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Atrium Mortgage Investment Corporation Announces Solid Third Quarter Results with Record Mortgage Portfolio Balance
Toronto, Ontario--(Newsfile Corp. - November 14, 2023) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Solid Third Quarter Results with Record Mortgage Portfolio BalanceToronto, Ontario--(Newsfile Corp. - November 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 three and nine months ended September 30, 2023.HighlightsRecord year to date basic earnings per share of $0.91, up from $0.77 in the prior year Quarterly basic earnings per share of $0.25, down from $0.27 in the prior yearHigh quality mortgage portfolio of $875.6 million95.5% of portfolio in first mortgages96.0% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.0%proactively increased allowance for mortgage losses\"Atrium produced another solid quarter for shareholders despite very challenging market conditions. Our nine month earnings of $0.91 per share is 18.2% ahead of last year's record result. In fact, our nine month EPS is close to what we would normally earn in a full year. In Q3, our mortgage portfolio reached a record high $875.6 million at quarter end. We also successfully completed the sale of our 90-unit investment property in Regina for a slight profit. While elevated interest rates, persistent inflation, and a slowing economy are definitely adding pressure on real estate markets, our management team is experienced at navigating through market cycles. Our first priority remains maintaining a resilient portfolio that can withstand the most adverse scenarios. Our portfolio loan to value of 61.0% is conservative, 95.5% of our mortgages are in first position, and our mortgages remain concentrated in large urban markets. We are also focused on having ample liquidity at all times. We extended our credit facility to July 2025 during the quarter and currently have over $100 million available on our line of credit. Lastly, we increased our loan loss provisions to 203 basis points to recognize the continuing weakness in real estate markets and this will protect future earnings. Looking ahead, we expect the market to remain challenging over the coming quarters but we also believe that we are well positioned to continue to deliver solid returns for shareholders,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference c...