Velocity Financial, Inc. Reports Fourth Quarter and Full Year 2024 Results

About this update from Velocity Financial, Inc.

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Diluted EPS of $0.57, up $0.07 from $0.50 per share for 4Q23","length":127,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Core net income (1) of $21.8 million, an increase of 34.6% from $16.2 million for 4Q23. Core diluted EPS (1) of $0.60, up from $0.46 per share for 4Q23","length":149,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Loan production of $563.5 million in UPB, an 18.2% and 60.0% increase from 3Q24 and 4Q23, respectively","length":102,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Year-to-date 2025 loan production through February of $429.4 million","length":68,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":68,"olType":false}]},{"val":[{"type":"text","content":"Nonperforming loans (NPL) as a percentage of Held for Investment (HFI) (2) loans was 10.7%, up slightly from 10.6% as of September 30, 2024, and 9.7% as of December 31, 2023, respectively","length":186,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Resolutions of NPL and real estate owned (REO) totaled $79.4 million in UPB","length":75,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Realized gains of $5.6 million or 107.0% of UPB resolved","length":56,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":56,"olType":false}]},{"val":[{"type":"text","content":"Portfolio net interest margin (NIM) of 3.70%, an increase of 10 bps from 3.60% for 3Q24 and 18 bps from 3.52% for 4Q23","length":118,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Completed the VCC 2024-5 and VCC 2024-6 securitizations totaling $292.9 million and 293.9 million, respectively, of securities issued","length":133,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Liquidity (3) of $95.9 million and total available warehouse line capacity of $435.0 million as of December 31, 2024","length":115,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse debt to equity ratio of 1.2x","length":37,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP Book value per common share of $15.70 as of December 31, 2024, a 16.4% increase from $13.49 as of December 31, 2023","length":120,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Issued $7.3 million in new common equity through Velocity At The Market (ATM) program","length":85,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1371,"olType":false},{"type":"text","content":" WESTLAKE VILLAGE, Calif., March 06, 2025 --( BUSINESS WIRE )--Velocity Financial, Inc. (NYSE: VEL) (Velocity or the Company), a leader in business purpose loans, reported net income of $68.4 million and core net income of $72.9 million for the full year 2024, compared to net income of $52.3 million and core net income of $53.4 million for the full year 2023. Earnings and core earnings per diluted share were $1.91 and $2.03, respectively, for the full year 2024, compared to $1.52 and $1.54 for the full year 2023.","length":514,"tagName":"p"},{"type":"text","content":""Velocity delivered impressive earnings in the fourth quarter and full year 2024," said Chris Farrar, President and CEO. "The Company’s record full-year 2024 earnings were driven by continued strong production, which also reached record levels in 2024, on both a UPB and loans produced basis and by maintaining high underwriting standards. Our success resulted from ongoing initiatives to grow and streamline our loan production platform to capture a greater share of the large but fragmented business purpose loan market. I’m especially proud of our team’s ability to achieve outstanding production volume growth while remaining focused on maintaining strong returns with average loan coupons of 11 percent. This discipline is a key driver of our strong earnings and the reason we exceeded our 5x25 goal of $5 billion in UPB loan portfolio by 2025. Velocity is poised to build on our momentum to drive sustained earnings growth and enhanced long-term shareholder value."","length":991,"tagName":"p"},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;text-align:left;vertical-align:top;","val":[{"type":"text","content":" (1) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":"Core income and Core EPS are non-GAAP measures that exclude nonrecurring and unusual activities from GAAP net income.","length":117,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;text-align:left;vertical-align:top;","val":[{"type":"text","content":" (2) 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