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Atrium Mortgage Investment Corporation Announces Highest Quarterly and Annual Net Income in Its History and a Record Special Dividend
Toronto, Ontario--(Newsfile Corp. - February 14, 2023) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Highest Quarterly and Annual Net Income in Its History and a Record Special DividendToronto, Ontario--(Newsfile Corp. - February 14, 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 year ended December 31, 2022.HighlightsRecord annual basic and diluted earnings per share since going public 10 years ago of $1.08 and $1.06, respectively, compared to $0.98 basic and diluted per share in the prior yearRecord quarterly basic and diluted earnings per share since going public of $0.31 and $0.30, respectively, compared to $0.25 basic and diluted per share in the comparative periodRecord net income of $46.3 million, up 10.9% from prior yearRecord gross mortgage portfolio of $866.3 million, an 12.9% increase from December 31, 2021$0.23 per share special dividend to shareholders of record on December 30, 2022 High quality mortgage portfolio92.5% of portfolio in first mortgages97.1% of portfolio is less than 75% loan to valueaverage loan-to-value of 59.4%\"2022 proved to be a record year for Atrium in terms of portfolio growth and earnings. Our EPS of $1.08 was the highest in our company's history as a publicly traded company. The mortgage portfolio of $866 million was almost $100 million larger than last year, which reflects the increased size and quality of our underwriting teams in Toronto and Vancouver. Over the course of the year, we repositioned the portfolio to benefit from rising short term rates and by year end over 75% of the portfolio had prime-based pricing, compared to 60% at the start of the year. Most importantly, we continued to lend on a disciplined basis through conservative underwriting, active portfolio management, and a focus on high quality borrowers in large urban centers. As a result, the mortgage portfolio was defensively positioned at year end with a weighted average portfolio loan to value of 59.4%, only 1.1% of the portfolio in default, and first mortgages representing 92.5% of the portfolio. Our primary focus in 2023 will be maintaining a resilient mortgage portfolio that can withstand an economic slowdown and soft real estate market conditions,\" said Robert Goodall, CEO of Atrium.Results of operationsFor the year ended December 31, 2022...