05:31 PM EDT, 10/29/2024 (MT Newswires) -- First National Financial ( FNLIF ) ,which rose 1% to near 52 week highs today, after trade Tuesday said its its third-quarter profit and revenue declined year-over-year as it cited a "challenging marketplace on mortgage origination activity."
But the company added with recent action by the Bank of Canada to reduce interest rates, it is "now seeing a marked increase in residential mortgage commitments which should translate well in coming quarter."
Thus, it announced an increase in the company's regular monthly dividend to an annualized rate of $2.50 per common share from $2.45 per share annualized, effective with the payment on December 13, 2024, for shareholders of record November 29, 2024.
First National also announced a special dividend of $0.50 per common share to be paid on December 13, 2024 to shareholders of record on November 29, 2024. It said this payment reflects the board's determination that it has generated excess capital in the past year and that the capital needed for near-term growth can be generated from current operations.
In its third quarter, the financial services firm earned $36.4 million, or $0.59 per share, compared with $83.6 million, or $1.38 per share a year ago. Revenue for the quarter ended Sept. 30 was $560.4 million, slighy below than $562.9 million a year prior.