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MCAN Mortgage Corporation reports 81% increase in first quarter earnings
MCAN Mortgage Corporation reports 81% increase in first quarter earnings MCAN Mort...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation reports 81% increase in first 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\nMCAN Mortgage Corporation reports 81% increase in first quarter earnings\nCanada NewsWire\nTORONTO, May 11, 2016\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, May 11, 2016 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") reported strong earnings today for the first quarter of 2016.  \n\nHighlights\n\nNet Income\n\n\nNet income was $7.8 million in Q1 2016, an increase of $3.5 million (81%) from $4.3 million in Q1 2015 due to a 79% increase in securitization income ($0.6 million) from a higher market mortgage-backed securities (\"MBS\") program mortgage portfolio and a $1.4 million increase in equity income from MCAP Commercial LP (\"MCAP\"). Additionally, in Q1 2015 we had a hedge loss of $1.5 million which contributed to the increase. \nEarnings per share increased by $0.13 (62%) to $0.34 in Q1 2016 from $0.21 in Q1 2015. \nIncrease of 58% in return on average shareholders' equity to 11.80% in Q1 2016 from 7.49% in Q1 2015.\n\nDividend\n\n\nConsistent with the prior quarter dividend, the Board of Directors (the \"Board\") declared a second quarter dividend of $0.29 per share to be paid June 30, 2016 to shareholders of record as of June 15, 2016.\n\nCorporate Activity\n\n\nCorporate assets totalled $1.23 billion at March 31, 2016, an increase of $76 million from December 31, 2015. \nQ1 2016 corporate asset activity included increases of $54 million in mortgages, $10 million in financial investments and $8 million in marketable securities. \nThe corporate mortgage portfolio increased by $54 million during Q1 2016 to $998 million from $944 million, which included increases of $59 million in construction, $23 million in insured single family and $6 million in commercial, offset by decreases of $16 million in uninsured single family and $18 million in completed inventory. \nSubsequent to quarter end, we completed the implementation of a new mortgage underwriting system and the upgrade of single family underwri...