The lender's portfolio is "defensively positioned" with a steady stream of new loans down the line
Atrium Mortgage Investment Corporation has announced that its mortgage portfolio reached $765.7 million during the third quarter, growing by 2.7% from December 31, 2020.
As of September 30, 87.8% of the MIC’s mortgage portfolio was in first mortgages. Net income during Q3 was $10.6 million, increasing by 11.4% year over year. Quarterly basic and diluted earnings per share stood at $0.25.
Quarterly originations reached their highest-ever level for the company at $118.6 million. Of this sum, Ontario accounted for 62% while BC contributed 38%.
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“We are very pleased with our Q3 and year-to-date results, and we are on track for a very successful year,” said Rob Goodall, CEO of Atrium. “The BC portfolio has grown significantly from $164 million at the beginning of the year to $245 million today. The Ontario team has also been very productive, but there has been much more loan turnover in that province.”
The MIC is expecting a “solid pipeline” of new loans that will offset a likely higher level of repayments in Q4, Goodall said.
“The mortgage portfolio remains defensively positioned with a modest average loan to value of 60.9%, and 96% of the portfolio being conventional mortgages (less than 75% loan to value),” Goodall said.
