VEL - Velocity Financial Inc. Reports First Quarter 2021 Results

May, 06 2021 04:15 PM Velocity Financial Inc

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

)

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

Company Name:	Velocity Financial Inc
Stock Symbol:	VEL
Market:	NYSE
Website:	velfinance.com

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