Northpointe reports Q3 EPS 57c, consensus 56c

Reports Q3 Net charge-offs $977,000, or 7 basis points annualized as a percentage of average loans, vs to $488,000, or 4 basis points annualized as a percentage of average loans in the previous quarter. “The momentum we are building across our business lines resulted in strong financial performance in the Q3 highlighted by strong balance sheet growth and an improvement in net income from the prior quarter and year,” remarked Chuck Williams, Chairman and CEO. “We’ve continued to experience exceptional performance in our Mortgage Purchase Program business, increasing balances by $1.7B over the prior year level and funding $9.8B in total loans during the Q3. In the residential lending channel, both mortgage locks and applications increased from the prior quarter, and all-in-one loan balances increased by 23% annualized. On the funding side, interest-bearing demand deposits increased by over $300M from the prior quarter as we completed an initiative to bring in valuable new custodial deposits during the Q3.”