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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Velocity Financial Inc | NYSE:VEL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.20 | -1.10% | 17.91 | 18.35 | 17.89 | 17.89 | 19,355 | 21:27:59 |
Fourth Quarter Highlights:
Full-Year 2022 Highlights:
(1) Core income and Core EPS are a non-GAAP measures that exclude nonrecurring and unusual activities from GAAP net income. (2) Liquidity includes unrestricted cash reserves of $45.2 million, available liquidity in unfinanced loans of $14.0 million and $5.0 million of available securities repurchase capacity.
Velocity Financial, Inc. (NYSE: VEL) (Velocity or the Company) reported net income of $32.2 million and core net income of $42.2 million for the full-year 2022, compared to net income of $29.2 million and core net income of $33.3 million in 2021. Earnings and core earnings per diluted share were $0.94 and $1.24, respectively, for the full-year 2022, compared to $0.86 and $0.98, respectively, for the full-year 2021.
“2022 was an exceptional year for Velocity,” said Chris Farrar, President and CEO. “This year, we delivered record loan production, portfolio growth of 36%, and the highest annual GAAP and Core net income in the Company’s history. While the market environment presented us with challenges resulting from the precipitous rise in interest rates, Velocity’s extensive track record of solid performance allowed us to issue six securitizations throughout the year, facilitating our impressive portfolio growth. We see considerable potential to grow our core business, which is underpinned by persistent demand for income-generating rental properties and small businesses that want to own the property where they operate. Across the broader mortgage landscape, opportunities for growth are emerging, and we remain diligent in assessing opportunities that complement our long-term strategic mission.”
Fourth Quarter Operating Results
KEY PERFORMANCE INDICATORS ($ in thousands)4Q 2022
4Q 2021
$ Variance % Variance Pretax income$
11,692
$
11,377
$
315
2.8
%
Net income$
8,462
$
8,353
$
109
1.3
%
Diluted earnings per share$
0.25
$
0.24
$
0
1.9
%
Core net income(a)$
9,118
$
10,081
$
(963
)
(9.6
)%
Core diluted earnings per share(a)$
0.27
$
0.29
$
(0
)
(9.0
)%
Pretax return on equity
12.37
%
13.75
%
n.a.(10.0
)%
Core pretax return on equity(a)
13.61
%
16.59
%
n.a.(18.0
)%
Net interest margin - portfolio
2.84
%
4.27
%
n.a.(33.7
)%
Net interest margin - total company
2.36
%
3.53
%
n.a.(33.1
)%
Average common equity$
378,007
$
330,968
$
47,039
14.2
%
(a)
Core income, core diluted earnings per share and core pretax return on equity are non-GAAP measures. Please see the reconciliation to GAAP net income at the end of this release.
Discussion of results:
4Q 2022
4Q 2021
$ Variance % Variance Held for Investment Investor 1-4 Rental
$
1,852
$
1,225
$
627
51.2
%
Mixed Use
443
331
113
34.1
%
Multi-Family
301
228
73
32.2
%
Retail
305
234
71
30.2
%
Warehouse
223
173
51
29.3
%
All Other
388
309
78
25.3
%
Total$
3,512
$
2,500
1,013
40.5
%
Held for Sale Multi-Family$
-
$
87
$
(87
)
(100.0
)%
Total Managed Loan Portfolio UPB$
3,512
$
2,587
$
925
35.8
%
Key loan portfolio metrics: Total loan count
8,893
6,964
Weighted average loan to value
68.2
%
67.7
%
Weighted average coupon
7.95
%
7.76
%
Weighted average total portfolio yield
7.51
%
8.21
%
Weighted average portfolio debt cost
5.23
%
4.58
%
Discussion of results:
4Q 2022
4Q 2021
$ Variance % Variance Investor 1-4 Rental$
169
$
267
$
(98
)
(36.8
)%
Traditional Commercial$
83
203
(120
)
(59.2
)%
Short-term loans$
26
27
(1
)
(4.8
)%
Total loan production$
277.8
$
498
$
(220
)
(44.2
)%
Acquisitions$
-
$
10
Discussion of results:
4Q 2022
4Q 2021
$ Variance % Variance Nonperforming loans(a)$
292,789
$
273,101
$
19,688
7.2
%
Average Nonperforming Loans$
279,224
$
274,112
$
5,112
1.9
%
Average Loan HFI$
3,430,296
$
2,363,987
$
1,066,309
45.1
%
Nonperforming loans % total HFI Loans
8.3
%
10.9
%
n.a.(24.0
)%
Total Charge Offs$
-
$
143
$
(143
)
n.m Charge-offs as a % of Avg. Nonperforming Loans(b)
0.00
%
0.21
%
n.a. n.m Loan Loss Reserve$
4,893
$
4,262
$
631
14.8
%
(a)
Nonperforming/Nonaccrual loans include loans 90+ days past due, loans in foreclosure, bankruptcy and on nonaccrual.
(b)
Reflects the annualized quarter-to-date charge-offs to average nonperforming loans for the period.
n.m. - non meaningful
Discussion of results:
4Q 2022
4Q 2021
$ Variance % Variance Interest income
$
65,632
$
49,360
$
16,272
33.0
%
Interest expense - portfolio related
(40,854
)
(23,666
)
(17,188
)
72.6
%
Net Interest Income - portfolio related
24,777
25,694
(917
)
(3.6
)%
Interest expense - corporate debt
(4,139
)
$
(4,462
)
323
(7.2
)%
Net Interest Income$
20,638
$
21,232
$
(594
)
(2.8
)%
Loan loss provision
437
(377
)
814
(215.8
)%
Gain on disposition of loans
391
2,357
(1,966
)
(83.4
)%
Unrealized gain/(loss) on fair value loans
7,795
11
7,784
n.m Unrealized gain/(loss) on mortgage servicing rights
(630
)
-
(630
)
n.m Other operating income (expense)
3,472
249
3,223
n.m Net Revenue
$
32,105
$
23,472
$
8,632
36.8
%
n.m. - non meaningfulDiscussion of results:
4Q 2022
4Q 2021
$ Variance % Variance Compensation and employee benefits
$
11,793
$
4,720
$
7,073
149.9
%
Rent and occupancy
435
429
6
1.4
%
Loan servicing
3,244
2,480
764
30.8
%
Professional fees
1,091
1,716
(625
)
(36.4
)%
Real estate owned, net
552
417
135
32.3
%
Other expenses
3,297
2,333
964
41.3
%
Total operating expenses$
20,413
$
12,095
$
8,318
68.8
%
Discussion of results:
285,457
-
-
$
17,536
7.22%
2016-1 Trust
319,809
22,369
8.59%
36,401
8.22%
2017-2 Trust
245,601
59,183
3.92%
86,497
3.37%
2018-1 Trust
176,816
43,596
4.05%
62,375
4.04%
2018-2 Trust
307,988
93,792
4.46%
143,152
4.39%
2019-1 Trust
235,580
91,167
4.06%
132,306
4.02%
2019-2 Trust
207,020
82,508
3.46%
122,205
3.44%
2019-3 Trust
154,419
67,899
3.25%
95,521
3.26%
2020-1 Trust
248,700
136,643
2.89%
174,550
2.82%
2020-2 Trust
96,352
60,445
4.60%
80,676
4.45%
2020-MC1 Trust
179,371
-
-
35,711
4.42%
2021-1 Trust
251,301
196,969
1.73%
236,190
1.73%
2021-2 Trust
194,918
170,072
2.02%
197,744
2.28%
2021-3 Trust
204,205
178,038
2.44%
202,793
2.45%
2021-4 Trust
319,116
273,489
3.20%
315,489
3.11%
2022-1 Trust
273,594
256,667
3.93%
2022-2 Trust
241,388
233,045
5.07%
2022-MC1 Trust
84,967
54,528
6.91%
2022-3 Trust
296,323
280,066
5.67%
2022-4 Trust
308,357
301,856
6.23%
2022-5 Trust
188,754
186,577
7.10%
$
4,820,036
$
2,788,909
4.27%
$
1,939,146
3.20%
Discussion of results
$
8,188
$
329
$
11,464
$
614
Paid current
9,648
21
12,209
290
REO sold (a)
2,404
67
1,770
121
Total resolutions$
20,240
$
417
$
25,443
$
1,025
Resolutions as a % of nonperforming UPB
102.1%
104.0%
SHORT-TERM AND FORBEARANCE LOANS RESOLUTION ACTIVITY FOURTH QUARTER 2022 FOURTH QUARTER 2021 ($ in thousands) UPB $ Gain / (Loss) $ UPB $ Gain / (Loss) $ Paid in full$
4,092
$
82
$
12,567
$
623
Paid current
457
-
5,837
67
REO sold
529
74
266
48
Total resolutions$
5,078
$
156
$
18,670
$
738
Resolutions as a % of nonperforming UPB
103.1%
104.0%
Grand total resolutions$
25,318
$
572
$
44,113
$
1,763
Grand total resolutions as a % of nonperforming UPB
102.3%
104.0%
Discussion of results:
Full-Year 2022 Operating Results
FULL-YEAR OPERATING RESULTS ($ in thousands) FY 2022 FY 2021 $ Variance % Variance Investor 1-4 Rental$
994
$
746
$
247
33.2
%
Traditional Commercial
652
512
140
27.2
%
Short-term loans
116
67
49
73.0
%
Total Loan production$
1,762
$
1,326
$
436
32.9
%
Net Interest Margin - Portfolio
3.64
%
4.54
%
n.a.(19.8
)%
Average Nonperforming Loans$
266,129
$
307,562
$
(41,433
)
(13.5
)%
Charge-offs as a % of Avg. Nonperforming Loans(b)
0.20
%
0.42
%
n.a.(53.4
)%
Total charge-offs$
521
$
1,291
$
(770
)
(59.6
)%
Total Net Interest Income(a)
81,996
76,265
$
5,731
7.5
%
Total Other Income
22,225
8,188
14,037
171.4
%
Total Expenses
72,011
55,229
16,782
30.4
%
Net Income$
32,211
$
29,224
$
2,987
10.2
%
Diluted EPS$
0.94
$
0.86
$
0.08
9.7
%
Core Income(c)$
42,153
$
33,278
$
8,874
26.7
%
Core Diluted EPS(c)$
1.24
$
0.98
$
0.26
26.1
%
(a)
After provision for loan losses.
(b)
Reflects the annualized quarter-to-date charge-offs to average nonperforming loans for the period.
(c)
Core income is a non-GAAP measure. Please see the reconciliation to GAAP net income at the end of this release.
Discussion of results:
Velocity’s executive management team will host a conference call and webcast to review 4Q22 and Full-Year 2022 financial results on March 9th, 2023, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.
Webcast Information
The conference call will be webcast live in listen-only mode and can be accessed through the Events and Presentations section of the Velocity Financial Investor Relations website https://www.velfinance.com/events-and-presentations. To listen to the webcast, please go to Velocity’s website at least 15 minutes before the call to register, download, and install any needed software. An audio replay of the call will also be available on Velocity’s website following the completion of the conference call.
Conference Call Information
To participate by phone, please dial-in 15 minutes before the start time to allow for wait times to access the conference call. The live conference call will be accessible by dialing 1-833-316-0544 in the U.S. and Canada and 1-412-317-5725 for international callers. Callers should ask to join the Velocity Financial, Inc. conference call.
A replay of the call will be available through midnight on March 31, 2023, and can be accessed by dialing 1-877-344-7529 in the U.S. and 855-669-9658 in Canada or 1-412-317-0088 internationally. The passcode for the replay is #1703714. The replay will also be available on the Investor Relations section of the Company's website under "Events and Presentations.”
About Velocity Financial, Inc.
Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages investor loans secured by 1-4-unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers built and refined over 18 years.
Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with United States generally accepted accounting principles (GAAP), the Company uses non-GAAP core net income and core diluted EPS, which are non-GAAP financial measures.
Non-GAAP core net income and non-GAAP core diluted EPS are non-GAAP financial measures that represent our net income (loss) and net income (loss) per diluted share, adjusted to eliminate the effect of certain costs incurred from activities that are not normal recurring operating expenses, such as COVID-stressed charges and recoveries of loan loss provision, nonrecurring debt amortization, the impact of operational measures taken to address the COVID-19 pandemic and workforce reduction costs, and costs associated with acquisitions. To calculate non-GAAP core diluted EPS, we use the weighted-average number of shares of common stock outstanding that is used to calculate net income per diluted share under GAAP.
We have included non-GAAP core net income and non-GAAP core diluted EPS because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that non-GAAP core net income and non-GAAP core diluted EPS provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain items that we expect to be nonrecurring.
These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.
For more information on Core Income, please refer to the section of this press release below titled “Adjusted Financial Metric Reconciliation to GAAP Net Income” at the end of this press release.
Forward-Looking Statements
Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to anticipated results, expectations, projections, plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “goal,” ”position,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions.
The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement. While forward-looking statements reflect our good faith projections, assumptions, and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to, (1) the continued course and severity of the COVID-19 pandemic and its direct and indirect impacts, (2) general economic and real estate market conditions, including the risk of recession (3) regulatory and/or legislative changes, (4) our customers' continued interest in loans and doing business with us, (5) market conditions and investor interest in our future securitizations, and (6) the continued conflict in Ukraine and (7) changes in federal government fiscal and monetary policies.
Additional information relating to these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements can be found in the section titled ‘‘Risk Factors” in our Form 10-Q filed with the SEC on May 14, 2020, as well as other cautionary statements we make in our current and periodic filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.velfinance.com.
Velocity Financial, LLC
Consolidated Statements of Financial Condition
Quarter Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Unaudited Unaudited Unaudited Unaudited Unaudited (In thousands) Assets Cash and cash equivalents$
45,248
$
26,372
$
46,250
$
36,629
$
35,965
Restricted cash
16,808
14,533
9,217
10,837
11,639
Loans held for sale, net
-
-
-
77,503
87,908
Loans held for sale, at fair value
-
16,569
-
-
-
Loans held for investment, at fair value
276,095
926
1,351
1,352
1,359
Loans held for investment
3,272,390
3,445,563
3,118,799
2,828,302
2,527,564
Total loans, net
3,548,485
3,463,058
3,120,150
2,907,156
2,616,831
Accrued interest receivables
20,463
18,333
15,820
14,169
13,159
Receivables due from servicers
65,644
66,992
75,688
78,278
74,330
Other receivables
1,075
1,962
1,320
4,527
1,812
Real estate owned, net
13,325
13,188
19,218
16,177
17,557
Property and equipment, net
3,356
3,495
3,632
3,690
3,830
Deferred tax asset
5,033
4,337
15,195
16,477
16,604
Mortgage Servicing Rights, at fair value
9,238
9,868
8,438
7,661
7,152
Goodwill
6,775
6,775
6,775
6,775
6,775
Other assets
13,525
18,453
11,036
7,345
6,824
Total Assets$
3,748,975
$
3,647,366
$
3,332,739
$
3,109,721
$
2,812,478
Liabilities and members' equity Accounts payable and accrued expenses$
91,525
$
75,150
$
78,384
$
92,768
$
92,195
Secured financing, net
209,846
209,537
209,227
208,956
162,845
Securitizations, net
2,736,290
2,651,895
2,477,226
2,035,374
1,911,879
Warehouse & repurchase facilities
330,814
340,050
208,390
424,692
301,069
Total Liabilities
3,368,475
3,276,632
2,973,227
2,761,790
2,467,988
Mezzanine Equity Series A Convertible preferred stock
-
-
-
-
-
Stockholders' Equity Stockholders' equity
376,811
366,810
355,895
344,441
341,109
Noncontrolling interest in subsidiary
3,689
3,924
3,617
3,491
3,381
Total equity
380,500
370,734
359,512
347,932
344,490
Total Liabilities and members' equity$
3,748,975
$
3,647,366
$
3,332,739
$
3,109,722
$
2,812,478
Book value per share$
11.89
$
11.61
$
11.26
$
10.90
$
10.84
Shares outstanding
31,996
31,922
31,922
31,913
31,787
Velocity Financial, Inc.
Consolidated Statements of Income (Quarters)
Quarter Ended ($ in thousands) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Revenues Interest income$
65,632
$
63,419
$
59,243
$
52,049
$
49,360
Interest expense - portfolio related
40,854
34,561
28,752
23,556
23,666
Net interest income - portfolio related
24,778
28,858
30,491
28,493
25,694
Interest expense - corporate debt
4,139
4,011
4,182
17,140
4,462
Net interest income
20,639
24,847
26,309
11,353
21,232
Provision for loan losses
(437
)
580
279
730
377
Net interest income after provision for loan losses
21,076
24,267
26,030
10,623
20,855
Other operating income Gain on disposition of loans
391
399
1,776
4,540
2,357
Unrealized gain/(loss) on fair value loans
7,795
453
6
11
11
Unrealized gain/(loss) on mortgage servicing rights
(630
)
1,430
776
510
-
Other income (expense)
3,472
227
481
587
249
Other operating income (expense)
11,029
2,509
3,039
5,648
2,617
Net revenue
32,105
26,776
29,070
16,271
23,472
Operating expenses Compensation and employee benefits
11,793
6,788
6,553
5,323
4,720
Rent and occupancy
435
445
426
442
429
Loan servicing
3,244
3,314
3,290
2,450
2,480
Professional fees
1,091
664
1,062
1,362
1,716
Real estate owned, net
552
(195
)
(251
)
(175
)
417
Other operating expenses
3,297
1,711
3,199
2,848
2,333
Total operating expenses
20,413
12,727
14,279
12,250
12,095
Income before income taxes
11,692
14,049
14,790
4,021
11,377
Income tax expense
3,465
3,759
4,019
790
3,024
Net income
8,227
10,290
10,771
3,231
8,353
Net income attributable to noncontrolling interest
(235
)
307
126
110
-
Net income attributable to Velocity Financial, Inc.
8,462
9,983
10,645
3,121
8,353
Less undistributed earnings attributable to participating securities
127
152
164
48
362
Net earnings attributable to common shareholders$
8,335
$
9,831
$
10,481
$
3,073
$
7,991
Basic earnings (loss) per share$
0.26
$
0.31
$
0.33
$
0.10
$
0.26
Diluted earnings (loss) per common share$
0.25
$
0.29
$
0.31
$
0.09
$
0.24
Basic weighted average common shares outstanding
31,923
31,922
31,917
31,892
30,897
Diluted weighted average common shares outstanding
34,063
34,199
34,057
34,204
34,257
Velocity Financial, Inc.
Consolidated Statements of Income (Annual)
Year Ended ($ in thousands) 12/31/2022 12/31/2021 Revenues Interest income$
240,343
$
181,968
Interest expense - portfolio related
127,723
85,386
Net interest income - portfolio related
112,620
96,582
Interest expense - corporate debt
29,472
20,609
Net interest income
83,148
75,973
Provision for loan losses
1,152
(292
)
Net interest income after provision for loan losses
81,996
76,265
Other operating income Gain on disposition of loans
7,107
7,892
Unrealized gain/(loss) on fair value loans
8,265
29
Unrealized gain/(loss) on mortgage servicing rights
2,086
-
Other income (expense)
4,767
267
Other operating income (expense)
22,225
8,188
Net revenue
104,220
84,453
Operating expenses Compensation and employee benefits
30,458
19,190
Rent and occupancy
1,748
1,769
Loan servicing
12,298
8,282
Professional fees
4,179
3,781
Real estate owned, net
(70
)
3,150
Other operating expenses
11,056
8,488
Total operating expenses
59,669
44,660
Income before income taxes
44,552
39,793
Income tax expense
12,033
10,569
Net income
32,519
29,224
Net income attributable to noncontrolling interest
308
-
Net income attributable to Velocity Financial, Inc.
32,211
29,224
Less undistributed earnings attributable to participating securities
491
8,589
Net earnings attributable to common shareholders
$
31,720
$
20,635
Basic earnings (loss) per share
$
0.99
$
0.90
Diluted earnings (loss) per common share
$
0.94
$
0.86
Basic weighted average common shares outstanding
31,913
22,813
Diluted weighted average common shares outstanding
34,131
33,982
Velocity Financial, Inc.
Net Interest Margin ‒ Portfolio Related and Total Company
(Unaudited)
Quarters:
Quarter Ended December 31, 2022 Quarter Ended December 31, 2021 Interest Average Interest Average Average Income / Yield / Average Income / Yield / ($ in thousands) Balance Expense Rate(1) Balance Expense Rate(1) Loan portfolio: Loans held for sale$
64,699
$
40,464
Loans held for investment
3,430,296
2,363,987
Total loans$
3,494,995
$
65,632
7.51%
$
2,404,451
$
49,360
8.21%
Debt: Warehouse and repurchase facilities$
284,178
5,776
8.13%
$
271,761
3,273
4.82%
Securitizations
2,840,230
35,077
4.94%
1,796,543
20,392
4.54%
Total debt - portfolio related
3,124,409
40,853
5.23%
2,068,304
23,665
4.58%
Corporate debt
215,000
4,139
7.70%
171,926
4,463
10.38%
Total debt$
3,339,409
$
44,992
5.39%
$
2,240,230
$
28,128
5.02%
Net interest spread - portfolio related (2)2.28%
3.63%
Net interest margin - portfolio related2.84%
4.27%
Net interest spread - total company (3)2.11%
3.19%
Net interest margin - total company2.36%
3.53%
(1)
Annualized.
(2)
Net interest spread — portfolio related is the difference between the rate earned on our loan portfolio and the interest rates paid on our portfolio-related debt.
(3)
Net interest spread — total company is the difference between the rate earned on our loan portfolio and the interest rates paid on our total debt.
Annual:
Year Ended December 31, 2022 Year Ended December 31, 2021 Interest Average Interest Average Average Income / Yield / Average Income / Yield / ($ in thousands) Balance Expense Rate(1) Balance Expense Rate(1) Loan portfolio: Loans held for sale$
49,194
$
15,794
Loans held for investment
3,043,003
2,110,053
Total loans$
3,092,198
$
240,343
7.77%
$
2,125,847
$
181,968
8.56%
Debt: Warehouse and repurchase facilities$
292,490
17,454
5.97%
$
183,663
9,706
5.28%
Securitizations
2,458,332
110,269
4.49%
1,630,385
75,680
4.64%
Total debt - portfolio related
2,750,822
127,723
4.64%
1,814,048
85,386
4.71%
Corporate debt
205,979
29,472
14.31%
154,890
20,609
13.31%
Total debt$
2,956,801
$
157,195
5.32%
$
1,968,938
$
105,995
5.38%
Net interest spread - portfolio related (2)3.13%
3.85%
Net interest margin - portfolio related3.64%
4.54%
Net interest spread - total company (3)2.46%
3.18%
Net interest margin - total company2.69%
3.57%
(1)
Annualized.
(2)
Net interest spread — portfolio related is the difference between the rate earned on our loan portfolio and the interest rates paid on our portfolio-related debt.
(3)
Net interest spread — total company is the difference between the rate earned on our loan portfolio and the interest rates paid on our total debt.
Velocity Financial, Inc.
Adjusted Financial Metric Reconciliation to GAAP Net Income
(Unaudited)
Quarters:
Core Income Quarter Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Net Income$
8,462
$
9,983
$
10,645
$
3,121
$
8,353
Deal cost write-off - collapsed securitizations
-
-
-
-
$
1,104
One-time Century Health & Housing Capital deal costs
-
-
-
-
$
624
Recovery of Loan Loss Provision
-
-
-
-
-
Corporate debt refinancing costs
-
-
-
$
9,286
-
Equity award & ESPP costs$
656
-
-
$
-
-
Core Income$
9,118
$
9,983
$
10,645
$
12,407
$
10,081
Diluted weighted average common shares outstanding
34,063
34,199
34,057
34,204
34,257
Core diluted earnings per share$
0.27
$
0.29
$
0.31
$
0.36
$
0.29
Annual:
Core Income Year Ended 12/31/2022 12/31/2021 Net Income$
32,211
$
29,224
Deal cost write-off - collapsed securitizations
-
1,104
One-time Century Health & Housing Capital deal costs
-
624
Recovery of Loan Loss Provision
-
(1,000
)
Corporate debt refinancing costs
9,286
3,326
Equity award & ESPP costs
656
-
Core Income
$
42,153
$
33,278
Diluted weighted average common shares outstanding
$
34,131
$
33,982
Core diluted earnings per share
$
1.24
$
0.98
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005684/en/
Investors and Media: Chris Oltmann (818) 532-3708
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