NewStar Financial reported consolidated Q1/14 net income of $6.20 million compared to $6.15 million in Q1/13. Operating income before income taxes was $9.4 million compared to $10.4 million in the first quarter of 2013.
Highlights from the news release on Q1/14:
“I am pleased to report that we started the year with a solid quarter highlighted by strong loan demand and consistent earnings. Origination volume was up sharply from the same quarter last year driven largely by loan demand derived from increasing middle market M&A activity,” said Tim Conway, NewStar’s chairman and chief executive officer.
“Importantly, the quality of our current new business pipelines reflects a continuation of this positive trend into the second quarter and the pricing environment in our target markets remains relatively stable despite the excessive liquidity evident in the broader loan markets. As a result, we believe that middle market lending continues to offer the best relative value among credit investment options and NewStar is among only a few independent commercial lenders positioned to capitalize on it,” he added.
To view the full NewStar Financial news release, click here.
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