Northrim BanCorp Earnings Reports

Northrim BanCorp reported net income of $13.3 million, or $2.38 per diluted share, in the first quarter of 2025. This marks a substantial increase compared to $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, and $8.2 million, or $1.48 per diluted share, in the first quarter of 2024. The improved profitability was primarily attributed to the acquisition of Sallyport Commercial Finance, higher net interest income, and increased mortgage banking income.

Northrim BanCorp reported a net income of $10.9 million, or $1.95 per diluted share, for the fourth quarter of 2024. The acquisition of Sallyport Commercial Finance contributed to the increase in purchased receivable income and overall profitability.

Northrim BanCorp reported a net income of $8.8 million, or $1.57 per diluted share, for the third quarter of 2024. This represents an increase compared to the third quarter of the previous year, driven by higher mortgage banking income and net interest income, which was partially offset by increased operating expenses and provision for credit losses. Deposits and loans both increased 7% from the end of the second quarter.

Northrim BanCorp reported a strong second quarter in 2024, with net income reaching $9.0 million, or $1.62 per diluted share. The increase in profitability compared to the previous quarter and the same quarter last year was primarily driven by an increase in mortgage banking income and higher net interest income, as well as a lower provision for credit losses. The company remains optimistic about continued deposit and loan growth throughout its expanding footprint in Alaska.

Northrim BanCorp reported a net income of $8.2 million, or $1.48 per diluted share, for the first quarter of 2024. The increase in profitability compared to the prior quarter was primarily due to an increase in mortgage banking income, a lower provision for credit losses, and a gain on sale of other real estate owned (OREO).

Northrim BanCorp reported a net income of $6.6 million, or $1.19 per diluted share, for Q4 2023, compared to $8.6 million, or $1.48 per diluted share, in Q4 a year ago. The decrease was primarily due to lower net income in the Home Mortgage Lending segment, resulting from a decline in mortgage originations and a decline in the fair value of mortgage servicing rights. Loan and deposit growth supported 2023 earnings in the Community Banking segment but were offset by increased other operating expenses, primarily in salaries and other personnel expense as the Company continues to expand its branch network into new markets, and a higher provision for credit losses in 2023 due to higher loan growth compared to 2022.

Northrim BanCorp reported a net income of $8.4 million, or $1.48 per diluted share, for the third quarter of 2023. This represents an increase compared to the previous quarter but a decrease compared to the same period last year. The company's performance was boosted by higher net interest income, a gain on an OREO sale, and increased mortgage banking income.

Northrim BanCorp reported a net income of $5.6 million, or $0.98 per diluted share, for the second quarter of 2023. The increase in profitability compared to the previous quarter was mainly due to higher mortgage banking income, while the increase compared to the same period last year was primarily due to an increase in net interest income.

Northrim BanCorp reported a net income of $4.8 million, or $0.84 per diluted share, for Q1 2023. This represents a decrease compared to both the previous quarter and the same quarter last year, primarily due to lower net interest income and decreased mortgage banking income.

Northrim BanCorp reported a net income of $8.6 million, or $1.48 per diluted share, for the fourth quarter of 2022. The increase in profitability compared to the same quarter of the prior year was primarily due to an increase in net interest income.

Northrim BanCorp reported a net income of $10.1 million, or $1.76 per diluted share, for Q3 2022, driven by an increase in net interest income. The company saw growth in core loans and deposit market share, benefiting from the rising interest rate environment.

Northrim BanCorp reported a net income of $4.8 million, or $0.83 per diluted share, for Q2 2022. This represents a decrease compared to the previous quarter and the same quarter last year, primarily due to a decline in mortgage banking income, an increase in the provision for credit losses, and a decrease in the value of marketable equity securities. These were partially offset by a 15% increase in net interest income.

Northrim BanCorp reported a net income of $7.2 million, or $1.20 per diluted share, for the first quarter of 2022. The decline in profitability compared to previous quarters was attributed to lower net interest income and mortgage banking income, a reduced benefit for credit loss provisions, and an increased provision for income taxes. These declines were partially offset by a decrease in expenses, primarily due to reduced mortgage loan origination commissions.

Northrim BanCorp reported a net income of $8.11 million, or $1.31 per diluted share, in Q4 2021. Profitability was driven by core loan growth, PPP loan income, and increased net interest margin. A $1.08 million benefit to the provision for credit losses also contributed to the results.

Northrim BanCorp reported a net income of $8.88 million, or $1.42 per diluted share, for Q3 2021. The company's profitability was driven by fee and interest income from PPP loans, high levels of production in the Home Mortgage Lending segment, and strong core loan growth. A $1.1 million benefit to the provision for credit losses also contributed to the results.

Northrim BanCorp reported a net income of $8.35 million, or $1.33 per diluted share, for the second quarter of 2021. The company benefited from fee and interest income from PPP loans and high levels of production in the home mortgage lending segment. A $427,000 benefit to the provision for credit losses also contributed to the positive results.

Northrim BanCorp reported a net income of $12.2 million, or $1.94 per diluted share, in the first quarter of 2021. The company's profitability was driven by high production in the Home Mortgage Lending segment, loan and core deposit growth, and fee and interest income from PPP loans.

Northrim BanCorp reported a net income of $10.1 million, or $1.59 per diluted share, for the fourth quarter of 2020. The company's profitability was supported by increased production in the Home Mortgage Lending segment, continued loan and core deposit growth, and fee and interest income from PPP loans.

Northrim BanCorp reported a net income of $11.86 million, or $1.84 per diluted share, in the third quarter of 2020, compared to $7.54 million, or $1.11 per diluted share, in the third quarter a year ago. Increased production in the Home Mortgage Lending segment and fee and interest income from the Small Business Administration's Paycheck Protection Program loans, as well as significant loan and deposit growth contributed to record profitability for the quarter.

Northrim BanCorp reported a net income of $9.9 million, or $1.52 per diluted share, for the second quarter of 2020. This increase is attributed to higher production in the Home Mortgage Lending segment and significant participation in the SBA's PPP in the Community Banking segment.

Northrim BanCorp reported a net income of $1.03 million, or $0.16 per diluted share, for the first quarter of 2020. The results were impacted by a $2.1 million loan loss provision due to the COVID-19 pandemic and declining oil prices, despite higher mortgage production and loan and deposit growth.

Northrim BanCorp reported a net income of $4.6 million, or $0.69 per diluted share, for the fourth quarter of 2019. The results were driven by improved asset quality, higher mortgage banking production, and loan and deposit growth.