Velocity Financial, Inc. Reports First Quarter 2024 Results
Velocity Financial, Inc. (VEL)
Company Research
Source: Business Wire
First 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 1Q23Core 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 1Q23Loan production of $378.7 million in UPB, a 7.5% increase from 4Q23 and 74.5% from 1Q23Loan 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) loans was 10.1%, up slightly from the 9.7% as of December 31, 2023, and an increase from 8.7% as of March 31, 2023Resolutions of nonperforming loans (NPL) and real estate owned (REO) totaled$54.5 million in UPBRealized gains of $1.3 million or 102.3% of UPB resolvedPortfolio net interest margin (NIM) of 3.35%, a decrease of 17 bps Q/Q and an increase of 12 bps from 3.23% for 1Q23Completed the VCC 2024-1 securitization totaling $209.9 million of s
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News
- It's Unlikely That Velocity Financial, Inc.'s (NYSE:VEL) CEO Will See A Huge Pay Rise This Year [Yahoo! Finance]Yahoo! Finance
- Velocity Financial, Inc. (NYSE:VEL) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Velocity Financial, Inc. Reports First Quarter 2024 Results [Yahoo! Finance]Yahoo! Finance
- Velocity Financial, Inc. Announces Date of First Quarter 2024 Financial Results Webcast and Conference CallBusiness Wire
- Surging Earnings Estimates Signal Upside for Velocity Financial (VEL) Stock [Yahoo! Finance]Yahoo! Finance
VEL
Earnings
- 5/2/24 - Beat
VEL
Sec Filings
- 5/15/24 - Form EFFECT
- 5/10/24 - Form S-3/A
- 5/3/24 - Form 8-K
- VEL's page on the SEC website