Velocity Financial(US:VEL)2020-08-12 20:38Financial Performance - Net Income was $2.1 million and "Core" EPS was $0.17 in 2Q20[10] - Total net interest margin was 3.18%, an increase of 21 basis points (bps) from 1Q20[10] - 2Q20 Net Interest Income (NII) totaled $18.6 million, a decrease of 15% Q/Q and up 12% Y/Y[24] - Book value per share decreased from $12.47 at March 31, 2020 to $10.26 at June 30, 2020[14] - Nonaccrual loans at June 30, 2020 totaled $269 million in UPB, or 14.6% of total loans held for investment[29] Loan Portfolio and Forbearance - Total loan portfolio at June 30, 2020 was $2.06 billion, a decrease from $2.13 billion at March 31, 2020[21] - Loans in COVID-19 forbearance plans totaled $331 million in UPB at June 30, 2020[10] - Approximately 81% of the forbearance plans due to resume making full payments in July made their payment or paid in full[10, 19] Capital and Financing - Completed a $128 million securitization (VCC 2020-2) in June, collateralized by 30-year mortgages[11] - Completed a $276 million securitization (VCC 2020-MC1) in July, collateralized primarily by short-term loans[11] - Issued and sold $45 million of convertible preferred stock and warrants to strengthen the balance sheet[11]