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Mar 31, 2023
Northrim BanCorp Q1 2023 Earnings Report
Northrim BanCorp's financial performance decreased due to lower net interest income, mortgage banking income, and commercial servicing revenue, along with higher salaries and personnel expenses.
Key Takeaways
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.
Net interest income decreased 8% to $25.0 million compared to the previous quarter but increased 30% compared to Q1 2022.
Net interest margin on a tax equivalent basis (NIMTE) was 4.30%, a 6-basis point decrease from the previous quarter and a 110-basis point increase compared to Q1 2022.
Portfolio loans were $1.54 billion, up 2% from the preceding quarter and 11% from a year ago.
Total deposits were $2.30 billion, down 4% from the preceding quarter and 2% from a year ago.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.comHome Mortgage Lending Revenue
CapyFin.com Forward Guidance
Northrim expects its net interest margin to remain relatively stable as estimated increases in earning-asset yields are likely to be offset by increases in deposit rates, as the deposit market remains competitive in this rising interest rate environment.