0001157523-22-000319.txt : 20220310 0001157523-22-000319.hdr.sgml : 20220310 20220310163620 ACCESSION NUMBER: 0001157523-22-000319 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220310 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220310 DATE AS OF CHANGE: 20220310 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: 22729564 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 a52593235.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): March 10, 2022
 

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 March 10, 2022, we issued a press release announcing financial results for the quarter and year ended December 31, 2021.  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  Financial Statements and Exhibits.

Exhibit
Number
  
Description
     
 
     
104
  
 Cover Page Interactive Data File (embedded within the Inline XBRL document)

2
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:  March 10, 2022
By:
/s/ Roland T. Kelly
   
Roland T. Kelly
   
Chief Legal Officer and General Counsel


3
 EX-99 2 a52593235ex99.htm EXHIBIT 99
Exhibit 99

Velocity Financial, Inc. Reports Fourth Quarter and Full-Year 2021 Results

Fourth Quarter Highlights:

  • Net Income of $8.4 million and diluted earnings per share (EPS) of $0.24, an increase from $8.0 million and $0.23 per share, respectively, for 3Q21
  • Core net income(1) of $10.1 million and core diluted EPS(1) of $0.29, an increase from $8.0 million and $0.23 per share, respectively, for 3Q21
  • Loan production volume of $497.8 million in unpaid principal balance (UPB), a new quarterly record and an increase of 46.1% from 3Q21
  • Loans held for investment (HFI) UPB of $2.50 billion as of December 31, 2021, an increase of 10.1% from September 30, 2021
  • Nonaccrual loans as a percentage of HFI loans was 10.9% as of December 31, 2021, down from 12.7% as of September 30, 2021
  • Resolutions of nonperforming loans (NPL) totaled $44.1 million in UPB, realizing 104.0% of UPB resolved
  • Portfolio net interest margin (NIM) of 4.27%, down from 4.97% in 3Q21. Includes $1.5 million of deferred deal costs written-off along with the collapse of three higher-cost VCC securitizations during the quarter.
  • Completed the conversion of all 45,000 outstanding shares of the Company’s Series A Convertible Preferred Stock into 11,688,310 shares of Velocity common stock
    ‒ Reclassed $90 million from mezzanine equity to permanent equity
  • Acquired a majority stake in Century Health & Housing Capital, LLC (“Century”) for $12.8 million in cash
  • Completed two new securitizations of Velocity’s business purpose loans:
    ‒ VCC 2021-3, totaling $204.2 million in UPB.
    ‒ VCC 2021-4, totaling $319.1 million in UPB, comprised of $233.1 million of recently originated investor real estate loans and $86.0 million of loans that were previously included in our VCC 2014-1, VCC 2016-2 and VCC 2017-1 securitizations, which were concurrently collapsed and will reduce our portfolio interest expense.
  • Book value per common share of $10.84 as of December 31, 2021, a decrease from $12.05 per share as of September 30, 2021, driven by the increase in common shares outstanding resulting from the preferred stock conversion

Full-Year Highlights:

  • Loan production in 2021 totaled $1.3 billion in UPB, an increase from $435.0 million in UPB in 2020
  • Charge-offs in 2021 totaled $1.3 million, a 19.3% decrease from $1.6 million 2020
  • Net income totaled $29.2 million in 2021, a 64.4% increase from $17.8 million in 2020
  • Diluted EPS of $0.86 per share in 2021 compared to $(1.55) loss per diluted share in 2020
  • Core net income(1) totaled $33.3 million, a 46.6% increase from $22.7 million in 2020
  • Core diluted EPS of $0.98 per share in 2021 compared to $1.13 per diluted share in 2020

WESTLAKE VILLAGE, Calif--(BUSINESS WIRE)--March 10, 2022--Velocity Financial, Inc. (NYSE: VEL) (Velocity or the Company) reported net income of $8.4 million and core net income of $10.1 million for 4Q21, compared to net income and core income of $8.0 million in 3Q21. Earnings and core earnings per diluted share were $0.24 and $0.29, respectively, in 4Q21, compared to $0.23, respectively, in 3Q21.

“We delivered outstanding fourth quarter and full-year 2021 results that reflect strong operational execution from our production operations and investments in technology-driven efficiency gains,” said Chris Farrar, President and CEO. “Across the organization, our dedicated and hard-working team has done an outstanding job addressing the strong demand we’ve seen, evidenced by a new quarterly production record in 4Q21 and the impressive growth in our HFI loan portfolio in 2021. These results drove improved operating leverage as we effectively managed costs and increased core net income by 47% over the prior year.”

“We are optimistic that the strong momentum we developed in 2021 positions us well for 2022. The acquisition of Century Health and Housing Capital will allow us to access new markets and diversify our product offerings. We continue to seek opportunities to further optimize funding costs and diversify revenue streams to position the company for sustainable growth and strong returns across the business cycle.”

Fourth Quarter Operating Results







 
KEY PERFORMANCE INDICATORS





($ in thousands)

4Q 2021

3Q 2021


$ Variance


% Variance

Pretax income

$ 11,377

$ 10,927


$ 450


4.1%

Net income

$ 8,353

$ 8,022


$ 331


4.1%

Diluted earnings per share

$ 0.24

$ 0.23


$ 0.01


4.0%

Core net income(a)

$ 10,081

$ 8,022


$ 2,059


25.7%

Core diluted earnings per share(a)

$ 0.29

$ 0.23


$ 0.06


25.5%

Pretax return on equity(b)

13.77%

18.23%


n.a.

(24.5)%

Net interest margin - portfolio

4.27%

4.97%


n.a.

(14.0)%

Net interest margin - total company

3.63%

4.13%


n.a.

(12.1)%

Average common equity

$ 330,409

$ 239,790


$ 90,619


37.8%

(a) Core income is a non-GAAP measure. Please see the reconciliation to GAAP net income at the end of this release.
(b) 4Q21 pretax ROE reflects the conversion of Velocity’s preferred equity into common equity during the quarter.

Discussion of results:

  • Higher net income in 4Q21 reflects strong growth in our HFI loan portfolio driven by record production volume in the second half of 2021, in addition to our special servicing team’s effective loan resolution activities that have resulted in many borrowers returning to performing status
  • Core net income(1) was $10.1 million in 4Q21, a 25.7% quarter-over-quarter increase from the prior quarter. Core net income reflects after-tax adjustments of $1.1 million related to the write-off of unamortized deal costs resulting from the collapse of three VCC securitizations, and $0.6 million of deal costs associated with the Century acquisition

‒ Management uses Core Net Income(1) as a measure of normal, recurring operational performance

  • Portfolio NIMin 4Q21 was 4.27%, a 70 bps decrease from 3Q21. The decrease was driven by the collapse of three higher-cost VCC securitizations and a lower weighted average rate on loans originated in 4Q21

‒ The portfolio weighted average coupon as of the end of 4Q21 was 7.88%, compared to 8.11% as of the end of 3Q21

  • The pretax return on equity was 13.8% in 4Q21, down from 18.2% in 3Q21. The decrease resulted from the conversion of Velocity’s preferred equity into common equity in early October.
TOTAL LOAN PORTFOLIO





($ of UPB in millions)

4Q 2021

3Q 2021


$ Variance


% Variance

Held for Investment





Investor 1-4 Rental

$ 1,225

$ 1,150


$ 75


6.5%

Mixed Use

331

302


28


9.3%

Multi-Family

228

203


25


12.5%

Retail

234

197


37


18.8%

Warehouse

173

151


22


14.6%

All Other

309

268


41


15.4%

Total

$ 2,500

$ 2,271


$ 229


10.1%

Held for Sale





Investor 1-4 Rental

$ 87

$ -


$ 87


n.m.
Total Managed Loan Portfolio UPB

$ 2,587

$ 2,271


$ 316


13.9%

Key loan portfolio metrics:





Total loan count

6,964

6,430





Weighted average loan to value

67.7%

67.2%





Weighted average total portfolio yield

8.21%

8.77%





Weighted average portfolio debt cost (a)

4.58%

4.48%





(a) 4Q21 weighted average portfolio debt cost includes for one-time costs totaling $1.5 million related to the collapse of three VCC securitizations.
Adjusted for these costs, the 4Q21 weighted average cost of funds was 4.29%.
n.m. - non meaningful

Discussion of results:

  • Velocity’s total loan portfolio was $2.6 billion in UPB as of December 31, 2021, an increase of 13.9% from $2.3 billion in UPB as of September 30, 2021

‒ Portfolio growth was driven by another quarter of record-setting production volume, partially offset by a 15.3% quarter-over-quarter increase in loan payoffs

  • The weighted average loan-to-value of the portfolio was 67.7% as of December 31, 2021, consistent with 67.2% as of September 30, 2021
  • The weighted average total portfolio yield was 8.21% in 4Q21, a decrease of 56 bps from 3Q21, driven by lower rates on recent production and a decrease in default income as the population of nonperforming loans continued to decrease
  • Portfolio related debt cost in 4Q21 was 4.58%, an increase of 10 bps from 3Q21 driven by the one-time write-off of unamortized deal costs resulting from the collapse of VCC securitizations
LOAN PRODUCTION VOLUMES





($ in millions)

4Q 2021

3Q 2021


$ Variance


% Variance

Investor 1-4 Rental

$ 267.2

$ 184.2


$ 83.0


45.0%

Traditional Commercial

$ 203.4

$ 131.0


$ 72.4


55.3%

Short-term loans

$ 27.2

$ 25.4


$ 1.8


7.1%

Total loan production

$ 497.8

$ 340.7


$ 157


46.1%

Discussion of results:

  • Loan production in 4Q21 totaled $497.8 million in UPB, a new quarterly production record and a 46.1% increase from $340.7 million in UPB in 3Q21, driven by continued strong demand and targeted strategies to grow broker relationships

‒ Investor 1-4 Rental production was up $83.0 million in UPB from 3Q21, a 45.0% quarter-over-quarter increase from 3Q21

‒ Traditional Commercial production was up $72.4 million in UPB from 3Q21, a 55.3% quarter-over-quarter increase from 3Q21

  • Loan origination volume for the two months ended February 28, 2022, totaled $358.8 million in UPB, 51.5% of which was Investor 1-4 Rental loans, 47.1% Traditional Commercial and 1.5% Short-term loans
HFI PORTFOLIO CREDIT PERFORMANCE INDICATORS



($ in thousands)

4Q 2021

3Q 2021


$ Variance


% Variance

Nonperforming loans(a)

$ 273,099

$ 288,436


$ (15,337)


(5.3)%

Nonperforming loans % total HFI Loans

10.9%

12.7%


n.a.

(14.0)%

Total Charge Offs

$ 142.71

$ 162.08


$ (19)


(11.9)%

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

0.024%

0.030%


n.a.

(20.7)%

Loan Loss Reserve

$ 4,262

$ 4,028


$ 234


5.8%

(a) Nonperforming/Nonaccrual loans include loans 90+ days past due, loans in foreclosure, bankruptcy and on nonaccrual.
(b) Annualized

Discussion of results:

  • Nonperforming loans totaled $273.1 million in UPB as of December 31, 2021, or 10.9% of loans HFI, compared to $288.4 million and 12.7%, respectively, as of September 30, 2021

‒ Credit performance improvements resulted in NPL loans 90+ days past due (not in foreclosure) decreasing by $12.6 million in UPB, or 26.0% from September 30, 2021, and NPL loans less than 90 days past due decreasing by $3.7 million in UPB, or 15.8%.

  • Charge-offs in 4Q21 totaled $142.7 thousand compared to $162.1 thousand in 3Q21

‒ Lower charge-offs in 4Q21 reflect improved loan performance and strong property price appreciation. Charge-offs levels in 4Q21 were well below the trailing eight quarter average of $361.4 thousand per quarter

  • The loan loss reserve totaled $4.3 million as of December 31, 2021, a 5.8% increase from $4.0 million as of September 30, 2021, driven primarily by portfolio growth
  • Capitalized interest recovered on COVID forbearance loans granted a deferral totaled $2.4 million since inception of the program in April 2020, with a remaining balance of $7.7 million as of December 31, 2021. None of the capitalized interest has been forgiven
NET REVENUES





($ in thousands)

4Q 2021

3Q 2021


$ Variance


% Variance

Interest income

$ 49,360

$ 46,923


$ 2,437


5.2%

Interest expense - portfolio related(a)

(23,666)

(20,321)


(3,345)


16.5%

Interest expense - corporate debt

(4,462)

(4,488)


26


(0.6)%

Net Interest Income

$ 21,232

$ 22,114


$ (882)


(4.0)%

Loan loss provision

(377)

(228)


(149)


65.4%

Gain on disposition of loans

2,357

306


2,051


670.3%

Other operating income (expense)

260

33


227


687.9%

Total Net Revenues

$ 23,472

$ 22,225


$ 1,247


5.6%

(a) Includes $1.5 million of one-time costs related to the collapse of our higher-cost securitizations

Discussion of results:

  • Total net interest income, including corporate debt interest expense, decreased by $0.9 million, or 4.0% from 3Q21, driven by higher portfolio-related interest expense due to one-time costs from the collapse of VCC securitizations

‒ Excluding these costs, portfolio net interest income was $27.2 million, a 2.1% increase from 3Q21

  • Total net revenues increased by $1.25 million quarter-over-quarter, driven by strong interest income growth and gains of $2.1 million from the sale of loans totaling $34.3 million in UPB
OPERATING EXPENSES





($ in thousands)

4Q 2021

3Q 2021


$ Variance
% Variance
Compensation and employee benefits

$ 4,720

$ 4,738


$ (18)


-0.4%

Rent and occupancy

429

447


(18)


-4.0%

Loan servicing

2,480

2,014


466


23.1%

Professional fees

1,716

736


980


133.2%

Real estate owned, net

417

1,186


(769)


-64.8%

Other expenses

2,333

2,177


156


7.2%

Total operating expenses

$ 12,095

$ 11,298


$ 797


7.1%

Discussion of results:

  • Operating expenses totaled $12.1 million in 4Q21, an increase of 7.1% from 3Q21, driven by legal fees from the Century acquisition and consulting services related to Sarbanes-Oxley (SOX) implementation
SECURITIZATIONS






Securities
Balance at

Balance at
Trusts Issued
12/31/2021 W.A. Rate
9/30/2021 W.A. Rate
2014-1 Trust

$ 161,076


$ -

-


$ 18,910

8.12%

2015-1 Trust

285,457


17,536

7.22%


21,161

7.57%

2016-1 Trust

319,809


36,401

8.22%


40,354

8.25%

2016-2 Trust

166,853


-

-


29,207

7.54%

2017-1 Trust

211,910


-

-


50,258

6.34%

2017-2 Trust

245,601


86,497

3.37%


94,486

3.45%

2018-1 Trust

176,816


62,375

4.04%


72,219

4.02%

2018-2 Trust

307,988


143,152

4.39%


156,587

4.34%

2019-1 Trust

235,580


132,306

4.02%


146,086

4.08%

2019-2 Trust

207,020


122,205

3.44%


130,198

3.44%

2019-3 Trust

154,419


95,521

3.26%


105,570

3.26%

2020-1 Trust

248,700


174,550

2.82%


186,400

2.86%

2020-2 Trust

96,352


80,676

4.45%


88,695

4.51%

2020-MC1 Trust

179,371


35,711

4.42%


57,111

4.51%

2021-1 Trust

251,301


236,190

1.73%


245,423

1.72%

2021-2 Trust

194,918


197,744

2.28%


203,743

1.77%

2021-3 Trust

204,205


202,793

2.45%




2021-4 Trust

319,116


315,489

3.11%





$ 3,966,493


$ 1,939,146

3.20%


$ 1,646,408

3.55%








 

Discussion of results:

  • The weighted average rate on Velocity’s outstanding securitizations decreased 25bps from 3Q21, primarily resulting from the issuance of the VCC 2021-3 and VCC 2021-4 securitizations with a combined balance of $518.3 million as of December 31, 2021, and total weighted average rate of 2.85%

‒ The VCC 2014 securitization included $86.0 million in UPB of loans that were previously included in our higher cost securitizations, VCC 2014-1, VCC 2016-2 and VCC 2017-1, which were concurrently collapsed, and drove the quarter-over-quarter decrease in the total weighted average securitization rate

  • We are continuing to explore opportunities to further optimize our financing costs by refinancing other VCC securitizations with exercisable call rights
RESOLUTION ACTIVITIES





LONG-TERM LOANS











 
RESOLUTION ACTIVITY
FOURTH QUARTER 2021
THIRD QUARTER 2021
($ in thousands)
UPB $ Gain / (Loss) $
UPB $ Gain / (Loss) $
Paid in full

$ 11,464

$ 614


$ 13,353

$ 1,251

Paid current

12,209

290


7,722

79

REO sold(a)

1,770

121.0


4,680

31

Total resolutions

$ 25,443

$ 1,025


$ 25,755

$ 1,361

Resolutions as a % of nonperforming UPB

104.0%



105.3%

(a) There was an REO property held since January 2019 that was sold during the quarter ended September 30, 2021, with a total lifetime loss of $1.7 million, all of which was recognized in prior periods.
SHORT-TERM AND FORBEARANCE LOANS








 
RESOLUTION ACTIVITY
FOURTH QUARTER 2021
THIRD QUARTER 2021
($ in thousands)
UPB $ Gain / (Loss) $
UPB $ Gain / (Loss) $
Paid in full

$ 12,567

$ 623


$ 8,960

$ 664

Paid current

5,837

67


25,141

29

REO sold

266

48


104

47

Total resolutions

$ 18,670

$ 738


$ 34,205

$ 740

Resolutions as a % of nonperforming UPB

104.0%



102.2%

Grand total resolutions

$ 44,113

$ 1,763


$ 59,960

$ 2,101

Grand total resolutions as a % of nonperforming UPB

104.0%



103.5%

Discussion of results:

  • Resolution activities in 4Q21 totaled $44.1 million in UPB and realized net gains of $1.8 million, or 104.0% of UPB resolved
  • The volume of loans resolved per quarter will vary due to a variety of factors but is expected to trend lower as portfolio performance continues to improve
  • Long-term loan resolutions totaled $25.4 million in UPB and realized gains of $1.0 million

‒ Paid in full UPB resolved and the related gains decreased 14.1% and 50.9% quarter-over-quarter, respectively

‒ Paid current UPB resolved increased 58.1% quarter-over-quarter and gains increased 267%

‒ REO sold in 4Q21 had a carrying value of $1.8 million and realized gains of $0.12 million

  • Short-term loan resolutions totaled $18.7 million in UPB and realized gains of $0.74 million

‒ Paid in full UPB resolved increased 40.3% and gains decreased 6.2% quarter-over-quarter

‒ Paid current UPB resolved decreased 76.8% quarter-over-quarter and gains increased 131%

‒ REO sold in 4Q21 had a carrying value of $266 thousand and realized gains of $48 thousand

Full-Year 2021 Operating Results


FULL-YEAR OPERATING RESULTS





($ in thousands) FY 2021 FY2020
$ Variance
% Variance
Investor 1-4 Rental

$ 746

$ 201


$ 546


272.1%

Traditional Commercial

512

138


374


270.6%

Short-term loans

67

96


(29)


(30.1)%

Total Loan production

$ 1,326

$ 435


$ 891


204.8%







 
Net Interest Margin - Portfolio

4.54%

3.89%


n.a.

16.7%

Charge-offs as a % of Avg. Loans HFI

0.060%

0.083%


n.a.

(27.2)%

Total charge-offs

$ 1,291

$ 1,600


$ (309)


(19.3)%

Total Net Interest Income(a)

76,265

62,379


13,886


22.3%

Total Other Income

8,188

6,320


1,868


29.6%

Total Expenses

55,229

50,922


4,307


8.5%

Net Income

$ 29,224

$ 17,777


$ 11,447


64.4%

Less deemed dividends on preferred stock

-

48,955


n.a.
n.a.
Net loss allocated to shareholders

-

(31,178)


n.a.
n.a.
Diluted EPS

$ 0.86

$ (1.55)


n.a.
n.a.






 
Core Income(b)

$ 33,278

$ 22,701


$ 10,577


46.6%







 
Core Diluted EPS(b)

$ 0.98

$ 1.13


n.a.

(13.3)%

(a) After provision for loan losses.
(b) Core income is a non-GAAP measure. Please see the reconciliation to GAAP net income at the end of this release.

Discussion of results:

  • Loan production in 2021 totaled $1.3 billion in UPB, a 204.8% increase from $435.0 million in UPB in 2020

‒ Driven by strong demand for financing and impacts to loan production activities in 2020 from the COVID-19 pandemic

  • Net interest margin (NIM) was 4.54% in 2021, a 65 bps increase from 3.89% in 2020

‒ Resulting from strong HFI portfolio growth driven by record production volumes, the additional yield from elevated levels of NPL resolutions and significant improvement in securitized funding costs as market conditions normalized in 2021

  • Charge-offs in 2021 totaled $1.3 million, a 19.3% decrease from $1.6 million in 2020

‒ As a percentage of average loans HFI, charge-offs were 0.060% in 2021, down from 0.083% in 2020. The decrease reflects improvement in the macroeconomic environment and effective loss mitigation strategies by Velocity’s special servicing team.

  • Net income totaled 29.2 million in 2021, a 64.4% increase from 17.8 million in 2020

‒ Net interest income (after provision for loan losses) totaled $76.3 million, a 22.3% increase from $62.4 million in 2020, driven by 29.4% year-over-year HFI portfolio growth

‒ Other income totaled $8.2 million, a 29.6% increase from $6.3 million in 2020, driven by gains on the sale of loans

‒ Expenses totaled $55.2 million, an 8.5% increase from $50.9 million in 2020

  • Core net income(1) totaled $33.3 million, a 46.6% increase from $22.7 million in 2020
  • Core diluted EPS was $0.98 per share, a 13.3% decrease from $1.13 per share in 2020, driven by the issuance of 11.7 million shares of common stock as a result of the preferred stock conversion in 4Q21

______________________________________________________

(1) “Core” income is a non-GAAP measure that excludes non-recurring and unusual activities from GAAP net income.

Webcast Information

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

A replay of the call will be available through midnight on March 31, 2022, 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 #7444168. 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 17 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 share 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 non-recurring.

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,” 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-K filed with the SEC on May 10, 2021, 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

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020


Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Audited

(In thousands)








Assets








Cash and cash equivalents

$ 35,965


$ 35,497


$ 27,741


$ 20,434


$ 13,273

Restricted cash

11,639


9,586


7,921


6,808


7,020

Loans held for sale, net

87,908


0


7,916


0


13,106

Loans held for investment, at fair value

1,359


1,360


1,370


1,364


1,539

Loans held for investment

2,494,204


2,265,922


2,057,046


1,983,435


1,924,489

Net deferred loan costs

33,360


29,775


26,707


25,070


23,600

Total loans, net

2,616,831


2,297,057


2,093,039


2,009,869


1,962,734

Accrued interest receivables

13,159


11,974


11,094


11,169


11,373

Receivables due from servicers

74,330


57,058


73,517


77,731


71,044

Other receivables

1,812


870


10,169


3,879


4,085

Real estate owned, net

17,557


17,905


20,046


14,487


15,767

Property and equipment, net

3,830


3,348


3,625


3,891


4,145

Deferred tax asset

16,604


17,026


13,196


9,246


6,654

Mortgage Servicing Rights

7,152


-


-


-


-

Goodwill

6,775


-


-


-


-

Other assets

6,824


6,843


7,257


7,325


6,779

Total Assets

$ 2,812,478


$ 2,457,164


$ 2,267,605


$ 2,164,839


$ 2,102,874










 
Liabilities and members' equity








Accounts payable and accrued expenses

$ 92,195


$ 79,360


$ 70,049


$ 65,003


$ 63,361

Secured financing, net

162,845


163,449


164,053


129,666


74,982

Securitizations, net

1,911,879


1,623,674


1,558,163


1,453,386


1,579,019

Warehouse & repurchase facilities

301,069


258,491


151,872


203,314


75,923

Total Liabilities

2,467,988


2,124,974


1,944,137


1,851,369


1,793,285










 
Mezzanine Equity








Series A Convertible preferred stock

-


90,000


90,000


90,000


90,000

Stockholders' Equity








Stockholders' equity

344,490


242,190


233,468


223,470


219,589

Total Liabilities and members' equity

$ 2,812,478


$ 2,457,164


$ 2,267,605


$ 2,164,839


$ 2,102,874










 









 
Book value per share

$ 10.84


$ 12.05


$ 11.62


$ 11.12


$ 10.93










 
Shares outstanding

31,787


20,098


20,087


20,087


20,087










 
Velocity Financial, Inc.

Consolidated Statements of Income (Quarterly)


 

Quarter Ended
($ in thousands)

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020


Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

Revenues










Interest income

$ 49,360


$ 46,923


$ 44,978


$ 40,707


$ 41,556

Interest expense - portfolio related

23,666


20,321


20,566


20,832


21,442

Net interest income - portfolio related

25,694


26,602


24,412


19,875


20,114

Interest expense - corporate debt

4,462


4,488


4,309


7,350


1,900

Net interest income

21,232


22,114


20,103


12,525


18,214

Provision for loan losses

377


228


(1,000)


105


406

Net interest income after provision for loan losses

20,855


21,886


21,103


12,420


17,808

Other operating income (expense)

2,617


339


2,432


2,801


4,691

Total net revenues

23,472


22,225


23,535


15,221


22,499










 

Operating expenses










Compensation and employee benefits

4,720


4,738


4,546


5,186


4,135

Rent and occupancy

429


447


430


463


424

Loan servicing

2,480


2,014


1,922


1,867


1,977

Professional fees

1,716


736


795


533


1,415

Real estate owned, net

417


1,186


1,039


509


217

Other operating expenses

2,333


2,177


1,918


2,059


2,578

Total operating expenses

12,095


11,298


10,650


10,617


10,746

Income before income taxes

11,377


10,927


12,885


4,604


11,753

Income tax expense

3,024


2,905


3,432


1,208


2,177

Net income

$ 8,353


$ 8,022


$ 9,453


$ 3,396


$ 9,576

Less: Deemed dividends on preferred stock

-


-


-


-


-

Less: Undistributed earnings allocated to participating securities

362


3,030


$ 3,571


$ 1,281


n.a.
Net income (loss) allocated to common shareholders

$ 7,991


$ 4,992


$ 5,882


$ 2,115


$ 9,576










 
Basic earnings (loss) per share

$ 0.26


$ 0.25


$ 0.29


$ 0.11


$ 0.48










 
Diluted earnings (loss) per common share

$ 0.24


$ 0.23


$ 0.28


$ 0.10


$ 0.29










 
Basic weighted average common shares outstanding

30,897


20,090


20,087


20,087


20,087










 
Diluted weighted average common shares outstanding

34,257


34,212


33,960


33,407


32,793










 
Velocity Financial, Inc.

Consolidated Statements of Income (Annual)


 

Year Ended
($ in thousands) 12/31/2021
12/31/2020

Audited
Audited
Revenues


Interest income

$ 181,968


$ 167,322

Interest expense - portfolio related

85,386


87,826

Net interest income - portfolio related

96,582


79,496

Interest expense - corporate debt

20,609


12,049

Net interest income

75,973


67,447

Provision for loan losses

(292)


5,068

Net interest income after provision for loan losses

76,265


62,379

Other operating income (expense)

8,188


6,320

Total net revenues

84,453


68,699




 
Operating expenses


Compensation and employee benefits

19,190


20,731

Rent and occupancy

1,769


1,743

Loan servicing

8,282


7,802

Professional fees

3,781


4,238

Real estate owned, net

3,150


2,656

Other operating expenses

8,488


8,400

Total operating expenses

44,660


45,570

Income before income taxes

39,793


23,129

Income tax expense

10,569


5,352

Net income

$ 29,224


$ 17,777

Less: Deemed dividends on preferred stock

-


$ 48,955

Less: Undistributed earnings allocated to participating securities

$ 8,589


-

Net income (loss) allocated to common shareholders

$ 20,635


$ (31,178)

Basic earnings (loss) per share

$ 0.90


$ (1.55)




 
Diluted earnings (loss) per common share

$ 0.86


$ (1.55)




 
Basic weighted average common shares outstanding

22,813


20,087




 
Diluted weighted average common shares outstanding

33,982


20,087




 
Velocity Financial, Inc.

Net Interest Margin ‒ Portfolio Related and Total Company

(Unaudited)

Quarterly:







Quarter Ended December 31, 2021

 

Quarter Ended September 30, 2021

 

Quarter Ended December 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

$ 40,463






$ 2,284






$ 20,719





Loans held for investment

2,363,987






2,137,505






1,958,436





Total loans

$ 2,404,451


$ 49,360


8.21%


$ 2,139,789


$ 46,923


8.77%


$ 1,979,155


$ 41,557


8.40%


















 
Debt:
















Warehouse and repurchase facilities

$ 271,761


3,273


4.82%


$ 182,383


2,365


5.19%


$ 60,065


717


4.78%

Securitizations

1,796,543


20,392


4.54%


1,633,059


17,956


4.40%


1,666,180


20,726


4.98%

Total debt - portfolio related

2,068,304


23,665


4.58%


1,815,442


20,322


4.48%


1,726,245


21,443


4.98%

Corporate debt

171,926


4,463


10.38%


172,934


4,488


10.38%


78,000


1,900


9.74%

Total debt

$ 2,240,230


$ 28,128


5.02%


$ 1,988,376


$ 24,810


4.99%


$ 1,804,245


$ 23,343


5.18%


















 
Net interest spread - portfolio related (2)



3.63%






4.29%






3.43%

Net interest margin - portfolio related



4.27%






4.97%






4.07%


















 
Net interest spread - total company (3)



3.19%






3.78%






3.22%

Net interest margin - total company



3.53%






4.13%






3.68%

(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.

Annual:





Year Ended December 31, 2021


Year Ended December 31, 2020




Interest
Average


Interest
Average

Average
Income /
Yield /
Average
Income /
Yield /
($ in thousands) Balance
Expense
Rate(1)
Balance
Expense
Rate(1)
Loan portfolio:










Loans held for sale

$ 15,794






$ 110,810





Loans held for investment

$ 2,110,054






1,932,855





Total loans

$ 2,125,847


$ 181,968


8.56%


$ 2,043,665


$ 167,322


8.19%












 
Debt:










Warehouse and repurchase facilities

$ 183,663


9,706


5.28%


$ 168,099


8,352


4.97%

Securitizations

1,630,385


75,680


4.64%


1,635,089


79,474


4.86%

Total debt - portfolio related

1,814,048


85,386


4.71%


1,803,189


87,826


4.87%

Corporate debt

154,890


20,609


13.31%


82,117


12,050


14.67%

Total debt

$ 1,968,938


$ 105,995


5.38%


$ 1,885,306


$ 99,876


5.30%












 
Net interest spread - portfolio related (2)



3.85%






3.32%

Net interest margin - portfolio related



4.54%






3.89%












 
Net interest spread - total company (3)



3.18%






2.89%

Net interest margin - total company



3.57%






3.30%

(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)

Quarterly:



















 
Core Income









Quarter Ended
($ in thousands) 12/31/2021
9/30/2021
6/30/2021
3/31/2021
12/31/2020









 
Net Income

$ 8,353


$ 8,022


$ 9,453


$ 3,396


$ 9,576

Deal cost write-off - collapsed securitizations

$ 1,104


-


-


-


-

One-time Century Health & Housing Capital deal costs

$ 624


-


-


-


-

Recovery of Loan Loss Provision

-


-


$ (1,000)


-


-

Nonrecurring debt amortization

-


-


-


3,326


-

COVID-19 Impact

-


-


-


-


-

Workforce reduction costs

-


-


-


-

Core Income

$ 10,081


$ 8,022


$ 8,453


$ 6,722


$ 9,576










 
Diluted weighted average common shares outstanding

$ 34,257


$ 34,212


$ 33,960


$ 33,407


$ 32,793

Core diluted earnings per share

$ 0.29


$ 0.23


$ 0.25


$ 0.20


$ 0.29










 

Annual:







 
Core Income



Year Ended
($ in thousands) 12/31/2021
12/31/2020



 
Net Income

$ 29,224


$ 17,777

Deal cost write-off - collapsed securitizations

1,104


-

One-time Century Health & Housing Capital deal costs

624


-

Recovery of Loan Loss Provision

(1,000)


-

Nonrecurring debt amortization

3,326


2,610

COVID-19 Impact

-


1,882

Workforce reduction costs

-


432

Core Income

$ 33,278


$ 22,701




 
Diluted weighted average common shares outstanding

$ 33,982


$ 20,087

Core diluted earnings per share

$ 0.98


$ 1.13

 

Contacts

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

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Entity Incorporation, State or Country Code DE
Entity File Number 001-39183
Entity Tax Identification Number 46-0659719
Entity Address, Address Line One 30699 Russell Ranch Road
Entity Address, Address Line Two Suite 295
Entity Address, City or Town Westlake Village
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91362
City Area Code 818
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Trading Symbol VEL
Security Exchange Name NYSE
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