Northpointe Bancshares, Inc. (NYSE:NPB) ("Northpointe" or the "Company"), holding company for Northpointe Bank, today reported net income to common stockholders of $18.4 million, or $0.52 per diluted share, for the fourth quarter of 2025. This compares to $20.1 million, or $0.57 per diluted share, for the third quarter of 2025, and $8.8 million, or $0.34 per diluted share, for the fourth quarter of 2024. For the year ended December 31, 2025, the Company reported net income to common stockholders of $71.6 million, or $2.11 per diluted share, compared to $47.2 million, or $1.83 per diluted share, for the year ended December 31, 2024.

"In our first year as a public company, we delivered robust balance sheet growth and consistent earnings, driven by sustained momentum and strengthened results across each of our key business lines," remarked Chuck Williams, Chairman and Chief Executive Officer. "Our improved financial performance was anchored by the success of the Mortgage Purchase Program business, where we increased balances by $1.7 billion over the prior year and grew total loans funded to $36.9 billion for 2025. In the residential lending channel, mortgage originations increased by 18% year-over-year, and all-in-one loan balances increased by 20% compared with 2024."

Fourth Quarter 2025 Highlights

Net income to common stockholders of $18.4 million, down $1.7 million from the prior quarter.
- Results for the fourth quarter of 2025 included $3.2 million in additional expense, recorded in preferred stock dividends, from unamortized deal issuance costs related to the redemption of Series A preferred stock.
Delivered strong financial performance for the quarter, including:
- Return on average equity of 14.82%, compared to 14.23% in the prior quarter.
- Return on average tangible common equity of 13.51%, compared to 15.41% in the prior quarter (see non-GAAP reconciliation), with the decrease primarily driven by the unamortized deal issuance costs.
- Return on average assets of 1.34%, consistent with the prior quarter.
- Efficiency ratio of 51.86%, compared to 53.38% in the prior quarter.
Continued to grow balance sheet:
- Mortgage Purchase Program ("MPP") balances increased by $60.1 million, or 7% annualized, from the prior quarter, and are net of $457.0 million in balances participated to other institutions, which increased from $37.5 million in the prior quarter.
- First-lien home equity lines which are tied seamlessly to a demand deposit sweep account (the Company commonly refers to these loans as "All-in-One" or "AIO" loans) balances increased by $31.0 million, or 18% annualized.
- Completed initiative to add new digital deposit relationship during the quarter, resulting in $234.2 million increase in savings & money market deposits.
Wholesale funding ratio improved to 64.60%, from 67.58% in the prior quarter.
Completed private placement of $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes and redeemed the Company's remaining non-cumulative perpetual Series A preferred stock.
The Company's Board of Directors declared a regular quarterly cash dividend of $0.025 per share, payable on February 3, 2026 to shareholders of record as of January 15, 2026.

Net Interest Income

Net interest income before provision was $43.5 million for the fourth quarter of 2025, an increase of $3.2 million compared to the third quarter of 2025. The linked quarter increase reflects a 4 basis point improvement in net interest margin and a $393.2 million increase in average interest-earning assets. As compared to the fourth quarter of 2024, net interest income before provision increased by $13.5 million, driven primarily by a 24 basis point improvement in net interest margin and a $1.61 billion increase in average interest-earning assets.

For the year ended December 31, 2025, net interest income before provision was $150.7 million, an increase of $36.5 million compared to $114.2 million for the year ended December 31, 2024. This increase reflects a 16 basis point improvement in net interest margin and a $1.17 billion increase in average interest-earning assets.

Net interest margin was 2.51% for the fourth quarter of 2025, an increase of 4 basis points compared to 2.47% in the third quarter of 2025 and an increase of 24 basis points compared to 2.27% in the fourth quarter of 2024. The increases from both comparable periods was driven primarily by a decrease in the average rate paid on interest-bearing deposits, consistent with the decrease in the federal funds rate in each period, which outpaced the decrease in the yield earned on interest-earning assets.

Average interest-earning assets at December 31, 2025 increased by $393.2 million from September 30, 2025 and by $1.61 billion compared to December 31, 2024. The increases from both comparable periods reflect the strong growth in MPP and AIO balances, partially offset by continued run-off in the remainder of the loan portfolio.

Provision (Benefit) for Credit Losses

The Company recorded a total provision (benefit) for credit losses (including both loans and unfunded commitments) of $608,000 in the fourth quarter of 2025, compared to provision expense of $828,000 in the third quarter of 2025 and provision (benefit) of $446,000 in the fourth quarter of 2024. The Company's quarterly provision (benefit) for credit losses reflects net loan charge-offs, along with factors such as loan growth, portfolio mix, reserves on individually evaluated loans, credit migration trends, and changes in the economic forecasts used in the credit models. The linked quarter decrease in total provision for credit losses was driven primarily by an improvement in the economic forecasts, partially offset by higher net loan charge-offs.

For the year ended December 31, 2025, total provision for credit losses was $2.1 million, an increase of $2.4 million compared to a provision (benefit) of $328,000 for the year ended December 31, 2024. This increase was driven primarily by higher levels of net charge-offs.

Non-interest Income

Non-interest income was $21.6 million for the fourth quarter of 2025, a decrease of $2.4 million compared to the third quarter of 2025 and an increase of $8.0 million compared to the fourth quarter of 2024. For the year ended December 31, 2025, non-interest income was $91.0 million, an increase of $18.1 million compared to $72.9 million for the year ended December 31, 2024. This year-over-year increase was driven primarily by higher net gain on sale of loans.

MPP fees were $2.1 million for the fourth quarter of 2025, an increase of $613,000 compared to the third quarter of 2025 and an increase of $476,000 compared to the fourth quarter of 2024. The increases from both comparable periods reflect higher levels of funded loans, along with higher levels of participations, in the MPP business.

Loan servicing fees were $1.1 million for the fourth quarter of 2025, a decrease of $35,000 compared to the third quarter of 2025 and a decrease of $1.8 million compared to the fourth quarter of 2024. The decreases from both comparable periods reflect changes in the fair value of mortgage servicing rights ("MSRs") primarily attributable to the movement in market interest rates during the respective periods, partially offset by higher fees on servicing.

Net gain on sale of loans was $18.3 million for the fourth quarter of 2025, compared to $21.0 million for the third quarter of 2025 and $7.0 million for the fourth quarter of 2024. Net gain on sale of loans includes the capitalization of new MSRs, gains or losses on the sale of portfolio loans, changes in fair value of loans, and gains on the sale of loans.

The net gain on sale of loans for the fourth quarter of 2025 included an increase of $1.7 million from the combined change in fair value of loans held for investment and LRA, which are both attributable to changes in market interest rates. Excluding these items (see Net Gain on Sale of Loans table below for a reconciliation), net gain on sale of loans was $16.6 million, down $877,000 on a comparative basis from the third quarter of 2025 and up $2.3 million on a comparative basis from the fourth quarter of 2024.

Other non-interest income was a net loss of $73,000 for the fourth quarter of 2025, compared to income of $285,000 for the third quarter of 2025 and $1.7 million for the fourth quarter of 2024. The linked quarter decrease was driven primarily by higher net losses on the sale of other real estate owned. The decrease from the prior year quarter was driven primarily by a $1.7 million gain from extinguishment of FHLB advances in the fourth quarter of 2024.

Non-interest Expense

Non-interest expense was $33.8 million for the fourth quarter of 2025, a decrease of $581,000 compared to the third quarter of 2025 and an increase of $4.3 million compared to the fourth quarter of 2024. For the year ended December 31, 2025, non-interest expense was $129.2 million, an increase of $14.6 million compared to $114.6 million for the year ended December 31, 2024. This year-over-year increase was driven primarily by higher salaries and benefits expense, including higher bonus and incentive compensation, higher variable compensation on mortgage production and higher employee benefits.

Salaries and benefits expense was $23.2 million for the fourth quarter of 2025, a decrease of $1.2 million compared to the third quarter of 2025, driven primarily by lower bonus and incentive compensation. As compared to the fourth quarter of 2024, salaries and benefits expense increased by $4.2 million, driven primarily by higher bonus and incentive compensation (up $2.7 million), reflecting higher incentive compensation from the improvement in business activity over the same period and additional restricted stock expense from the initial public offering, as well as higher variable compensation on mortgage production (up $813,000).

Professional fees decreased by $188,000 on a linked quarter basis, and increased by $715,000 compared to the fourth quarter of 2024. The increase compared to the prior year quarter was driven primarily by higher ongoing customary public company compliance costs.

Other taxes and insurance increased by $611,000 on a linked quarter basis, and by $479,000 compared to the fourth quarter of 2024. The increases for both comparable periods was driven primarily by higher FDIC assessment expense resulting from the growth in assets and continued utilization of capital.

Taxes

Income tax expense for the fourth quarter of 2025 was $8.3 million, compared to $7.0 million for the third quarter of 2025 and $3.7 million for the fourth quarter of 2024. The Company's effective tax rate was 26.04% for the fourth quarter of 2025, compared to 24.00% for the third quarter of 2025 and 24.97% for the fourth quarter of 2024. The increases for both comparable periods was driven primarily by $0.5 million in additional income tax expense recorded in the fourth quarter of 2025 related to non-deductible tax rules for publicly traded companies.

For the year ended December 31, 2025, income tax expense was $27.0 million, with an effective tax rate of 24.44%, compared to $17.7 million, with an effective tax rate of 24.31%, for the year ended December 31, 2024.

Balance Sheet Highlights

Total assets were $7.02 billion at December 31, 2025, representing an increase of $183.2 million compared to September 30, 2025 and an increase of $1.80 billion compared to December 31, 2024. The increase in total assets at December 31, 2025, compared to both September 30, 2025 and December 31, 2024, was driven primarily by an increase in total loans, particularly growth in MPP and AIO balances.

Gross loans held for investment were $6.02 billion at December 31, 2025, an increase of $54.3 million, or 4% annualized, compared to September 30, 2025 and an increase of $1.59 billion, or 36%, compared to December 31, 2024. The linked quarter increase was driven primarily by growth in MPP balances, which were up 7% annualized, and growth in AIO loans, which were up 18% annualized. These increases were partially offset by a decrease of $36.8 million in the remainder of the loans held for investment portfolio. Loans held for sale totaled $309.2 million at December 31, 2025, compared to $259.8 million at September 30, 2025 and $217.1 million at December 31, 2024, and reflect the timing of closing saleable residential mortgage originations.

The Company continues to focus on growing its two main portfolios, AIO and MPP. Outside of these two portfolios, no other significant loans are being added to the loans held for investment portfolio. At December 31, 2025, virtually all of the loan portfolio was comprised of loans collateralized by residential property.

Total deposits were $4.87 billion at December 31, 2025, an increase of $100.0 million, or 8% annualized, compared to September 30, 2025 and an increase of $1.45 billion, or 42%, compared to December 31, 2024. The linked quarter increase was driven primarily by a $234.2 million increase in savings & money market deposits, which reflects the Company's ongoing deposit initiatives and completion of a new digital deposit relationship added during the fourth quarter of 2025. As compared to December 31, 2024, the increase was driven primarily by a higher level of brokered CDs, and growth in the Company's diversified digital deposit banking platform including two new deposit relationships added during 2025.

Total borrowings were $1.44 billion at December 31, 2025, an increase of $70.5 million compared to September 30, 2025 and an increase of $180.8 million compared to December 31, 2024. The increases for both comparable periods was driven primarily by additional FHLB advances taken out during the fourth quarter of 2025.

As noted above, the Company issued $70.0 million in aggregate principal amount of a new 7.50% Fixed-to-Floating Rate Subordinated Notes due 2035 late in the fourth quarter of 2025. These funds were used to redeem all remaining shares of the Company's existing 8.25% Fixed-to-Floating Rate Non-Cumulative Perpetual Series A Preferred Stock.

Asset Quality

The Company's allowance for credit losses was $10.4 million at December 31, 2025, $12.3 million at September 30, 2025 and $11.2 million at December 31, 2024. The allowance for credit losses represented 0.17% of loans held for investment at December 31, 2025, 0.21% of loans held for investment at September 30, 2025 and 0.25% of loans held for investment at December 31, 2024. The decrease in allowance for credit losses, compared to both September 30, 2025 and December 31, 2024, was driven primarily by an improvement in the economic forecasts used in the credit models, along with a continued improvement in the mix of loans within the held for investment portfolio. The majority of the growth in the loans held for investment portfolio has come from MPP or AIO balances, with continued run-off in Residential mortgage, Construction, and Other Consumer / Home Equity loans, which carry higher average loss rates. In total, Residential mortgage, Construction, and Other Consumer / Home Equity loans have decreased by $248.4 million from December 31, 2024.

Net charge-offs were $1.2 million, or 8 basis points annualized as a percentage of average loans, for the fourth quarter of 2025. This compares to $977,000, or 7 basis points annualized as a percentage of average loans, for the third quarter of 2025, and $260,000, or 6 basis points annualized as a percentage of average loans, for the fourth quarter of 2024. The increases in net charge-offs from both comparable periods were largely attributable to losses on several mortgage and construction loans.

A substantial portion of the Company's non-performing loans are wholly or partially guaranteed by the U.S. Government, so asset quality metrics within this earnings release are shown with and without these guaranteed loans. Non-performing assets were $92.7 million at December 31, 2025 ($64.4 million excluding guaranteed loans), $85.2 million at September 30, 2025 ($57.7 million excluding guaranteed loans) and $82.0 million at December 31, 2024 ($49.5 million excluding guaranteed loans). Non-performing assets represented 1.32% of total assets at December 31, 2025 (0.92% excluding guaranteed loans), 1.25% at September 30, 2025 (0.85% excluding guaranteed loans) and 1.57% at December 31, 2024 (0.95% excluding guaranteed loans).

Capital

At December 31, 2025, the estimated capital levels for the Company and its subsidiary bank, Northpointe Bank (the "Bank"), remained well in excess of the minimum amounts needed for capital adequacy purposes and the Bank's capital levels met the necessary requirements to be considered "well-capitalized". The regulatory capital ratios as of December 31, 2025 are estimates, pending completion and filing of the Bank's regulatory reports.

Earnings Presentation and Conference Call

Northpointe will host its fourth quarter of 2025 earnings conference call on January 21, 2026 at 10:00 a.m. E.T. During the call, management will discuss the fourth quarter of 2025 financial results and provide an update on recent activities. There will be a live question-and-answer session following the presentation. It is recommended you join 10 minutes prior to the start time. Participants may access the live conference call by dialing 1-877-413-2414 and requesting "Northpointe Bancshares, Inc. Conference Call". The conference call will also be webcast live at ir.northpointe.com. An audio archive will be available on the website following the call.

Forward Looking Statements

Statements in this earnings release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this earnings release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this earnings release and could cause us to make changes to our future plans. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment rates, inflationary pressures, increasing insurance costs, elevated interest rates, including the impact of changes in interest rates on our financial projections, models and guidance and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; uncertain duration of trade conflicts; potential impacts of adverse developments in the banking and mortgage industries, including impacts on deposits, liquidity and the regulatory rules and regulations; risks arising from media coverage of the banking and mortgage industries; risks arising from perceived instability in the banking and mortgage sectors; changes in the interest rate environment, including changes to the federal funds rate, which could have an adverse effect on the Company's profitability; changes in prices, values and sales volumes of residential real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers; the effects of war or other conflicts; and adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs, and legislative, regulatory or supervisory actions related to so‑called "de‑banking," including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices.

Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the U.S. Securities and Exchange Commission (the "SEC"), and in other documents that we file with the SEC from time to time, which are available on the SEC's website, http://www.sec.gov. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this earnings release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this earnings release are qualified in their entirety by this cautionary statement.

About Northpointe

Headquartered in Grand Rapids, Michigan, Northpointe Bancshares, Inc. is the holding company of Northpointe Bank, a client-focused company that provides home loans and retail banking products to communities across the nation. Our mission is to be the best bank in America by bringing value and innovation to the people we serve. To learn more visit www.northpointe.com.

NORTHPOINTE BANCSHARES, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Statements of Income
	Three Months Ended									Year Ended
	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
Interest income
Loans - including fees	$	98,862		$	94,044		$	74,830		$	351,238		$	285,490
Investment securities - taxable		64			87			160			463			637
Federal Home Loan Bank ("FHLB") stock - taxable		1,726			1,605			1,648			6,513			6,399
Interest bearing deposits		5,471			6,100			6,063			21,990			25,006
Total interest income		106,123			101,836			82,701			380,204			317,532

Interest expense
Deposits		48,678			48,169			39,157			176,739			151,125
Subordinated debentures		894			679			1,031			3,138			3,886
Borrowings		13,054			12,657			12,491			49,588			48,306
Total interest expense		62,626			61,505			52,679			229,465			203,317

Net interest income		43,497			40,331			30,022			150,739			114,215
Provision (benefit) for credit losses		(632	)		852			(331	)		2,153			881
Provision (benefit) for unfunded commitments		24			(24	)		(115	)		(55	)		(1,209	)
Net interest income after provision (benefit) for credit losses		44,105			39,503			30,468			148,641			114,543

Non-Interest Income
Service charges on deposits and fees		255			217			426			890			1,813
Loan servicing fees		1,082			1,117			2,905			4,719			8,876
MPP fees		2,070			1,457			1,594			6,022			5,418
Net gain on sale of loans		18,306			20,953			7,032			77,198			56,688
Other non-interest income		(73	)		285			1,656			2,151			128
Total Non-Interest Income		21,640			24,029			13,613			90,980			72,923

Non-Interest Expense
Salaries and benefits		23,159			24,336			18,974			90,171			77,791
Occupancy and equipment		747			811			998			3,449			4,454
Data processing expense		2,275			2,190			1,913			8,726			8,960
Professional fees		1,513			1,701			798			6,235			4,139
Other taxes and insurance		2,609			1,998			2,130			7,584			7,024
Other non-interest expense		3,474			3,322			4,624			13,063			12,222
Total Non-Interest Expense		33,777			34,358			29,437			129,228			114,590

Income before income taxes		31,968			29,174			14,644			110,393			72,876
Income tax expense		8,325			7,001			3,656			26,984			17,717

Net Income	$	23,643		$	22,173		$	10,988		$	83,409		$	55,159
Preferred stock dividends		5,247			2,041			2,144			11,791			7,997
Net Income Available To Common Stockholders	$	18,396		$	20,132		$	8,844		$	71,618		$	47,162

Basic Earnings Per Share	$	0.53		$	0.58		$	0.34		$	2.14		$	1.83
Diluted Earnings Per Share	$	0.52		$	0.57		$	0.34		$	2.11		$	1.83

Weighted Average Shares Outstanding		34,619,175			34,602,289			25,773,790			33,432,895			25,759,938
Diluted Weighted Average Shares Outstanding		35,092,153			35,337,136			25,823,576			33,863,189			25,822,496

NORTHPOINTE BANCSHARES, INC.
(unaudited, dollars in thousands except per share data)

Consolidated Balance Sheets

	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024
Assets
Cash and cash equivalents	$	496,459		$	419,162		$	376,295
Equity securities		1,347			1,342			1,305
Debt securities available for sale		4,738			4,752			8,576
FHLB stock		80,109			80,109			69,574
Loans held for sale, at fair value		309,213			259,835			217,073
Loans ⁽¹⁾		6,021,527			5,967,235			4,427,754
Allowance for credit losses		(10,435	)		(12,250	)		(11,190	)
Net loans		6,011,092			5,954,985			4,416,564

Mortgage servicing rights		17,048			16,763			15,133
Intangible assets, net		1,513			1,660			2,099
Premises and equipment		27,571			27,658			27,292
Other assets		73,735			73,314			90,100
Total Assets	$	7,022,825		$	6,839,580		$	5,224,011

Liabilities
Non-interest-bearing	$	275,974		$	235,733		$	208,938
Interest-bearing		4,593,693			4,533,904			3,213,617
Total Deposits		4,869,667			4,769,637			3,422,555

Borrowings		1,439,500			1,369,034			1,258,750
Subordinated debentures		91,915			24,203			38,933
Subordinated debentures issued through trusts		5,000			5,000			5,000
Deferred tax liability		3,786			2,651			3,477
Other liabilities		43,915			45,530			32,806
Total Liabilities		6,453,783			6,216,055			4,761,521

Stockholders' Equity
Preferred stock, Common stock and Additional paid in capital		204,875			276,885			166,847
Retained earnings		364,366			346,829			295,967
Accumulated other comprehensive loss		(199	)		(189	)		(324	)
Total Stockholders' Equity		569,042			623,525			462,490

Total Liabilities and Stockholders' Equity	$	7,022,825		$	6,839,580		$	5,224,011

(1) Includes $178.6 million, $179.4 million and $173.0 million of loans carried at fair value at December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

NORTHPOINTE BANCSHARES, INC.
(unaudited, dollars in thousands except per share data)
Selected Financial Highlights

	Three Months Ended									Year Ended
	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
PER COMMON SHARE
Diluted earnings per share	$	0.52		$	0.57		$	0.34		$	2.11		$	1.83
Book value	$	16.50		$	18.14		$	18.01		$	16.50		$	18.01
Tangible book value ⁽¹⁾	$	15.74		$	15.23		$	13.91		$	15.74		$	13.91

PERFORMANCE RATIOS
Return on average assets (annualized)		1.34	%		1.34	%		0.82	%		1.33	%		1.08	%
Return on average equity (annualized)		14.82	%		14.23	%		9.40	%		14.00	%		12.21	%
Return on average tangible common equity (annualized) ⁽¹⁾		13.51	%		15.41	%		9.80	%		14.43	%		13.94	%
Net interest margin		2.51	%		2.47	%		2.27	%		2.45	%		2.29	%
Efficiency ratio ⁽²⁾		51.86	%		53.38	%		67.46	%		53.46	%		61.23	%

ASSET QUALITY AND RATIOS
Allowance for credit losses to loans held for investment ("HFI")		0.17	%		0.21	%		0.25	%		0.17	%		0.25	%
Allowance for credit losses to loans HFI (excluding fair value loans)		0.18	%		0.21	%		0.26	%		0.18	%		0.26	%
Allowance for credit losses to non-accrual loans		12.72	%		15.82	%		16.05	%		12.72	%		16.05	%
Allowance for credit losses to non-accrual loans (excluding guaranteed) ⁽³⁾		18.53	%		24.08	%		26.07	%		18.53	%		26.07	%
Net charge-offs	$	1,183		$	977		$	260		$	2,908		$	1,286
Annualized net charge-offs to average loans		0.08	%		0.07	%		0.06	%		0.05	%		0.04	%
Non-performing assets to total assets		1.32	%		1.25	%		1.50	%		1.32	%		1.50	%
Non-performing assets to total assets (excluding guaranteed) ⁽³⁾		0.92	%		0.85	%		0.99	%		0.92	%		0.99	%
Non-performing loans to total gross loans		1.44	%		1.35	%		1.62	%		1.44	%		1.62	%
Non-performing loans to total gross loans (excluding guaranteed) ⁽³⁾		0.99	%		0.91	%		1.07	%		0.99	%		1.07	%

SELECTED OTHER INFORMATION
Equity / assets		8.10	%		9.12	%		8.85	%		8.10	%		8.85	%
Tangible common equity / tangible assets ⁽¹⁾		7.73	%		7.66	%		6.84	%		7.73	%		6.84	%
Loans / deposits ⁽⁴⁾		123.65	%		125.11	%		129.37	%		123.65	%		129.37	%
Liquidity ratio ⁽⁵⁾		7.07	%		6.13	%		7.20	%		7.07	%		7.20	%
Wholesale funding ratio ⁽⁶⁾		64.60	%		67.58	%		65.75	%		64.60	%		65.75	%

SELECTED MORTGAGE DATA
Residential mortgage originations	$	762,042		$	636,600		$	600,667		$	2,549,662		$	2,158,622
Residential mortgage interest rate lock commitments	$	808,323		$	823,261		$	567,793		$	3,114,337		$	2,675,077
Residential mortgage applications	$	1,073,480		$	1,113,569		$	787,788		$	4,357,086		$	3,839,744
MPP total loans funded	$	11,370,184		$	9,822,322		$	6,559,838		$	36,946,373		$	17,380,555
MPP balances participated (period end)	$	457,030		$	37,450		$	352,709		$	457,030		$	352,709
Total loans serviced for others (UPB) ⁽⁷⁾	$	4,938,428		$	4,542,688		$	4,333,908		$	4,938,428		$	4,333,908
Loans serviced for others (UPB)	$	1,840,948		$	1,754,235		$	1,299,116		$	1,840,948		$	1,299,116
Loans sub-serviced for others (UPB)	$	3,097,480		$	2,788,453		$	3,034,792		$	3,097,480		$	3,034,792

(1)		See non-GAAP reconciliation.
(2)		Efficiency ratio is defined as non-interest expense divided by the sum of net interest income and non-interest income.
(3)		Ratio excludes non-performing loans wholly or partially insured by the U.S. Government (see non-performing asset table within for more detail).
(4)		Loan / deposits ratio reflects loans held for investments as a percentage of total deposits.
(5)		Liquidity ratio defined as cash and cash equivalents divided by total assets.
(6)		Wholesale funding ratio defined as brokered CDs plus borrowings divided by total deposits plus borrowings.
(7)		Excludes UPB of loans held for investment and loans held for sale.

Summary Average Balance Sheet
(Dollars in thousands)
	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024

	Average Principal Balance		Income/ Expense		Yield/ Rate		Average Principal Balance		Income/ Expense		Yield/ Rate		Average Principal Balance		Income/ Expense		Yield/ Rate
Assets
Loans ⁽¹⁾⁽²⁾	$	6,226,182	$	98,862	6.30	%	$	5,835,496	$	94,044	6.39	%	$	4,666,015	$	74,830	6.38	%
Securities, AFS⁽³⁾		6,114		64	4.15	%		7,116		87	4.85	%		9,626		160	6.61	%
Securities, FHLB Stock		80,109		1,726	8.55	%		78,621		1,605	8.10	%		69,574		1,648	9.42	%
Interest bearing deposits		551,706		5,471	3.93	%		549,657		6,100	4.40	%		506,097		6,063	4.77	%
Total Interest Earning Assets		6,864,111		106,123	6.13	%		6,470,890		101,836	6.24	%		5,251,312		82,701	6.27	%
Noninterest Earning Assets⁽⁴⁾		114,353						103,976						107,057
Total Assets	$	6,978,464					$	6,574,866					$	5,358,369

Liabilities
Deposits:
Transaction accounts	$	943,118	$	9,923	4.17	%	$	1,009,709	$	11,246	4.42	%	$	461,928	$	5,272	4.54	%
Savings & money market		525,180		4,849	3.66	%		325,660		3,143	3.83	%		334,122		3,540	4.21	%
Time		3,191,539		33,906	4.21	%		3,063,371		33,780	4.37	%		2,487,522		30,345	4.85	%
Total interest-bearing deposits		4,659,837		48,678	4.14	%		4,398,740		48,169	4.34	%		3,283,572		39,157	4.74	%
Sub Debt		46,349		894	7.65	%		29,189		679	9.23	%		43,909		1,031	9.34	%
Borrowings		1,297,421		13,054	3.99	%		1,245,949		12,657	4.03	%		1,277,510		12,491	3.89	%
Total interest-bearing liabilities		6,003,607		62,626	4.14	%		5,673,878		61,505	4.30	%		4,604,991		52,679	4.55	%
Noninterest-bearing deposits		289,448						234,252						243,299
Other noninterest-bearing liabilities		52,564						48,425						44,870
Total noninterest-bearing liabilities		342,012						282,677						288,169
Equity		632,845						618,311						465,209
	$	6,978,464					$	6,574,866					$	5,358,369

Net Interest Income			$	43,497					$	40,331					$	30,022
Net Interest Spread⁽⁵⁾					2.00	%					1.94	%					1.71	%
Net Interest Margin⁽⁶⁾					2.51	%					2.47	%					2.27	%

(1)		Loan balance includes loans held for investment and held for sale. Nonaccrual loans are included in total loan balances and no adjustment has been made for these loans in the yield calculation. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2)		Loan fees of $30,000, $45,000, and $85,000 for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, are included in interest income.
(3)		Average yield based on carrying value and there are no tax-exempt securities in the portfolio.
(4)		Noninterest-earning assets includes the allowance for credit losses.
(5)		Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.
(6)		Net interest margin is annualized net interest income divided by total average interest-earning assets.

Summary Average Balance Sheet
(Dollars in thousands)
	Year Ended						Year Ended
	December 31, 2025						December 31, 2024

	Average Principal Balance		Income/ Expense		Yield/ Rate		Average Principal Balance		Income/ Expense		Yield/ Rate
Assets
Loans ⁽¹⁾⁽²⁾	$	5,554,219	$	351,238	6.32	%	$	4,427,420	$	285,490	6.45	%
Securities, AFS⁽³⁾		8,250		463	5.61	%		9,819		637	6.49	%
Securities, FHLB Stock		74,510		6,513	8.74	%		69,243		6,399	9.24	%
Interest bearing deposits		513,213		21,990	4.28	%		476,288		25,006	5.25	%
Total Interest Earning Assets		6,150,192		380,204	6.18	%		4,982,770		317,532	6.37	%
Noninterest Earning Assets⁽⁴⁾		108,067						138,653
Total Assets	$	6,258,259					$	5,121,423

Liabilities
Deposits:
Transaction accounts	$	865,349	$	37,551	4.34	%	$	412,396	$	19,911	4.83	%
Savings & money market		379,012		14,358	3.79	%		380,131		16,691	4.39	%
Time		2,856,257		124,830	4.37	%		2,221,123		114,523	5.16	%
Total interest-bearing deposits		4,100,618		176,739	4.31	%		3,013,650		151,125	5.01	%
Sub Debt		33,497		3,138	9.37	%		41,557		3,886	9.35	%
Borrowings		1,250,919		49,588	3.96	%		1,310,330		48,306	3.69	%
Total interest-bearing liabilities		5,385,034		229,465	4.26	%		4,365,537		203,317	4.66	%
Noninterest-bearing deposits		234,109						250,135
Other noninterest-bearing liabilities		43,233						54,130
Total noninterest-bearing liabilities		277,342						304,265
Equity		595,883						451,621
Total Liabilities and Equity	$	6,258,259					$	5,121,423

Net Interest Income			$	150,739					$	114,215
Net Interest Spread⁽⁵⁾					1.92	%					1.72	%
Net Interest Margin⁽⁶⁾					2.45	%					2.29	%

(1)		Loan balance includes loans held for investment and held for sale. Nonaccrual loans are included in total loan balances and no adjustment has been made for these loans in the yield calculation. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2)		Loan fees of $144,000 and $303,000 for the years ended December 31, 2025 and 2024, respectively, are included in interest income.
(3)		Average yield based on carrying value and there are no tax-exempt securities in the portfolio.
(4)		Noninterest-earning assets includes the allowance for credit losses.
(5)		Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.
(6)		Net interest margin is annualized net interest income divided by total average interest-earning assets.

End of Period Loan Balances
(Dollars in thousands)	December 31, 2025		September 30, 2025		December 31, 2024

Residential:
Construction	$	17,430	$	18,973	$	51,408
All-in-One (AIO)		732,583		701,580		612,080
Other Consumer/Home Equity		55,550		56,592		97,258
Residential Mortgage ⁽¹⁾		1,775,507		1,814,623		1,948,175
Commercial		15,521		10,581		8,013
MPP		3,424,936		3,364,886		1,710,820
Total Loans Held for Investment (HFI)		6,021,527		5,967,235		4,427,754
Total Loans Held for Sale (HFS)		309,213		259,835		217,073
Total Gross Loans (HFI and HFS)	$	6,330,740	$	6,227,070	$	4,644,827

(1) Residential Mortgage loans consist of Closed end first liens, Closed end second liens, and Land development loans.

End of Period Deposit Balances
(Dollars in thousands)	December 31, 2025		September 30, 2025		December 31, 2024

Noninterest-bearing demand	$	275,974	$	235,733	$	208,938
Interest-bearing demand		1,032,333		1,056,371		690,340
Savings & money market		555,255		321,077		334,308
Brokered time deposits		2,636,443		2,779,203		1,819,037
Other time deposits		369,662		377,253		369,932
Total deposits	$	4,869,667	$	4,769,637	$	3,422,555

Loan Servicing Fees	Three Months Ended								Year Ended
(Dollars in thousands)	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024		Dec 31, 2025			Dec 31, 2024

Fees on servicing	$	2,183		$	2,027		$	1,711	$	7,739		$	12,277
Change in fair value of MSRs ⁽¹⁾		(1,101	)		(910	)		1,194		(3,020	)		(3,401	)
Total loan servicing fees	$	1,082		$	1,117		$	2,905	$	4,719		$	8,876

(1) Includes change in fair value and paid in full MSRs.

Net Gain on Sale of Loans	Three Months Ended									Year Ended
(Dollars in thousands)	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024

Capitalized MSRs	$	1,385		$	1,285		$	2,267		$	4,639		$	5,004
Change in fair value of loans ⁽¹⁾		1,294			725			(10,737	)		10,037			8,504
Gain (loss) on sale of portfolio loans ⁽²⁾		—			1,234			(1,562	)		1,234			(9,586	)
Gain on sale of loans, net⁽³⁾		15,627			17,709			17,064			61,288			52,766
Total net gain on sale of loans	$	18,306		$	20,953		$	7,032		$	77,198		$	56,688

Total net gain on sale of loans	$	18,306		$	20,953		$	7,032		$	77,198		$	56,688
Exclude: change in fair value of loans HFI and LRA		(1,694	)		(2,229	)		5,687			(9,432	)		(11,151	)
Exclude: (Gain) loss on sale of portfolio loans		—			(1,234	)		1,562			(1,234	)		9,586
Total net gain on sale of loans, excluding portfolio sales and LRA / HFI fair value adjustments	$	16,612		$	17,490		$	14,281		$	66,532		$	55,123
(1) Includes the change in fair value of interest rate locks, loans held for sale, and loans HFI.
(2) Includes proceeds from portfolio loans sales, which are netted against any associated changes in fair value of loans to determine total gain or loss on sale.
(3) Includes (a) net gain on sale of loans, (b) loan origination fees, points and costs, (c) provision from investor reserves, (d) gain or loss from forward commitments from hedging, and (e) fair value of LRA.

Salaries and employee benefits	Three Months Ended									Year Ended
(Dollars in thousands)	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024

Salaries and other compensation	$	9,759		$	9,252		$	10,077		$	36,354		$	37,045
Salary deferral from loan origination		(1,218	)		(1,151	)		(1,028	)		(4,328	)		(4,001	)
Bonus and incentive compensation		3,364			5,425			673			15,996			8,361
Mortgage production - variable compensation		7,803			7,578			6,990			29,168			26,108
Employee benefits		3,451			3,232			2,262			12,981			10,278
Total salaries and employee benefits	$	23,159		$	24,336		$	18,974		$	90,171		$	77,791

Non-performing Assets
(Dollars in thousands)	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024

Unguaranteed	$	56,306		$	50,870		$	42,396
Wholly or partially guaranteed		25,708			26,568			32,159
Total non-accrual loans	$	82,014		$	77,438		$	74,555

Unguaranteed	$	6,397		$	5,522		$	4,053
Wholly or partially guaranteed		2,554			941			346
Total past due loans (90 days or more and still accruing)	$	8,951		$	6,463		$	4,399

Unguaranteed	$	62,703		$	56,392		$	46,449
Wholly or partially guaranteed		28,262			27,509			32,505
Total non-performing loans	$	90,965		$	83,901		$	78,954

Other real estate	$	1,720		$	1,339		$	3,030

Total non-performing assets	$	92,685		$	85,240		$	81,984

Total non-performing assets (excluding wholly or partially guaranteed)	$	64,423		$	57,731		$	49,479

Loans past due 31-89 days	$	41,129		$	43,016		$	44,584

Ratios:
Non-accrual loans to total gross loans		1.30	%		1.24	%		1.61	%
Non-performing loans to total gross loans		1.44	%		1.35	%		1.70	%
Non-performing assets to total assets		1.32	%		1.25	%		1.57	%

Ratios excluding loans wholly or partially guaranteed:
Non-accrual loans to total gross loans		0.89	%		0.82	%		0.91	%
Non-performing loans to total gross loans		0.99	%		0.91	%		1.00	%
Non-performing assets to total assets		0.92	%		0.85	%		0.95	%

Regulatory Capital Ratios ⁽¹⁾	Dec 31, 2025 Ratio	Sept 30, 2025 Ratio	Dec 31, 2024 Ratio

Total Capital (to Risk Weighted Assets)
Consolidated	11.47 %	11.32 %	12.09 %
Bank	11.35 %	11.14 %	11.93 %
Tier 1 (Core) Capital (to Risk Weighted Assets)
Consolidated	9.72 %	10.72 %	11.15 %
Bank	11.21 %	10.96 %	11.56 %
CET 1 Capital Ratio (to Risk Weighted Assets)
Consolidated	9.21 %	8.96 %	8.57 %
Bank	11.21 %	10.96 %	11.56 %
Tier 1 Capital (to Average Assets)
Consolidated	8.24 %	9.57 %	8.77 %
Bank	9.50 %	9.79 %	9.09 %

(1) The regulatory capital ratios as of December 31, 2025 are estimates, pending completion and filing of the Bank's regulatory reports.

Non-GAAP Financial Measures

This earnings release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles ("GAAP") and therefore are considered non-GAAP financial measures. The measures entitled tangible common equity, tangible book value, tangible assets, tangible common equity to tangible assets and return on average tangible common equity are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are stockholders' equity, book value per share, total assets, equity to assets and return on average equity, respectively.

The Company believes that non-GAAP financial measures provide useful information to management and investors that is supplementary to its financial condition, results of operations and cash flows computed in accordance with GAAP; however the Company acknowledges that the non-GAAP financial measures have inherent limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP, and these disclosures are not necessarily comparable to non-GAAP financial measures that other companies use.

The Company calculates tangible common equity as stockholders' equity less goodwill and intangible assets (net of deferred tax liability ("DTL") and preferred stock. The Company calculates tangible book value ("TBV") per share as tangible common equity divided by the number of shares of common stock outstanding at the end of the relevant period. The Company calculates tangible assets as total assets less intangible assets (net of DTL). The Company calculates tangible common equity/tangible assets as tangible common equity divided by tangible assets. The Company calculates return on average tangible common equity as annualized net income available to common stockholders divided by average tangible equity. The most directly comparable GAAP financial measures are outlined in the non-GAAP reconciliation table below.

Non-GAAP Measures Reconciliation
	As of or for the Three Months Ended									As of or for the Year Ended
(Dollars in thousands)	Dec 31, 2025			Sept 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024

Stockholders' equity (GAAP)	$	569,042		$	623,525		$	462,490		$	569,042		$	462,490
Less: Preferred stock		24,979			98,734			103,573			24,979			103,573
Less: Intangible assets, net of DTL		1,148			1,267			1,602			1,148			1,602
Tangible common equity		542,915			523,524			357,315			542,915			357,315
Common shares at end of period		34,494,116			34,364,659			25,684,560			34,494,116			25,684,560
Tangible book value per share	$	15.74		$	15.23		$	13.91		$	15.74		$	13.91
Book value per share (GAAP)	$	16.50		$	18.14		$	18.01		$	16.50		$	18.01
Total assets (GAAP)	$	7,022,825		$	6,839,580		$	5,224,011		$	7,022,825		$	5,224,011
Less: Intangible assets, net of DTL		1,148			1,267			1,602			1,148			1,602
Tangible assets	$	7,021,677		$	6,838,313		$	5,222,409		$	7,021,677		$	5,222,409

Tangible common equity/tangible assets		7.73	%		7.66	%		6.84	%		7.73	%		6.84	%
Equity to assets (GAAP)		8.10	%		9.12	%		8.85	%		8.10	%		8.85	%

Net income	$	23,643		$	22,173		$	10,988		$	83,409		$	55,159
Less: Preferred stock dividends		5,247			2,041			2,144			11,791			7,997
Net income available to common stockholders		18,396			20,132			8,844			71,618			47,162

Annualized net income available to common stockholders		72,984			79,872			35,184			71,618			47,162
Average tangible common equity		540,307			518,238			358,989			496,452

Northpointe Bancshares, Inc. Reports Fourth Quarter and Full Year 2025 Results