Business
Atrium Mortgage Investment Corporation Generates Record Earnings and Record Dividends in 2016
Toronto, Ontario--(Newsfile Corp. - February 8, 2017) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"\nAtrium Mortgage Investment Corporation Generates Record Earnings and Record Dividends in 2016Toronto, Ontario--(Newsfile Corp. - February 8, 2017) - Atrium Mortgage Investment Corporation (TSX: AI, AI.DB, AI.DB.A, AI.DB.B) today released its financial results for the year ended December 31, 2016.Highlights$0.97 basic and $0.95 diluted earnings per share for the year ended December 31, 2016$0.10 per share special dividend to shareholders of record December 31, 2016$0.96 total dividends per share in 2016, representing a yield of 9.3% on book value 2017 regular dividend increased to $0.88 per annum, paid monthlyMortgage portfolio increased 18.5% year-over-year to $535 million at December 31, 2016High quality mortgage portfolio80.8% of portfolio in first mortgages88.4% of loan portfolio is less than 75% loan to valueContinued focus on low risk real estate sectorsAlberta exposure reduced from 13.5% of portfolio at December 31, 2015 to 6.9% at year-end; 96.9% of remaining Alberta loans are first mortgages\"Our performance in 2016 was the most impressive in Atrium's 15 year history\" said Robert Goodall, CEO of Atrium. He continued, \"What I am most proud of is our ability to lower the risk in the portfolio by reducing our exposure in Alberta from 19.5% of the total portfolio 18 months ago to less than 7% today. And we accomplished that feat while generating record earnings per share. This re-orientation of the portfolio demonstrates the quality of our management team, who have proven that they can operate effectively in both a weak or strong economy.\"\"Once again we would like to thank our real estate clients for their continued loyalty, and our shareholders for their continuing support. 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 Thursday, February 9, 2017 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, 2016, mortgage interest and fees revenue aggregated $44.0 million, compared to $40.2 million in the prior year, an increase of 9.5%. The weighted average interest rate on the mortgage portfolio was 8.50% at December 31, 2016, compared with 8.66% at December 31, 2015. Earnings and total comprehe...