Business
Atrium Mortgage Investment Corporation Achieves Record Q3 Earnings - 11.9% Increase over Prior Year
Toronto, Ontario--(Newsfile Corp. - October 20, 2016) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"\nAtrium Mortgage Investment Corporation Achieves Record Q3 Earnings - 11.9% Increase over Prior YearToronto, Ontario--(Newsfile Corp. - October 20, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three and nine month periods ended September 30, 2016.Highlights for the quarterRecord earnings of $6.8 million, up 11.9% from prior yearRecord $0.72 basic earnings per share year-to-date$0.25 earnings per share in third quarter Revenues of $11.5 million, up 8.7% from prior yearPortfolio of $526 million, up 16.4% from prior yearHigh quality mortgage portfolio81% of portfolio in first mortgages88% of portfolio is less than 75% loan to value; average loan-to-value is 64%Exposure in Alberta reduced to 7.5% of portfolio, ahead of scheduleInterested parties are invited to participate in a conference call with management on Wednesday, October 26, 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 $523 million. For the three months ended September 30 2016, mortgage interest and fee revenue aggregated $11.5 million, an increase of 8.7% from the prior year. For the nine months ended September 30, 2016, mortgage interest and fees revenue aggregated $32.3 million, an increase of 8.8% from the prior year.Net earnings for the three months ended September 30, 2016 were $6.8 million, an increase of 11.9% from the prior year. Basic and diluted earnings per common share were $0.25, for the three months ended September 30, 2016, compared with $0.25 basic and $0.24 diluted earnings per common share for the prior year. Net earnings for the nine months ended September 30, 2016 were $19.4 million, an increase of 10.6% from the prior year. Basic and diluted earnings per common share were $0.72 and $0.71, respectively, for the nine months ended September 30, 2016, compared with $0.71 basic and $0.70 diluted earnings per common share for the comparable period in the previous year. Dividends paid to date aggregate $0.645: any excess of earnings over dividends for the year will be paid in February 2017 to shareholders of record December 31, 2016.The company had $521 million of mortgages receivable as at September 30, 2016, an increase of 4.1% from the prior quarter an...