Velocity Financial Q4 net income $17.4M (EPS $0.50), up 105% YoY; FY net income $52.3M

Velocity Financial, Inc.

Q4 net income $17.4M, diluted EPS $0.50 vs $0.25 in 4Q22; core net income $16.2M ($0.46 per share).
Loan production $352.1M UPB in Q4, up 27% YoY; total loan portfolio $4.1B UPB (+16% YoY).
Portfolio NIM 3.52% in Q4, up 68 bps YoY; weighted average coupon on Q4 production 11.2%.
NPLs as % of HFI loans 9.7%, down from 10.1% at 3Q23; NPL resolutions $70.9M at 102.2% UPB.
Raised $75M capital to fuel growth towards $5B loan portfolio target by 2025.

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 and year ended December 31, 2023 results: net income Net income of $52.3 million, compared to $32.2 million for FY 2022, EPS Diluted earnings per share (EPS) of $1.52 in 2023, compared to $0.94 per share for FY 2022.

Period: the quarter and year ended December 31, 2023
Net income: Net income of $52.3 million, compared to $32.2 million for FY 2022
EPS: Diluted earnings per share (EPS) of $1.52 in 2023, compared to $0.94 per share for FY 2022
Result: reported results

Exact text from the filing

On March 7, 2024, we issued a press release announcing financial results for the quarter and year ended December 31, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Period: the quarter and year ended December 31, 2023
Net income: Net income of $52.3 million, compared to $32.2 million for FY 2022
EPS: Diluted earnings per share (EPS) of $1.52 in 2023, compared to $0.94 per share for FY 2022
Result: reported results

Exact text from the filing

Net income of $52.3 million, compared to $32.2 million for FY 2022. Diluted earnings per share (EPS) of $1.52 in 2023, compared to $0.94 per share for FY 2022

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-24-062811

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