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Atrium Mortgage Investment Corporation Announces First Quarter Results with Strong Quarterly Net Income
Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - 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 Strong Quarterly Net IncomeToronto, Ontario--(Newsfile Corp. - May 14, 2024) - 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, 2024.HighlightsQuarterly basic and diluted earnings per share of $0.27 Quarterly net income of $12.0 millionMortgage portfolio of $886.1 million, up 4.8% over Q1 of the prior year High quality mortgage portfolio96.7% of portfolio in first mortgages91.2% of portfolio is less than 75% loan to valueaverage loan-to-value is 64.0%\"Atrium began 2024 with another strong quarter. Earnings per share of $0.27 was consistent with our fourth quarter results and significantly exceeded the dividends declared of $0.225. Our lending program is specifically targeting lower risk sectors in order to protect shareholder capital during this downturn in the cycle. Maintaining a defensive portfolio remains our top priority. At quarter end, the weighted average loan to value on the mortgage portfolio remained conservative at 64.0%, and 96.7% of Atrium's mortgages were first mortgages. Despite the mortgage portfolio performing well in Q1, we decided to increase our allowance for mortgage losses in recognition of the continued challenges experienced by real estate markets across Canada. While the prospect of lower rates and easing inflation in the second half of the year should improve market conditions, we intend to remain diligent in managing the existing portfolio and continue to focus on our preferred sectors for new loan business,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management on Wednesday, May 15, 2024 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: First quarter results). For a replay of the conference call (available until May 28, 2024) please call 1-833-607-0619, password 6057203#.Results of operationsFor the three month period ended March 31, 2024, Atrium reported assets of $868.3 million, slightly down from $877.9 million at the end of 2023. Revenues were $25.2 million, an increase of 6.3% from the first quarter of the pri...