TORONTO, April 30, 2024 /CNW/ - First National Financial Corporation (TSX:FN) (TSX:FN) (TSX:FN) (the "Company" or "FNFC") today announced its financial results for the three months ended March 31, 2024. The Company derives virtually all of its earnings from its wholly owned subsidiary, First National Financial LP ("FNFLP" or "First National"), one of Canada's largest non-bank mortgage originators and underwriters. First Quarter Summary Mortgages Under Administration ("MUA") increased 9% to a record $145.1 billion compared to $133.0 billion at March 31, 2023 Revenue increased 20% to $518.0 from $432.1 million a year ago Pre-FMV Income(1) increased 5% to $62.7 from $59.7 million a year ago Net income was $49.9 million ($0.82 cents per share) compared to $35.7 million ($0.58 cents per share) a year ago Management Commentary "First National translated its business model advantages into positive results for shareholders in the first quarter," said Jason Ellis President and Chief Executive Officer. "On the strength of mortgage servicing and our securitization strategy, we generated solid profitability. The presence of these income sources and the diversified nature of our lending activities once again proved to be important as we experienced intense competition for new mortgage business. Residential originations including renewals were 20% below last year as two large lenders in the mortgage broker channel discounted rates as part of their market share strategies. This decline was offset by a 39% increase in multi-unit originations including renewals largely on growth in insured mortgages. While the lower single-family volumes affected operational leverage, First National continued to benefit from historically slow prepayment speeds and the impact of higher interest rates on revenue. Looking forward, we expect competition to remain elevated this spring and will approach market opportunities as we always have: with discipline and a focus on service and technology." First Quarter Review Quarter ended March 31,2024 March 31,    2023 For the Period        ($000s)   Revenue 518,045 432,086   Income before income taxes 67,892 48,638   Pre-FMV Income (1) 62,745 59,748 At Period End   Total assets 45,765,958 44,268,705   Mortgages under administration 145,095,772 133,014,706 1This non-IFRS measure adjusts income before income taxes by eliminating the impact of changes in fair value by adding back losses on the valuation of financial instruments (except those on mortgage investments) and deducting gains on the valuation of financial instruments. See Non-GAAP measures. First quarter 2024 performance met management's expectations. First National's MUA increased 9% to $145.1 billion from $133.0 billion at March 31, 2023 reflecting growth in both single-family and commercial mortgage portfolios over the period.  MUA increased at an annualized rate of 4% during the quarter. At March 31, 2024, single-family MUA was $94.4 billion, up 5% from $89.5 billion at March 31, 2023, while commercial MUA was $50.7 billion, up 17% from $43.5 billion a year ago. Single-family mortgage origination (including renewals) was $3.5 billion compared to $4.4 billion in 2023, a decrease of 20% as large competitors discounted mortgage rates and offered large broker incentives to grow market share. During this period of intense competition, First National's MERLIN technology and operating systems continued to support efficient and effective mortgage underwriting across the country, while the residential team continued to convert mortgage renewal opportunities at traditional retention rates. Commercial segment origination (including renewals) was $3.0 billion compared to $2.2 billion ...