Velocity Financial(US:VEL)2023-05-05 17:33Financial Performance - Net income was $106 million, with diluted earnings per share (EPS) at $031, compared to $31 million and $009 per share in 1Q22[6] - Core net income reached $114 million, and core diluted EPS was $033, a decrease from $124 million and $036 per share in 1Q22[6] - The weighted average portfolio yield increased by 24 bps to 800% in 1Q23, from 776% in 1Q22[6] - Book value per share as of March 31, 2023, was $1218, compared to $1189 as of December 31, 2022[9] Loan Portfolio and Production - Loan production in 1Q23 totaled $2170 million in UPB, a decrease of 627% from $5814 million in UPB for 1Q22[7, 14] - The total loan portfolio was $36 billion in UPB as of March 31, 2023, an increase of 250% from March 31, 2022[7, 17] - Nonperforming loans as a percentage of total HFI loans was 87% as of March 31, 2023, a decrease from 98% as of March 31, 2022[7, 59] Capital and Liquidity - VCC 2023-1 securitization in January totaled $1987 million of securities issued[8] - Liquidity was $453 million as of March 31, 2023, including $394 million in unrestricted cash and cash equivalents and $59 million in available liquidity in unfinanced loans[8] - Total warehouse line capacity was $8318 million as of March 31, 2023[8] Asset Resolution - Total NPL and REO resolution activities in 1Q23 totaled $387 million in UPB and realized net gains of $13 million, or 1035% of UPB resolved[54]