0001157523-23-001644.txt : 20231103 0001157523-23-001644.hdr.sgml : 20231103 20231103104005 ACCESSION NUMBER: 0001157523-23-001644 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20231102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231103 DATE AS OF CHANGE: 20231103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Velocity Financial, Inc. CENTRAL INDEX KEY: 0001692376 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39183 FILM NUMBER: 231374849 BUSINESS ADDRESS: STREET 1: 30699 RUSSELL RANCH ROAD STREET 2: BUILDING 111, SUITE 295 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91362 BUSINESS PHONE: 866-505-3863 MAIL ADDRESS: STREET 1: 30699 RUSSELL RANCH ROAD STREET 2: BUILDING 111, SUITE 295 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91362 FORMER COMPANY: FORMER CONFORMED NAME: Velocity Financial, LLC DATE OF NAME CHANGE: 20161214 8-K 1 a53738953.htm VELOCITY FINANCIAL, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 8-K


CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 2, 2023
 

Velocity Financial, Inc.
(Exact name of Registrant as Specified in Its Charter)

 
 
Delaware
001-39183
46-0659719
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
     
30699 Russell Ranch Road, Suite 295
Westlake Village, California
 
91362
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s Telephone Number, Including Area Code: (818) 532-3700
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which registered
Common stock, par value $0.01 per share
  
VEL
  
The New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 2, 2023, we issued a press release announcing financial results for the quarter ended September 30, 2023.  The press release is attached as Exhibit 99 and is incorporated herein by reference.
The information provided in Item 2.02, including Exhibit 99, is intended to be furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Securities Exchange Act.
Item 9.01  Exhibits.

Exhibit
Number
  
Description
     
 

1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
Velocity Financial, Inc.
     
Date:  November 2, 2023
By:
/s/ Roland T. Kelly
   
Roland T. Kelly
   
Chief Legal Officer and General Counsel

2
 EX-99 2 a53738953_ex99.htm EXHIBIT 99
Exhibit 99

Velocity Financial, Inc. Reports Third Quarter 2023 Results

Third Quarter Highlights:

  • Net income of $12.1 million, up 21.1% from $10.0 million for 3Q22. Diluted EPS of $0.35, up $0.06 from $0.29 per share for 3Q22
  • Core net income(1) of $12.9 million, up 29.4% from $10.0 million for 3Q22. Core diluted EPS(1) of $0.37, up $0.08 from $0.29 per share for 3Q22
  • Loan production of $290.6 million in UPB, a 12.3% increase from 2Q23 and a decrease of 36.5% from 3Q22
    • October loan production of $130.8 million with an 11.2% weighted average coupon (WAC), our strongest monthly volume level in 12 months
  • Total loan portfolio of $3.9 billion in UPB, an increase of 12.9% from September 30, 2022
  • Nonperforming loans as a percentage of Held for Investment (HFI) loans was 10.1%, essentially flat Q/Q and an increase from 7.4% as of September 30, 2022
  • Resolutions of nonperforming loans (NPL) and real estate owned (REO) totaled
    $65.7 million in UPB,
    • Realizing gains of $1.2 million or 101.8% of UPB resolved
  • Portfolio net interest margin (NIM) of 3.34%, up 10 bps Q/Q and down 25 bps from 3.59% for 3Q22
  • Initiated hedging strategies for new production to offset recent Treasury yield moves
  • Completed two securitizations - VCC 2023-3 totaling $234.7 million and the VCC 2023-RTL1 totaling $81.6 million of securities issued
  • Liquidity(2) of $60.3 million as of September 30, 2023
  • Book value per common share of $13.00 as of September 30, 2023, an increase from $11.61 as of September 30, 2022

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--November 2, 2023--Velocity Financial, Inc. (NYSE: VEL) (Velocity or the Company), a leader in business purpose loans, reported net income of $12.1 million and core net income of $12.9 million for 3Q23, compared to net income and core net income of $10.0 million for 3Q22. Earnings and core earnings per diluted share were $0.35 and $0.37, respectively, for 3Q23, compared to $0.29 and $0.29 for 3Q22.

“Velocity’s differentiated business model and portfolio management strategies delivered another strong quarter for shareholders,” said Chris Farrar, President and CEO. “Our third quarter results continued to build upon our momentum from the first half of 2023, with sequential quarter production volume increases and higher portfolio interest income resulting from continued portfolio growth. We also successfully increased the coupon on production volumes again this quarter while capitalizing on the continued tightening of credit from regulated lenders. The result was higher net interest margin growth from 2Q23 and growth in non-interest-related origination income that delivered solid net income and return on equity this quarter. We also remain focused on opportunities to expand Velocity’s franchise by growing market share in our core lending business in addition to exploring opportunities to expand into other established loan products where we can leverage our lending expertise and existing infrastructure as a competitive advantage.”

(1)


Core income and Core EPS are non-GAAP measures that exclude nonrecurring and unusual activities from GAAP net income.

(2)


Liquidity includes unrestricted cash reserves of $29.4 million and available liquidity in unfinanced loans of $30.9 million.

Third Quarter Operating Results







 
KEY PERFORMANCE INDICATORS





($ in thousands)

3Q 2023

3Q 2022


$ Variance


% Variance

Pretax income

$ 17,239

$ 14,049


$ 3,190


23%

Net income

$ 12,086

$ 9,983


$ 2,103


21%

Diluted earnings per share

$ 0.35

$ 0.29


$ 0.06


19%

Core net income(a)

$ 12,918

$ 9,983


$ 2,935


29%

Core diluted earnings per share(a)

$ 0.37

$ 0.29


$ 0.08


27%

Pretax return on equity

16.82%

15.26%


n.a.


10%

Core pretax return on equity(a)

17.89%

15.26%


n.a.


17%

Net interest margin - portfolio

3.34%

3.59%


n.a.


(7)%

Net interest margin - total company

2.90%

3.09%


n.a.


(6)%

Average common equity

$ 409,954

$ 368,270


$ 41,685


11%

(a)


Core income, core diluted earnings per share and core pretax return on equity are non-GAAP measures. Please see the reconciliation to GAAP net income at the end of this release.

 


n.a.- not applicable

Discussion of results:

  • Net income in 3Q23 was $12.1 million, compared to $10.0 million for 3Q22
    • Driven by higher net interest income resulting from continued strong portfolio growth and fair value gains on securitizations, partially offset by unrealized losses on FVO loans and securitization issuance costs from closing two securitizations in the quarter
  • Core net income(1) was $12.9 million, compared to $10.0 million for 3Q22
    • Core adjustments included equity incentive compensation expenses and costs related to the Company’s employee stock purchase plan (ESPP)
  • Portfolio NIM in 3Q23 was 3.34%, compared to 3.59% for 3Q22, a 6.9% Y/Y decrease resulting from increased funding costs that have been mainly offset by rising portfolio yields from higher loan coupons on recent loan production
  • The GAAP pretax return on equity was 16.8% for 3Q23, compared to 15.3% for 3Q22
TOTAL LOAN PORTFOLIO





($ of UPB in millions)

3Q 2023

3Q 2022


$ Variance


% Variance

Held for Investment





Investor 1-4 Rental

$ 2,120

$ 1,777


$ 343


19%

Mixed Use

457

432


25


6%

Multi-Family

305

297


8


3%

Retail

328

304


24


8%

Warehouse

247

228


19


8%

All Other

401

379


22


6%

Total

$ 3,858

$ 3,416


$ 441


13%

Held for Sale





Multi-Family

$ 7

$ 17


$ (10)


(60)%

Warehouse

11

-


11


n.m.
All Other

1

-


1


n.m.
Total Managed Loan Portfolio UPB

$ 3,877

$ 3,433


$ 444


13%

Key loan portfolio metrics:





Total loan count

9,953

8,476





Weighted average loan to value

68.0%

68.7%





Weighted average coupon

8.63%

7.71%





Weighted average total portfolio yield

8.38%

7.88%





Weighted average portfolio debt cost

5.63%

4.81%





n.m. - non meaningful





Discussion of results:

  • Velocity’s total loan portfolio was $3.9 billion in UPB as of September 30, 2023, an increase of 12.9% from $3.4 billion in UPB as of September 30, 2022
    • Primarily driven by 19.3% Y/Y growth in loans collateralized by Investor 1-4 Rental properties and a combined 8.7% Y/Y growth in Multifamily and Mixed Use properties
    • Approximately 75% of the loans in Velocity’s HFI portfolio are collateralized by properties that have a housing component (Investor 1-4 Rental, Multifamily, and Mixed Use)
    • Loan prepayments totaled $104.5 million, a decrease of 1.0% Q/Q and 6.0% Y/Y
  • The UPB of Fair Value (FVO) loans was $936.6 million, or 24.3% of total HFI loans, as of September 30, 2023, an increase from $0.9 million in UPB, or 0.03% as of
    September 30, 2022
    • The company elected fair value accounting treatment for new loan originations effective October 1, 2022
  • The weighted average portfolio loan-to-value ratio was 68.0% as of
    September 30, 2023, a modest decrease from 68.7% as of September 30, 2022, and consistent with the five-quarter trailing average of 68.2%
  • The weighted average total portfolio yield was 8.38% for 3Q23, an increase of 50 bps from 3Q22, driven by an average 92 bps increase in loan coupons from 3Q22
  • Portfolio-related debt cost for 3Q23 was 5.63%, an increase of 82 bps from 3Q22, driven by higher interest rates on securitization and warehouse financing
LOAN PRODUCTION VOLUMES





($ in millions)

3Q 2023

3Q 2022

 

$ Variance

 

% Variance

Investor 1-4 Rental

$ 154

$ 278


$ (124)


(44)%

Traditional Commercial

98

133


(36)


(27)%

Short-term loans

39

46


(7)


(16)%

Total loan production

$ 291

$ 457


$ (167)


(36)%







 
Acquisitions

$ -

$ 10





Discussion of results:

  • Loan production in 3Q23 totaled $290.6 million in UPB, a 36.5% decrease from
    $457.3 million in UPB in 3Q22
    • Driven by higher interest rates and strong real estate price appreciation. On a Q/Q basis, production volume rose 12.3% from 2Q23.
  • The weighted average coupon (WAC) on 3Q23 HFI loan production was 11.1%, an increase of 189 bps from 3Q22
HFI PORTFOLIO CREDIT PERFORMANCE INDICATORS





($ in thousands)

3Q 2023

3Q 2022


$ Variance
% Variance
Nonperforming loans(a)

$ 387,725

$ 253,341


$ 134,384


53%

Average Nonperforming Loans

$ 351,848

$ 249,297


$ 102,551


41%

Nonperforming loans % total HFI Loans

10%

7%


n.a.

36%

Total Charge Offs

$ 95.2

$ 155.2


$ (60)


(39)%

Charge-offs as a % of Avg. Nonperforming Loans(b)

0.11%

0.25%


n.a.

(57)%

Loan Loss Reserve

$ 4,684.8

$ 5,330


$ (645)


(12)%

(a)


Nonperforming/Nonaccrual loans include loans 90+ days past due, loans in foreclosure, bankruptcy and on nonaccrual.

(b)


Reflects the annualized quarter-to-date charge-offs to average nonperforming loans for the period.

 


n.a.- not applicable

Discussion of results:

  • Nonperforming loans (NPL) totaled $387.7 million in UPB as of September 30, 2023, or 10.1% of loans HFI, compared to $253.3 million and 7.4%, respectively, as of
    September 30, 2022
    • NPL growth in 3Q23 was driven by the legacy amortized cost portfolio and the Company’s collection philosophy that places loans in foreclosure quickly for early delinquencies
  • Charge-offs in 2Q23 totaled $95.2 thousand, compared to $155.2 thousand in 3Q22
    • The trailing five-quarter charge-off average was $290.3 thousand
  • The loan loss reserve totaled $4.7 million as of September 30, 2023, a 12.1% decrease from
    $5.3 million as of September 30, 2022
    • Resulting from the continued run-off of the amortized cost HFI loan portfolio
    • Loans carried at fair value are not subject to a CECL reserve
NET REVENUES





($ in thousands)

3Q 2023

3Q 2022


$ Variance


% Variance

Interest income

$ 79,088

$ 63,419


$ 15,669


25%

Interest expense - portfolio related

(47,583)

(34,561)


(13,022)


38%

Net Interest Income - portfolio related

31,505

28,858


2,647


9%

Interest expense - corporate debt

(4,138)

(4,011)


(127)


3%

Net Interest Income

$ 27,367

$ 24,847


$ 2,520


10%

Loan loss provision

(154)

(580)


427


(74)%

Gain on disposition of loans

3,606

399


3,207


803%

Unrealized (loss) gain on fair value loans

(1,284)

453


(1,737)


(383)%

Unrealized gain (loss) on fair value of securitized debt

9,692

-


9,692


n.m.
Origination income

3,323

518


2,805


541%

Bank interest income

1,342

-


1,342


n.m.
Other operating income (expense)

681

1,656


(976)


(59)%

Total Other operating income (expense)

$ 17,360

$ 3,027


$ 14,333


473%

Net Revenue

$ 44,573

$ 27,294


$ 17,279


63%

n.m. - non meaningful







Discussion of results:

  • Net Revenue in 3Q23 was $44.6 million, an increase of 63.3% compared to $27.3 million for 3Q22
  • Total net interest income, including corporate debt interest expense, was $27.4 million for 3Q23, a 10.1% increase from $24.8 million for 3Q22
    • Portfolio net Interest income was $31.5 million for 3Q23, an increase of 9.2% from 3Q22 resulting from a $15.7 million increase in interest income, partially offset by $13.0 million of interest expense growth
  • Total other operating income includes gains on the disposition of loans, unrealized gains/(losses) on fair value loans and securitized debt, origination fee income, bank interest income on deposits, and other operating income, and totaled $17.4 million for 3Q23 compared to $3.0 million for 3Q22
    • Gain on disposition of loans totaled $3.6 million for 3Q23, resulting from loans transferred to REO
    • Unrealized losses on the fair value of loans totaled $(1.3) million for 3Q23, primarily driven by the impact of higher long-term interest rates on the existing FVO portfolio, partially offset by gains on 3Q23 new production
    • Unrealized gains on the fair value of securitized debt totaled $9.7 million for 3Q23, driven by an increase in long-term rates as of September 30, 2023
    • Origination income totaled $3.3 million, resulting from fee income realized on loans originated in 3Q23
OPERATING EXPENSES





($ in thousands)

3Q 2023

3Q 2022


$ Variance


% Variance

Compensation and employee benefits

$ 12,523

$ 6,788


$ 5,735


84%

Origination (income)/expense

273

209


64


31%

Securitization expenses

4,930

-


4,930


n.m.
Rent and occupancy

472

445


27


6%

Loan servicing

4,901

3,314


1,587


48%

Professional fees

854

664


190


29%

Real estate owned, net

1,239

(195)


1,434


n.m.
Other expenses

2,142

2,020


122


6%

Total operating expenses

$ 27,334

$ 13,245


$ 14,089


106%

n.m. - non meaningful







Discussion of results:

  • Operating expenses totaled $27.3 million for 3Q23, an increase of 106.4% from 3Q22. The variance to prior year was higher compensation expense and securitization expenses, driven by impacts attributable to our fair value accounting elections and portfolio growth.
    • Compensation expense totaled $12.5 million, compared to $6.8 million for 3Q22.
      • In 3Q23, compensation expense related to loan originations was expensed as incurred under fair value accounting rather than deferred over the life of the loan under amortized cost accounting for 3Q22.
      • Compensation growth was driven, to a lesser extent, by hires of business development executives, sales account executives and operational staff
    • Securitization expenses totaled $4.9 million, resulting from the issuance of the VCC 2023-3 and VCC 2023-RTL1 securitizations during the quarter. Securitization issuance costs are now expensed under fair value accounting and were deferred in 3Q22.
    • Loan servicing expense totaled $4.9 million, a 47.9% increase from $3.3 million for 3Q22, driven by the increase in our loan portfolio and delinquent assets
SECURITIZATIONS






($ in thousands) Securities
Balance at

Balance at
Trusts Issued
9/30/2023 W.A. Rate
9/30/2022 W.A. Rate
2016-1 Trust

319,809


$ -

0.00%


$ 24,356

8.10%

2017-2 Trust

245,601


48,206

3.95%


61,224

3.75%

2018-1 Trust

176,816


35,010

3.99%


46,795

3.99%

2018-2 Trust

307,988


80,409

4.43%


99,151

4.49%

2019-1 Trust

235,580


79,215

4.06%


97,620

4.12%

2019-2 Trust

207,020


69,216

3.40%


90,165

3.39%

2019-3 Trust

154,419


60,482

3.29%


75,366

3.22%

2020-1 Trust

248,700


110,958

2.89%


141,423

2.87%

2020-2 Trust

96,352


49,528

4.59%


63,060

4.62%

2021-1 Trust

251,301


176,529

1.76%


206,026

1.74%

2021-2 Trust

194,918


149,431

2.02%


177,993

2.02%

2021-3 Trust

204,205


161,467

2.47%


190,073

2.45%

2021-4 Trust

319,116


250,941

3.24%


282,567

3.18%

2022-1 Trust

273,594


240,733

3.94%


260,454

3.93%

2022-2 Trust

241,388


221,631

5.08%


236,918

5.09%

2022-MC1 Trust

84,967


35,677

6.90%


60,872

6.88%

2022-3 Trust

296,323


262,308

5.71%


285,847

5.64%

2022-4 Trust

308,357


283,270

6.23%


306,365

6.24%

2022-5 Trust

188,754


171,183

7.05%




2023-1 Trust

198,715


181,006

7.01%




2023-1R Trust

64,833


60,515

7.69%




2023-2 Trust

202,210


194,955

7.19%




2023-RTL1 Trust

81,608


81,608

8.23%




2023-3 Trust

234,741


232,802

7.80%





$ 5,137,315


$ 3,237,080

5.01%


$ 2,706,275

4.05%








 

Discussion of results

The company completed two securitizations during 3Q23 totaling $316.3 million of securities issued.

  • The VCC 2023-3 securitization totaled $234.7 million of securities issued in August, comprised of long-term business-purpose loans
  • Collapsed the 2016-1 Trust, retiring older, higher cost debt
  • The VCC 2023-RTL1 securitization totaled $81.6 million of securities issued in August, comprised of short-term interest only business-purpose loans. The RTL1 transaction is Velocity’s first securitization collateralized entirely by short-term loans. Velocity also has the option to replace loans that payoff with new loans up to the original issued balance for 18 months from issuance.
  • The weighted average rate on Velocity’s outstanding securitizations was 5.01% as of September 30, 2023, an increase of 96 bps from September 30, 2022
RESOLUTION ACTIVITIES





LONG-TERM LOANS











 
RESOLUTION ACTIVITY
THIRD QUARTER 2023
THIRD QUARTER 2022
($ in thousands)
UPB $ Gain / (Loss) $
UPB $ Gain / (Loss) $
Paid in full

$ 20,668

$ 758


$ 16,175

$ 967

Paid current

26,950

206


11,410

182

REO sold

6,341

162


3,171

250

Total resolutions

$ 53,959

$ 1,126


$ 30,756

$ 1,399







 
Resolutions as a % of nonperforming UPB

102.1%



104.5%







 
SHORT-TERM AND FORBEARANCE LOANS











 
RESOLUTION ACTIVITY
THIRD QUARTER 2023
THIRD QUARTER 2022
($ in thousands)
UPB $ Gain / (Loss) $
UPB $ Gain / (Loss) $
Paid in full

$ 2,967

$ 38


$ 8,691

$ 396

Paid current

6,292

-


2,075

-

REO sold

2,434

(11)


3,672

865

Total resolutions

$ 11,693

$ 27


$ 14,438

$ 1,261







 
Resolutions as a % of nonperforming UPB

100.2%



108.7%







 
Grand total resolutions

$ 65,652

$ 1,153


$ 45,194

$ 2,660







 
Grand total resolutions as a % of nonperforming UPB

101.8%



105.9%

Discussion of results:

  • NPL resolution totaled 65.7 million in UPB, realizing 101.8% of UPB resolved compared to $45.2 million in UPB and realization of 105.9% of UPB resolved for 3Q22
  • 3Q23 NPL resolutions represented 17.7% of nonperforming loan UPB as of June 30, 2023
  • The UPB of loan resolutions in 3Q23 was higher than the recent five-quarter resolution average of $45.0 million in UPB

Velocity’s executive management team will host a conference call and webcast to review 3Q23 financial results on November 2nd, 2023, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

Webcast Information

The conference call will be webcast live in listen-only mode and can be accessed through the Events and Presentations section of the Velocity Financial Investor Relations website https://www.velfinance.com/events-and-presentations. To listen to the webcast, please visit Velocity’s website at least 15 minutes before the call to register, download, and install any needed software. An audio replay of the call will also be available on Velocity’s website following the completion of the conference call.

Conference Call Information

To participate by phone, please dial-in 15 minutes before the start time to allow for wait times to access the conference call. The live conference call will be accessible by dialing

F1-833-316-0544 in the U.S. and Canada and 1-412-317-5725 for international callers. Callers should ask to join the Velocity Financial, Inc. conference call.

A replay of the call will be available through midnight on November 30, 2023, 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 #3150552. 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 business purpose 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 19 years.

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with United States generally accepted accounting principles (GAAP), the Company uses non-GAAP core net income and core diluted EPS, which are non-GAAP financial measures.

Non-GAAP core net income and non-GAAP core diluted EPS are non-GAAP financial measures that represent our net income (loss) and net income (loss) per diluted share, adjusted to eliminate the effect of certain costs incurred from activities that are not normal recurring operating expenses, such as COVID-stressed charges and recoveries of loan loss provision, nonrecurring debt amortization, the impact of operational measures taken to address the COVID-19 pandemic and workforce reduction costs, and costs associated with acquisitions. To calculate non-GAAP core diluted EPS, we use the weighted-average number of shares of common stock outstanding that is used to calculate net income per diluted share under GAAP.

We have included non-GAAP core net income and non-GAAP core diluted EPS because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that non-GAAP core net income and non-GAAP core diluted EPS provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain items that we expect to be nonrecurring.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.

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,” ”position,” 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, including the risk of recession (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 future securitizations, and (6) the continued conflict in Ukraine and (7) 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, LLC

Consolidated Statements of Financial Condition










 









 

Quarter Ended

9/30/2023
6/30/2023
3/31/2023
12/31/2022
9/30/2022

Unaudited
Unaudited
Unaudited
Audited
Unaudited
(In thousands)








Assets








Cash and cash equivalents

$ 29,393


$ 33,987


$ 39,397


$ 45,248


$ 26,372

Restricted cash

17,703


16,786


16,636


16,808


14,533

Loans held for sale, at fair value

19,536


-


18,081


-


16,569

Loans held for investment, at fair value

951,990


705,330


450,732


276,095


926

Loans held for investment

2,945,840


3,057,940


3,169,280


3,272,390


3,445,563

Total loans, net

3,917,366


3,763,270


3,638,093


3,548,485


3,463,058

Accrued interest receivables

24,756


22,602


20,931


20,463


18,333

Receivables due from servicers

70,139


63,896


64,133


65,644


66,992

Other receivables

236


1,306


2,188


1,075


1,962

Real estate owned, net

29,299


20,388


21,778


13,325


13,188

Property and equipment, net

2,861


3,023


3,209


3,356


3,495

Deferred tax asset

705


1,878


2,543


5,033


4,337

Mortgage Servicing Rights, at fair value

9,786


9,445


9,143


9,238


9,868

Derivative assets

1,261


-


-


-


-

Goodwill

6,775


6,775


6,775


6,775


6,775

Other assets

7,028


7,789


12,268


13,525


18,453

Total Assets

$ 4,117,308


$ 3,951,145


$ 3,837,094


$ 3,748,975


$ 3,647,366










 
Liabilities and members' equity








Accounts payable and accrued expenses

$ 97,869


$ 95,344


$ 84,976


$ 91,525


$ 75,150

Secured financing, net

210,774


210,464


210,155


209,846


209,537

Securitized debt, net

2,504,334


2,622,547


2,657,469


2,736,290


2,651,895

Securitized debt, at fair value

669,139


381,799


194,941


-


-

Warehouse & repurchase facilities

215,176


235,749


298,313


330,814


340,050

Total Liabilities

3,697,292


3,545,903


3,445,854


3,368,475


3,276,632










 
Stockholders' Equity








Stockholders' equity

416,398


401,707


387,624


376,811


366,810

Noncontrolling interest in subsidiary

3,618


3,535


3,616


3,689


3,924

Total equity

420,016


405,242


391,240


380,500


370,734

Total Liabilities and members' equity

$ 4,117,308


$ 3,951,145


$ 3,837,094


$ 3,748,975


$ 3,647,366










 









 
Book value per share

$ 13.00


$ 12.57


$ 12.18


$ 11.89


$ 11.61










 
Shares outstanding

32,314(1)


32,239(2)


32,112(3)


31,996(4)


31,922(5)

(1)


Based on 32,313,744 common shares outstanding as of September 30, 2023, and excludes unvested shares of common stock authorized for incentive compensation totaling 589,634.

(2)


Based on 32,238,715 common shares outstanding as of June 30, 2023, and excludes unvested shares of common stock authorized for incentive compensation totaling 502,913.

(3)


Based on 32,111,906 common shares outstanding as of March 31, 2023, and excludes unvested shares of common stock authorized for incentive compensation totaling 490,526.

(4)


Based on 31,955,730 common shares outstanding as of December 31, 2022, and excludes unvested shares of common stock authorized for incentive compensation totaling 494,139.

(5)


Based on 31,921,721 common shares outstanding as of September 30, 2022, and excludes unvested shares of common stock authorized for incentive compensation totaling 494,139.

Velocity Financial, LLC


Consolidated Statements of Income (Quarters)











 


Quarter Ended

($ in thousands) 9/30/2023
6/30/2023
3/31/2023
12/31/2022
9/30/2022


Unaudited
Unaudited
Unaudited
Audited
Unaudited

Revenues









Interest income

$ 79,088


$ 74,897


$ 70,521


$ 65,632


$ 63,419


Interest expense - portfolio related

47,583


45,451


42,029


40,854


34,561


Net interest income - portfolio related

31,505


29,446


28,492


24,778


28,858


Interest expense - corporate debt

4,138


4,139


4,139


4,139


4,011


Net interest income

27,367


25,307


24,353


20,639


24,847


Provision for loan losses

154


298


636


(437)


580


Net interest income after provision for loan losses

27,213


25,009


23,717


21,076


24,267


Other operating income









Gain on disposition of loans

3,606


1,237


1,913


391


399


Unrealized gain on fair value loans

(1,284)


2,413


7,354


7,795


453


Unrealized gain (loss) on fair value securitizations

9,692


5,560


(170)


-


-


Origination income

3,323


2,735


2,411


3,521


518


Bank interest income

1,342


1,188


948


-


0


Other income (expense)

681


903


386


(288)


1,656


Total other operating income

17,360


14,036


12,842


11,419


3,027


Net revenue

44,573


39,046


36,560


32,495


27,294











 

Operating expenses









Compensation and employee benefits

12,523


10,670


10,008


11,793


6,788


Origination expenses

273


123


(50)


1,328


209


Securitizations expenses

4,930


2,699


2,584


-


-


Rent and occupancy

472


458


446


435


445


Loan servicing

4,901


4,267


3,828


3,244


3,314


Professional fees

854


1,056


955


1,091


664


Real estate owned, net

1,239


1,018


1,829


552


(195)


Other operating expenses

2,142


1,931


2,202


2,360


2,020


Total operating expenses

27,334


22,222


21,802


20,804


13,245


Income before income taxes

17,239


16,824


14,757


11,692


14,049


Income tax expense

5,070


4,602


4,021


3,465


3,759


Net income

12,169


12,222


10,736


8,227


10,290


Net income attributable to noncontrolling interest

83


39


87


(235)


307


Net income attributable to Velocity Financial, Inc.

12,086


12,183


10,649


8,462


9,983


Less undistributed earnings attributable to participating securities

183


185


160


127


152


Net earnings attributable to common shareholders

$ 11,903


$ 11,998


$ 10,489


$ 8,335


$ 9,831











 

Basic earnings (loss) per share

$ 0.37


$ 0.37


$ 0.33


$ 0.26


$ 0.31











 

Diluted earnings (loss) per common share

$ 0.35


$ 0.36


$ 0.31


$ 0.25


$ 0.29











 

Basic weighted average common shares outstanding

32,275


32,122


32,098


31,923


31,922











 

Diluted weighted average common shares outstanding

34,731


34,140


34,052


34,063


34,199

Velocity Financial, Inc.

Net Interest Margin — Portfolio Related and Total Company

(Unaudited)


















 

Quarter Ended September 30, 2023
Quarter Ended June 30, 2023
Quarter Ended September 30, 2022



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

$ 3,170






$ 3,477






$ 176





Loans held for investment

3,770,460






3,634,093






3,217,264





Total loans

$ 3,773,631


$ 79,088


8.38%


$ 3,637,570


$ 74,897


8.24%


$ 3,217,440


$ 63,419


7.88%


















 
Debt:
















Warehouse and repurchase facilities

$ 192,855


4,943


10.25%


$ 238,027


5,910


9.93%


$ 226,660


3,798


6.70%

Securitizations

3,186,756


42,640


5.35%


3,020,624


39,541


5.24%


2,644,489


30,763


4.65%

Total debt - portfolio related

3,379,610


47,583


5.63%


3,258,651


45,451


5.58%


2,871,149


34,561


4.81%

Corporate debt

215,000


4,138


7.70%


215,000


4,139


7.70%


215,000


4,011


7.46%

Total debt

$ 3,594,610


$ 51,721


5.76%


$ 3,473,651


$ 49,590


5.71%


$ 3,086,149


$ 38,572


5.00%


















 
Net interest spread - portfolio related (2)



2.75%






2.66%






3.07%

Net interest margin - portfolio related



3.34%






3.24%






3.59%


















 
Net interest spread - total company (3)



2.63%






2.53%






2.88%

Net interest margin - total company



2.90%






2.78%






3.09%

(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."

Velocity Financial, Inc.

Adjusted Financial Metric Reconciliation to GAAP Net Income

(Unaudited)

Quarters:










Core Net Income









Quarter Ended
($ in thousands) 9/30/2023
6/30/2023
3/31/2023
12/31/2022
9/30/2022









 
Net Income

$ 12,086


$ 12,183


$ 10,649


$ 8,462


$ 9,983

Equity award & ESPP costs

832


745


728


656


-

Core Net Income

$ 12,918


$ 12,928


$ 11,376


$ 9,118


$ 9,983

Diluted weighted average common shares outstanding

34,731


34,140


34,052


34,063


 34,199

Core diluted earnings per share

$ 0.37


$ 0.38


$ 0.33


$ 0.27


$ 0.29

 

Contacts

Investors and Media:
Chris Oltmann
(818) 532-3708

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