First National Financial Corp (TSX:FN.PR.B.PFD)
C$ 16.45 +0.35 (+2.17%) Market Cap: - Enterprise Value: - PE Ratio: 14.82 PB Ratio: 4.17 GF Score: 83/100
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Q1 2025 First National Financial Corp Earnings Call Transcript

Apr 30, 2025 / 02:00 PM GMT
Release Date Price: C$14.85

Key Points

Positve
  • Total single-family funding increased by 34% year over year, indicating strong growth in this segment.
  • Commercial mortgage originations rose by 18%, driven by the insured multi-unit residential housing market.
  • The company benefited from government incentives, including a purchase price cap increase and the reintroduction of a 30-year amortization for insured residential mortgages.
  • First National Financial Corp (FNLIF) maintained a strong commitment pipeline, expecting continued growth in originations into Q2.
  • Mortgage investment income increased by 15%, reflecting a larger balance of mortgages accumulated for securitization.
Negative
  • Pre-fair market value income was 16% below last year's first quarter, indicating a decline in profitability.
  • Alt A arrears remain elevated compared to the prime portfolio, posing a risk to credit performance.
  • Revenue increased only by 2% year over year, despite higher production and strong retention.
  • Interest expense increased by 20% due to higher use of short-term funding sources, impacting profitability.
  • IT expenses are expected to remain elevated in the next few quarters due to significant technology re-platforming activities.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FN.TO - First National Financial Corp
Q1 2025 First National Financial Corp Earnings Call
Apr 30, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to First National's first quarter earnings goal. This call is being recorded on Wednesday, April 30th, 2025. At this time, all callers are in listen-only mode.

Later we will conduct a question and answer session. Instructions will be provided at that time on how to queue up. Now it is my pleasure to turn the call over to Jason Ellis, President and Chief Executive Officer of First National. Please go ahead, sir.

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Unidentified_2 [2]
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Thank you and good morning. Welcome to our call and thank you for
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