First Quarter Highlights:
- Net income of $3.40 million and core income(1) of $6.72
million; diluted EPS of $0.10 and Core diluted EPS of $0.20
- 1Q21 loan production volume up 30% Q/Q, totaled $233.04 million
in unpaid principal balance (UPB), driven by strong demand for
investor loans
- 1Q21 portfolio net interest margin of 4.10%
- Book value per common share of $11.12 as of March 31, 2021
- Loans held for investment (HFI) UPB of $1.99 billion as of
March 31, 2021
- Nonaccrual loans as a percentage of HFI loans was 16.8% as of
March 31, 2021
- 1Q21 nonperforming loan (NPL) resolutions totaled $49 million
in UPB, realizing 102.7% of UPB resolved ‒ Continued Velocity’s
track record of realizing net gains over and above contractual
principal and interest on NPLs
Velocity Financial, Inc. (NYSE: VEL) (“Velocity” or the
“Company”) reported net income of $3.40 million and core income of
$6.72 million for 1Q21, compared to $2.58 million and $5.80
million, respectively, in 1Q20. Earnings and core earnings per
diluted share were $0.10 and $0.20, respectively, in 1Q21, compared
to $0.13 and $0.29, respectively, in 1Q20. Book value per common
share was $11.12 as of March 31, 2021, compared to $12.47 as of
March 31, 2020.
“As we mark the one-year anniversary of the COVID-19 pandemic, I
am increasingly optimistic about the durability of the emerging
economic recovery we are seeing as businesses reopen and growth
opportunities for Velocity increase,” said Chris Farrar, President
and CEO. “First quarter production volumes grew 30 percent
quarter-over-quarter, and we continue to build momentum with the
introduction of new products and re-launching existing products
suspended during the pandemic. These initiatives provide our broker
network with an expanded menu of options to satisfy their client’s
financing needs, which drives higher production volume and
accelerated growth of our loan portfolio. Velocity’s business model
and integrated operational platform have shown continued resiliency
and the ability to emerge from market dislocations stronger and
more profitable than before. I am confident that this will be the
case for Velocity going forward.”
First
Quarter Operating Results
KEY PERFORMANCE INDICATORS ($ in thousands)
1Q 2021
1Q 2020
$ Variance % Variance Pretax income
$
4,604
$
3,727
$
877
24
%
Net income
$
3,396
$
2,579
$
817
32
%
Diluted earnings per share
$
0.10
$
0.13
$
(0.03
)
(22
)%
Core income(1)
$
6,722
$
5,804
$
918
16
%
Core diluted earnings per share(1)
$
0.20
$
0.29
n.a.
(30
)%
Pretax return on equity
8.27
%
6.62
%
n.a.
25
%
Net interest margin - portfolio
4.10
%
4.18
%
n.a.
(2
)%
Net interest margin -total company
2.59
%
2.97
%
n.a.
(13
)%
Average common equity
$
222,810
$
225,125
$
(2,315
)
(1
)%
(1) Core income is a non-GAAP measure. Please see the
reconciliation to GAAP net income at the end of this release.
Discussion of results:
- Net income for 1Q21 totaled $3.40 million, an increase from
$2.58 million in 1Q20, driven by improved portfolio performance and
significantly lower loan loss provisioning in the current quarter ‒
Pretax gain on loan sales in 1Q21 totaled $2.8 million (105% of UPB
sold)
- Core income for 1Q21 totaled $6.72 million, which reflects the
exclusion of $3.33 million as a result of refinancing the Company’s
corporate debt during the quarter
- The pretax return on equity was 8.27% in 1Q21, an increase from
6.62% for 1Q20, driven by lower provisioning charges and operating
expenses
- Net interest margin - portfolio decreased 8 bps from 4.18% in
1Q20, to 4.10% in 1Q21, driven by growth in nonperforming loans and
higher portfolio-related debt costs
TOTAL LOAN PORTFOLIO ($ of UPB in millions)
1Q 2021
1Q 2020
$ Variance % Variance Held
for Investment Investor 1-4 Rental
$
985
$
872
$
113
13
%
Mixed Use
275
265
10
4
%
Multi-Family
183
201
(18
)
(9
)%
Retail
178
181
(4
)
(2
)%
All Other
370
384
(14
)
(4
)%
Total
$
1,991
$
1,903
$
88
5
%
Held for Sale Investor 1-4
Rental
$
-
$
224
$
(224
)
(100
)%
Total Managed Loan Portfolio UPB
$
1,991
$
2,127
$
(136
)
(6
)%
Key loan portfolio metrics: Total loan count
5,935
6,504
Weighted average loan to value
66.28
%
66.00
%
Weighted average total portfolio yield
8.41
%
8.57
%
Weighted average portfolio debt cost
5.01
%
4.84
%
Discussion of results:
- Velocity’s total loan portfolio totaled $1.99 billion as of
March 31, 2021, a 6% decrease from $2.13 billion as of March 31,
2020 ‒ The Company’s suspended new loan production activities from
mid-March to September 2020 because of pandemic-related market
disruption
- The weighted average total portfolio yield was 8.41% in 1Q21, a
decrease of 16 bps from 1Q20, primarily driven by payoffs of
higher-yielding short-term loans and impact of non-accrual
loans
- Portfolio related debt cost in 1Q21 increased 17 bps from,
driven by higher-cost securitizations issued during the
pandemic
LOAN PRODUCTION VOLUMES ($ in millions)
1Q 2021
1Q 2020
$ Variance % Variance Total loan production
$
233
$
248
$
(15
)
(6
)%
Discussion of results:
- Loan production totaled $233.0 million in UPB in 1Q21, a 6%
decrease from $248 million in UPB from 1Q20
- In April 2021, the Company launched a new Flex I/O short-term
loan product and also resumed production of the ARV Pro short-term
product, which had been suspended since March 2020
CREDIT PERFORMANCE INDICATORS ($ in thousands)
1Q 2021
1Q 2020
$ Variance % Variance Nonperforming loans(1)
$
335,048
$
151,136
$
183,912
122
%
Nonperforming loans % total HFI Loans
16.83
%
7.94
%
n.a.
112
%
Total Charge Offs
$
68.8
$
170.8
$
(102
)
(60
)%
Charge-offs as a % of Nonperforming loans(2)
0.082
%
0.452
%
n.a.
(82
)%
Loan Loss Reserve
$
5,881
$
3,496
$
2,385
68
%
(1) Nonperforming/Nonaccrual loans include loans 90+ days past due,
loans in foreclosure, bankruptcy and on nonaccrual. (2) Annualized
Discussion of results:
- Nonperforming loans as a percentage of the total HFI portfolio
were 16.83% compared to 7.94% as of March 31, 2020, primarily
driven by pandemic-related economic impacts
- Charge-offs in 1Q21 totaled $68.8 thousand compared to $170.8
thousand in the 1Q20 ‒ The current quarter’s charge-offs are well
below the trailing eight quarter average of $276.0 thousand
- The reserve for loan losses was $5.9 million as of March 31,
2021, compared to $3.5 million as of March 31, 2020 ‒ Management
continues to monitor the impacts of the pandemic on our portfolio
and the economic outlook/forecasts
- Capitalized interest on COVID forbearance loans recovered
through the end of 1Q21 totaled $0.82 million, with a remaining
balance of $7.82 million as of March 31, 2021
NET REVENUES ($ in thousands)
1Q 2021
1Q 2020
$ Variance % Variance Interest income
$
40,707
$
44,637
$
(3,930
)
(9
)%
Interest expense - portfolio related
(20,832
)
(22,848
)
2,016
(9
)%
Interest expense - corporate debt
(7,350
)
(6,342
)
(1,008
)
16
%
Net Interest Income
$
12,525
$
15,447
$
(2,922
)
(19
)%
Loan loss provision
(105
)
(1,290
)
1,185
(92
)%
Gain on loan sales
2,839
2,618
221
8
%
Other Operating (loss) income
(38
)
(998
)
960
(96
)%
Total Net Revenues
$
15,221
$
15,777
$
(556
)
(4
)%
Discussion of results:
- Net Revenue decreased 4% year-over-year, driven by growth in
nonperforming loans, in addition to costs related to expanding
warehouse line capacity and the Company’s corporate debt
refinancing ‒ Partially offset by a reduction in loan loss
provisioning in the current quarter compared to 1Q20
- A decrease in the loan loss provision in 1Q21 reflects the
continuation of Velocity’s track record of low charge-offs, as well
as improved macroeconomic conditions
OPERATING EXPENSES ($ in thousands)
1Q 2021
1Q 2020
$ Variance % Variance Compensation and employee
benefits
$
5,186
$
5,041
$
145
3
%
Rent and occupancy
463
455
8
2
%
Loan servicing
1,867
2,239
(372
)
(17
)%
Professional fees
533
1,184
(651
)
(55
)%
Real estate owned, net
509
1,134
(625
)
(55
)%
Other expenses
2,059
1,998
61
3
%
Total expenses
$
10,617
$
12,050
$
(1,433
)
(12
)%
Discussion of results:
- Operating expenses decreased 12% year-over-year driven by
reductions in professional fees and real estate owned (REO)
expenses ‒ 1Q20 professional fees were elevated due to new public
company costs ‒ REO expenses decreased year-over-year as a result
of lower valuation-related expenses and a strengthening real estate
market
SECURITIZATIONS Securities Balance at
Balance at Trusts Issued 3/31/2021
W.A. Rate 3/31/2020 W.A. Rate 2011-1 Trust
$
61,042
$
-
-
$
-
-
2014-1 Trust
161,076
21,690
7.92
%
28,116
8.04
%
2015-1 Trust
285,457
26,762
6.88
%
47,042
7.85
%
2016-1 Trust
319,809
50,940
8.06
%
73,887
7.20
%
2016-2 Trust
166,853
38,953
7.07
%
55,119
6.09
%
2017-1 Trust
211,910
65,728
5.69
%
97,576
4.77
%
2017-2 Trust
245,601
114,517
3.40
%
152,941
3.51
%
2018-1 Trust
176,816
88,754
4.12
%
125,421
3.96
%
2018-2 Trust
307,988
192,240
4.53
%
227,752
4.42
%
2019-1 Trust
235,580
173,216
4.11
%
207,144
4.03
%
2019-2 Trust
207,020
148,834
3.50
%
191,343
3.41
%
154,419
122,072
3.29
%
143,048
3.24
%
2020-1 Trust
248,700
208,269
2.84
%
247,293
2.94
%
2020-2 Trust
96,352
106,343
4.54
%
2020-MC1 Trust
179,371
116,241
4.50
%
$
3,057,994
$
1,474,560
$
1,596,682
Discussion of results:
- Securitization balances as of March 31, 2021, totaled 1.47
billion, down from $1.60 billion as of March 31, 2020, driven by
normal paydown activity, partially offset by the issuance of the
2020-2 and 2020-MC1 securitizations in June and July 2020,
respectively.
- No new securitizations were issued during 1Q21. The Company’s
next securitization is on track for issuance in 2Q21
RESOLUTION ACTIVITY LONG-TERM LOANS RESOLUTION
ACTIVITY FIRST QUARTER 2021 FIRST QUARTER 2020 ($
in thousands)
UPB $ Gain / (Loss) $ UPB $
Gain / (Loss) $ Paid in full
$
15,961
$
795
$
12,928
$
850
Paid current
10,774
62
3,504
101
REO sold
2,754
76
1,091
(293
)
Total resolutions
$
29,489
$
932
$
17,523
$
658
Resolutions as a % of nonperforming UPB
103.2
%
103.8
%
SHORT-TERM AND FORBEARANCE
LOANS RESOLUTION ACTIVITY FIRST QUARTER
2021 FIRST QUARTER 2020 ($ in thousands)
UPB $
Gain / (Loss) $ UPB $ Gain / (Loss) $ Paid in
full
$
8,569
$
343
$
-
$
-
Paid current
11,170
40
-
-
REO sold
-
-
-
-
Total resolutions
$
19,739
$
384
$
-
$
-
Resolutions as a % of nonperforming UPB
101.9
%
-
Grand total resolutions
$
49,228
$
1,316
$
17,523
$
658
Grand total resolutions as a % of nonperforming UPB
102.7
%
103.8
%
Discussion of results:
- Strong asset resolution trends continued in 1Q21, with $1.3
million of gains realized on $49.2 million of UPB, compared to
$0.66 million and $17.5 million, respectively, in 1Q20. ‒ Total
resolution gains as a % of UPB resolved were 102.7% in 1Q21,
compared to 103.8% in 1Q20
- Resolution activity in 1Q21 has been split between long-term
loans and short-term/forbearance loans ‒ Short-term loans do not
require prepayment fees and result in a lower gain when paid in
full, as compared to long-term loans ‒ Forbearance loans are loans
granted a COVID-19 forbearance that subsequently became
nonperforming
- Transaction volumes reflect solid operational execution by
Velocity’s in-house Special Servicing team
Webcast Information
Velocity’s executive management team will host a conference call
and webcast to review its financial results on Thursday, May 6,
2021, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.
The conference call will be webcast live in listen-only mode and
can be accessed through the Events and Presentations section of
Velocity Financial’s Investor Relations website at
https://www.velfinance.com/events-and-presentations. To listen to
the webcast, please go to Velocity’s website at least 15 minutes
before the call to register and to download and install any needed
software.
Management’s slide presentation will be available through the
Events and Presentations section of the Company’s Investor
Relations website after the market close on Thursday, May 6,
2021.
Conference Call Information
To participate by phone, please dial in 15 minutes prior to the
start time to allow for wait times to access the conference call.
The live conference call will be accessible by dialing
1-866-807-9684 in the U.S. and Canada and 1-412-317-5415 for
international callers. Callers should ask to be joined into the
Velocity Financial, Inc. earnings call.
A replay of the call will be available through midnight on May
27, 2021, and can be accessed by dialing 1-877-344-7529 in the U.S.
and 855-669-9658 in Canada or 1-412-317-0088 internationally. The
passcode for the replay is #10154203. The replay will also be
available on the Investor Relations section of the Company's
website under "Events and Presentations.”
About Velocity Financial, Inc.
Based in Westlake Village, California, Velocity is a vertically
integrated real estate finance company that primarily originates
and manages investor loans secured by 1-4-unit residential rental
and small commercial properties. Velocity originates loans
nationwide across an extensive network of independent mortgage
brokers built and refined over 16 years.
(1) Core Income and Core EPS are non-GAAP financial measures the
Company presents to help investors better understand unique items
that impact earnings. For a reconciliation of GAAP Net Income to
Core Income, please refer to the sections of this press release
titled “Non-GAAP Financial Measures” and “Adjusted Financial Metric
Reconciliation to GAAP Net Income.”
Non-GAAP Financial
Measures
To supplement our financial statements presented in accordance
with United States generally accepted accounting principles
(“GAAP”), the Company uses Core Income, which is a non-GAAP
financial measure. For more information on Core Income, please
refer to the section of this press release below titled “Adjusted
Financial Metric Reconciliation to GAAP Net Income” at the end of
this press release.
Forward-Looking
Statements
Some of the statements contained in this press release may
constitute forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements relate to
anticipated results, expectations, projections, plans and
strategies, anticipated events or trends, and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “will,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “goal,” or “potential” or the negative of these words
and phrases or similar words or phrases that are predictions of or
indicate future events or trends and which do not relate solely to
historical matters. You can also identify forward-looking
statements by discussions of strategy, plans, or intentions.
The forward-looking statements contained in this press release
reflect our current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions, and
changes in circumstances that may cause actual results to differ
significantly from those expressed or contemplated in any
forward-looking statement. While forward-looking statements reflect
our good faith projections, assumptions, and expectations, they are
not guarantees of future results. Furthermore, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events, or other changes,
except as required by applicable law. Factors that could cause our
results to differ materially include, but are not limited to, (1)
the continued course and severity of the COVID-19 pandemic and its
direct and indirect impacts, (2) general economic and real estate
market conditions, (3) regulatory and/or legislative changes, (4)
our customers' continued interest in loans and doing business with
us, (5) market conditions and investor interest in our contemplated
securitization and (6) changes in federal government fiscal and
monetary policies.
Additional information relating to these and other factors that
could cause future results to differ materially from those
expressed or contemplated in any forward-looking statements can be
found in the section titled ‘‘Risk Factors” in our Form 10-Q filed
with the SEC on May 14, 2020, as well as other cautionary
statements we make in our current and periodic filings with the
SEC. Such filings are available publicly on our Investor Relations
web page at www.velfinance.com.
Velocity Financial,
Inc.
Consolidated Statements of
Financial Condition
Quarter Ended 3/31/2021 12/31/2020
9/30/2020 6/30/2020 3/31/2020 Unaudited
Audited Unaudited Unaudited Unaudited
(In thousands)
Assets Cash and cash equivalents
$
20,434
$
13,273
$
19,210
$
9,803
$
7,649
Restricted cash
6,808
7,020
7,821
6,735
4,483
Loans held for sale, net
0
13,106
0
212,344
223,123
Loans held for investment, at fair value
1,364
1,539
3,327
2,956
2,987
Loans held for investment
1,983,435
1,924,489
1,977,236
1,836,065
1,895,684
Net deferred loan costs
25,070
23,600
23,850
25,754
26,801
Total loans, net
2,009,869
1,962,734
2,004,413
2,077,119
2,148,595
Accrued interest receivables
11,169
11,373
13,134
17,793
14,470
Receivables due from servicers
77,731
71,044
44,466
36,028
37,884
Other receivables
3,879
4,085
402
4,609
2,516
Real estate owned, net
14,487
15,767
14,653
15,648
16,164
Property and equipment, net
3,891
4,145
4,446
4,718
4,964
Deferred tax asset
9,246
6,654
1,832
5,556
10,111
Other assets
7,325
6,779
16,489
9,042
10,518
Total Assets
$
2,164,839
$
2,102,874
$
2,126,866
$
2,187,051
$
2,257,354
Liabilities and members' equity Accounts payable and
accrued expenses
$
65,003
$
63,361
$
61,859
$
55,938
$
58,591
Secured financing, net
129,666
74,982
74,776
74,571
74,364
Securitizations, net
1,453,386
1,579,019
1,670,930
1,599,719
1,576,432
Warehouse & repurchase facilities
203,314
75,923
19,541
160,796
297,537
Total Liabilities
1,851,369
1,793,285
1,827,106
1,891,024
2,006,924
Mezzanine Equity Series A Convertible preferred stock
90,000
90,000
90,000
90,000
-
Stockholders' Equity Stockholders' equity
223,470
219,589
209,760
206,027
250,430
Total Liabilities and members' equity
$
2,164,839
$
2,102,874
$
2,126,866
$
2,187,051
$
2,257,354
Book value per share
$
11.12
$
10.93
$
10.44
$
10.26
$
12.47
Shares outstanding
20,087
20,087
20,087
20,087
20,087
Velocity Financial, Inc.
Consolidated Statements of
Income (Quarterly)
Quarter Ended ($ in thousands)
3/31/2021
12/31/2020 9/30/2020 6/30/2020
3/31/2020 Unaudited Audited Unaudited
Unaudited Unaudited Revenues Interest income
$
40,707
$
41,556
$
41,374
$
39,755
$
44,637
Interest expense - portfolio related
20,832
21,442
22,347
21,189
22,848
Net interest income - portfolio related
19,875
20,114
19,027
18,566
21,789
Interest expense - corporate debt
7,350
1,900
1,913
1,894
6,342
Net interest income
12,525
18,214
17,114
16,672
15,447
Provision for loan losses
105
406
1,573
1,800
1,290
Net interest income after provision for loan losses
12,420
17,808
15,541
14,872
14,157
Other operating income (expense)
2,801
4,691
1,349
(1,339
)
1,620
Total net revenues
15,221
22,499
16,890
13,533
15,777
Operating expenses Compensation and employee benefits
5,186
4,135
5,692
5,863
5,041
Rent and occupancy
463
424
415
448
456
Loan servicing
1,867
1,977
2,168
1,754
2,238
Professional fees
533
1,415
1,051
588
1,184
Real estate owned, net
509
217
898
408
1,134
Other operating expenses
2,059
2,578
1,641
1,847
1,997
Total operating expenses
10,617
10,746
11,865
10,908
12,050
Income before income taxes
4,604
11,753
5,025
2,625
3,727
Income tax expense
1,208
2,177
1,544
484
1,148
Net income
$
3,396
$
9,576
$
3,481
$
2,141
$
2,579
Less Deemed dividends on preferred stock
-
-
-
$
48,955
n.a. Less; Earnings allocated to participating securities
$
1,281
n.a. n.a.
-
n.a.
Net income (loss) allocated to common shareholders
$
2,115
$
9,576
$
3,481
$
(46,814
)
$
2,579
Basic earnings (loss) per share
$
0.11
$
0.48
$
0.17
$
(2.33
)
$
0.13
Diluted earnings (loss) per common share
$
0.10
$
0.29
$
0.11
$
(2.33
)
$
0.13
Basic weighted average common shares outstanding
20,087
20,087
20,087
20,087
20,087
Diluted weighted average common shares outstanding
33,407
32,793
32,435
20,087
20,087
Velocity Financial, Inc.
Net Interest Margin ‒
Portfolio Related and Total Company
(Unaudited)
Quarter Ended March 31, 2021 Quarter Ended December 31,
2020 Quarter Ended March 31, 2020 Interest
Average Interest Average Interest
Average Average Income / Yield /
Average Income / Yield / Average
Income / Yield / ($ in thousands)
Balance Expense Rate(1) Balance
Expense Rate(1) Balance Expense
Rate(1) Loan portfolio: Loans held for sale
$
8,904
$
20,719
$
202,474
Loans held for investment
1,927,760
1,958,436
1,881,308
Total loans
$
1,936,664
$
40,707
8.41
%
(4
)
$
1,979,155
$
41,557
8.40
%
$
2,083,783
$
44,637
8.57
%
Debt: Warehouse and repurchase facilities
$
113,528
1,705
6.01
%
$
60,065
717
4.78
%
347,350
4,301
4.95
%
Securitizations
1,548,642
19,127
4.94
%
1,666,180
20,726
4.98
%
1,542,318
18,547
4.81
%
Total debt - portfolio related
1,662,170
20,832
5.01
%
1,726,245
21,443
4.98
%
1,889,668
22,848
4.84
%
Corporate debt
108,365
7,350
27.13
%
(5
)
78,000
1,900
9.74
%
94,468
6,342
26.85
%
(6
)
Total debt
$
1,770,535
$
28,182
6.37
%
$
1,804,245
$
23,343
5.18
%
1,984,136
29,190
5.88
%
Net interest spread - portfolio related (2)
3.39
%
3.43
%
3.73
%
Net interest margin - portfolio related
4.10
%
4.07
%
4.18
%
Net interest spread - total company (3)
2.04
%
(5
)
3.22
%
2.68
%
(6
)
Net interest margin - total company
2.59
%
(5
)
3.68
%
2.97
%
(6
)
(1)
Annualized.
(2)
Net interest spread — portfolio related is
the difference between the rate earned on our loan portfolio and
the interest rates paid on our portfolio-related debt.
(3)
Net interest spread — total company is the
difference between the rate earned on our loan portfolio and the
interest rates paid on our total debt.
(4)
The debt issuance cost amortization was
higher for the three months ended March 31, 2021, as a result of a
lower average outstanding borrowing balance from a new financing
facility.
(5)
Excluding the one-time debt issuance cost
write-off of $2.9 million and prepayment penalties of $1.6 million
associated with the $78.0 million payoff of our corporate debt in
February 2021, the corporate debt average rate would have been
10.49%; net interest spread — total company would have been 3.06%;
and net interest margin — total company would have been 3.52% for
the three months ended March 31, 2021.
(6)
Excluding the one-time debt issuance costs
write-off of $3.5 million and prepayment penalties of $0.3 million
associated with the $75.0 million paydown of our corporate debt in
January 2020, the corporate debt average rate would have been
10.88%; net interest spread — total company would have been 3.44%;
and net interest margin — total company would have been 3.69% for
the three months ended March 31, 2020.
Velocity Financial, Inc.
Adjusted Financial Metric
Reconciliation to GAAP Net Income
(Unaudited)`
Core Income Quarter Ended ($ in thousands)
3/31/2021 12/31/2020 9/30/2020
6/30/2020 3/31/2020 Net Income
$
3,396
$
9,576
$
3,481
$
2,141
$
2,579
Nonrecurring debt amortization
3,326
-
-
-
2,610
COVID-19 Impact
-
-
-
1,267
615
Workforce reduction costs
-
-
432
-
-
Core Income
$
6,722
$
9,576
$
3,913
$
3,408
$
5,804
Core diluted earnings per share
$
0.20
$
0.29
$
0.12
$
0.17
$
0.29
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210506006221/en/
Investors and Media: Chris Oltmann (818) 532-3708
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