Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings per Share and an Increase in Monthly Dividend
Atrium Mortgage Investment reported strong Q3 2024 results with net income of $11.6 million, up 5.6% year-over-year. Quarterly earnings per share increased to $0.26 from $0.25. The company announced a 3.3% increase in annual dividend rate from $0.90 to $0.93 per share starting December 2024. The mortgage portfolio reached a record $926.3 million, with 97.3% in first mortgages and 90.3% having loan-to-value less than 75%. However, revenues decreased 3.5% to $24.5 million, and the allowance for mortgage losses increased to 3.23% of the portfolio compared to 2.53% at year-end 2023.
Atrium Mortgage Investment ha riportato risultati positivi per il terzo trimestre del 2024, con un reddito netto di 11,6 milioni di dollari, in aumento del 5,6% rispetto all'anno precedente. Gli utili per azione trimestrali sono aumentati a 0,26 dollari rispetto a 0,25 dollari. L'azienda ha annunciato un incremento del 3,3% del tasso di dividendo annuale, passando da 0,90 dollari a 0,93 dollari per azione, a partire da dicembre 2024. Il portafoglio ipotecario ha raggiunto un massimo storico di 926,3 milioni di dollari, con il 97,3% in prime mortgages e il 90,3% che ha un rapporto prestito-valore inferiore al 75%. Tuttavia, i ricavi sono diminuiti del 3,5%, attestandosi a 24,5 milioni di dollari, e la dotazione per perdite su mutui è aumentata al 3,23% del portafoglio rispetto al 2,53% di fine 2023.
Atrium Mortgage Investment reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 11.6 millones de dólares, un aumento del 5.6% en comparación con el año anterior. Las ganancias por acción trimestrales aumentaron a 0.26 dólares desde 0.25 dólares. La empresa anunció un incremento del 3.3% en la tasa de dividendo anual, de 0.90 dólares a 0.93 dólares por acción a partir de diciembre de 2024. El portafolio hipotecario alcanzó un récord de 926.3 millones de dólares, con un 97.3% en primeras hipotecas y un 90.3% teniendo un índice préstamo-valor menor al 75%. Sin embargo, los ingresos disminuyeron un 3.5% a 24.5 millones de dólares, y la reserva para pérdidas hipotecarias aumentó al 3.23% del portafolio en comparación con el 2.53% a finales de 2023.
아트리움 모기지 투자는 2024년 3분기 강력한 실적을 보고하며 순이익이 1,160만 달러로, 전년 대비 5.6% 증가했다고 발표했습니다. 분기당 주당 순이익은 0.25달러에서 0.26달러로 증가했습니다. 해당 회사는 2024년 12월부터 주당 배당금이 0.90달러에서 0.93달러로 3.3% 인상된다고 발표했습니다. 모기지 포트폴리오는 9억 2,630만 달러로 사상 최대에 도달했으며, 이 중 97.3%가 담보대출 1순위에 해당하고 90.3%는 담보대출 비율이 75% 미만입니다. 그러나 수익은 3.5% 감소하여 2,450만 달러에 달하며, 모기지 손실 준비금은 2023년 말 2.53%에서 3.23%로 증가했습니다.
Atrium Mortgage Investment a annoncé de bons résultats pour le troisième trimestre de 2024, avec un revenu net de 11,6 millions de dollars, en hausse de 5,6 % par rapport à l'année précédente. Les bénéfices par action trimestriels ont augmenté à 0,26 dollar contre 0,25 dollar. L'entreprise a annoncé une augmentation de 3,3 % du taux de dividende annuel, passant de 0,90 dollar à 0,93 dollar par action à partir de décembre 2024. Le portefeuille hypothécaire a atteint un niveau record de 926,3 millions de dollars, avec 97,3 % en premières hypothèques et 90,3 % ayant un ratio prêt-valeur inférieur à 75 %. Cependant, les revenus ont diminué de 3,5 % pour atteindre 24,5 millions de dollars, et la provision pour pertes sur hypothèques a augmenté à 3,23 % du portefeuille par rapport à 2,53 % à la fin de 2023.
Atrium Mortgage Investment berichtete über starke Ergebnisse im 3. Quartal 2024 mit einem Nettoergebnis von 11,6 Millionen Dollar, was einem Anstieg von 5,6% im Vergleich zum Vorjahr entspricht. Der Quartalsgewinn pro Aktie stieg von 0,25 Dollar auf 0,26 Dollar. Das Unternehmen gab eine Erhöhung der jährlichen Dividendenrendite um 3,3% von 0,90 Dollar auf 0,93 Dollar pro Aktie bekannt, die im Dezember 2024 in Kraft tritt. Das Hypothekenportfolio erreichte mit 926,3 Millionen Dollar einen Rekord, wobei 97,3% erste Hypotheken und 90,3% ein Beleihungsverhältnis von weniger als 75% aufweisen. Die Umsätze sanken jedoch um 3,5% auf 24,5 Millionen Dollar, und die Rückstellungen für Hypothekenausfälle stiegen auf 3,23% des Portfolios im Vergleich zu 2,53% zum Jahresende 2023.
- Net income increased 5.6% to $11.6 million in Q3 2024
- EPS improved to $0.26 from $0.25 year-over-year
- 3.3% increase in annual dividend rate to $0.93 per share
- Record mortgage portfolio of $926.3 million
- Successfully raised $28.8 million through common share offering
- Q3 revenues decreased 3.5% year-over-year
- Allowance for mortgage losses increased to 3.23% from 2.53%
- Nine-month net income decreased 11.2% from prior year
- Book value per share declined to $11.09 from $11.21
- Weighted average interest rate decreased to 10.52% from 11.42%
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the three and nine months period ended September 30, 2024.
Highlights
Quarterly basic and diluted earnings per share of
$0.26 , up from$0.25 b asic and diluted in the prior yearQuarterly net income of
$11.6 million , up from$11.0 million in the prior yearIncrease annual dividend rate by
3.3% from$0.90 t o$0.93 per common share beginning in December 2024Record mortgage portfolio of
$926.3 million High quality mortgage portfolio
97.3% of portfolio in first mortgages90.3% of portfolio is less than75% loan-to-valueaverage loan-to-value is
64.1%
"Despite the ongoing challenges in the real estate market, Atrium continued to produce very strong results for shareholders. Earnings per share for the quarter were
Conference call
Interested parties are invited to participate in a conference call with management on Thursday, November 14, 2024 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: Third quarter results). For a replay of the conference call (available until November 27, 2024) please call 1-833-607-0619, passcode 7754991#.
Results of operations
For the three months ended September 30, 2024, Atrium reported assets of
For the nine months ended September 30, 2024, revenues were
Basic and diluted earnings per common share were
Mortgages receivable as at September 30, 2024 was
Financial summary
Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
| Three months ended | Nine months ended | |||||||||||
| | September 30, | September 30, | | |||||||||
| 2024 | 2023 | 2024 | 2023 | | ||||||||
| Revenue | $ | 24,514 | $ | 24,412 | $ | 74,637 | $ | 72,667 | ||||
| Mortgage servicing and management fees | (2,168 | ) | (2,153 | ) | (6,414 | ) | (6,259 | ) | ||||
| Other expenses | (414 | ) | (241 | ) | (1,064 | ) | (1,017 | ) | ||||
| Recovery of prior mortgage loss | − | 220 | 183 | 377 | ||||||||
| Provision for mortgage losses | (3,488 | ) | (5,442 | ) | (11,707 | ) | (7,084 | ) | ||||
| Income before financing costs | 18,444 | 17,796 | 55,635 | 58,684 | ||||||||
| Financing costs | (6,839 | ) | (6,804 | ) | (20,460 | ) | (19,051 | ) | ||||
| Net income and comprehensive income | $ | 11,605 | $ | 10,992 | $ | 35,175 | $ | 39,633 | | |||
| Basic earnings per share | $ | 0.26 | $ | 0.25 | $ | 0.79 | $ | 0.91 | ||||
| Diluted earnings per share | $ | 0.26 | $ | 0.25 | $ | 0.79 | $ | 0.88 | ||||
| Dividends declared | $ | 10,004 | $ | 9,854 | $ | 29,906 | $ | 29,461 | ||||
| Mortgages receivable, end of period | $ | 902,318 | $ | 863,760 | $ | 902,318 | $ | 863,760 | ||||
| Total assets, end of period | $ | 903,562 | $ | 864,894 | $ | 903,562 | $ | 864,894 | ||||
| Shareholders' equity, end of period | $ | 493,610 | $ | 491,776 | $ | 463,610 | $ | 491,776 | ||||
| Book value per share, end of period | $ | 11.09 | $ | 11.21 | $ | 11.09 | $ | 11.21 | ||||
Analysis of mortgage portfolio
| As at September 30, 2024 | As at December 31, 2023 | |||||||||||||||||
| Outstanding | % of | Outstanding | % of | |||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | ||||||||||||
| (outstanding amounts in 000s) | ||||||||||||||||||
| High-rise residential | 18 | $ | 302,307 | 22 | $ | 323,340 | ||||||||||||
| Mid-rise residential | 22 | 163,075 | 25 | 208,289 | ||||||||||||||
| Low-rise residential | 14 | 166,082 | 14 | 153,561 | ||||||||||||||
| House and apartment | 206 | 145,057 | 153 | 117,943 | ||||||||||||||
| Condominium corporation | 7 | 1,339 | 10 | 1,786 | ||||||||||||||
| Residential portfolio | 267 | 777,860 | 224 | 804,919 | ||||||||||||||
| Commercial | 20 | 148,437 | 19 | 88,640 | ||||||||||||||
| Mortgage portfolio | 287 | $ | 926,297 | 243 | $ | 893,559 | ||||||||||||
| As at September 30, 2024 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| | | | average | average | |||||||||||
| Location of underlying property | Number of mortgages | Outstanding amount | Percentage outstanding | loan-to- value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 201 | $ | 733,262 | ||||||||||||
| Non-GTA Ontario | 66 | 43,613 | |||||||||||||
| British Columbia | 20 | 149,422 | |||||||||||||
| 287 | $ | 926,297 | |||||||||||||
| As at December 31, 2023 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| | | | average | average | |||||||||||
| Location of underlying property | Number of mortgages | Outstanding amount | Percentage outstanding | loan-to- value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 166 | $ | 653,401 | ||||||||||||
| Non-GTA Ontario | 52 | 40,753 | |||||||||||||
| British Columbia | 24 | 191,955 | |||||||||||||
| Alberta | 1 | 7,450 | |||||||||||||
| 243 | $ | 893,559 | |||||||||||||
For further information on the financial results, and further analysis of the company's mortgage portfolio, please refer to Atrium's interim consolidated financial statements and its management's discussion and analysis for the three and nine month period ended September 30, 2024, available on SEDAR+ at www.sedarplus.ca, and on the company's website at www.atriummic.com.
About Atrium
Canada's Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at www.sedarplus.ca or investor information on Atrium's website at www.atriummic.com.
For additional information, please contact
Robert G. Goodall
Chief Executive Officer
John Ahmad
Chief Financial Officer
(416) 867-1053
info@atriummic.com
www.atriummic.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229850
FAQ
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