INDEPENDENT BANK CORP
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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 and nine months ended September 30, 2024 as compared to the same periods ended September 30, 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 September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (Dollars in thousands) | ||||
| Held in portfolio | $49,062 | $147,079 | $136,574 | $395,915 |
| Sold or held for sale in the secondary market | 79,960 | 25,029 | 190,842 | 54,520 |
| Total closed loans | $129,022 | $172,108 | $327,416 | $450,435 |
During the three and nine months ended September 30, 2024, a larger portion of new originations were sold in the secondary market versus retained in the Company's portfolio as compared to the same prior year periods, reflecting the Company's 2024 strategy to shift its residential production to the saleable market.
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