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Atrium Mortgage Investment Corporation Achieves Record Q2 Earnings - 10.5% Increase over Prior Year
Toronto, Ontario--(Newsfile Corp. - July 21, 2016) - Atrium Mortgage Investment Corporation (T...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Q2 Earnings - 10.5% Increase over Prior YearToronto, Ontario--(Newsfile Corp. - July 21, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three and six month periods ended June 30, 2016.Highlights for the quarterRecord earnings of $6.4 million, up 10.5% from prior yearEarnings of $0.24 per shareRevenues of $10.7 million, up 11.1% from prior yearRegular monthly dividend of $0.215 for the quarter (annualized rate of $0.86) High quality mortgage portfolio80% of portfolio in first mortgages92% of portfolio is less than 75% loan to valueMortgage portfolio grew to $505 millionContinued focus on low risk real estate sectorsExposure in Alberta reduced to below 10%, ahead of scheduleInterested parties are invited to participate in a conference call with management on Friday, July 22, 2016 at 9:00 a.m. EDT. Please refer to the call-in information at the end of this news release.Results of operationsAtrium achieved record results in the quarter, as its assets grew to $501 million. For the three months ended June 30, 2016, mortgage interest and fee revenue aggregated $10.7 million, an increase of 11.1% from the prior year. For the six months ended June 30, 2016, mortgage interest and fees revenue aggregated $20.8 million, an increase of 8.8% from the prior year.Net earnings for the three months ended June 30, 2016 were $6.4 million, an increase of 10.5% from the prior year. Basic and diluted earnings per common share were $0.24, for the three months ended June 30, 2016, compared with $0.24 basic and diluted per common share for the prior year. Net earnings for the six months ended June 30, 2016 were $12.6 million, an increase of 9.9% from the prior year. Basic and diluted earnings per common share were $0.47 and $0.46, respectively, for the six months ended June 30, 2016, compared with $0.47 basic and $0.46 diluted earnings per common share for the comparable period in the previous year.The company had $501 million of mortgages receivable as at June 30, 2016, an increase of 8.8% from the prior quarter and 11.8% from the prior year end. During the quarter, $106 million of gross new mortgages were advanced, and $65 million of gross mortgages were repaid. Atrium had previously indicated that it expected to reduce exposure to Al...