Velocity Financial Inc
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
VEL$16.71-5.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Cash flows from operating activities: | ||
| Net income | $17,333 | $10,736 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 182 | 195 |
| Amortization of right-of-use assets | 344 | 310 |
| Provision for loan losses | 1,002 | 636 |
| Reversal of loan repurchase reserve | — | 39 |
| Origination of loans held for sale | — | (19,088) |
| Proceeds from sales of loans held for sale | — | 1,735 |
| Net accretion of discount on purchased loans and amortization of deferred loan origination costs | 1,082 | 1,172 |
| Reversal of uncollectible borrower advances | (4) | (15) |
| Gain on disposition of loans | (539) | (680) |
| Real estate acquired through foreclosure in excess of recorded investment | (1,160) | (1,233) |
| Amortization of debt issuance discount and costs | 3,284 | 5,279 |
| Gain on disposal of property and equipment | (9) | — |
| Change in valuation of real estate owned | 1,722 | 1,178 |
| Change in valuation of fair value loans | (18,925) | (7,354) |
| Change in valuation of mortgage servicing rights | (444) | 95 |
| Change in valuation of fair value securitized debt | 2,318 | 170 |
| Gain on sale of real estate owned | (286) | (121) |
| Stock-based compensation | 1,371 | 1,000 |
| Deferred tax expense | 480 | 2,490 |
| Change in operating assets and liabilities: | ||
| Accrued interest and other receivables | 456 | (2,458) |
| Other assets | (286) | 946 |
| Accounts payable and accrued expenses | 2,660 | (6,960) |
| Net cash provided by operating activities | 10,581 | (11,928) |
| Cash flows from investing activities: | ||
| Purchase of loans held for investment | (11,591) | — |
| Origination of loans held for investment | (378,671) | (197,888) |
| Proceeds from sales of loans originally classified as held for investment | 15,072 | 21,489 |
| Payoffs of loans held for investment | 158,549 | 99,780 |
| Proceeds from sale of real estate owned | 5,741 | 2,121 |
| Change in advances | (1,503) | 2,596 |
| Change in impounds and deposits | (640) | 372 |
| Purchase of property and equipment | (41) | (48) |
| Proceeds from sale of property and equipment | 640 | — |
| Net cash used in investing activities | (212,444) | (71,578) |
| Cash flows from financing activities: | ||
| Warehouse repurchase facilities advances | 329,011 | 246,792 |
| Warehouse repurchase facilities repayments | (303,686) | (279,579) |
| Proceeds from secured financing | 74,311 | — |
| Proceeds of securitized debt, net | 229,368 | 197,487 |
| Repayment of securitized debt | (126,568) | (86,221) |
| Debt issuance costs | (2,326) | — |
| Proceeds from issuance of common stocks, net | 155 | — |
| Purchase of treasury stock | (1,284) | (836) |
| Distribution to non-controlling interest | — | (160) |
| Net cash provided by financing activities | 198,981 | 77,483 |
| Net decrease in cash, cash equivalents, and restricted cash | (2,882) | (6,023) |
| Cash, cash equivalents, and restricted cash at beginning of period | 61,927 | 62,056 |
| Cash, cash equivalents, and restricted cash at end of period | $59,045 | $56,033 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Supplemental cash flow information: | ||
| Cash paid during the period for interest | $58,917 | $44,181 |
| Cash paid during the period for income taxes, net | 17 | 264 |
| Noncash transactions from investing and financing activities: | ||
| Transfer of loans held for investment to held for sale | — | 25,075 |
| Transfer of loans held for investment to real estate owned | 8,029 | 10,397 |
| Transfer of accrued interest to loans held for investment | 219 | 878 |
| Transfer of loans held for sale to held for investment | 2,481 | 4,218 |
| Recognition of new leases in exchange for lease obligations | — | 377 |
See accompanying Notes to Consolidated Financial Statements
VELOCITY FINANCIAL, INC. AND SUBSIDIARIES
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