Firm Capital Mortgage Investment Corporation Announces Q1/2016 Results

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[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q1/2016 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q1/2016 Results\nCanada NewsWire\nTORONTO, May 3, 2016\n\n\n\nTSX Symbol FC\n\n\n\nTORONTO, May 3, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three months ended March 31, 2016.\n\nHIGHLIGHTS\n\nINCREASE IN PROFITIncome and profit (referred to herein as \"Profit\") for the quarter ended March 31, 2016 increased by approximately 3% to $5,014,757 compared to $4,847,865 for the same period in the previous year. \n\nBasic weighted average profit per share for the first quarter ended March 31, 2016 was $0.246, which is 2.5% higher than the $0.240 per share reported for the three months ended March 31, 2015. \n\nPORTFOLIO GROWTHThe Corporation's investment portfolio (the \"Investment Portfolio\") as at March 31, 2016 increased by $12.4 million to approximately $415.3 million compared to $402.9 million as at December 31, 2015 (before the impairment provision of $4.23 million for both period ends). \n\nRETURN ON EQUITYThe Corporation continues to exceed its yield objective of producing a return on shareholders' equity in excess of 400 basis points over the average one year Government of Canada Treasury bill yield. Profit for the quarter ended March 31, 2016 represents an annualized return on shareholders' equity (based on the month end average shareholders' equity in the quarter) of 9.58%, which is 903 basis points per annum over the average one year Government of Canada Treasury bill yield of 0.55%.\n\nINVESTMENT PORTFOLIO DETAILS\n\nDetails on the Corporation's investment portfolio as at March 31, 2016 are as follows:\n\n\nTotal gross investment portfolio of $415,263,986, which is a 3% increase over December 31, 2015. \nConventional first mortgages, being those first mortgages with loan to values less than 75%, comprise 70% of our total portfolio, and total conventional mortgages, with loan to values under ...

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