Chesswood Group Limited announced the Company’s largest business, Pawnee Leasing Corporation, posted another successive quarter of growth in its portfolio, which now exceeds $125 million for the first time. Net charge-offs during the quarter were also modest at $1.1 million, contributing to the strong results.
 
Barry Shafran, the Company’s President and CEO said “Our third quarter reflected the continuation of the trend of the first two quarters of 2011, with growth and strong performance in Pawnee’s portfolio”

Chesswood Group’s income before taxes and fair value adjustments totaled $2.7 million in the third quarter of 2011, compared to $2.3 million in the third quarter of 2010.

In addition, this was the first full quarter for Case Funding Inc., Chesswood’s litigation finance business, which began building its portfolio in late June. Case Funding originated approximately $700,000 in finance receivables for the quarter as our team builds toward critical mass that complies with our underwriting guidelines added Shafran.