Velocity Financial Inc. (VEL) Tops Q2 EPS by 5c
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Velocity Financial, Inc. Reports Second Quarter 2023 Results
August 3, 2023 4:15 PM EDTSecond Quarter Highlights:
Net income of $12.2 million and diluted earnings per share (EPS) of $0.36, compared to $10.6 million and $0.31 per share, respectively, for 2Q22 Core net income(1) of $12.9 million and core diluted EPS(1) of $0.38, compared to $10.6 million and $0.31 per share, respectively, for 2Q22 Loan production volume of $258.6 million in unpaid principal balance (UPB), a decrease of 41.9% from 2Q22 Total loan portfolio of $3.7 billion as of June 30, 2023, an increase of 20.4% from June 30, 2022 Nonperforming loans as a percentage of Held for Investment (HFI) loans was 10.0% as of June 30, 2023, an increase from 8.2% as of... More