Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings Per Share And An Increase In Monthly Dividend
Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings Per Share And An Increase In Monthly Dividend . (MENAFN - Newsfile Corp) 
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.D) (TSX: AI.E) (TSX: AI.F) (TSX: AI.G) today released its ...
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Highlights



Quarterly basic and diluted per share of $0.26, up from $0.25 basic and diluted in the prior year

Quarterly net income of $11.6 million, up from $11.0 million in the prior year

Increase annual dividend rate by 3.3% from $0.90 to $0.93 per common share beginning in December 2024

Record mortgage portfolio of $926.3 million

High quality mortgage portfolio



97.3% of portfolio in first mortgages



90.3% of portfolio is less than 75% loan-to-value average 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 $0.26 and our year-to-date earnings per share of $0.79 represents our second best nine-month result reported in our history as a public company. Our conservative 85% dividend payout ratio bodes well for the prospect of another sizable special dividend at year-end. We have continued to maintain our disciplined underwriting with 97.3% of the portfolio composed of first mortgages and 90.3% with a loan-to-value of less than 75%. In Q3 and the early part of Q4, we made substantial progress on the repayment of several Stage 2 and 3 loans. Barring any unforeseen changes, we expect that Stage 2 and 3 loans, as a percentage of the total portfolio, to drop sharply when we release our year-end results. Based on improvements in our borrowing base and stabilizing market conditions, I am pleased to announce an increase in our monthly dividend from an annual rate of $0.90 to $0.93 per share. Shortly after the end of Q3, Atrium also completed a highly successful common share offering for total gross proceeds of $28.8 million to further support the growth and liquidity of our business. We were gratified by the overwhelming investor demand for this offering," said Rob Goodall, CEO of Atrium.

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 $903.6 million, up from $877.9 million at the end of 2023. Revenues were $24.5 million, a decrease of 3.5% from the third quarter of the prior year. Net income for the third quarter of 2024 was $11.6 million, an increase of 5.6% from the comparative period. Atrium's allowance for mortgage losses at September 30, 2024 totaled $29.9 million, or 3.23% of the gross mortgage portfolio, which is up from $22.6 million or 2.53% of the mortgage portfolio at December 31, 2023.

For the nine months ended September 30, 2024, revenues were $74.6 million, an increase of 2.7% from the nine months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $35.2 million, a decrease of 11.2% from the prior year period.

Basic and diluted earnings per common share were $0.26 for the three months ended September 30, 2024, compared with $0.25 basic and diluted earnings per common share in the comparable period. Basic and diluted earnings per common share were $0.79 for the nine months ended September 30, 2024, compared with $0.91 and $0.88 basic and diluted earnings per common share respectively for the nine months ended September 30, 2023.

Mortgages receivable as at September 30, 2024 was $902.3 million, up from $876.7 million as at December 31, 2023. During the nine months ended September 30, 2024, $232.6 million of mortgage principal was advanced and $202.0 million was repaid. The weighted average interest rate on the mortgage portfolio at September 30, 2024 was 10.52%, compared to 11.42% at December 31, 2023.

Financial summary

Interim Consolidated Statements of Income and Comprehensive Income

(Unaudited, 000s, except per share amounts)
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2024-11-13
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(MENAFN - Newsfile Corp) 
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.D) (TSX: AI.E) (TSX: AI.F) (TSX: AI.G) today released its ...
Atrium Mortgage Investment Corporation Announces Strong Third Quarter Earnings Per Share And An Increase In Monthly Dividend