Business
Atrium Mortgage Investment Corporation Announces First Quarter Results
Toronto, Ontario--(Newsfile Corp. - May 11, 2022) - Atrium Mortgage Investment Corporation (TS...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces First Quarter ResultsToronto, Ontario--(Newsfile Corp. - May 11, 2022) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the three months ended March 31, 2022.HighlightsMortgage portfolio of $791.4 million, 3.2% increase from December 31, 2021High quality mortgage portfolio91% of portfolio in first mortgages98.3% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.1%Net income of $10.6 million, up 7.3% from the comparative periodBasic and diluted earnings per share of $0.25\"We are off to a very good start in 2022, after achieving record earnings in calendar 2021. We ended the first quarter with assets of $824.9 million and mortgages of $791.4 million, both being the highest recorded in Atrium's history. The strength of our underwriting team continued to show, with mortgage advances of $140 million in Q1, the second highest in our history. Our $0.25 earnings per share were also at near record levels, and the quality of our loan book is outstanding. This loan quality is exemplified by very low arrears levels, 98.3% of the mortgage portfolio being conventional mortgages (defined as less than 75% loan to value), and the portfolio loan to value average being only 61.1%. So we are well positioned to outperform for the balance of 2022,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Thursday, May 12, 2022 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415, conference ID 5988083. For a replay of the conference call (available until May 25, 2022) please call 1 (855) 859-2056, conference ID 5988083.Results of operationsFor the three months ended March 31, 2022, Atrium reported record assets of $824.9 million, up from $775.5 million at the end of 2021. Revenues were $16.4 million, a decrease of 0.4% from the first quarter of the prior year. Net income for the first quarter of 2022 was $10.6 million, an increase of 7.3% from the prior year. Atrium's allowance for mortgage losses at March 31, 2022 totaled $9.4 million, or 1.19% of the mortgage portfolio.Basic and diluted earnings per comm...