INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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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, 2024 and 2023, as compared to 2022, driven primarily by reduced customer demand in the higher 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 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars in thousands) | |||
| Held in portfolio | $205,611 | $512,991 | $689,636 |
| Sold or held for sale in the secondary market | 256,429 | 79,665 | 84,059 |
| Total closed loans | $462,040 | $592,656 | $773,695 |
During 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 strategy to shift its residential production to the saleable market.
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