Northpointe Bancshares Reports $13.9 Million Q3 Profit and Letter of Intent to Sell Mortgage Channels to CMG

Northpointe Bancshares reported Q3 2026 net income of $13.9 million, or $0.39 per share, and entered a non-binding letter of intent to sell its distributed retail and consumer direct mortgage channels to CMG, targeting a close by the end of 2026. TradingView published the results.

Northpointe's Q3 Earnings and the CMG Letter of Intent

Earnings per share fell from $0.60 in the second quarter and $0.57 in the third quarter of 2025. Northpointe attributed the decline to rate-driven fair value declines and deposit fraud costs. Its net interest margin was 2.32%, down one basis point from the prior quarter, and non-interest income was $12.3 million, a decrease of $9.6 million quarter over quarter, driven by lower loan sale gains. The net gain on loans was $2.2 million, against $17.0 million in the second quarter, as fair value moved with higher rates. Northpointe estimated restructuring charges of $6 million to $7 million, mostly in the fourth quarter of 2026.

Northpointe Bank is a Michigan-based, NYSE-listed community bank that specializes in residential mortgage lending, Non-QM products for self-employed borrowers and investors, and mortgage warehouse financing, alongside retail and business banking. CMG Financial launched Volt Home Loans with CapRelo on October 1, 2026, a mortgage joint venture pairing CapRelo's relocation services with CMG's lending infrastructure, according to FinancialContent Business Page.

Northpointe's Mortgage Purchase Program Balances

According to akta.pro company records, Northpointe closed an additional $20 million subordinated notes private placement in the first quarter of 2026, continuing capital restructuring to support growth of its Mortgage Purchase Program. Mortgage Purchase Program warehouse financing balances grew at a 51% annualized rate to $3.9 billion in the first quarter of 2026, and total assets reached $7.40 billion at March 31, 2026, up $373 million from December 31, 2025. Total loans funded reached $11.2 billion in the first quarter of 2026.

Northpointe's Leadership Changes Before the Sale

Northpointe appointed Joseph Long as Executive Vice President, Chief Operating Officer and Chief Credit Officer, effective September 14, 2026, replacing Kevin Comps in those roles, Globalfintechseries reported. He oversees credit, capital markets and mortgage operations. On September 22, 2026, The future of trading reported that Northpointe filed a Form 3 for Joseph B. Long naming him chief operating officer, dated September 14, 2026. Seeking Alpha rated Northpointe SELL on October 13, 2026, citing a weaker mortgage market, increased competition and balance sheet constraints that limit loans.

What Comes Next for the CMG Transaction

The letter of intent is non-binding, and Northpointe targets a close by the end of 2026. The restructuring charges are estimated mostly in the fourth quarter of 2026.