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HOME CAPITAL GROUP INC . HOME CAPITAL REPORTS THIRD QUARTER 2021 RESULTS AND CAPITAL PLAN Board approval of a $ 300 million Substantial Issuer Bid Toronto , November 12 , 2021 - Home Capital up Inc. ( " Home Capital " or " the Company " ) ( TSX : HCG ) today reported financial results for the three and nine months ended September 30 , 2021. This press release should be read in conjunction with the Company's 2021 Third Quarter Report including Financial Statements and Management's Discussion and Analysis which are available on Home Capital's website at www.homecapital.com and on SEDAR at www.sedar.com . " Our team delivered another quarter of consistent financial performance . I am pleased that we are in position to begin returning capital to shareholders with a $ 300 million substantial issuer bid , " stated Yousry Bissada , President and Chief Executive Officer . " We continue to deliver value to shareholders by executing on our objectives of service excellence , origination growth , funding diversification and investing for the future . In keeping with our objective of diversifying our funding sources , we have recently completed our third RMBS transaction and participated in a bank - sponsored securitization conduit , adding an additional $ 675 million of liquidity to our funding mix . " Net Income : $ 1.08 per share in Q3 2021 compared with $ 1.12 in Q3 2020 Net income of $ 54.8 million or $ 1.08 per share in Q3 2021 , a decrease of 23.9 % from $ 1.42 per share in Q2 2021 and 3.6 % from $ 1.12 per share in Q3 2020 . Adjusted net income of $ 56.0 million or $ 1.10 per share in Q3 2021 , a decrease of 23.6 % from $ 1.44 per share in Q2 2021 and 6.8 % from $ 1.18 per share in Q3 2020. Results are adjusted for items of note related to implementing our Ignite Program . ● Net interest margin of 2.58 % in Q3 2021 , compared with 2.61 % in Q2 2021 and 2.51 % in Q3 2020 . Non - interest expenses of $ 64.6 million , compared with $ 58.5 million in Q2 2021 and $ 64.5 million in Q3 2020 . Asset Growth : Mortgage originations increased by 23 % over Q3 2020 Mortgage originations of $ 2.41 billion in Q3 2021 , compared with $ 2.13 billion in Q2 2021 and $ 1.96 billion in Q3 2020 . Single - family mortgage originations of $ 2.01 billion in Q3 2021 , compared with $ 1.84 billion in Q2 2021 and $ 1.50 billion in Q3 2020 . Total loan portfolio of $ 17.55 billion at the end of Q3 2021 , an increase of 2.3 % from the end of Q2 2021 and 0.6 % from the end of Q3 2020 . Loans under administration of $ 23.35 billion at the end of Q3 2021 , up 2.3 % from the end of Q2 2021 and 1.2 % from the end of Q3 2020 . Funding : Deposits through our Oaken channel of $ 4.25 billion make up 31.0 % of total deposits Total deposits of $ 13.71 billion at the end of Q3 2021 , compared with $ 13.47 billion at the end of Q2 2021 and $ 13.96 billion at the end of Q3 2020 . Total Oaken deposits of $ 4.25 billion at the end of Q3 2021 , an increase of 2.1 % from the end of Q2 2021 and 9.9 % from the end of Q3 2020 . Oaken's share of total deposits was 31.0 % at the end of Q3 2021 , compared with 30.9 % at the end of Q2 2021 and 27.7 % at the end of Q3 2020 . Credit Quality : Reversal of credit provisions of 0.09 % of gross loans compared with 0.44 % in Q2 2021 Reversal of provision for credit losses ( " PCL " ) of $ 3.8 million in Q3 2021 compared with $ 18.8 million in Q2 2021 and $ 7.0 million in Q3 2020 . Allowance for credit losses of 0.20 % of gross loans , compared with 0.23 % at the end of Q2 2021 and 0.45 % at the end of Q3 2020 .