MCAN Mortgage Corporation Announces Third Quarter Earnings

About this update from Mcan Mortgage Corporation

[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Third Quarter Earnings\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, Nov. 10, 2017\n\n\n\nTSX: MKP \n\n\n\nTORONTO, Nov. 10, 2017 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") reported Q3 2017 net income of $9.9 million, up from $9.8 million in Q3 2016.  Earnings per share decreased to $0.42 in Q3 2017 from $0.43 in Q3 2016.  \n\nHighlights\n\nNet Income\n\nQ3 2017\n\n\nNet income was $9.9 million in Q3 2017, an increase of $0.1 million (1%) from $9.8 million in Q3 2016.\nEarnings per share decreased by $0.01 (2%) to $0.42 in Q3 2017 from $0.43 in Q3 2016.\nReturn on average shareholders' equity was 13.63% in Q3 2017 compared to 14.08% in Q3 2016.\n\nYear to Date 2017\n\n\nFor 2017 year to date, we earned net income of $29.1 million, a decrease of $2.1 million (7%) from $31.2 million in 2016.\nEarnings per share decreased by $0.11 (8%) to $1.25 per share for 2017 year to date from $1.36 per share in 2016.\nReturn on average shareholders' equity was 13.45% for 2017 year to date compared to 15.36% in 2016.\nThe decrease in net income for 2017 year to date was primarily due to lower corporate mortgage interest, equity income from MCAP Commercial LP (\"MCAP\") and fees, partially offset by higher distribution income recognized from our investment in the Crown Realty II Limited Partnership (\"Crown LP\"). \n\nDividend\n\n\nOn October 13, 2017, the Board of Directors (the \"Board\") declared a 15.6% increase to the quarterly dividend from $0.32 per share to $0.37 per share effective with the 2017 fourth quarter dividend to be paid on January 2, 2018 to shareholders of record as of December 15, 2017.  \n\nCorporate Activity\n\n\nCorporate assets totalled $1.15 billion at September 30, 2017, a net decrease of $53 million from $1.20 billion at June 30, 2017. Q3 2017 activity included decreases of $45 million in mortgages and $12 million in cash.\nThe corporate mortgage portfolio decreased by $45 million during Q3 2017 to $867 million from $912 million, which included...

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