Business
Atrium Mortgage Investment Corporation Announces Third Quarter Results
Toronto, Ontario--(Newsfile Corp. - October 28, 2021) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Third Quarter ResultsToronto, Ontario--(Newsfile Corp. - October 28, 2021) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) today released its financial results for the three and nine month periods ended September 30, 2021.HighlightsMortgage portfolio of $765.7 million, 2.7% increase from December 31, 2020High quality mortgage portfolio87.8% of portfolio in first mortgages96.0% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.9%Quarterly net income of $10.6 million, up 11.4% from the third quarter of the prior yearQuarterly basic and diluted earnings per share of $0.25\"We are very pleased with our Q3 and year to date results, and we are on track for a very successful year. We had one of our strongest quarters ever for loan originations at $118.6 million, with Ontario contributing 62% of funded loans and BC contributing 38%. The BC portfolio has grown significantly from $164 million at the beginning of the year, to $245 million today. The Ontario team has also been very productive, but there has been much more loan turnover in that province. Overall, the Atrium portfolio grew to a record $766 million by the end of the quarter. While we expect a higher level of repayments in Q4, we do have a solid pipeline of new loans. The mortgage portfolio remains defensively positioned with a modest average loan to value of 60.9%, and 96% of the portfolio being conventional mortgages (less than 75% loan to value),\" said Rob Goodall, CEO of Atrium.Conference callInterested parties are invited to participate in a conference call with management Friday, October 29, 2021 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 9683557. For a replay of the conference call (available until November 11, 2021) please call 1 (855) 859-2056, conference ID 9683557.Results of operationsFor the three months ended September 30, 2021, Atrium reported assets of $774.4 million, up from $755.3 million at the end of 2020. Revenues were $15.9 million, an increase of 4.0% from the third quarter of the prior year. Net income for the third quarter of 2021 was $10.6 million, an increase of 11.4% from the third quarter of the prior year. Atrium's allowa...