Atrium Mortgage Investment Corporation Announces a Strong Start to 2025
Atrium Mortgage Investment Corporation (AMIVF) reported solid Q1 2025 financial results with net income of $11.9 million and earnings per share of $0.25. The company's mortgage portfolio stands at $875.0 million with impressive quality metrics: 96.7% in first mortgages and 96.3% of the portfolio below 75% loan-to-value, with an average LTV of 61.1%.
The company demonstrated strong origination activity with $118.9 million in new loans during Q1. Notable improvements include reduced Stage 3 loans to 2.2% of the portfolio and increased conventional mortgages from 91.2% to 96.3% year-over-year. The weighted average interest rate on the portfolio was 9.56%, down from 9.98% at the end of 2024. The portfolio remains concentrated in the Greater Toronto Area at 88.8% of total mortgages.
Atrium Mortgage Investment Corporation (AMIVF) ha riportato solidi risultati finanziari nel primo trimestre del 2025 con un utile netto di 11,9 milioni di dollari e un utile per azione di 0,25 dollari. Il portafoglio ipotecario dell'azienda ammonta a 875,0 milioni di dollari con metriche di qualità impressionanti: il 96,7% riguarda prime ipoteche e il 96,3% del portafoglio ha un rapporto prestito-valore inferiore al 75%, con un LTV medio del 61,1%.
L'azienda ha mostrato una forte attività di erogazione con 118,9 milioni di dollari in nuovi prestiti nel primo trimestre. Tra i miglioramenti degni di nota, la riduzione dei prestiti in Stage 3 al 2,2% del portafoglio e l'aumento delle ipoteche convenzionali dal 91,2% al 96,3% su base annua. Il tasso di interesse medio ponderato sul portafoglio è stato del 9,56%, in calo rispetto al 9,98% di fine 2024. Il portafoglio rimane concentrato nell'area della Greater Toronto Area con l'88,8% del totale delle ipoteche.
Atrium Mortgage Investment Corporation (AMIVF) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 11,9 millones de dólares y ganancias por acción de 0,25 dólares. La cartera hipotecaria de la compañía asciende a 875,0 millones de dólares con métricas de calidad impresionantes: 96,7% en primeras hipotecas y 96,3% de la cartera con un préstamo sobre valor (LTV) inferior al 75%, con un LTV promedio del 61,1%.
La empresa mostró una fuerte actividad de originación con 118,9 millones de dólares en nuevos préstamos durante el primer trimestre. Entre las mejoras destacadas se incluyen la reducción de los préstamos en Etapa 3 al 2,2% de la cartera y el aumento de hipotecas convencionales del 91,2% al 96,3% interanual. La tasa de interés promedio ponderada de la cartera fue del 9,56%, inferior al 9,98% a finales de 2024. La cartera sigue concentrada en el Área Metropolitana de Toronto con el 88,8% del total de hipotecas.
Atrium Mortgage Investment Corporation (AMIVF)는 2025년 1분기에 순이익 1,190만 달러와 주당순이익 0.25달러의 견고한 재무 실적을 보고했습니다. 회사의 모기지 포트폴리오는 8억 7,500만 달러에 달하며, 우수한 품질 지표를 보이고 있습니다: 1순위 모기지가 96.7%, 포트폴리오의 96.3%가 75% 이하의 대출 대비 가치 비율(LTV)을 유지하며 평균 LTV는 61.1%입니다.
회사는 1분기 동안 1억 1,890만 달러의 신규 대출로 강력한 대출 실행 실적을 보였습니다. 주목할 만한 개선 사항으로는 3단계(Stage 3) 대출이 포트폴리오의 2.2%로 감소했고, 일반 모기지가 전년 대비 91.2%에서 96.3%로 증가한 점이 있습니다. 포트폴리오의 가중 평균 금리는 9.56%로 2024년 말의 9.98%에서 하락했습니다. 포트폴리오는 총 모기지의 88.8%가 집중된 그레이터 토론토 지역에 계속 집중되어 있습니다.
Atrium Mortgage Investment Corporation (AMIVF) a publié des résultats financiers solides pour le premier trimestre 2025 avec un revenu net de 11,9 millions de dollars et un bénéfice par action de 0,25 dollar. Le portefeuille hypothécaire de la société s'élève à 875,0 millions de dollars avec des indicateurs de qualité impressionnants : 96,7 % en premières hypothèques et 96,3 % du portefeuille avec un ratio prêt-valeur inférieur à 75 %, avec un LTV moyen de 61,1 %.
La société a démontré une forte activité d'origine avec 118,9 millions de dollars en nouveaux prêts au cours du premier trimestre. Parmi les améliorations notables figurent la réduction des prêts en phase 3 à 2,2 % du portefeuille et l'augmentation des hypothèques conventionnelles de 91,2 % à 96,3 % d'une année sur l'autre. Le taux d'intérêt moyen pondéré du portefeuille était de 9,56 %, en baisse par rapport à 9,98 % à la fin de 2024. Le portefeuille reste concentré dans la région du Grand Toronto avec 88,8 % du total des hypothèques.
Atrium Mortgage Investment Corporation (AMIVF) meldete solide Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 11,9 Millionen US-Dollar und einem Gewinn je Aktie von 0,25 US-Dollar. Das Hypothekenportfolio des Unternehmens beläuft sich auf 875,0 Millionen US-Dollar und weist beeindruckende Qualitätskennzahlen auf: 96,7 % in Ersthypotheken und 96,3 % des Portfolios liegen unter einem Beleihungsauslauf von 75 %, mit einem durchschnittlichen LTV von 61,1 %.
Das Unternehmen zeigte eine starke Neugeschäftsaktivität mit 118,9 Millionen US-Dollar an neuen Krediten im ersten Quartal. Bemerkenswerte Verbesserungen umfassen die Reduzierung der Stage-3-Darlehen auf 2,2 % des Portfolios und den Anstieg konventioneller Hypotheken von 91,2 % auf 96,3 % im Jahresvergleich. Der gewichtete durchschnittliche Zinssatz des Portfolios lag bei 9,56 %, gegenüber 9,98 % Ende 2024. Das Portfolio bleibt mit 88,8 % der Gesamt-Hypotheken auf die Greater Toronto Area konzentriert.
- Strong loan origination with $118.9 million in new business during Q1
- Improved portfolio quality with Stage 3 loans dropping to 2.2%, lowest since Q2 2023
- High-quality portfolio metrics: 96.7% first mortgages, 96.3% conventional mortgages
- Reduced risk profile with average loan-to-value decreasing from 64.0% to 61.1% year-over-year
- Earnings per share of $0.25 exceeding dividend payout
- Net income decreased 1.2% year-over-year to $11.9 million
- Total assets declined to $852.8 million from $864.3 million at end of 2024
- Weighted average interest rate decreased to 9.56% from 9.98% in December 2024
- Basic and diluted EPS dropped 7.4% year-over-year from $0.27 to $0.25
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the three months ended March 31, 2025.
Highlights
Quarterly basic and diluted earnings per share of
$0.25 Quarterly net income of
$11.9 million Mortgage portfolio of
$875.0 million High quality mortgage portfolio
96.7% of portfolio in first mortgages96.3% of portfolio is less than75% loan-to-valueaverage loan-to-value is
61.1%
"I am very pleased with our first quarter results, both from an earnings and quality perspective. We continue to generate earnings per share well above our dividend. Our underwriting teams originated almost
We have also remained focused on maintaining a low risk profile for the portfolio. In particular, we have reduced our portfolio loan to value over the last twelve months from
Conference call
Interested parties are invited to participate in a conference call with management on Wednesday, May 14, 2025 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: First quarter results). For a replay of the conference call (available until May 28, 2025) please call 1-833-607-0619, passcode 7772119#.
Results of operations
For the three months ended March 31, 2025, Atrium reported assets of
Basic and diluted earnings per common share were
Mortgages receivable as at March 31, 2025 were
Financial summary
Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
| Three months ended | ||||||
| | March 31 | |||||
| 2025 | 2024 | |||||
| Revenue | $ | 21,963 | $ | 25,193 | ||
| Mortgage servicing and management fees | (2,176 | ) | (2,076 | ) | ||
| Other expenses | (351 | ) | (406 | ) | ||
| Recovery of prior mortgage losses | 43 | - | ||||
| Provision for mortgage losses | (2,204 | ) | (3,854 | ) | ||
| Income before financing costs | 17,275 | 18,857 | ||||
| Financing costs | (5,374 | ) | (6,816 | ) | ||
| Net income and comprehensive income | $ | 11,901 | $ | 12,041 | ||
| | ||||||
| Basic earnings per share | $ | 0.25 | $ | 0.27 | ||
| Diluted earnings per share | $ | 0.25 | $ | 0.27 | ||
| | ||||||
| | ||||||
| Dividends declared | $ | 10,995 | $ | 9,931 | ||
| | ||||||
| | ||||||
| Mortgages receivable, end of period | $ | 851,615 | $ | 867,078 | ||
| Total assets, end of period | $ | 852,848 | $ | 868,279 | ||
| Shareholders' equity, end of period | $ | 520,460 | $ | 487,276 | ||
| Book value per share, end of period | $ | 10.98 | $ | 11.02 | ||
Analysis of mortgage portfolio
| As at March 31, 2025 | As at December 31, 2024 | |||||||||||||||||
| Outstanding | % of | Outstanding | % of | |||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | ||||||||||||
| (outstanding amounts in 000s) | ||||||||||||||||||
| High-rise residential | 18 | $ | 265,281 | 17 | $ | 247,202 | ||||||||||||
| Mid-rise residential | 19 | 130,015 | 20 | 139,738 | ||||||||||||||
| Low-rise residential | 11 | 117,673 | 12 | 152,827 | ||||||||||||||
| House and apartment | 225 | 150,302 | 219 | 154,713 | ||||||||||||||
| Condominium corporation | 6 | 1,221 | 6 | 1,279 | ||||||||||||||
| Residential portfolio | 279 | 664,492 | 274 | 695,759 | ||||||||||||||
| Commercial | 25 | 210,496 | 24 | 190,939 | ||||||||||||||
| Mortgage portfolio | 304 | $ | 874,988 | 298 | $ | 886,698 | ||||||||||||
| As at March 31, 2025 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| Number of | Outstanding | Percentage | average | average | |||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan-to-value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 224 | $ | 776,693 | ||||||||||||
| Non-GTA Ontario | 68 | 53,592 | |||||||||||||
| British Columbia | 12 | 44,703 | |||||||||||||
| 304 | $ | 874,988 | |||||||||||||
| As at December 31, 2024 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| Number of | Outstanding | Percentage | average | average | |||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan-to-value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 211 | $ | 791,809 | ||||||||||||
| Non-GTA Ontario | 73 | 40,816 | |||||||||||||
| British Columbia | 14 | 54,073 | |||||||||||||
| 298 | $ | 886,698 | |||||||||||||
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 quarter ended March 31, 2025, 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 Office
Razvan Vulcu
Interim 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/252021
FAQ
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