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Northpointe Bancshares Inc. (NPB-4.38%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income available to common stockholders of $47.2 million for 2024, nearly doubling from $24.1 million in 2023. This increase is attributed to higher net interest income and lower noninterest expenses, despite a decrease in noninterest income.
Net interest income rose by $13.0 million to $114.2 million in 2024, driven by a 10.7% increase in earning assets and a 4 basis point improvement in net interest margin.
Noninterest income decreased by $22.1 million, primarily due to lower net gains on sales of loans and loan servicing fees, partially offset by higher Mortgage Purchase Program (MPP) fees.
Noninterest expense decreased by $38.5 million, or 25.1%, mainly due to lower variable compensation and proactive management of mortgage-related back-office expenses.
The company's loan portfolio saw a shift, with MPP loans increasing to 36.8% of total gross loans, while residential mortgage loans decreased to 41.9%. AIO Loans increased to 13.2% of total gross loans.
Total assets grew by 9.8% to $5.22 billion, primarily driven by a $512.3 million increase in net loans and loans held for sale.
The allowance for credit losses was 0.25% of total loans at year-end 2024, reflecting the company's low historical loss experience and the composition of its loan portfolio.
Northpointe Bancshares Inc. reported total deposits of $3.42 billion at December 31, 2024, a 17.0% increase from the previous year, driven by higher time deposits.
The company's capital ratios exceeded all applicable minimum regulatory requirements, with the Bank qualifying as 'well-capitalized' under the FDIC's prompt corrective action regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northpointe Bancshares Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.