Firm Capital Mortgage Investment Corporation Announces Q2/2015 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\nTSX Symbol FC\n\n\n\nTORONTO, Aug. 10, 2015 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three and six months ended June 30, 2015. \n\nPROFIT & RETURN ON EQUITYIncome and profit (\"Profit\") for the three months ended June 30, 2015 remained relatively consistent at $4,800,434 compared to 4,800,625 for the same period in the prior year. Profit for the six months ended June 30, 2015 remained relatively consistent at $9,648,299 compared to $9,770,228 for the six months ended June 30, 2014. Basic weighted average profit per share for the three months ended June 30, 2015 was $0.237, compared to $0.239 per share reported for the same period in 2014.\n\nProfit for the quarter ended June 30, 2015 represented an annualized return on shareholders' equity (based on the average of the month end shareholders' equity) of 9.12% versus a previously reported return on shareholders' equity of 9.21% for the quarter ended June 30, 2014. This return on shareholders' equity represents 854 basis points per annum over the average Government of Canada One Year treasury bill yield for the year of 0.58%, 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 OVERVIEW  For the three and six months ended June 30, 2015, the Corporation declared dividends totaling $4,741,613 and $9,465,941 respectively or $0.234 and $0.468 per share versus $4,700,202 and $9,399,219 or $0.234 and $0.468 per share for the three and six months ended June 30, 2014. While the per share amount of dividends did not change quarter over quarter, the quantum of dividends paid is higher in 2015 as a result of the increase in the number of shares outstanding. The number of shares outstanding at June 30, 2015 was 20,275,619 as compared to 20,095,452 at June 30, 2014. \n\nMORTGAGE AND DEBT INVESTMENT PORTFOLIO HIGHLIGHTSDetails on the Corporation's investment portfolio as at June 30, 2015 are as follows:\n\n\nTotal gross investment portfolio of $397,369,555, which is a 16% increase over December 31, 2014. \nConventional first mortgages, being first mortgages with loan to values less than 75%, which comprise 68% of our total portfolio, and total conventional mortgages with loan to ...

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