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Mar 31, 2020
Northrim BanCorp Q1 2020 Earnings Report
Northrim BanCorp reported a decrease in first quarter profits due to a higher loan loss provision, despite growth in the mortgage banking division and loan and deposit growth in the community banking segment.
Key Takeaways
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.
Net income was $1.03 million, or $0.16 per diluted share.
Total revenue decreased 5% to $22.1 million.
Net loans increased 10% to $1.06 billion.
Total deposits increased 14% to $1.40 billion.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.com Forward Guidance
The company expects the COVID-19 pandemic and the decline in oil prices to negatively impact the Alaska economy and its future performance.