Velocity Financial Inc. (VEL) Reports In-Line Q1 EPS, Revenues Miss
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Velocity Financial, Inc. Reports First Quarter 2021 Results
May 6, 2021 4:15 PM EDTFirst Quarter Highlights:
Net income of $3.40 million and core income(1) of $6.72 million; diluted EPS of $0.10 and Core diluted EPS of $0.20 1Q21 loan production volume up 30% Q/Q, totaled $233.04 million in unpaid principal balance (UPB), driven by strong demand for investor loans 1Q21 portfolio net interest margin of 4.10% Book value per common share of $11.12 as of March 31, 2021 Loans held for investment (HFI) UPB of $1.99 billion as of March 31, 2021 Nonaccrual loans as a percentage of HFI loans was 16.8% as of March 31, 2021 1Q21 nonperforming loan (NPL) resolutions totaled $49 million in... More