Northpointe Bancshares' Q3 net income rises, driven by its mortgage purchase program

Overview * Northpointe Q3 net income rises to $20.1 mln * Net interest income increases by $3.6 mln from prior quarter, reflecting asset growth * Company's non-interest income rises $1.6 mln, driven by fair value changes in loans Outlook * Northpointe Bancshares did not provide specific future guidance Result Drivers * MORTGAGE PURCHASE PROGRAM – Co reports exceptional performance in MPP, increasing balances by $1.7 bln over prior yr and funding $9.8 bln in loans during qtr * INTEREST-BEARING DEPOSITS – Interest-bearing demand deposits increased by over $300 mln from the prior qtr due to new custodial deposits * NET INTEREST INCOME – Net interest income after provision increased by $3.6 mln from prior qtr, driven by growth in average interest-earning assets and net interest margin expansio