INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Table 5 - Closed Residential Real Estate Loans
The Company experienced a lower volume of residential real estate loan sales for the years ended December 31, 2023 and 2022, as compared to 2021, driven primarily by reduced customer demand in the rising interest rate environment. The following table shows the total residential loans that were closed and whether the amounts were held in the portfolio or sold (or held for sale) in the secondary market for the periods indicated:
Table 5 - Closed Residential Real Estate Loans
| Years Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in thousands) | |||
| Held in portfolio | $512,991 | $689,636 | $411,850 |
| Sold or held for sale in the secondary market | 79,665 | 84,059 | 756,025 |
| Total closed loans | $592,656 | $773,695 | $1,167,875 |
Additionally, during the years ended December 31, 2023 and 2022, a larger portion of new residential real estate closings were retained in the portfolio rather than sold into the secondary market as compared to prior year periods driven mainly by the current interest-rate environment.
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