Firm Capital Mortgage Investment Corporation Announces Q2/2014 Results and Announces Appointment of New Independent Director

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\nTSX Symbol FC\n\n\n\nTORONTO, Aug. 7, 2014 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three months and six months ended June 30, 2014 and is pleased to announce the appointment of a new independent director.\n\nPROFIT & RETURN ON EQUITYProfit for the second quarter ended June 30, 2014 increased by 6% to $4,800,625 as compared to $4,527,827 for the same period last year. Profit for the six months ended June 30, 2014 increased by 12% to $9,770,228 as compared to $8,722,292 for the same period last year.  Basic weighted average profit per share for the second quarter ended June 30, 2014 was $0.239, which is lower than the $0.257 per share reported for the second quarter ended June 30, 2013. \n\nProfit for the quarter ended June 30, 2014 represented an annualized return on shareholders' equity (based on the month end average shareholders' equity) of 9.21% versus a previously reported return on shareholders' equity of 9.97% for the quarter ended June 30, 2013. This return on shareholders' equity represents 820 basis points per annum over the average Government of Canada one year treasury bill yield for the period being 1.01%, and is well in excess of the Corporation's stated target yield objective of 400 basis points per annum over the average one year treasury bill yield. \n\nDIVIDEND OVERVIEWFor the three and six months ended June 30, 2014, the Corporation declared dividends totaling $4,700,202 and $9,399,219 respectively or $0.234 and $0.468 per Share versus $4,160,723 and $8,258,271 or $0.234 and $0.468 per share for the three and six months ended June 30, 2013. While the per share amount of dividends did not change quarter over quarter, the quantum of dividends paid is higher in 2014 as a result of the increase in the number of shares outstanding. The number of shares outstanding as June 30, 2014 was 20,095,452 as compared to 18,083,368 as at June 30, 2013. \n\nINVESTMENT PORTFOLIO HIGHLIGHTSDetails on the Corporation's investment portfolio as at June 30, 2014 are as follows:\n\n\nTotal gross investment portfolio of $344,892,561, which is a 2% increase over December 31, 2013. \nConventional first mortgages, being those first mortgages with loan to values less than 75%, comprise approximately 68% of the Corporation's total portfo...

More updates from Firm Capital Mortgage Investment Corporation