Find out how the lender fared in 2022's first three months
Firm Capital Mortgage Investment Corporation has announced a 7.6% increase in net oncome for 2022’s first quarter, a result the company said was driven by higher interest income due to a larger average investment portfolio size.
The lender took in nearly $7.9 million in the three months ending March 31, with its average investment portfolio $86 million higher in that period than in the same quarter in 2021.
Basic weighted average profit per share for the quarter was listed at $0.232, down from $0.237 in 2021’s first quarter, while the company also said its investment portfolio was $614.5 million – a $28 million decrease from the end of last year.
Conventional first mortgages made up 74% of that portfolio, up 1% from December 2021, while total conventional mortgages with loan-to-values of less than 75% accounted for 83% of the total portfolio.
Approximately 68% of that portfolio is due to mature by March 31, 2023, the company said.
New investment funding in the first quarter was $116.7 million, with repayments of $144.7 million. Firm Capital also said that it continued to exceed its yield objective of producing a return on shareholders’ equity in excess of 400 basis points over the average one-year government Treasury bill yield.
