Business
Atrium Mortgage Investment Corporation Generates Record Earnings and Record Bonus Dividend in 2015
Toronto, Ontario--(Newsfile Corp. - February 9, 2016) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Generates Record Earnings and Record Bonus Dividend in 2015Toronto, Ontario--(Newsfile Corp. - February 9, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the year ended December 31, 2015.Highlights$0.94 basic and $0.93 fully diluted earnings per share for the year ended December 31, 2015, up over 3% from the previous year$0.09 per share special dividend to shareholders of record December 31, 2015$0.93 total dividends per share in 2015, representing a yield of 9.1% on book value Regular monthly dividend increased to $0.0717, (annualized rate of $0.86) in 2016Mortgage portfolio increased 4% year-over-year to $452 million at December 31, 2015High quality mortgage portfolio77.8% of portfolio in first mortgages96.2% of loan portfolio is less than 75% loan to valueContinued focus on low risk real estate sectorsAlberta exposure reduced from 19.5% of portfolio at March 31, 2015 to 13.5% at year-end; 98% of remaining Alberta loans are first mortgages\"2015 was another great year for us,\" said Robert Goodall, CEO of Atrium. He continued, \"Our lending team continued to do an excellent job of originating high quality loan opportunities which allowed us to continue to grow the portfolio. We were again able to generate higher earnings per share in 2015, despite the relatively weak performance of the Canadian economy. Our experienced team, working in our five offices across Canada, coupled with our controlled growth objectives and conservative risk parameters, have allowed us to continue to grow in these conditions. \"Once again we would like to thank our real estate clients for their continued loyalty, and our new and existing shareholders who allowed us to successfully complete another common share issuance in 2015. We are proud to state that Atrium continues to be regarded as 'Canada's premier non-bank lender™'.\"Interested parties are invited to participate in a conference call with management on Wednesday, February 10, 2016 at 4:00 p.m. EST. Please refer to the call-in information at the end of this news release.Results of operationsFor the year ended December 31, 2015, mortgage interest and fees revenue aggregated $40.2 million, compared to $35.0 million in the prior year, an increase of 15.0%. The weighted average interest rate on the mort...