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Velocity Financial Inc. Tops Q1 EPS by 10c

May 05, 2022 17:42
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Velocity Financial Inc. (NYSE:VEL) reported Q1 EPS of $0.36, $0.10 better than the analyst estimate of $0.26.

  • Net income of $3.1 million and diluted earnings per share (EPS) of $0.09, down from $8.4 million and $0.24 per share, respectively, for 4Q21
  • Core net income(1) of $12.4 million and core diluted EPS(1) of $0.36, up from $10.1 million and $0.29 per share, respectively, for 4Q21
  • Loan production volume of $581.4 million in unpaid principal balance (UPB), a third consecutive quarterly record and an increase of 16.8% from 4Q21
  • Loans held for investment (HFI) UPB of $2.8 billion as of March 31, 2022, an increase of 12.0% from December 31, 2021
  • Nonaccrual loans as a percentage of Held for Investment (HFI) loans was 9.8% as of March 31, 2022, down from 10.9% as of December 31, 2021
  • Resolutions of nonperforming loans (NPL) totaled $37.4 million in UPB, realizing gains of $1.8 million or 104.8% of UPB resolved
  • Portfolio net interest margin (NIM) of 4.25%, consistent with 4.27% in 4Q21
  • Refinanced and upsized our corporate debt, issuing $215.0 million in principal amount at a rate of 7.125% per annum and paid off higher-cost 9.00% corporate debt of $170.8 million in principal amount
  • Completed our VCC 2022-1 securitization totaling $273.6 million in UPB
  • Book value per common share of $10.90 as of March 31, 2022, an increase from $10.84 per share as of December 31, 2021
Velocity Financial Inc. Tops Q1 EPS by 10c
 

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