Northpointe Bancshares reported third-quarter net income of $13.9 million, or $0.39 diluted EPS, down from $21.3 million in the prior quarter due to fair value declines and fraud losses. The board increased its regular quarterly cash dividend to $0.03 per share, payable November 4 to holders of record as of October 15. Additionally, the company entered a non-binding letter of intent to sell its distributed retail and consumer direct mortgage origination channels to CMG Financial for an estimated $6 million to $7 million in restructuring charges, with closing expected by year-end. Northpointe Bancshares is the holding company for Northpointe Bank, which provides home loans and retail banking products.
