Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Earnings in 2017
Toronto, Ontario--(Newsfile Corp. - February 8, 2018) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Revenues and Earnings in 2017Toronto, Ontario--(Newsfile Corp. - February 8, 2018) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB) (TSX: AI.DB.A) (TSX: AI.DB.B) (TSX: AI.DB.C) today released its financial results for the year ended December 31, 2017.HighlightsRecord revenues of $50.4 million, up 14.3% from prior yearEarnings of $29.1 million, up 11.3% from prior year$0.95 basic and $0.94 diluted earnings per share for the year ended December 31, 2017$0.04 per share special dividend to shareholders of record December 31, 2017$0.92 total dividends per share in 2017 2018 regular monthly dividend increased to $0.90 per annumMortgage portfolio increased 18.1% year-over-year to $632 million at December 31, 2017High quality mortgage portfolio81.8% of portfolio in first mortgages85.9% of loan portfolio is less than 75% loan to valueaverage loan-to-value is 61.5%\"Overall, I am pleased with Atrium's performance in 2017. We had a record level of loan advances during the year of $353.7 million, which resulted in an 18% growth in our portfolio. Our new loans continue to be strategically diversified by real estate sector. We continue to lend conservatively, with a high percentage of first mortgages and an overall portfolio loan-to-value ratio below historic levels,\" said Rob Goodall, CEO of Atrium.\"Once again we would like to thank our real estate clients for their continued loyalty, and our shareholders for their continuing support. We are proud to state that Atrium continues to be regarded as Canada's premier non-bank lender™.\"Interested parties are invited to participate in a conference call with management on Friday, February 9, 2018 at 4:00 p.m. EST. Please refer to the call-in information at the end of this news release.Results of operationsAtrium achieved record results, as its assets grew to $627.9 million, and revenues for the year were $50.4 million, an increase of 14.3% from the prior year. For the year ended December 31, 2017, earnings were $29.1 million, an increase of 11.3% from the prior year.Basic and diluted earnings per common share were $0.95 and $0.94, respectively, for the year ended December 31, 2017, compared with $0.97 basic and $0.95 diluted earnings per common share in the previous year. The company had $626.8 million of mortgages recei...