News about Northpointe Bancshares

Northpointe Bancshares (NYSE:NPB) announced it will sell its distributed retail and consumer direct mortgage origination channels to CMG Financial and its affiliates, refocusing on its Mortgage Purchase Program and specialty finance. Net income available to common stockholders was $13.9 million, reflecting a $3.1 million operational loss from deposit fraud and $4.3 million in fair value declines. Total deposits reached $5.44 billion, net interest margin was 2.32%, and MPP balances rose to $4.2 billion. Management expects $50 million to $55 million in annualized expense savings starting in 2027 and the CMG transaction to close by the end of 2026. Non-performing assets rose $8.9 million to $95.5 million, with over half tied to two borrowers.