Northpointe reports Q2 EPS 51c vs. 44c last year

Reports Q2 provision for credit losses of $583,000 vs. $298,000 last year. “We continued to gain momentum and deliver on our strategic plan during the Q2,” remarked Chuck Williams, Chairman and CEO. “Our Mortgage Purchase Program business channel continued its robust growth with a 42% increase in average balances over the prior quarter, in addition to funding over $9B in total loans during the quarter.” Williams continued, “In the retail lending channel, we originated over $665M in total residential mortgages. We also recently completed an initiative to bring in approximately $250M in new custodial deposits, which is expected to occur during the Q3. Our book value and tangible book value per share increased by 12% and 14%, respectively, on an annualized basis, reflecting the strong quarterly operating performance and organic capital generation.”