NET INCOME
For the three months ended
EARNINGS PER SHARE
Basic weighted average profit per share for the three months ended
PORTFOLIO
The Corporation’s investment portfolio decreased by
RETURN ON EQUITY
The Corporation continues to exceed its yield objective of producing a return on shareholders’ equity in excess of 400 basis points over the average one-year Government of Canada Treasury bill yield. Income for the quarter ended
PRUDENT IMPAIRMENT ALLOWANCE
Management has always taken a proactive approach to the Corporation’s loan impairment allowance. This is a prudent approach that provides stability of dividends to our shareholders in the event there are any future issues with any of the loans within the Corporation’s investment portfolio. The allowance for impairment and fair value adjustment as of
INVESTMENT PORTFOLIO DETAILS
Details on the Corporation’s investment portfolio as at
- Total gross investment portfolio of
$636,050,388 which is 1% lower than the$642,531,533 reported atDecember 31, 2021 . - Conventional first mortgages, being those first mortgages with loan-to-values less than 75%, comprise 75% of the total portfolio (73% as at
December 2021 ), and total conventional mortgages with loan-to-values less than 75%, comprise 84% of the total portfolio (82% as at December 2021). - Approximately 83% of the portfolio matures by
December 31, 2023 . - The average face interest rate on the portfolio is 10.36% per annum, as compared to 7.91% on
December 31, 2021 . - Regionally, the mortgage investment portfolio is diversified as follows:
Ontario (82%),Quebec (10.4%),Western Canada (5.4%), andUSA (2.2%).
DIVIDEND AND SHARE PURCHASE PLAN
The Corporation has in place a Dividend Reinvestment Plan (DRIP) and Share Purchase Plan that is available to its shareholders. The DRIP allows participants to have their monthly cash dividends reinvested in additional shares. The price paid per share is 97% (if the share price is higher than
For the three and nine months ended
About the Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker,
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, our investment portfolio and our dividends, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our current Annual Information Form under “Risk Factors” (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
President & Chief Executive Officer
(416) 635-0221
Boutique Mortgage Lenders®
Source:
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