In the second quarter, (ticker) NPB reported a provision for credit losses amounting to $583,000, up from $298,000 in the previous year. During this period, NPB made notable strides in its strategic plan. The company's Mortgage Purchase Program saw impressive growth, with average balances surging by 42% compared to the prior quarter. Additionally, NPB funded over $9 billion in total loans during this timeframe.
Within the retail lending sector, (ticker) NPB originated more than $665 million in residential mortgages. Moreover, the company recently concluded an initiative to secure around $250 million in new custodial deposits, which is anticipated to materialize in the upcoming third quarter. NPB's book value and tangible book value per share experienced annualized increases of 12% and 14%, respectively, highlighting robust quarterly performance and organic capital growth.
