Velocity Financial Inc. (VEL) Tops Q1 EPS by 1c

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Go back to Velocity Financial Inc. (VEL) Tops Q1 EPS by 1c

Velocity Financial, Inc. Reports First Quarter 2023 Results

May 4, 2023 4:15 PM EDT

First Quarter Highlights:

Net income of $10.6 million and diluted earnings per share (EPS) of $0.31, compared to $3.1 million and $0.09 per share, respectively, for 1Q22 Core net income(1) of $11.4 million and core diluted EPS(1) of $0.33, compared to $12.4 million and $0.36 per share, respectively, for 1Q22 Loan production volume of $217.0 million in unpaid principal balance (UPB), a decrease of 62.7% from 1Q22 Primarily due to managements strategic decision to reduce volume Total loan portfolio of $3.6 billion as of March 31, 2023, an increase of 25.0% from March 31, 2022 Nonperforming... More