INDEPENDENT BANK CORP
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Table 1 - Closed Residential Real Estate Loans
The Company experienced a lower volume of residential real estate loan sales for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, driven primarily by reduced customer demand in the current interest rate environment. The following table shows the total residential real estate loans closed and the breakdown of amounts held in portfolio or sold (or held for sale) in the secondary market during the periods indicated:
Table 1 - Closed Residential Real Estate Loans
| Three Months Ended March 31 | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars in thousands) | ||
| Held in portfolio | $30,538 | $91,526 |
| Sold or held for sale in the secondary market | 46,501 | 9,934 |
| Total closed loans | $77,039 | $101,460 |
Total residential real estate loan closings decreased during the quarter ended March 31, 2024 compared to March 31, 2023, and a larger portion of new originations were sold in the secondary market versus retained in the Company's portfolio as compared to the prior year period, reflecting the Company's 2024 strategy to shift the majority of its residential production to the saleable market.
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