Business
MCAN Mortgage Corporation Reports 33% Increase in Fourth Quarter Earnings and Record Annual Net Income
MCAN Mortgage Corporation Reports 33% Increase in Fourth Quarter Earnings and Record Annua...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Reports 33% Increase in 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\nMCAN Mortgage Corporation Reports 33% Increase in Fourth Quarter Earnings and Record Annual Net Income\nCanada NewsWire\nTORONTO, Feb. 26, 2016\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, Feb. 26, 2016 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") reported strong earnings today for both the fourth quarter and fiscal year of 2015.  \n\nHighlights\n\nQ4 Net Income\n\n\nNet income was $9.5 million in Q4 2015, up 33% from $7.1 million in Q4 2014 due to higher securitization income from an 83% increase in our average market mortgage-backed securities (\"MBS\") program mortgage portfolio and a $2.5 million income distribution received on a commercial real estate investment. \nEarnings per share increased by 24% to $0.42 in Q4 2015 from $0.34 in Q4 2014. \nReturn on average shareholders' equity increased to 14.66% in Q4 2015 from 12.76% in Q4 2014. \n\nFiscal 2015 Net Income\n\n\nWe earned record net income of $32.9 million in fiscal 2015, a 29% increase from $25.4 million in 2014. In addition to the items noted above for Q4 2015, equity income from our investment in MCAP Commercial LP (\"MCAP\") increased significantly from 2014. \nEarnings per share were $1.51 in fiscal 2015, up 23% from $1.23 per share in 2014. \nReturn on average shareholders' equity increased to 13.45% in 2015 from 11.50% in 2014.\n\nDividend\n\n\nConsistent with the prior quarter dividend increase, the Board of Directors (the \"Board\") declared a first quarter dividend of $0.29 per share to be paid March 31, 2016 to shareholders of record as of March 15, 2016.\n\nCorporate Activity\n\n\nCorporate assets totalled $1.16 billion at December 31, 2015, an increase of $63 million during Q4 2015. \nQ4 2015 corporate asset activity included increases of $63 million in mortgages, $5 million in marketable securities and $5 million in financial investments and a decrease of $16 million in cash and cash equivalents....