Atrium Mortgage Investment Corporation Announces Special Dividend And Its Annual Results For 2012

Net earnings for the twelve months ended December 31, 2012 aggregated $13.4 million, an increase of 41.5% from net earnings of $9.4 million in the same period in the previous year. Basic and diluted earnings per common share were $0.86 per common share for the twelve months ended December 31, 2012, compared with $0.88 per common share in the same period the previous year, which is a decrease of 2.3%. The slight reduction in earnings was attributable to a decline in the average mortgage rate and the increased operating costs associated with being a public company.

During the twelve-month period ended December 31, 2012, Atrium funded mortgages aggregating $129.1 million. Of these new loans, $100.4 million were first mortgages, representing 77.8% of the new loan originations. All but $12.1 million of these new loans were made in the major urban centres which we have targeted in Ontario and western Canada. There were $84.5 million of repayments during the period.

Results of operations – three months ended December 31, 2012

For the three-month period ended December 31, 2012, mortgage interest and other fees aggregated $4.76 million, compared to $3.59 million in the same period in the previous year, an increase of 32.7%. Dividends declared aggregated $3.86 million for the fourth quarter of 2012, an increase of 29.3% from the same quarter in the previous year.

Net earnings for the three months ended December 31, 2012 aggregated $3.64 million, an increase of 23.3% from net earnings of $2.96 million in the same period in the previous year. Basic and diluted earnings per common share were $0.21 per common share for the three months ended December 31, 2012, compared with $0.23 per common share in the same period the previous year.

During the three-month period ended December 31, 2012, Atrium funded mortgages aggregating $49.1 million. Of these new loans, $43.7 million were first mortgages, representing 89% of the total loans funded. Five of these mortgages were on properties in British Columbia, and the remaining 19 were made in the greater Toronto area. There were $39.6 million of repayments during the period. The mortgage portfolio, in the aggregate, increased from $192.0 million to $202.0 million during the period.

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