NORTHPOINTE BANCSHARES, INC. REPORTS FIRST QUARTER 2026 RESULTS (Form 8-K)

NORTHPOINTE BANCSHARES, INC. REPORTS FIRST QUARTER 2026 RESULTS

GRAND RAPIDS, MICHIGAN, April 21, 2026 - Northpointe Bancshares, Inc. (NYSE: NPB) ("Northpointe" or the "Company"), holding company for Northpointe Bank, today reported net income to common stockholders of $21.7 million, or $0.62 per diluted share, for the first quarter of 2026. This compares to $18.4 million, or $0.52 per diluted share, for the fourth quarter of 2025, and $15.0 million, or $0.49 per diluted share, for the first quarter of 2025.

"We had a solid start to 2026, highlighted by robust growth and continued market share gains in our Mortgage Purchase Program business, along with strong performance in our residential lending channel," remarked Chuck Williams, Chairman and Chief Executive Officer. "We have continued to deliver consistent financial performance despite the macroeconomic uncertainty and volatility, which is a testament to our resilient business model and exceptional team members. As we look ahead, we believe we are well positioned to continue to support our customers while delivering strong shareholder returns across a wide range of operating environments."

First Quarter 2026 Highlights

•Net income to common stockholders of $21.7 million, up $3.3 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 15.32%, compared to 14.82% in the prior quarter.

•Return on average tangible common equity of 15.71%, compared to 13.51% in the prior quarter (see non-GAAP reconciliation).

•Return on average assets of 1.28%, compared to 1.34% in the prior quarter.

•Efficiency ratio of 54.30%, compared to 51.86% in the prior quarter.

•Continued to grow the balance sheet, including:

•Mortgage Purchase Program ("MPP") balances increased by $435.7 million, or 51% annualized, from the prior quarter. This is net of $412.7 million in balances

participated to other institutions at period end, which compares to $457.0 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 $28.0 million, or 15% annualized.

•Total deposits increased by $131.8 million, or 11% annualized.

•Improvement in asset quality:

•Net charge-offs decreased by $917,000 from the prior quarter.

•Non-performing assets decreased by $2.0 million from the prior quarter.

•Loans past due 31-89 days decreased by $6.5 million from the prior quarter.

•Wholesale funding ratio decreased to 62.94%, from 64.60% in the prior quarter.

•Completed private placement of $20.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes.

•The Company's Board of Directors declared a regular quarterly cash dividend of $0.025 per share, payable on May 5, 2026, to stockholders of record as of April 15, 2026.

Net Interest Income

Net interest income before provision was $41.3 million for the first quarter of 2026, a decrease of $2.2 million compared to the fourth quarter of 2025. The linked quarter decrease reflects a 9 basis point decrease in net interest margin partially offset by a $47.6 million increase in average interest-earning assets. As compared to the first quarter of 2025, net interest income before provision increased by $10.9 million, which was driven primarily by a 7 basis point improvement in net interest margin and a $1.67 billion increase in average interest-earning assets.

Net interest margin was 2.42% for the first quarter of 2026, a decrease of 9 basis points compared to 2.51% in the fourth quarter of 2025 and an increase of 7 basis points compared to 2.35% in the first quarter of 2025. The linked quarter decrease was driven primarily by lower average yields on loans, which outpaced the decline in average rate paid on interest-bearing liabilities. The increase compared to the prior year quarter was driven primarily by lower average rates paid on interest-bearing deposits.

Average interest-earning assets at March 31, 2026 increased by $47.6 million from December 31, 2025 and by $1.67 billion compared to March 31, 2025. The increases from both comparable periods reflect the strong growth in MPP and AIO balances, which are the only two portfolios the Company is strategically growing, 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 $445,000 in the first quarter of 2026, compared to a provision (benefit) of $608,000 in the fourth quarter of 2025 and provision expense of $1.3 million in the first quarter of 2025. 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 Company's allowance for credit losses was $9.7 million at March 31, 2026, $10.4 million at December 31, 2025 and $12.3 million at March 31, 2025. The allowance for credit losses represented 0.15% of loans held for investment at March 31, 2026, 0.17% of loans held for investment at December 31, 2025 and 0.24% of loans held for investment at March 31, 2025. 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, at March 31, 2026, residential mortgage, construction, and other consumer / home equity loans have decreased by $74.0 million from December 31, 2025 and by $245.4 million from March 31, 2025.

The total provision (benefit) for credit losses in the first quarter of 2026 reflected net charge-offs of $266,000, and a $735,000 decrease in allowance for credit losses, which was primarily attributable to lower delinquent loans and continued run-off in the construction loan portfolio. The total provision (benefit) in the prior quarter reflected net charge-offs of $1.2 million, and a $2.6 million decrease in allowance for credit losses, which was primarily attributable to an improvement in the economic forecast. The total provision expense for credit losses in the prior year quarter reflected net charge-offs of $260,000, and a $1.1 million increase in allowance for credit losses primarily attributable to continued growth in the portfolio and credit migration trends.

Non-interest Income

Non-interest income was $22.1 million for the first quarter of 2026, an increase of $505,000 compared to the fourth quarter of 2025 and a decrease of $728,000 compared to the first quarter of 2025.

MPP fees, which are driven by total loans funded and participation balances, were $2.0 million for the first quarter of 2026, a slight decrease compared to the fourth quarter of 2025 and an increase of $829,000 compared to the first quarter of 2025. The increase compared to the prior year quarter was driven primarily by higher levels of funded loans, along with higher levels of participations, in the MPP business.

Loan servicing fees were $3.5 million for the first quarter of 2026, an increase of $2.5 million compared to the fourth quarter of 2025 and an increase of $2.6 million compared to the first quarter of 2025. The increases 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.

Net gain on sale of loans was $16.5 million for the first quarter of 2026, compared to $18.3 million for the fourth quarter of 2025 and $18.6 million for the first quarter of 2025. Net gain on sale of loans includes the capitalization of new MSRs, changes in fair value of loans, and gains on the sale of loans.

The net gain on sale of loans for the first quarter of 2026 included a decrease of $1.2 million from the combined change in fair value of loans held for investment and lender risk account ("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 $17.8 million, up $1.2 million on a comparative basis from the fourth quarter of 2025 and up $2.9 million on a comparative basis from the first quarter of 2025. The increases from both comparable periods reflect higher levels of residential mortgage interest rate lock commitments.

Other non-interest income (loss) was a net loss of $184,000 for the first quarter of 2026, compared to a net loss of $73,000 for the fourth quarter of 2025 and a gain of $2.0 million for the first quarter of

2025. The linked quarter decrease was driven primarily by higher net valuation losses on other real estate owned. The decrease compared to the prior year quarter was driven primarily a $2.0 million gain recognized on debt extinguishment in the first quarter of 2025. There was no such gain in the first quarter of 2026.

Non-interest Expense

Non-interest expense was $34.4 million for the first quarter of 2026, an increase of $658,000 compared to the fourth quarter of 2025 and an increase of $5.1 million compared to the first quarter of 2025. The linked quarter increase was driven primarily by higher salaries and benefits and the increase compared to the prior year quarter was driven primarily by higher salaries and benefits expense.

Salaries and benefits expense increased by $1.2 million on a linked quarter basis, and increased by $3.9 million compared to the first quarter of 2025. The linked quarter increase was driven primarily by higher bonus and incentive compensation and the increase compared to the prior year quarter was driven primarily by higher variable compensation on both the MPP business and mortgage production, along with higher bonus and incentive expense and employee benefits.

Other taxes and insurance decreased by $372,000 on a linked quarter basis, and increased by $450,000 compared to the first quarter of 2025. The changes for both comparable periods were driven primarily by FDIC assessment expense, which fluctuates with changes in assets, wholesale funding mix and utilization of capital.

Other non-interest expense decreased by $116,000 on a linked quarter basis, and increased by $523,000 compared to the first quarter of 2025. The increase compared to the prior year quarter was driven primarily by additional expenses associated with the Company's private label outsourcing of its non-specialized mortgage servicing to a scaled sub-servicer.

Taxes

Income tax expense for the first quarter of 2026 was $7.3 million, compared to $8.3 million for the fourth quarter of 2025 and $5.3 million for the first quarter of 2025. The Company's effective tax rate was 24.72% for the first quarter of 2026, compared to 26.04% for the fourth quarter of 2025 and 23.67% for the first quarter of 2025. The effective tax rate for the first quarter of 2026 and fourth quarter of 2025 includes additional income tax expense related to non-deductible compensation tax rules for publicly traded companies.

Balance Sheet Highlights

Total assets were $7.40 billion at March 31, 2026, representing an increase of $373.1 million compared to December 31, 2025 and an increase of $1.54 billion compared to March 31, 2025. The increases for both comparable periods were driven primarily by growth in loans.

Gross loans held for investment were $6.41 billion at March 31, 2026, an increase of $389.7 million, or 26% annualized, compared to December 31, 2025 and an increase of $1.26 billion, or 25%, compared to March 31, 2025. The increases for both comparable periods were driven primarily by growth in MPP balances and AIO loans, which were partially offset by decreases in the remainder of the loans held for investment portfolio. The Company continues to focus on growing these two main portfolios. Outside of these two portfolios, no other significant loans are being added to the loans held for investment portfolio. At March 31, 2026, virtually all of the loan portfolio was comprised of loans collateralized by residential property.

Loans held for sale totaled $297.2 million at March 31, 2026, compared to $309.2 million at December 31, 2025 and $207.6 million at March 31, 2025, and reflect the timing of closing saleable residential mortgage originations.

Total deposits were $5.00 billion at March 31, 2026, an increase of $131.8 million, or 11% annualized, compared to December 31, 2025 and an increase of $1.18 billion, or 31%, compared to March 31, 2025. The linked quarter increase was driven primarily by a $267.4 million increase in interest bearing demand deposits, reflecting normal seasonality in custodial deposit balances, as well as higher levels of brokered network deposits. As compared to March 31, 2025, 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 $1.63 billion at March 31, 2026, an increase of $192.0 million compared to December 31, 2025 and an increase of $260.3 million compared to March 31, 2025. The increases for both comparable periods reflect the Company's usage of short-term lines of credit to meet liquidity needs.

Subordinated debentures were $111.9 million at March 31, 2026, an increase of $20.0 million compared to December 31, 2025, reflecting the new Subordinated Notes issued during the first quarter of 2026 (described above). As compared to March 31, 2025, subordinated debentures increased by $87.7 million, reflecting both the Subordinated Notes issued during the first quarter of 2026 and the $70.0 million in aggregate principal amount of a new 7.50% Fixed-to-Floating Rate Subordinated Notes issued during the fourth quarter of 2025.

Asset Quality

Net charge-offs were $266,000, or 2 basis points annualized as a percentage of average loans, for the first quarter of 2026. This compares to $1.2 million, or 8 basis points annualized as a percentage of average loans, for the fourth quarter of 2025, and $260,000, or 2 basis points annualized as a percentage of average loans, for the first quarter of 2025. The higher level of net charge-offs in the linked quarter was 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 $90.7 million at March 31, 2026 ($63.4 million excluding guaranteed loans), $92.7 million at December 31, 2025 ($64.4 million excluding guaranteed loans) and $87.8 million at March 31, 2025 ($57.7 million excluding guaranteed loans). Non-performing assets represented 1.23% of total assets at March 31, 2026 (0.86% excluding guaranteed loans), 1.32% at December 31, 2025 (0.92% excluding guaranteed loans) and 1.50% at March 31, 2025 (0.99% excluding guaranteed loans).

Capital

At March 31, 2026, 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 March 31, 2026 are estimates, pending completion and filing of the Bank's regulatory reports.

Earnings Presentation and Conference Call

Northpointe will host its first quarter of 2026 earnings conference call on April 22, 2026 at 10:00 a.m. E.T. During the call, management will discuss the first quarter of 2026 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.