Velocity Financial, Inc. Stock Price, News & Analysis

Velocity Financial, Inc. (NYSE:VEL) will announce its first quarter 2023 results on May 4, 2023, after market closure. The management team will conduct a conference call and webcast at 2:00 p.m. PT to discuss these financial results. Interested parties can access the live webcast via the Investor Relations website. For those wishing to participate by phone, a dial-in option is available starting 15 minutes prior to the call. An audio replay of the conference call will remain accessible until midnight on May 31, 2023. Velocity specializes in business purpose loans secured by residential and commercial properties, leveraging a 19-year network of independent mortgage brokers to serve clients nationwide.

Velocity Financial reported a net income of $32.2 million for FY 2022, up 10.2% from $29.2 million in 2021. Diluted earnings per share rose to $0.94 from $0.86. Core net income increased 26.7% to $42.2 million, with core diluted EPS at $1.24. Despite a 44.2% drop in loan production volume in Q4 2022, the total loan portfolio grew to $3.5 billion, up 35.8% year-over-year. The net interest margin decreased 19.8% to 3.64%. Although operating expenses rose 68.8% to $20.4 million due to increased compensation costs, liquidity stood at $64.2 million as of December 31, 2022.

Velocity Financial, Inc. (NYSE:VEL) will announce its fourth quarter and full-year 2022 results on March 9, 2023, after market close. The executive management team will lead a conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. Investors can access the call via a live webcast on Velocity's Investor Relations website. A replay will be available until March 31, 2023. Velocity specializes in originating and managing investor loans primarily secured by residential rental and small commercial properties, leveraging a vast network of independent mortgage brokers nationwide.

Velocity Financial, Inc. (NYSE: VEL) reported strong financial results for the third quarter of 2022, with net income of $10.0 million and diluted earnings per share of $0.29, up from $8.0 million and $0.23 per share in the same period last year. The company's loan production volume reached $457.3 million, marking a 34.2% increase year-over-year. Nonaccrual loans decreased to 7.4% of the Held for Investment loans. However, the net interest margin declined to 3.59% from 4.97% in 3Q21. Liquidity stood at $96 million, with a book value per common share of $11.61.

Velocity Financial, Inc. (NYSE:VEL) will report its third quarter 2022 financial results on November 3, 2022, after market close. The management team will hold a conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. The call will be accessible via webcast on their Investor Relations website. Investors can also participate by phone, with call-in details provided. An audio replay will be available until November 30, 2022. Velocity specializes in real estate finance, focusing on investor loans secured by residential rental and small commercial properties.

Velocity Financial reported strong second-quarter results, with net income of $10.6 million and diluted EPS of $0.31, up from $9.5 million or $0.28 in 2Q21. Core net income also increased by 25.9% year-over-year. Notably, loan production rose 73.6% to $445.4 million. The total loan portfolio reached $3.1 billion, a 49.3% increase from the previous year. Despite these positives, the net interest margin fell to 4.10%, down from 4.83% in 2Q21 due to lower interest rates.

Velocity Financial, Inc. (NYSE:VEL) will announce its second quarter 2022 financial results on August 4, 2022, after the market closes. The company's management will host a conference call at 3:00 p.m. PT / 6:00 p.m. ET to discuss these results. The call will be accessible via a live webcast on their Investor Relations website, and an audio replay will be available after the call. Based in Westlake Village, California, Velocity specializes in investor loans secured by residential and small commercial properties.

Velocity Financial, Inc. (NYSE: VEL) announced its CFO, Mark Szczepaniak, was honored as a finalist and ultimately awarded by the Los Angeles Times at the 2nd Annual CFO Leadership Awards, recognizing leadership among small to mid-sized public companies. CEO Chris Farrar praised Szczepaniak's contributions within the executive committee. The awards ceremony emphasized the importance of CFO leadership, with details on all recipients to be published in the L.A. Times' C-Suite Magazine on July 24, 2022. Velocity is a real estate finance firm originating loans secured by residential rental and small commercial properties.

Velocity Financial, Inc. (NYSE: VEL) announced that Kroll Bond Rating Agency (KBRA) has upgraded and affirmed the ratings on 15 outstanding securitizations from its subsidiary, Velocity Commercial Capital, LLC. The action follows KBRA’s comprehensive surveillance review and indicates stable collateral performance with minimal losses since issuance, ranging from 0.00% to 0.58%. Nine of these securitizations experienced no losses at all. The rating upgrades reflect improved credit support and positive trends in the underlying loans.