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Standard Premium Finance Holdings Inc Com (SPFX0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $12,143,143 for the year, an increase from $9,723,010 in 2023. This growth was primarily driven by a 27.3% increase in finance charges.
Net income for the year was $979,993, up from $532,402 in the previous year. After accounting for preferred dividends, net income attributable to common stockholders was $863,793, compared to $416,202 in 2023.
The company reported a working capital surplus of $14,566,412 as of December 31, 2024, with a significant portion of its funding coming from a $45,000,000 line of credit.
Standard Premium Finance Holdings operates primarily in Florida, Georgia, North Carolina, South Carolina, and Texas, and is licensed in thirty-seven states.
The company has a revolving line of credit with First Horizon Bank, which was extended until November 30, 2025, and bears interest at 30-Day SOFR plus a margin.
The company maintains an allowance for credit losses, which increased to $1,969,007 as of December 31, 2024, from $1,501,593 in 2023.
Standard Premium Finance Holdings Inc does not anticipate paying cash dividends on its common stock in the foreseeable future, retaining earnings to support business operations.
The company faces competition from national, regional, and local finance firms, with a focus on maintaining relationships with insurance agents and brokers to originate premium finance loans.
Standard Premium Finance Holdings Inc's management continues to focus on expanding its market presence and maintaining compliance with regulatory requirements across the states in which it operates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Standard Premium Finance Holdings Inc Com annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.