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TORONTO, April 24, 2014 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) (TSX:AI.DB) (TSX:AI.DB.A) today released its financial results for the three months ended March 31, 2014.
$0.23 earnings per share basic and diluted in the quarter, 15% greater than last year
Earnings were $4.8 million in the quarter, also 15% above last year
Regular dividend increased to $0.82 annual rate for 2014, up from $0.80 last year
Mortgage portfolio increased to $344 million, a 22% increase over last quarter
High quality mortgage portfolio
89.8% of portfolio in first mortgages
96.5% of loan portfolio is less than 75% loan to value
Continued focus on lower risk real estate sectors
"We are pleased with Atrium's financial results, a record since becoming a public company. This is a direct result of our strong team of underwriters and the deep relationships that they have with their clients," noted Robert Goodall, CEO of Atrium. He continued, "We focused our lending almost exclusively on Atrium's identified low risk real estate sectors – existing houses and apartments, low rise residential developments and commercial real estate – to ensure a continuing strong mortgage portfolio. During the quarter we also continued to gradually increase our commitment to Western Canada. By May 15, 2014, we will have three experienced underwriters generating new business in Alberta and British Columbia."
Interested parties are invited to participate in a conference call with management on Monday, April 28, 2014 at 4:00 p.m. EDT. Please refer to the call-in information at the end of this news release.
Results of operations – three months ended March 31, 2014
For the three months ended March 31, 2014, mortgage interest and fees aggregated $7.6 million, compared to $5.1 million in the comparative period, an increase of 50.2%. The weighted average interest rate excluding lender fees on the mortgage portfolio stayed constant at 8.7% at March 31, 2014 compared to December 31, 2013.