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Atrium Mortgage Investment Corporation Announces Year End Results and Special Dividend
Toronto, Ontario--(Newsfile Corp. - February 9, 2021) -  Atrium Mortgage Investment Corpo...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Announces Year End Results and Special DividendToronto, Ontario--(Newsfile Corp. - February 9, 2021) -  Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.B) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) today released its financial results for the year ended December 31, 2020.HighlightsMortgage portfolio of $745.3 million, 2.1% increase from prior yearHigh quality mortgage portfolio81.7% of portfolio in first mortgages91.4% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.0%Revenues of $65.0 millionNet income of $39.2 million$0.93 basic and diluted earnings per share for the year ended December 31, 2020$0.02 per share special dividend to shareholders of record December 31, 2020\"We are very pleased with our 2020 results. Our mortgage portfolio grew by 6.5%, or $45.5 million, in Q4 on the strength of a record dollar volume of new loan originations. Our mortgage portfolio continues to show strong resilience to the economic downturn caused by COVID-19 and we continue to have very little exposure to the hardest hit sectors- retail, hospitality and long-term care/retirement homes. The mortgage portfolio ended the year with an average loan to value of 61.0%. Atrium earned net income of $39.2 million in 2020, a record for the company, and up 1.6% from the prior year. Earnings per share exceed our total dividends for the year, even after expensing a $3.8 million loan loss provision in 2020. Atrium increased its aggregate loan loss provision to 1.23% of our mortgage portfolio, which will help protect the balance sheet from the continuing impact of COVID-19 in 2021,\" said Rob Goodall, CEO of Atrium. \"Lastly, we are in the process of significantly increasing the size of our loan origination team and feel optimistic about our ability to grow our portfolio in 2021.\"Conference callInterested parties are invited to participate in a conference call with management Wednesday, February 10, 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 5157028. For a replay of the conference call (available until February 23, 2021) please call 1 (855) 859-2056, conference ID 5157028.Results of operationsAtrium ended the year with assets of $755.3 million, up from $743.6 mil...