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Atrium Mortgage Investment Corporation Announces Second Quarter Results
Toronto, Ontario--(Newsfile Corp. - July 28, 2021) - Atrium Mortgage Investment Corporation (T...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Second Quarter ResultsToronto, Ontario--(Newsfile Corp. - July 28, 2021) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) today released its financial results for the three and six month periods ended June 30, 2021.HighlightsMortgage portfolio of $710.6 million, 4.7% decrease from December 31, 2020High quality mortgage portfolio84.0% of portfolio in first mortgages91.9% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.2%Quarterly net income of $10.6 million, up 8.2% from the second quarter of the prior yearQuarterly basic and diluted earnings per share of $0.25\"We are pleased with our Q2 and year to date results, and we are on track for a very successful year. The loan quality of the portfolio was stable with previous quarters, and we have repositioned the portfolio to the point where over 99% of our mortgages are now located in our two preferred markets, Ontario and BC. The mortgage portfolio has a conservative average loan to value of 61.2% and a $10 million loan loss provision which will protect the balance in the event of a downturn. In Q2, we were able to mostly offset a record $148 million of repayments with a high level of originations ($93 million). We continue to have a solid pipeline of new loans, although repayments in Q3 may offset most of our new originations. We are encouraged by the increased vaccination rates and lower level of new COVID 19 cases across Canada, but we will remain very diligent in underwriting new loans given the continuing economic threat of emerging variants. While the housing market and industrial sector has remained strong throughout the pandemic, we are cautiously optimistic that the retail and office sectors will begin to recover as the general economy strengthens,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Thursday, July 29, 2021 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415, conference ID 7559089. For a replay of the conference call (available until August 10, 2021) please call 1 (855) 859-2056, conference ID 7559089.Results of operationsFor the three months ended June 30, 2021, Atrium report...