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Atrium Mortgage Investment Corporation Announces First Quarter Results with Record Quarterly Net Income
Toronto, Ontario--(Newsfile Corp. - May 10, 2023) - Atrium Mortgage Investment Corporation (TSX: ...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces First Quarter Results with Record Quarterly Net IncomeToronto, Ontario--(Newsfile Corp. - May 10, 2023) - 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 month period ended March 31, 2023.HighlightsRecord quarterly basic and diluted earnings per share since going public of $0.33 and $0.31, respectively, compared to $0.25 basic and diluted per share in the comparative periodRecord quarterly net income of $14.2 million, up 34.1% from comparative periodHigh quality mortgage portfolio95.4% of portfolio in first mortgages96.3% of portfolio is less than 75% loan to valueaverage loan-to-value of 60.8%\"Atrium continued to post strong financial results in the first quarter with record net income of $14.2 million. This translated into an EPS of $0.33 which was also a record since becoming a public company over 10 years ago. Our gross mortgage portfolio of $846 million was down marginally over the quarter but remains meaningfully higher on year-over-year basis. The elevated interest rate environment combined with our conservative approach to risk management drove our results. We continue to lend defensively given soft real estate market conditions and uncertainties in the broader economy. The portfolio remained strong at quarter end with no impairments, a weighted average LTV of 60.8% and 95.4% of our mortgages in first position. I am confident that our team has the right depth and experience to manage through the current real estate cycle\" said Robert Goodall, CEO of Atrium.Results of operationsFor the three month period ended March 31, 2023, Atrium reported assets of $854.5 million, down from $874.8 million at the end of 2022. Revenues were $23.7 million, an increase of 44.8% from the first quarter of the prior year. Net income for first quarter of 2023 was $14.2 million, an increase of 34.1% from the first quarter of the prior year. Atrium's allowance for mortgage losses at March 31, 2023 totaled $11.7 million, or 1.38% of the gross mortgage portfolio.Basic and diluted earnings per common share were $0.33 and $0.31, respectively, for the three months ended March 31, 2023, compared with $0.25 basic and diluted earnings per common share in the comparative period, ...