Standard Premium Finance Holdings, Inc. Announces Third Quarter 2024 Financial Results

MIAMI, Florida, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Standard Premium Finance Holdings, Inc. (“Standard”) (OTCQX: SPFX), a leader in the insurance premium finance industry, announced financial results for the third quarter ended September 30, 2024, as reported in its Form 10-Q filed with the Securities and Exchange Commission.

As Standard celebrates its 33rd year in business, the company reflects on decades of service and innovation in the insurance premium finance industry. “This milestone is a testament to the hard work, resilience, and dedication of our team, as well as the trust placed in us by our clients and partners,” said William Koppelmann, CEO of Standard. “For over three decades, we’ve remained committed to delivering exceptional solutions that empower policyholders and agents alike. As we look ahead, we’re excited to continue building on this legacy of excellence and innovation.”

“We are pleased with our third-quarter results, which reflect our commitment to meeting the financing needs of policyholders and agents across the insurance premium finance industry,” said William Koppelmann, CEO of Standard. “Our team’s dedication to customer service and operational efficiency has driven both growth and value, strengthening our market position. We look forward to building on this success and continuing to deliver long-term value to our shareholders.”

Third Quarter 2024 Financial Highlights:

• Revenue: Revenue for the third quarter exceeded $3,000,000, a 19% increase compared to the third quarter of 2023. Year-to date revenue also increased 29% from 2023.
• Net Income: Net income was $300,627, or $0.07 per diluted share, compared to $116,930 in the third quarter of 2023, an increase of 157%.
• EBIT: EBIT was $1,560,488, reflecting a 32% increase from $1,181,531 in the prior-year period.
• Loan Portfolio Growth: The loan portfolio grew to $67,785,348, an increase of 11.6% since the 2023 fiscal year-end.
• Average APR. Our weighted-average APR on new loans increased to 18.25%, a 128-basis point increase as compared to the third quarter of 2023.
• Preferred Dividends. Dividends of 7% APY on preferred stock were declared and paid in November 2024.
• Return on Common Equity. The Company achieved a return on common equity exceeding 20% for the third quarter of 2024.

Operational Highlights:

• Portfolio Growth: Standard Premium Finance Holdings continued to expand its loan portfolio, driven by geographic and market expansion through our network of marketing representatives and insurance agents.
• Client Relationships: The company deepened partnerships with key agents and developed new relationships, supporting its growth strategy.

Year-to-Date Financial Performance

For the nine months ended September 30, 2024, Standard Premium Finance Holdings reported revenue of $9,022,598 and net income of $746,881, or $0.19 per diluted share. EBIT for the first nine months of 2024 was $4,359,420.

Outlook

Koppelmann added, “As we close out 2024, we remain optimistic about our trajectory, given the steady demand for our flexible premium finance solutions. We are focused on leveraging our strong relationships and industry expertise to achieve sustainable growth and reinforce our commitment to operational excellence.”

“Standard is also encouraged by the broader macroeconomic environment. Recent interest rate decreases have created a favorable climate for continued growth in the premium finance market, allowing us to enhance financing accessibility for clients while supporting stronger returns. As these macroeconomic trends persist, Standard expects to capitalize on reduced borrowing costs to further expand our loan portfolio and improve our financial results, driving value for both clients and shareholders. The recent and anticipated rate decreases provide an opportunity to bolster profitability and increase profit margins.”

About Standard Premium Finance Holdings, Inc.

Standard Premium Finance Holdings, Inc. (OTCQX: SPFX) is an industry-specific holding company pursuing merger and acquisition opportunities of synergistic businesses to take advantage of the economies of scale within the specialty finance industry. SPFX companies have provided financing solutions in excess of $2 Billion to businesses and individuals to secure coverage for their property and casualty insurance policies. SPFX companies currently operate in more than thirty-five states throughout the U.S. With a market exceeding $80 Billion in total premiums financed annually, SPFX continuously seeks advantages of roll-up opportunities in a historically consolidating industry while providing maximum value for its shareholders.

Forward-Looking Statements

This press release contains forward-looking statements, including but not limited to, statements regarding our outlook on for the remainder of 2024. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "expect", "will", “opportunity” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; growth opportunities; assumptions; risks; future performance; business; and results of operations, including revenue, and net income. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Standard undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission, copies of which may be obtained by visiting our investor relations website at www.standardpremiuminvestors.com or the SEC’s website at www.sec.gov.

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