Business
Atrium Mortgage Investment Corporation Announces Record Third Quarter & Year to Date Earnings and Appointment of New Director
Toronto, Ontario--(Newsfile Corp. - November 8, 2022) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Record Third Quarter & Year to Date Earnings and Appointment of New DirectorToronto, Ontario--(Newsfile Corp. - November 8, 2022) - Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and nine months ended September 30, 2022.HighlightsRecord quarterly basic and diluted earnings per share of $0.27 compared to $0.25 per share in the comparative periodRecord nine month basic and diluted earnings per share of $0.77 and $0.76, respectively compared to $0.73 basic and diluted per share in the prior yearRecord quarterly net income of $11.8 million, up 12.0% from the comparative periodRecord gross mortgage portfolio of $856.9 million, an 11.7% increase from December 31, 2021High quality mortgage portfolio92.0% of portfolio in first mortgages99.1% of portfolio is less than 75% loan to valueaverage loan-to-value of 61.4%\"Atrium MIC generated record basic earnings per share in Q3 of $0.27, despite the downturn in real estate values over the last six months. Year to date, our basic earnings per share is $0.77 versus $0.73 per share last year. Our business continued to benefit from higher interest rates as more than 70% of our loans are variable with interest rates that fluctuate with changes in prime. As importantly, loan quality remained high in Q3, with arrears representing less than 1.0% of the total mortgage portfolio. Atrium's percentage of first mortgages continued to be high at 92.0%, and the portfolio loan to value remains very conservative at 61.4%. In fact, there is only one high ratio loan (a loan with a loan to value of greater than 75%), representing less than 0.90% of the mortgage portfolio. We have arranged an additional $25 million on our bank line of credit which will allow us to take advantage of high quality lending opportunities as the major banks tighten their credit standards and narrow their customer base. On a final note, I am very pleased to announce that Jennifer Scoffield, our former CFO, has been appointed to the board of directors of Atrium,\" said Robert Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Wednesday, November 9, 2022 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 88...