $58.9 million, representing approximately 17% of the value of the collateral pool. The blended pricing of the Notes was LIBOR plus 2.32%. The reinvestment period is expected to end in April 2018 and the Notes are expected to mature in April 2025.

 

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