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Atrium Mortgage Investment Corporation Announces Special Dividend, Record Earnings and Appointment of Chief Operating Officer
Toronto, Ontario--(Newsfile Corp. - February 15, 2022) - Atrium Mortgage Investment Corporatio...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Special Dividend, Record Earnings and Appointment of Chief Operating OfficerToronto, Ontario--(Newsfile Corp. - February 15, 2022) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) today released its financial results for the year ended December 31, 2021.HighlightsMortgage portfolio of $767.1 million, 2.9% increase from December 31, 2020High quality mortgage portfolio91.4% of portfolio in first mortgages99.3% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.9%Record net income of $41.8 million, up 6.7% from the prior yearRecord basic and diluted earnings per share of $0.98, up 5.4% from prior year$0.07 per share special dividend to shareholders of record December 31, 2021\"We are very pleased with our 2021 results on a number of different levels. First, our earnings of $0.98 per share was the highest result in our history as a public company. Secondly, this result was achieved despite much higher than normal loan repayments in Ontario, where the annual loan turnover rate was 73%. It is a real testament to our underwriting team across Canada that we were able to increase the overall portfolio size in 2021 despite this unprecedented level of loan turnover. Lastly, we are also proud of the fact that we reduced our percentage of high ratio loans (loans with a loan to value greater than 75%) in the portfolio from 8.6% at the beginning of the year to less than 1.0% by year end. So, our record earnings per share was achieved even as we succeeded in deliberately lowering the risk profile of the portfolio. The mortgage portfolio remains defensively positioned with a modest average loan to value of 60.9%,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Wednesday, February 16, 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 2599690. For a replay of the conference call (available until March 1, 2022) please call 1 (855) 859-2056, conference ID 2599690.Results of operationsFor the year ended December 31, 2021, Atrium reported assets of $775.5 million, up from $755.3 million at the end of 2020. Revenues were $64.2 milli...