Velocity Financial, Inc. ( (NYSE:VEL) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Chris Oltmann - Treasurer and Head IR

Chris Farrar - President and Chief Executive Officer

Mark Szczepaniak - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James

Steve Delaney - JMP Securities

Operator

Good afternoon and welcome to the Velocity Financial First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I’d now like to turn the conference over to Chris Oltmann, Treasurer and Director of Investor Relations. Please go ahead.

Chris Oltmann

Thanks, [Danielle]. Hello, everyone, and thank you for joining us today for the discussion of Velocity's first quarter 2023 results. Joining me today are Chris Farrar, Velocity’s President and Chief Executive Officer; and Mark Szczepaniak, Velocity’s Chief Financial Officer.

Earlier this afternoon, we released our first quarter 2023 results and our press release and the accompanying presentation are available on our Investor Relations website.

I’d like to remind everyone that today’s call may include forward-looking statements, which are uncertain and outside of the company’s control and actual results may differ materially. For a discussion of some of the risks and other factors that could affect results, please see the risk factors and other cautionary statements made in our communications with shareholders, including the risk factors disclosed in our filings with the Securities and Exchange Commission.

Please also note that the content of this conference call contains time-sensitive information that is accurate only as of today, and we do not undertake any duty to update forward-looking statements. We may also refer to certain non-GAAP measures on this call. For reconciliations of these non-GAAP measures, you should refer to the earnings materials on our Investor Relations website. Finally, today’s call is being recorded and will be available on the company’s website later today.

And with that, I will now turn the call over to Chris Farrar.

Chris Farrar

Thanks, Chris, I would like to welcome everyone to our first quarter earnings call. Earlier today as Chris mentioned, we reported another strong quarter as we continue to grow in a disciplined and profitable way. Our successful matched funding strategy of locking in fixed rate spreads has held up very well considering the rapid rise in rates. As you're all keenly aware, there's been a tremendous amount of volatility in the regional banks, many of whom were essentially borrowing short and lending long.