Bullboard - Stock Discussion Forum First National Financial Corp T.FN.PR.A

Primary Symbol: T.FN Alternate Symbol(s): T.FN.PR.B | FNLIF

First National Financial Corporation is a Canada-based parent company of First National Financial LP, which is an originator, underwriter, and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. The Company operates through two segments: Residential and Commercial. The Residential segment include single-family residential mortgages. The... see more

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First National Financial Corp > Another Earnings Assessment

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Post by retiredcf on May 04, 2024 1:22pm

Another Earnings Assessment

Revenue was $518M, up 20% and well ahead of estimates. Total assets were $45.77B, up 3.4% year over year. Still, residential mortgage originations were 20% the prior year as two large lenders discounted rates as part of their market share strategy. But this decline was offset by a 39% increase in multi-unit originations including renewals largely on growth in insured mortgages. Mortgages under administration increased 9%. Net income rose to $49.9M or 82c per share from $35.7M or 58c. Revenue was inline with consenus; EPS was 3.8% better. Considering higher interest rates and challenging market conditions, we would consider these results from FN to be solid. We would consider it a BUY for income. (5iResearch)

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