Strong Performance in MPP Business
MPP business ended the quarter at $3.4 billion in balances, a growth of $473 million from the prior quarter and $1.7 billion from the previous year. Loans funded through the channel reached $9.8 billion, the highest quarterly level for Northpointe.
Growth in All-in-One Loan Portfolio
The all-in-one loan portfolio experienced a 23% annualized growth, driven by increased mortgage block and application activity.
Increase in Interest-Bearing Demand Deposits
A new core custodial deposit relationship contributed to a $300 million increase in interest-bearing demand deposits from the prior quarter.
Tangible Book Value Increase
Tangible book value increased by $0.56 per share over the prior quarter, with a 15.8% annualized increase when dividends are added back.
Improved Asset Quality Metrics
Total delinquent loans decreased by $4.6 million from the second quarter, and overall asset quality metrics improved.