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Atrium Mortgage Investment Corporation Announces Second Quarter Results and Record Mortgage Portfolio Balance
Toronto, Ontario--(Newsfile Corp. - August 10, 2022) - Atrium Mortgage Investment Corporation ...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Second Quarter Results and Record Mortgage Portfolio BalanceToronto, Ontario--(Newsfile Corp. - August 10, 2022) - Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and six months ended June 30, 2022.HighlightsRecord mortgage portfolio of $817.0 million, a 6.5% increase from December 31, 2021High quality mortgage portfolio91.9% of portfolio in first mortgages99.1% of portfolio is less than 75% loan to valueaverage loan-to-value is 62.3%Quarterly net income of $10.7 million, up 0.5% from the comparative periodQuarterly basic and diluted earnings per share of $0.25\"We had a very busy Q2, with a record level of mortgage advances of $223.9 million and record repayments of $199.5 million in the quarter. We ended the second quarter with assets of $830.4 million and mortgages of $817.0 million, both being the highest recorded in Atrium's history. We had record quarterly revenues of $18.2 million and earned $0.25 per share. The quality of our loan book remains strong, as evidenced by very low arrears levels, 99.1% of the mortgage portfolio being conventional mortgages (defined as less than 75% loan to value), and the portfolio loan to value average being only 62.3%. I believe that we are defensively positioned to withstand the impact of softening market conditions over the next several quarters. And with over 66% of our mortgage portfolio being priced off of prime, our average mortgage rate should continue to increase in future quarters,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Thursday, August 11, 2022 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 6278637. For a replay of the conference call (available until August 24, 2022) please call 1 (855) 859-2056, conference ID 6278637.Results of operationsFor the three months ended June 30, 2022, Atrium reported record assets of $830.4 million, up from $775.5 million at the end of 2021. Revenues were $18.2 million, an increase of 12.7% from the second quarter of the prior year. Net income for the second quarter of 2022 was $10.7 million, an increase of 0.5% from the comparative period. Atrium's allo...