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Equitable Bank Reports Strong Mortgage Growth In Q3, But Expects “Downshift” Into 2023

Author: 
Steve Huebl
Publication date:
November 17, 2022
Article Summary: 

Equitable Bank reported a strong Q3, with conventional loan growth increasing by 29% YoY. The bank's CEO, Andrew Moor, stated that he expects a downshift in activity in the first half of 2023 but anticipates a return to a more normal cadence by the end of the year. Equitable finalized its $200 million acquisition of Concentra Bank, bringing its combined assets under management to over $100 billion. The bank reported a net income of $187 million (+24% YoY) and assets under administration of $47.3 billion (+18%). Notably, Equitable reported a 194% YoY increase in its reverse mortgage loans portfolio.



Keywords: 

Equitable Bank, mortgage growth, Q3 earnings, conventional loan growth, housing market, Home Capital, First National, originations, ROE, margin management, 2022, 2023, housing formation, acquisition, Concentra Bank, assets under management, net income, net interest margin, reverse mortgage loans, loan-to-values, amortizations, credit unions.



Source Citation: 
Steve Huebl
Equitable Bank Reports Strong Mortgage Growth In Q3, But Expects “Downshift” Into 2023
November 17, 2022
https://www.canadianmortgagetrends.com/2022/11/equitable-bank-reports-strong-mortgage-growth-in-q3-but-expects-downshift-into-2023/
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