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Atrium Mortgage Investment Corporation Announces a Strong Finish to a Very Successful Year and $0.16 Special Dividend for 2024
Toronto, Ontario--(Newsfile Corp. - March 6, 2025) - Atrium Mortgage Investment Corporation (TSX:...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces a Strong Finish to a Very Successful Year and $0.16 Special Dividend for 2024Toronto, Ontario--(Newsfile Corp. - March 6, 2025) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the year ended December 31, 2024.HighlightsAnnual basic and diluted earnings per share of $1.06 and $1.05, respectively, compared to $1.18 and $1.14 basic and diluted earnings per share, respectively in 2023Annual net income of $47.9 million, compared to $51.5 million in the prior year$0.16 per share special dividend to shareholders of record on December 31, 2024 to be paid on March 19, 2025High quality mortgage portfolio96.7% of portfolio in first mortgages95.7% of portfolio is less than 75% loan-to-valueaverage loan-to-value is 61.9%\"Atrium's results for calendar 2024 were very strong. Our earnings per share of $1.06 was the third best result in our history as a public company. This performance has produced a sizeable special dividend of $0.16 which is above the five-year average of $0.13. I am very proud that the last three years have been the best three years since Atrium went public in 2012. Some of the credit for our results has been due to higher interest rates, but we also underwrote more conservatively than other non-bank lenders and therefore had fewer problem loans. For example, our Stage 2 & 3 loans decreased dramatically to $79 million in Q4 from $129.7 million in Q3. Over 2024, we shifted loan origination towards lower risk sectors to protect shareholder capital throughout this economic downturn and our mortgage portfolio ended the year with a low loan-to-value of 61.9%. We believe that there may be less competition from non-bank lenders in 2025 so we also took steps to increase our funding capacity to support future growth. The maximum amount on our credit facility was increased by $25 million to $340 million by adding Royal Bank to the lending syndicate. We also completed an oversubscribed bought deal equity offering in Q4 that raised gross proceeds of $28.8 million. Given our superior financial performance, we were pleased to cap off the year with an increase in the monthly dividend from an annualized rate of $0.90 to $0.93 beginning in December. We are well positioned in 2025 to...