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Atrium Mortgage Investment Corporation Announces Second Quarter Results and Record Mortgage Portfolio Balance



Toronto, Ontario–(Newsfile Corp. – August 10, 2022) – Atrium Mortgage Investment Corporation (TSX: AI) today released its financial results for the three and six months ended June 30, 2022.


  • Record mortgage portfolio of $817.0 million, a 6.5% increase from December 31, 2021

  • High quality mortgage portfolio

    • 91.9% of portfolio in first mortgages

    • 99.1% of portfolio is less than 75% loan to value

    • average loan-to-value is 62.3%

  • Quarterly net income of $10.7 million, up 0.5% from the comparative period

  • Quarterly basic and diluted earnings per share of $0.25

“We had a very busy Q2, with a record level of mortgage advances of $223.9 million and record repayments of $199.5 million in the quarter. We ended the second quarter with assets of $830.4 million and mortgages of $817.0 million, both being the highest recorded in Atrium’s history. We had record quarterly revenues of $18.2 million and earned $0.25 per share. The quality of our loan book remains strong, as evidenced by very low arrears levels, 99.1% of the mortgage portfolio being conventional mortgages (defined as less than 75% loan to value), and the portfolio loan to value average being only 62.3%. I believe that we are defensively positioned to withstand the impact of softening market conditions over the next several quarters. And with over 66% of our mortgage portfolio being priced off of prime, our average mortgage rate should continue to increase in future quarters,” said Rob Goodall, CEO of Atrium.

Conference call

Interested parties are invited to participate in a conference call with management Thursday, August 11, 2022 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415, conference ID 6278637. For a replay of the conference call (available until August 24, 2022) please call 1 (855) 859-2056, conference ID 6278637.

Results of operations

For the three months ended June 30, 2022, Atrium reported record assets of $830.4 million, up from $775.5 million at the end of 2021. Revenues were $18.2 million, an increase of 12.7% from the second quarter of the prior year. Net income for the second quarter of 2022 was $10.7 million, an increase of 0.5% from the comparative period. Atrium’s allowance for mortgage losses at June 30, 2022 totaled $8.4 million, or 1.02% of the gross mortgage portfolio.

For the six months ended June 30, 2022, revenues were $34.6 million, an increase of 6.1% from the six months ended June 30, 2021. Net income for the six months ended June 30, 2022 was $21.3 million, an increase of 3.8% from the prior year period.

Basic and diluted earnings per common share were $0.25 for the three months ended June 30, 2022, compared with $0.25 basic and diluted earnings per common share in the prior year. Basic and diluted earnings per common share were $0.50 for the six months ended June 30, 2022, compared with $0.48 basic and diluted earnings per common share for the six months ended June 30, 2021.

Mortgages receivable as at June 30, 2022 were a record $811.7 million, up from $759.2 million as at December 31, 2021. During the six months ended June 30, 2022, $363.5 million of mortgage principal was advanced and $316.1 million was repaid. The weighted average interest rate on the mortgage portfolio at June 30, 2022 was 8.90%, compared to 8.26% at December 31, 2021.

Financial summary
Interim Consolidated Statements of Income and Comprehensive Income

(Unaudited, 000s, except per share amounts)

Three months ended Six months ended
June 30 June 30
2022 2021 2022 2021
Revenue $ 18,201 $ 16,147 $ 34,578 $ 32,598
Mortgage servicing and management fees (2,461) (1,775) (4,339) (3,671)
Other expenses (212) (388) (536) (850)
Impairment of investment property held for sale (1,832)
Recovery of (provision for) mortgage losses (383) 1,430 (869)
Income before financing costs 15,145 13,984 29,301 27,208
Financing costs (4,470) (3,359) (8,028) (6,709)
Net income and comprehensive income $ 10,675 $ 10,625 $ 21,273 $ 20,499
Basic earnings per share $ 0.25 $ 0.25 $ 0.50 $ 0.48
Diluted earnings per share $ 0.25 $ 0.25 $ 0.50 $ 0.48
Dividends declared $ 9,675 $ 9,575 $ 19,323 $ 19,125
Mortgages receivable, end of period $ 811,699 $ 702,969 $ 811,699 $ 702,969
Total assets, end of period $ 830,357 $ 719,331 $ 830,357 $ 719,331
Shareholders’ equity, end of period $ 476,839 $ 467,033 $ 476,839 $ 467,033


Analysis of mortgage portfolio

June 30, 2022 December 31, 2021
  Outstanding   % of   Outstanding   % of
Property Type Number amount   Portfolio Number amount   Portfolio
(outstanding amounts in 000s)        
High-rise residential 17 $ 256,818   31.4% 18 $ 234,847   30.6%
Mid-rise residential 32 245,015   30.0% 34 253,507   33.0%
Low-rise residential 13 119,655   14.7% 15 122,569   16.0%
House and apartment 145 104,972   12.8% 101 70,944   9.3%
Condominium corporation 12 1,545   0.2% 13 1,752   0.2%
    Residential portfolio 219 728,005   89.1% 181 683,619   89.1%
Commercial 24 88,981   10.9% 16 83,512   10.9%
    Mortgage portfolio 243 $ 816,986   100.0% 197 $ 767,131   100.0%


June 30, 2022
Weighted Weighted
Number of Outstanding Percentage average average
Location of underlying property mortgages amount outstanding loan to value interest rate
(outstanding amounts in 000s)          
Greater Toronto Area 163 $ 546,510 66.9% 62.1% 9.06%
Non-GTA Ontario 55 34,470 4.2% 70.5% 7.44%
British Columbia 23 227,765 27.9% 61.0% 8.70%
Alberta 2 8,241 1.0% 71.2% 10.15%
243 $ 816,986 100.0% 62.3% 8.90%


December 31, 2021
Weighted Weighted
Number of Outstanding Percentage average average
Location of underlying property mortgages amount outstanding loan to value interest rate
(outstanding amounts in 000s)
Greater Toronto Area 126 $ 472,851 61.6% 62.3% 8.34%
Non-GTA Ontario 44 33,361 4.4% 67.4% 7.65%
British Columbia 25 253,771 33.1% 56.7% 8.17%
Alberta 2 7,148 0.9% 94.4% 8.90%
197 $ 767,131 100.0% 60.9% 8.26%


For further information on the financial results, and further analysis of the company’s mortgage portfolio, please refer to Atrium’s interim consolidated financial statements and its management’s discussion and analysis for the three and six month period ended June 30, 2022, available on SEDAR at, and on the company’s website at

About Atrium

Canada’s Premier Non-Bank Lender™

Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at or investor information on Atrium’s website at

For additional information, please contact
Robert G. Goodall
President and Chief Executive Officer

Jennifer Scoffield
Chief Financial Officer

(416) 867-1053
[email protected]

To view the source version of this press release, please visit


Expressions of Interest for Director of the European Bank for Reconstruction and Development




The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments





The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.


This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets





The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global


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