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Atrium Mortgage Investment Corporation Achieves Record Q2 Revenues - 12.9% Increase over Prior Year
Toronto, Ontario--(Newsfile Corp. - July 20, 2017) - Atrium Mortgage Investment Corporation (T...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Q2 Revenues - 12.9% Increase over Prior YearToronto, Ontario--(Newsfile Corp. - July 20, 2017) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three and six month periods ended June 30, 2017.Highlights for the quarterRecord revenues of $12.1 million, up 12.9% from prior yearEarnings of $6.8 million, up 5.7% from prior year$0.23 basic and diluted earnings per share for the quarterPortfolio of $573 million, up 7.1% from December 31, 2016High quality mortgage portfolio81.2% of portfolio in first mortgages89.3% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.3%\"Our second quarter had strong loan originations, but we also experienced a high level of repayments. The high level of repayments is a reflection of the quality of the mortgage portfolio. We continue to lend cautiously, with an overall loan-to-value ratio at its lowest level in many years,\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, July 21, 2017 at 9:00 a.m. ET to discuss the results.Results of operationsAtrium achieved solid results in the quarter, as its assets grew to $568.7 million. For the three months ended June 30, 2017, mortgage interest and fee revenue aggregated $12.1 million, an increase of 12.9% from the prior year. For the six months ended June 30, 2017, mortgage interest and fees revenue aggregated $24.0 million, an increase of 15.5% from the prior year.Net earnings for the three months ended June 30, 2017 were $6.8 million, an increase of 5.7% from the prior year. Basic and diluted earnings per common share were $0.23, for the three months ended June 30, 2017, compared with $0.24 basic and diluted earnings per common share for the prior year. Net earnings for the six months ended June 30, 2017 were $14.0 million, an increase of 11.2% from the prior year. Basic and diluted earnings per common share were $0.47 for the six months ended June 30, 2017, compared with $0.47 basic and $0.46 diluted earnings per common share for the comparable period in the previous year. The company had $568 million of mortgages receivable as at June 30, 2017, an increase of 1.0% from the prior quarter and 7.0% from the prior year end. During the quarter, $94.1 millio...