Velocity Financial Inc. (VEL) Tops Q3 EPS by 4c

Velocity Financial Inc. (NYSE: VEL) reported Q3 EPS of $0.23, $0.04 better than the analyst estimate of $0.19.

• Net income and Core income(1) of $8.02 million; diluted EPS and Core diluted EPS(1) of $0.23
• Loan production volume increased 32.81% quarter-over-quarter and totaled $340.66 million in unpaid principal balance (UPB), driven mainly by growth in demand for Investor 1-4 Rental loans
• Portfolio net interest income of $26.6 million, an increase of 9.0% from 2Q21
• Portfolio net interest margin of 4.97%
• Book value per common share of $12.05 as of September 30, 2021, an increase from $11.62 per share as of June 30, 2021
• Loans held for investment (HFI) UPB of $2.27 billion as of September 30, 2021
• Nonaccrual loans as a percentage of HFI loans was 12.7% as of September 30, 2021
• 3Q21 nonperforming loan (NPL) resolutions totaled $59.96 million in UPB, realizing 103.5% of UPB resolved
• Issued our VCC 2021-2 securitization totaling $205.18 million in UPB
• Upsized and renewed a warehouse financing facility with a key liquidity provider, doubling the maximum capacity to $200 million and extending the renewal period from one year to two years
• Completed a registration statement with the capacity to issue up to $100 million of our common stock, $50 million of which, or up to a maximum of 4,000,000 shares, is authorized for issuance through a newly established “at the market” (ATM) program

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

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