Velocity Financial Inc. (VEL) Tops Q1 EPS by 9c
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Velocity Financial, Inc. Reports First Quarter 2024 Results
May 2, 2024 4:15 PM EDTFirst Quarter Highlights:
Net income of $17.3 million, up 62.0% from $10.6 million for 1Q23. Diluted EPS of $0.49, up $0.18 from $0.31 per share for 1Q23 Core net income(1) of $18.2 million, an increase of 60.4% from $11.4 million for 1Q23. Core diluted EPS(1) of $0.51, up from $0.33 per share for 1Q23 Loan production of $378.7 million in UPB, a 7.5% increase from 4Q23 and 74.5% from 1Q23 Loan production in April 2024 totaled $129.0 million with an 11.0% weighted average coupon (WAC) Nonperforming loans as a percentage of Held for Investment (HFI)... More