Atrium Mortgage Investment Corporation Announces Record Third Quarter and Year-To-Date Earnings and New Executive Appointments

TORONTO, Ontario–(Newsfile Corp. – November 8, 2022)-Atrium Mortgage Investment Corporation (TSX: AI) today announced financial results for the three and nine months ended September 30, 2022. Did.

highlight

  • Recorded basic and diluted quarterly earnings per share of $0.27, compared to $0.25 per share in the comparative period

  • Recorded nine-month basic and diluted earnings per share of $0.77 and $0.76, respectively, compared with basic and diluted share of $0.73 in the prior year

  • Record quarterly net income was $11.8 million, up 12.0% from the comparative period.

  • Record total mortgage portfolio of $856.9 million, up 11.7% from December 31, 2021

  • Quality mortgage portfolio

    • 92.0% of the initial mortgage portfolio

    • 99.1% of the portfolio has less than 75% loan-to-value

    • Average loan amount is 61.4%

“Atrium MIC delivered record underlying earnings of $0.27 per share in the third quarter despite the decline in real estate prices over the past six months. , $0.77 per share compared to $0.73 a share last year.Our business continues to benefit because more than 70% of our loans are floating rate and as the prime changes, the rate fluctuates. From higher interest rates. Value remains very modest at 61.4%. “We have arranged $25 million. Arrow to our customer base. Finally, we are very pleased to announce the appointment of our former CFO, Jennifer Scofield, to Atrium’s board of directors.” said Atrium CEO Robert Goodall.

Conference call

Interested parties are invited to join a conference call with management on Wednesday, November 9, 2022 at 4:00 pm ET to discuss the results.Call us to join the conference call or listen live
1 (888) 886-7786 or (416) 764-8658, Conference ID 01533012. For a replay of the conference call (available through November 22, 2022), call 1 (877) 674-6060, conference ID 533012 #.

Investment performance

In the three months ended September 30, 2022, Atrium reported record assets of $871.3 million, up from $775.5 million at the end of 2021. Revenue was $20.6 million, up 30.0% from the third quarter last year. Net income for the third quarter of 2022 was $11.8 million, an increase of 12.0% from the comparative period. Atrium’s mortgage loss reserves as of September 30, 2022 totaled $9.5 million, or 1.11% of his total mortgage portfolio.

Revenue for the nine months ended September 30, 2022 was $55.2 million, an increase of 13.9% from the nine months ended September 30, 2021. Net income for the nine months ended September 30, 2022 was $33.1 million, an increase of 6.6%. from the same period last year.

Basic and diluted earnings per common share for the three months ended September 30, 2022 were $0.27, compared to basic and diluted earnings per common share for the prior year of $0.25. Basic and diluted earnings per common share for the nine months ended September 30, 2022 were $0.77 and $0.76, respectively. This compared to basic and diluted earnings per common share of $0.73 for the nine months ended September 30, 2021.

Mortgage receivables as of September 30, 2022 were a record $850.9 million, up from $759.2 million on December 31, 2021. The weighted average interest rate for the mortgage portfolio on September 30, 2022 was 10.04% compared to 8.26% on December 31, 2021.

Financial Summary
Interim Consolidated Statement of Income and Statement of Comprehensive Income
(unaudited, 000s, excluding per share amounts)

3 months over

9 months end

September 30

September 30

2022

2021

2022

2021

Earnings

$

20,634

$

15,870

$

55,212

$

48,468

Mortgage servicing and administration fees

(2,056

)

(1,792

)

(6,395

)

(5,463

)

Other expenses

(292

)

(283

)

(828

)

(1,133

)

Impairment of investment properties held for sale

(1,832

)

Recovery of mortgage losses (provisions)

(1,114

)

(400

)

316

(1,269

)

Earnings before funding costs

17,172

13,395

46,473

40,603

financing cost

(5,346

)

(2,840

)

(13,374

)

(9,549

)

Total net income and comprehensive income

$

11,826

$

10,555

$

33,099

$

31,054

basic earnings per share

$

0.27

$

0.25

$

0.77

$

0.73

Diluted earnings per share

$

0.27

$

0.25

$

0.76

$

0.73

Declared dividend

$

9,706

$

9,601

$

29,029

$

28,726

Mortgage receivables, period end

$

850,920

$

758,007

$

850,920

$

758,007

Total assets, end of period

$

871,302

$

774,353

$

871,302

$

774,353

shareholders’ equity, period end

$

480,462

$

469,372

$

480,462

$

469,372

Analysis of mortgage portfolio

September 30, 2022

December 31, 2021

extraordinary

% of

extraordinary

% of

Property type

number

amount

portfolio

number

amount

portfolio

(000 outstanding amount)

high rise house

twenty one

$

300,850

35.1%

18

$

234,847

30.6%

mid-rise housing

31

243,816

28.5%

34

253,507

33.0%

low-rise housing

13

121,128

14.1%

15

122,569

16.0%

house and apartment

141

101,084

11.8%

101

70,944

9.3%

condominium corporation

14

2,302

0.3%

13

1,752

0.2%

housing portfolio

220

769,180

89.8%

181

683,619

89.1%

commercial

twenty four

87,675

10.2%

16

83,512

10.9%

mortgage portfolio

244

$

856,855

100.0%

197

$

767,131

100.0%

September 30, 2022

Weighted

Weighted

the number of

extraordinary

percentage

average

average

Location of the underlying asset

Housing loan

amount

extraordinary

Loan to Value

interest rate

(000 outstanding amount)

Greater Toronto Area

161

$

582,797

68.0%

61.6%

10.28%

Non-GTA Ontario

55

34,642

4.0%

68.9%

7.65%

british columbia

26

231,076

27.0%

59.5%

9.75%

Alberta

2

8,340

1.0%

71.2%

11.73%

244

$

856,855

100.0%

61.4%

10.04%

December 31, 2021

Weighted

Weighted

the number of

extraordinary

percentage

average

average

Location of the underlying asset

Housing loan

amount

extraordinary

Loan to Value

interest rate

(000 outstanding amount)

Greater Toronto Area

126

$

472,851

61.6%

62.3%

8.34%

Non-GTA Ontario

44

33,361

4.4%

67.4%

7.65%

british columbia

twenty five

253,771

33.1%

56.7%

8.17%

Alberta

2

7,148

0.9%

94.4%

8.90%

197

$

767,131

100.0%

60.9%

8.26%

For more detailed financial results and a detailed analysis of the company’s mortgage portfolio, please refer to Atrium’s interim consolidated financial statements for the three and nine months ended September 30, 2022 and its management’s discussion and analysis. please refer to. www.sedar.comand on the company’s website www.atriummic.com.

Election of directors

Atrium is pleased to announce the appointment of Jennifer Scoffield to its Board of Directors, effective November 8, 2022. Jennifer is the former CFO of her Atrium, a position she stepped down in September 2022. private enterprise throughout her career.

About Atrium

Canada’s Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial loans in major Canadian cities where real estate is highly stable and liquid. Atrium’s objective is to provide shareholders with stable and secure dividends and protect shareholders’ capital by lending conservatively within his parameters of risk. Atrium is a Mortgage Investment Corporation (MIC) as defined in Canada. income tax lawTherefore, if taxable income is paid to shareholders in the form of dividends within 90 days from December 31 of each year, the income is not taxed. Such dividends are usually treated by shareholders as interest income, thus putting each shareholder in the same position as if the mortgage investments made by the company were made directly by the shareholder. For more information on Atrium, please refer to our Regulatory Submissions. www.sedar.com or investor information on the Atrium website www.atriummic.com.

Please contact us for more information.
Robert G. Goodall
president and chief

John Ahmad
Executive Officer Chief Financial Officer

(416) 867-1053
info@atriummic.com
www.atriummic.com

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