Annual Reports

2016 at a Glance


In 2016, Mortgages Under Administration (MUA) grew 6% to $99.4 billion, further solidifying First National’s position as Canada’s largest non-bank mortgage originator and underwriter.


The number of times our Board has increased the common share dividend since First National’s initial public offering in 2006.


The number of contributing sources to First National’s revenue, including net interest — securitized mortgages, placement fees, mortgage servicing income, mortgage investment income, and deferred placement fees.


The percentage First National paid out of its 2016 earnings to common shareholders by way of quarterly dividends. When measured against after-tax Pre-Fair Market Value EBITDA, the payout ratio was 56%.


First National’s 2016 earnings per share in 2016 were 92% ahead of 2015 on positive core business performance assisted by gains on financial instruments. Excluding gains and losses on financial instruments, Pre-Fair Market Value EBITDA (a non-GAAP measure of earnings performance) was 21% higher than in 2015.


The cumulative yield from dividends, distributions and capital appreciation earned by a shareholder between First National’s initial public offering in June 2006 and December 31, 2016.

$99.4 Billion

First National’s MUA approaches the $100 billion milestone.


The after-tax Pre-Fair Market Value return on shareholders’ equity in 2016 again demonstrated the efficiency of First National’s business model.