First National Financial Corp

Latest Results (11.01.2025):

Mortgages Under Administration

In the third quarter of 2024, First National Financial Corp reported a 6% increase in Mortgages Under Administration (MUA), reaching a record $150.6 billion, up from $141.9 billion in the same period of 2023. This growth reflects the company's strong position in the mortgage market despite a challenging environment.

Revenue and Income

First National Financial Corp's revenue for the third quarter of 2024 decreased by 1% to $560.4 million, compared to $562.9 million in the third quarter of 2023. The company's Pre-FMV Income, a non-GAAP measure, was $75.3 million, representing a 21% decline from the previous year, indicating the impact of market conditions on profitability.

Net Income

The net income for First National Financial Corp in the third quarter of 2024 was $36.4 million, or $0.59 per share, compared to $83.6 million, or $1.38 per share, in the same quarter of 2023. This significant decrease highlights the challenges faced by the company in the current economic climate.

Dividends

First National Financial Corp declared common share dividends totaling $36.7 million in the third quarter of 2024, with a payout ratio of 104%, compared to $36.0 million and a payout ratio of 44% in the previous year. The company also announced a special dividend of $0.50 per common share, reflecting excess capital generation.

Outlook

Looking forward, First National Financial Corp anticipates benefiting from the Bank of Canada's recent interest rate cuts, which have led to a 50% increase in single-family residential mortgage commitments. The company expects this to translate into new fundings in future periods, with commercial mortgage originations also poised to benefit from ongoing demand in the multi-unit property sector.