Share count
34Mpeak FY2025
← All companies ← NP Manual NPCE → ← NIC Banks NRIM →
NPB, Northpointe Bancshares Inc.
Banks financial
Our delivery systems are primarily digital and are available to clients nationwide; and we provide our staff with loan production offices across 25 cities in 15 states and support them through our centralized operating center in Grand Rapids, Michigan.
Presently, the Bank also offers a nationwide mortgage purchase program, residential mortgage lending, digital deposit banking to our retail customers and custodial deposit services to our loan servicing clients.
We offer financial products and services through our two primary business segments, Mortgage Purchase Program and Retail Banking.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$242M
+29.2% YoY
Vital signs · FY2025, with 3-yr average
Revenue $242M 3-yr avg $208M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has hovered around the cost of equity (median 12%, above 12% in 1 of 3 years). It runs at a 53% efficiency ratio, lean. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | |
|---|---|---|---|
| Income statement | |||
| $196M | $187M | $242M | RevenueRevenue |
| $101M | $114M | $151M | Net interest incomeNet int. |
| $95M | $73M | $91M | Noninterest incomeFee inc. |
| $34M | $55M | $83M | Net incomeNet inc. |
| 24% | 24% | 24% | Effective tax rateTax rate |
| Cash flow & returns | |||
| 0.7% | 1.1% | 1.2% | Return on assetsROA |
| 8% | 12% | 15% | Return on equityROE |
| 7% | 11% | 14% | Retained to equityRetained/eq |
| 8% | 12% | 15% | Return on tangible equityROTCE |
| 78% | 61% | 53% | Efficiency ratioEffic. |
| Balance sheet | |||
| $4.8B | $5.2B | $7.0B | Total assetsAssets |
| $2.9B | $3.4B | $4.9B | DepositsDeposits |
| $431M | $462M | $569M | Shareholders’ equityEquity |
| Per share | |||
| 25.8M | 25.8M | 33.9M | Shares out (diluted)Shares |
| $1.31 | $2.14 | $2.46 | EPS (diluted)EPS |
| $0.10 | $0.10 | $0.10 | Dividends / shareDiv/sh |
| $16.69 | $17.91 | $16.80 | Book value / shareBVPS |
| $16.52 | $17.83 | $16.76 | Tangible book / shareTBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$242Mlow FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Return on equity 15%StrongNet income $83M ÷ equity $569MIndustry peers: median 9%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- SolidNet income ÷ (equity − goodwill $0 − intangibles $2M)Industry peers: median 11%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Efficiency ratio 53%Low cost ratio (<58%)Noninterest expense $129M ÷ (net interest income + fees)Industry peers: median 66%
What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.
Is it sound?
- Capital (equity / assets) 8.1%AdequateEquity $569M ÷ assets $7.0B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Deposit funding 69%Deposit-fundedDeposits $4.9B ÷ assets $7.0B
What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Peers, Banks
The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| THFFFirst Financial Corporation | $262M | 9% | 11% | 61% | 3.4% |
| CCBGCapital City Bank Group | $254M | 9% | 12% | 74% | 3.0% |
| ORRFOrrstown Financial Services Inc. | $252M | 9% | 10% | 76% | 3.0% |
| NPBNorthpointe Bancshares Inc. | $242M | 12% | 12% | 61% | 2.1% |
| HBTHBT Financial Inc. | $237M | 14% | 16% | 57% | 3.8% |
| WASHWashington Trust Bancorp Inc. | $229M | 12% | 15% | 58% | 2.4% |
| COFSChoiceOne Financial Services Inc. | $228M | 9% | 11% | 69% | 2.8% |
| FRSTPrimis Financial Corp. | $224M | 7% | 9% | 66% | 2.8% |
| Group median | — | 9% | 11% | 63% | 2.9% |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Northpointe Bancshares Inc.’s record justifies.
$
The assumptions
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity12%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $568M on 35M shares, a 12% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Northpointe Bancshares Inc. (NPB), the owner's record," https://ownerscorecard.com/c/NPB, data as of 2026-07-09.
Manual order: ← NP its page in the Manual NPCE →
Industry order: ← NIC the Banks chapter NRIM →