Velocity Financial Q1 net income $10.6M ($0.31 EPS); core EPS $0.33; loan production down 63% YoY

Velocity Financial, Inc.

2023-Q1 EPS reported $0.31

GAAP net income $10.6M ($0.31 diluted EPS) vs $3.1M ($0.09) a year ago; core net income $11.4M ($0.33) vs $12.4M ($0.36).
Loan production volume $217M UPB, down 62.7% YoY due to strategic slowdown; total loan portfolio $3.6B, up 25% YoY.
Nonperforming loans as % of HFI improved to 8.7% from 9.8% a year ago; resolutions yielded 103.5% of UPB.
Completed VCC 2023-1 securitization of $198.7M in Jan; post-quarter issued VCC 2023-1R for $64.8M.
Book value per share $12.18, up from $10.90; liquidity $45.3M as of March 31, 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Velocity Financial, Inc. reported for the quarter ended March 31, 2023 results: net income $10.6 million, EPS $0.31 per share.

Period: for the quarter ended March 31, 2023
Net income: $10.6 million
EPS: $0.31 per share
Result: reported results

Exact text from the filing

Velocity Financial, Inc. Reports First Quarter 2023 Results First Quarter Highlights: Net income of $10.6 million and diluted earnings per share (EPS) of $0.31

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Source: SEC EDGAR

accession 0001157523-23-000750

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