Newsfileยท2025-03-06 22:21Core Insights - Atrium Mortgage Investment Corporation reported strong financial results for the year ended December 31, 2024, with earnings per share of $1.06, marking the third-best result in its history as a public company [3][5] - The company declared a special dividend of $0.16 per share, exceeding the five-year average of $0.13, and increased the monthly dividend from an annualized rate of $0.90 to $0.93 starting in December 2024 [3][5] - Atrium's mortgage portfolio maintained a low loan-to-value ratio of 61.9%, with a significant reduction in Stage 2 & 3 loans from $129.7 million in Q3 to $79 million in Q4 2024 [3][5][6] Financial Performance - Annual net income for 2024 was $47.9 million, down from $51.5 million in 2023, reflecting a decrease of 7.1% [5][6] - Total revenue for 2024 was $97.3 million, a slight decrease of 1.3% from the previous year [6][8] - Basic and diluted earnings per share decreased by 10.2% compared to 2023, with basic earnings per share at $1.06 and diluted earnings per share at $1.05 [5][6][8] Mortgage Portfolio Analysis - As of December 31, 2024, 96.7% of Atrium's mortgage portfolio consisted of first mortgages, with 95.7% having a loan-to-value ratio of less than 75% [5][6] - The mortgage portfolio totaled $863.2 million, down from $876.7 million at the end of 2023, due to higher repayments and an increased allowance for mortgage losses [7][8] - The weighted average interest rate on the mortgage portfolio decreased to 9.98% from 11.42% in the previous year [7][8] Strategic Initiatives - The company increased its credit facility by $25 million to a total of $340 million, adding Royal Bank to the lending syndicate to enhance funding capacity for future growth [3][6] - Atrium shifted its loan origination strategy towards lower-risk sectors to safeguard shareholder capital amid economic downturns [3][6] - The company anticipates reduced competition from non-bank lenders in 2025, positioning itself for potential growth opportunities [3][6]