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MCAN Mortgage Corporation announces fourth quarter earnings and record annual net income
MCAN Mortgage Corporation announces fourth quarter earnings and record annual net income ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation announces fourth quarter earnings and record annual net income\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\n\nCanada NewsWire\nTORONTO, Feb. 24, 2017\n\n\n\nStock market symbolTSX: MKP \n\n\n\nTORONTO, Feb. 24, 2017 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced Q4 2016 net income of $9.0 million ($0.39 per share) compared to $9.5 million ($0.42 per share) in Q4 2015.  We also announced record net income for the second consecutive year of $40.2 million in fiscal 2016, up 22% from $32.9 million in 2015. \n\nHighlights\n\nNet Income\n\nQ4 2016\n\n\nNet income totalled $9.0 million in Q4 2016 compared to $9.5 million in Q4 2015.  Corporate mortgage interest and income from financial investments and other loans were higher in Q4 2015, while equity income from MCAP Commercial LP (\"MCAP\") and recoveries of credit losses were higher in Q4 2016. \nEarnings per share totalled $0.39 in Q4 2016 compared to $0.42 in Q4 2015. \nReturn on average shareholders' equity of 12.94% in Q4 2016 compares to 14.66% in Q4 2015. \nContinued strong equity income from our investment in MCAP of $3.2 million in Q4 2016, an increase of 55% from $2.1 million in Q4 2015.\n\nFiscal 2016\n\n\nFor fiscal 2016, net income totalled $40.2 million, an increase of $7.3 million (22%) from $32.9 million in 2015.  The increase was primarily due to higher equity income from MCAP, income from financial investments and other loans and securitization income.  We also incurred a $2.9 million hedge loss in 2015 that did not recur in 2016.  These items were offset by higher operating expenses in 2016. \nEarnings per share increased by $0.24 (16%) to $1.75 in 2016 from $1.51 in 2015. \nReturn on average shareholders' equity of 14.74% in 2016 increased from 13.45% in 2015. \nIncrease of 29% in securitization income from our continued participation in the market mortgage-backed securities (\"MBS\") program and re-entry into the Canada Mortgage Bonds (\"CMB\") program.\n\nDividend\n\n\nConsistent with the prior quart...