STONEGATE MORTGAGE CORP (SGM) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $15.57 million, or $ 0.60 a share in the quarter, against a net loss of $22.80 million, or $0.88 a share in the last year period. On an adjusted basis, earnings per share were at $0.42 for the quarter compared with $0.11 in the same period last year. Revenue during the quarter surged 159.33 percent to $66.28 million from $25.56 million in the previous year period.
"We are extremely pleased to report strong GAAP and adjusted net income for the third quarter," said Jim Smith, chief executive officer. "Our business platform was well prepared to benefit from increased production levels during the quarter and, as a result, we achieved GAAP earnings of $15.6 million and adjusted net income of $11.0 million. We continue to be highly focused on maintaining prudent liquidity and MSR debt levels, as well as fully leveraging our cost structure. Thanks to the dedication and commitment of our associates and the support of our many customers, Stonegate continues to deliver value to our shareholders."
Assets, liabilities fallTotal assets stood at $1,391.82 million as on Sep. 30, 2016, down 6 percent compared with $1,480.68 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,168.23 million as on Sep. 30, 2016, down 4.23 percent from $1,219.85 million on Sep. 30, 2015. Net loans were flat at $30 million as on Sep. 30, 2016, when compared with the last year period.
Investments stood at $18.96 million as on Sep. 30, 2016, down 8.32 percent or $1.72 million from year-ago. Shareholders equity stood at $223.59 million as on Sep. 30, 2016, down 14.28 percent or $37.24 million from year-ago.
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