Velocity Financial Inc. (VEL) Misses Q3 EPS by 1c
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Velocity Financial, Inc. Reports Third Quarter 2024 Results
November 7, 2024 4:15 PM ESTThird Quarter Highlights:
Net income of $15.8 million, up 30.8% from $12.1 million for 3Q23. Diluted EPS of $0.44, up $0.09 from $0.35 per share for 3Q23 Core net income(1) of $16.9 million, an increase of 31.2% from $12.9 million for 3Q23. Core diluted EPS(1) of $0.47, up from $0.37 per share for 3Q23 Loan production of $476.8 million in UPB, a 12.9% and 64.1% increase from 2Q24 and 3Q23, respectively Nonperforming loans as a percentage of Held for Investment (HFI)(2) loans was 10.6%, up slightly from 10.5% as of June 30, 2024, and 10.1% as of September 30, 2023, respectively Resolutions of nonperforming loans (NPL) and real estate owned... More