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Atrium Mortgage Investment Corporation Announces Strong Second Quarter Results with Record Mortgage Portfolio Balance
Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - Atrium Mortgage Investment Corporation (TSX...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Strong Second Quarter Results with Record Mortgage Portfolio BalanceToronto, Ontario--(Newsfile Corp. - August 8, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) (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 six months period ended June 30, 2024.HighlightsQuarterly basic and diluted earnings per share of $0.26Quarterly net income of $11.5 millionRecord mortgage portfolio of $907.8 millionAmended the credit facility to increase the maximum available amount to $340 millionHigh quality mortgage portfolio96.8% of portfolio in first mortgages89.5% of portfolio is less than 75% loan to valueaverage loan-to-value is 64.4%\"Atrium continued to deliver strong returns for shareholders by posting earnings per share of $0.26 for the second quarter and $0.53 year to date. These results are comfortably above our regular divided rates of $0.225 for the quarter and $0.45 year to date. Our focus remains on navigating through challenging real estate market conditions and the portfolio composition now has 96.8% of the portfolio in first mortgages and 89.5% with a loan to value less than 75%. Despite slower market activity, we managed to source high quality opportunities that increased the mortgage portfolio to a record $908 million at quarter end. We also solidified our funding sources during the quarter by adding Royal Bank to our lending syndicate which is a testament to our strong financial performance and portfolio quality. We continue to believe that credit risk remains elevated across the industry and have prudently increased our provisions accordingly. While we remain hopeful that lower inflation and interest rates will help improve market conditions over the coming quarters, we continue to lend defensively in our preferred sectors,\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management on Friday, August 9, 2024 at 9:00 a.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: Second quarter results). For a replay of the conference call (available until August 22, 2024) please call 1-833-607-0619, password 5756717#.Results of operationsFor the three months ended June 30, 20...