Business
Atrium Mortgage Investment Corporation Announces Highest Annual Net Income in Its History and a Record Special Dividend
Toronto, Ontario--(Newsfile Corp. - February 15, 2024) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Highest Annual Net Income in Its History and a Record Special DividendToronto, Ontario--(Newsfile Corp. - February 15, 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 year ended December 31, 2023.HighlightsRecord annual basic and diluted earnings per share of $1.18 and $1.14, respectively, compared to $1.08 and $1.06 basic and diluted per share in 2022Record net income of $51.5 million, up 11.1% from prior yearRecord gross mortgage portfolio of $893.6 million, a 3.2% increase over prior yearRecord $0.29 per share special dividend to shareholders of record on December 29, 2023Prudent allowance for mortgages losses of 2.53% on the gross mortgage portfolioHigh quality mortgage portfolio94.6% of portfolio in first mortgages94.0% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.4%\"2023 proved to be an exceptional year for Atrium and its shareholders. The business posted record earnings per share of $1.18, and an outsized special dividend of $0.29 per share. These results were achieved amid one of the most challenging real estate markets since the early 1990s. In 2023, we managed to capitalize on high quality opportunities arising from reduced activity by institutional lenders, while still maintaining a conservative portfolio loan-to-value of 61.4% and increasing our percentage of first mortgages to 94.6%. Our total allowance for mortgage losses of 253 bps reflects a proactive approach of recognizing increased credit risk in these uncertain economic conditions. We are hopeful that market conditions will improve in the latter half of 2024 but remain prepared to navigate through the current cycle with ample liquidity and tight risk parameters. \"Lastly, I am pleased to announce that Richard Munroe, Chief Operating Officer, has been appointed to the role of President and Chief Operating Officer. This promotion recognizes Richard's increased role and importance at Atrium and positions the company to prosper for many years to come. I will continue to act as CEO for the foreseeable future and will remain fully engaged in the business,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference...