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Atrium Mortgage Investment Corporation Generates 8.9% Increase In Earnings Over Previous Quarter, Record Earnings Of $5.3 Million

Stock quotes in this article: AI

TORONTO, July 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 and six month periods ended June 30, 2014.

Highlights

  • Earnings up 8.9% over previous quarter to $5.3 million
  • $0.23 earnings per share for the quarter – 4.5% increase over previous year
  • $0.46 earnings per share year-to-date – 9.5% increase over previous year
  • Mortgages increased to $382 million, 36% increase over two quarters
  • High quality mortgage portfolio
    • 86.7% first mortgages
    • 96.1% of loan portfolio is less than 75% loan to value
    • Continued focus on lower risk real estate sectors

"We are delighted to report continued strong growth of our mortgage portfolio and earnings" noted Robert Goodall, CEO of Atrium. He continued, "Our strategy of focusing on quality loans with long-term customers has resulted in us achieving record earnings and a high quality portfolio consisting of 87% first mortgages."

Interested parties are invited to participate in a conference call with management on Friday, July 25, 2014 at 9:00 a.m. EDT. Please refer to the call-in information at the end of this news release.

Results of operations

For the three months ended June 30, 2014, mortgage interest and fees aggregated $8.3 million, compared to $5.8 million in the comparative period, an increase of 41.9%. The weighted average interest rate on our mortgage portfolio stayed constant at 8.7% at June 30, 2014, the same as it was at December 31, 2013. Operating expenses, excluding the provision for mortgage losses, for the three months ended June 30, 2014 were $1.0 million, or 12.5% of revenues, compared to $0.8 million or 13.4% of revenues in the comparative period. Net earnings for the three months ended June 30, 2014 aggregated $5.3 million, an increase of 15.3% from net earnings of $4.6 million in the comparative quarter. Basic and diluted earnings per common share were $0.23, for the period ended June 30, 2014, compared with basic and diluted earnings of $0.22 per common share for the comparative period in June 30, 2013.

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