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Atrium Mortgage Investment Corporation Achieves Record Q1 Earnings - 9.3% Increase over Prior Year
Toronto, Ontario--(Newsfile Corp. - April 20, 2016) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Q1 Earnings - 9.3% Increase over Prior YearToronto, Ontario--(Newsfile Corp. - April 20, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three month period ended March 31, 2016. Highlights for the quarter Record earnings of $6.1 million, up 9.3% from prior year Earnings of $0.23 per share Revenues of $10.1 million, up 6.6% from prior year Regular monthly dividend increased to $0.215 for the quarter (annualized rate of $0.86) High quality mortgage portfolio 83% of portfolio in first mortgages 96% of portfolio is less than 75% loan to value Mortgage portfolio grew to $464 million Continued focus on low risk real estate sectors Interested parties are invited to participate in a conference call with management on Thursday, April 21, 2016 at 4:00 p.m. EDT. Please refer to the call-in information at the end of this news release. Results of operations Atrium achieved record results in the quarter, as its assets grew to $460 million. For the three months ended March 31, 2016, mortgage interest and fees revenue aggregated $10.1 million, an increase of 6.6% from the prior year. Net earnings for the three months ended March 31, 2016 were $6.1 million, an increase of 9.3% from the prior year. Basic and diluted earnings per common share were $0.23, for the three months ended March 31, 2016, compared with $0.23 basic and diluted per common share for the prior year.The company had $460 million of mortgages receivable as at March 31, 2016, an increase of 2.7% from the prior quarter. During the quarter, $59.8 million of gross new mortgages were advanced, and $49.3 million of gross mortgages were repaid. Atrium's focus continues to be on lending in the major metropolitan areas of Ontario and British Columbia. During the quarter, exposure to Alberta was reduced from 25 loans constituting 13.5% of the portfolio at December 31, 2015 to 21 loans and 12.7% of the portfolio at March 31, 2016. The weighted average interest rate on the mortgage portfolio decreased slightly to 8.64% at March 31, 2016, compared with 8.66% at December 31, 2015 and 8.82% at March 31, 2015. The mortgage portfolio increased by 2.7% from December 31, 2015 to $464.0 million at March 31, 2016. Interim Statements of Earnings and Comprehensive Income (Unaudited, 00...