Velocity Financial Q2 net income $12.2M ($0.36 EPS); loan production down 42% YoY

Velocity Financial, Inc.

2023-Q2 EPS reported $0.67

Net income $12.2 million, up 14% YoY; diluted EPS $0.36 vs $0.31 in 2Q22.
Core net income $12.9 million ($0.38 EPS); loan production $258.6M (down 41.9% YoY).
Total loan portfolio $3.7B (+20.4% YoY); NPLs 10.0% of HFI loans (up from 8.2%).
Portfolio NIM 3.24% (down 86 bps YoY); book value $12.57 per share (+11.6% YoY).
Completed two securitizations in Q2: VCC 2023-2 ($202M) and VCC 2023-1R ($64.8M).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Velocity Financial, Inc. reported the quarter ended June 30, 2023 results: net income $12.2 million, EPS $0.36.

Period: the quarter ended June 30, 2023
Net income: $12.2 million
EPS: $0.36
Result: reported results

Exact text from the filing

reported net income of $12.2 million and core net income of $12.9 million for 2Q23, compared to net income of $10.6 million and core net income of $10.6 million in 2Q22. Earnings and core earnings per diluted share were $0.36 and $0.38, respectively, for 2Q23, compared to $0.31 and $0.31, for 2Q22.

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Source: SEC EDGAR

accession 0001157523-23-001262

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