First National Financial Corp (TSX:FN.PR.A.PFD)
C$ 16.71 +0.11 (+0.66%) Market Cap: - Enterprise Value: 12.05 Bil PE Ratio: 14.92 PB Ratio: 4.20 GF Score: 83/100
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Q4 2024 First National Financial Corp Earnings Call Transcript

Mar 05, 2025 / 03:00PM GMT
Release Date Price: C$14.7

Key Points

Positve
  • Residential mortgage fundings increased by 43% year-over-year in the fourth quarter.
  • Total origination, including commercial mortgages, was up 26.5% compared to Q4 last year.
  • First National Financial Corp (FNLIF) is a leader in the insured multi-unit residential housing space, with fourth-quarter originations up 8%.
  • The company expects year-over-year increases in single-family fundings in the next two quarters.
  • Mortgage under administration increased 7% year-over-year, reaching a new record of $153.7 billion.
Negative
  • Pre-fair market value income decreased by 3% compared to the previous year.
  • Net interest margin (NIM) on securitized mortgages was lower, at 53 basis points compared to 59 basis points last year.
  • Deferred placement fees declined by 57% due to tighter spreads on underlying mortgages.
  • Salaries and benefits expenses increased by 17% year-over-year in the fourth quarter.
  • The company experienced lower retention rates on mortgage renewals in 2024 due to increased competition.
Operator

Good morning and welcome to First National's fourth-quarter earnings call. This call is being recorded on Wednesday, March 15, 2025. (Operator Instructions)

Now it's my pleasure to turn the call over to Jason Ellis, President and Chief Executive Officer of First National. Please go ahead, sir.

Jason Ellis
First National Financial Corp - President, Chief Executive Officer, Director

Thank you and good morning. Welcome to our call and thank you for participating. Rob Inglis, our Chief Financial Officer, joins me and will provide his commentary shortly. In addition, joining us today is Jeremy Wedgbury, our Executive Vice President of Commercial Mortgages. So if you ever had something you wanted to know about the Canadian commercial mortgage market but were afraid to ask, today is your lucky day. Jeremy will be sticking around for the Q&A session.

I remind you that our remarks and answers may contain forward-looking information about future events or the company's future performance. This information is subject to risk and uncertainties and

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