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Atrium Mortgage Investment Corporation Announces Second Quarter Results with Record Quarterly Net Income
Toronto, Ontario--(Newsfile Corp. - August 3, 2023) - Atrium Mortgage Investment Corporation (TSX...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Second Quarter Results with Record Quarterly Net IncomeToronto, Ontario--(Newsfile Corp. - August 3, 2023) - Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and six months ended June 30, 2023.HighlightsRecord quarterly net income of $14.4 million, up 35.2% from the comparative periodQuarterly basic and diluted earnings per share of $0.33 and $0.32 respectivelyHigh quality mortgage portfolio of $824.6 million96.2% of portfolio in first mortgages98.0% of portfolio is less than 75% loan to valueaverage loan-to-value is 59.8%\"Atrium continued to produce outstanding results for shareholders in the second quarter. We posted record net income of $14.4 million, and our EPS of $0.33 matched the record set in the first quarter. Our mortgage portfolio was down marginally over the quarter to $824.6 million due to slower market conditions, and delayed closings. But revenues grew on the heels of higher interest rates because 84.6% of our loans are now structured on a floating rate basis. Our main focus continues to be maintaining a low risk and resilient mortgage portfolio that can withstand the stresses of the current real estate downturn. For example, the average loan to value in the portfolio is only 59.8%, and 96.2% of our mortgage portfolio are first mortgages which is the highest percentage in our history as a public company. We also have no impaired loans to report, but we still have a healthy 150 basis point loan loss provision in place. We continue to evaluate new loan opportunities within our tight risk parameters and remain cautiously optimistic that we can increase the size of our portfolio over the balance of the year,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management on Friday, August 4, 2023 at 9:00 a.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 886-7786 or (416) 764-8658, conference ID 16843847. For a replay of the conference call (available until August 17, 2023) please call 1 (877) 674-6060, conference ID 843847 #.Results of operationsFor the three months ended June 30, 2023, Atrium reported assets of $831.9 million, down from $874.8 million at the end of 2022. Revenues were $23.5 milli...