Velocity Financial Inc. (VEL) Tops Q2 EPS by 8c

Velocity Financial Inc. (NYSE: VEL) reported Q2 EPS of $0.25, $0.08 better than the analyst estimate of $0.17.

• Net income of $9.45 million and Core income(1) of $8.45 million; diluted EPS of $0.28 and Core diluted EPS of $0.25
• Core diluted EPS(1) increased 24% sequentially to $0.25 per share in 2Q21 from $0.20 in 1Q21
• Loan production volume increased 10.07% Q/Q and totaled $256.51 million in unpaid principal balance (UPB), driven by growth in Traditional Commercial and Short-Term products and continued strong demand for Investor 1-4 Rental loans
• Portfolio net interest margin of 4.83%
• Book value per common share of $11.62 as of June 30, 2021
• Loans held for investment (HFI) UPB of $2.07 billion as of June 30, 2021
• Nonaccrual loans as a percentage of HFI loans was 15.30% as of June 30, 2021
• 2Q21 nonperforming loan (NPL) resolutions totaled $59.3 million in UPB, realizing 103.9% of UPB resolved
• VEL added to the Russell 2000 and 3000 indices in June

For earnings history and earnings-related data on Velocity Financial Inc. (VEL) click here.

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