WESTWARD INVESTMENT CORP

IS A LEADING, HIGHLY DIVERSIFIED GLOBAL INVESTMENT MANAGER WITH APPROXIMATELY $7.8 BILLION OF ASSETS UNDER MANAGEMENT

SMALL BUSINESS LOANS

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A WINNING TEAM BEATS WITH ONE HEART

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MORTGAGES

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Areas of expertise

We provide an objective view backed by a willingness and flexibility to look beyond the easy deal. Designing a well-structured liquidity solution is always a dynamic process where the liquidity solution provider engages the client in a conversation. Rewarding, long-term relationships, trusted advice, access to essential resources, and outstanding execution – welcome to WIC.

FINANCIAL HIGHLIGHTS

In fiscal year 2024, WIC reported $5.2 billion in revenues, marking an increase from previous years. Earnings from continuing operations were $98.6 million.

Consumer & Business Banking

Consumer & Business Banking reported net income of $345 million, an increase of $60 million, or 21%, compared with the prior year.

Net revenue was $1.8 billion, up 8% from the prior year. Net interest income was $0.6 billion, a rise of 5%, driven by higher deposit balances and improved deposit margins. Noninterest revenue was $0.4 billion, an increase of 15%, driven by higher debit card revenue and stronger transaction volumes.

The provision for credit losses was $19.5 million, compared with $24.6 million in the prior year. Net charge-offs were $18.3 million (1.78% net charge-off rate), compared with $21.7 million (2.11% net charge-off rate) in the prior year.

Noninterest expense was $0.9 billion, up 3%, driven by ongoing investments in digital banking capabilities and branch modernization.

Mortgage Production and Servicing

Mortgage Production and Servicing reported net income of $205 million, an increase of $42 million compared with the prior year.

Mortgage production reported pretax income of $0.7 billion, an increase of $150 million from the prior year. Mortgage production-related revenue, excluding repurchase losses, was $1.1 billion, an increase of $120 million, or 12%, reflecting stable market conditions and sustained demand for refinancing and new home purchases. Production expense was $340 million, an increase of $50 million, or 17%, reflecting higher volumes and operational enhancements. Repurchase losses were $2 million, compared with $8 million in the prior year.

Mortgage servicing reported a pretax loss of $42 million, compared with a pretax loss of $47 million in the prior year.

Mortgage servicing revenue, including mortgage servicing rights (“MSR”) asset amortization, was $190 million, an increase of $36 million, or 23%, due to higher servicing fees and lower MSR asset amortization. MSR risk management income was $85 million, compared with $38 million in the prior year. Servicing expense was $1.1 billion, an increase of $50 million, or 5%, primarily driven by technology investments and compliance-related costs.

Real Estate Portfolios

Real Estate Portfolios reported net income of $110 million, compared with a net loss of $20 million in the prior year. The improvement was driven by a significantly lower provision for credit losses. Net revenue was $1.1 billion, a slight decrease of $50 million, or 4%, from the prior year, reflecting lower loan balances due to continued portfolio runoff. The provision for credit losses was $350 million, compared with $550 million in the prior year.

The current quarter provision reflected a $700 million reduction in the allowance for loan losses due to continued improvements in delinquency trends and lower estimated losses, particularly in the Home Equity Portfolio. Net charge-offs totaled $1.2 billion, including $650 million of incremental charge-offs related to regulatory guidance. Excluding these incremental charge-offs, net charge-offs during the quarter would have been $550 million, compared with $725 million in the prior year and $610 million in the prior quarter.

Home equity net charge-offs were $850 million (5.12% net charge-off rate), compared with $950 million (5.89% net charge-off rate) in the prior year. Subprime mortgage net charge-offs were $130 million (5.74% net charge-off rate), compared with $140 million (6.11% net charge-off rate). Prime mortgage, including option ARMs, net charge-offs were $120 million (1.21% net charge-off rate), compared with $130 million (1.34% net charge-off rate).

WHO ARE WE? WHAT DO WE DO?

Westward Investment Corp established itself as one of the most successful financial services institutions in the United States. Always committed to putting our clients’ best interests first, our complete portfolio of financial service drive business effectiveness and profitability for more than 250,000 customers in the U.S. alone.