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FIRST NATIONAL FINANCIAL CORPORATION FIRST NATIONAL FINANCIAL CORPORATION REPORTS 2021 THIRD QUARTER RESULTS , DECLARES SPECIAL COMMON SHARE DIVIDEND Toronto , Ontario , October 26 , 2021 - First National Financial Corporation ( TSX : FN , TSX : FN.PR.A , TSX : FN.PR.B ) ( the " Company " or " FNFC " ) today announced its financial results for the three and nine months ended September 30 , 2021 and declared a special common share dividend . The Company derives virtually all of its earnings from its wholly owned subsidiary , First National Financial LP ( " FNFLP " or " First National " ) . Q3 Summary • • • • Mortgages under administration ( “ MUA ” ) increased 4 % to a record $ 122.3 billion compared to $ 117.1 billion at September 30 , 2020 Revenue decreased 5 % to $ 353.7 million from $ 373.8 million in Q3 2020 largely due to mortgage spread compression year over year Pre - FMV Income ( ¹ ) was $ 64.9 million compared to $ 99.6 million in Q3 2020 due to the mortgage spread environment , a shift in commercial product mix and funding strategy Net income was $ 47.6 million ( $ 0.78 per common share ) compared to $ 72.5 million ( $ 1.20 per common share ) in Q3 2020 Special Dividend Declaration A special common share dividend in the amount of $ 1.25 per share will be paid on December 15 , 2021 to First National shareholders of record on November 30 , 2021. This distribution reflects the Board of Directors ' determination that over the past year , First National has generated excess capital and can efficiently fund near - term growth from operations . Management Commentary " First National's performance in the third quarter was in line with , and in some cases , ahead of our expectations , " said Stephen Smith , Chairman and Chief Executive Officer . " MUA , the source of most of our earnings , benefitted from a healthy 10 % increase in new originations . Originally , we had expected Q3 originations to be flat to last year . Profitability measures were also solid but as expected came in below 2020. By comparison , the third quarter of 2020 was exceptional as higher levels of home purchases and abnormally wide mortgage spreads created an ideal environment for the Company . A year later , spreads are as narrow as they were before the 2008 financial crisis . On a year - to - date basis , strong growth in both revenue and earnings has allowed the Company to generate capital beyond what we need . Accordingly , to remain capital efficient for our shareholders , I'm pleased to say our Board has authorized a $ 1.25 per share special dividend - the 5th First National has declared in the past five years . " In the third quarter of 2021 , new mortgage originations increased 10 % to $ 8.4 billion from $ 7.6 billion a year ago , while total mortgage renewals were $ 2.3 billion , the same as last year .