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Mar 31, 2022
Northrim BanCorp Q1 2022 Earnings Report
Northrim BanCorp reported net income of $7.2 million for Q1 2022.
Key Takeaways
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.
Net income decreased to $7.2 million, or $1.20 per diluted share, compared to $12.2 million, or $1.94 per diluted share in the first quarter of 2021.
Community Banking revenue was $22.8 million, compared to $21.0 million in the first quarter of 2021.
Mortgage banking income was $7.0 million, compared to $13.6 million in the first quarter of 2021.
Core net interest income increased 11% to $17.0 million compared to $15.3 million in the first quarter of 2021.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.com Forward Guidance
Company expects net interest margin improvement with increases in interest rates in 2022, as nearly 73% of the loan portfolio has adjusting rates and the large cash position will reprice immediately upon any rate increases.