Velocity Financial Q2 net income $14.7M, up 21%; core EPS $0.45; loan production $422M, up 63% YoY

Velocity Financial, Inc.

2024-Q2 EPS reported $0.90

Net income $14.7M (diluted EPS $0.42) vs $12.2M ($0.36) in 2Q23, up 21% YoY.
Core net income $15.9M (core diluted EPS $0.45) vs $12.9M ($0.38) in 2Q23, up 23%.
Loan production $422M UPB (+63% YoY); weighted average coupon 11.0%.
Portfolio net interest margin 3.54%, up 30 bps YoY.
Total managed loan portfolio $4.48B UPB (+20% YoY); NPLs 10.5% of HFI loans.

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