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Mar 31, 2024
Northrim BanCorp Q1 2024 Earnings Report
Net income of $8.2 million, or $1.48 per diluted share, was reported.
Key Takeaways
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).
Net interest income decreased 1% to $26.4 million compared to the fourth quarter of 2023 and increased 6% compared to the first quarter of 2023.
Net interest margin on a tax equivalent basis was 4.22% for the first quarter of 2024, up 10-basis points from the fourth quarter of 2023 and down 8-basis points from the first quarter a year ago.
Portfolio loans were $1.81 billion at March 31, 2024, up 1% from the preceding quarter and up 18% from a year ago.
Total deposits were $2.43 billion at March 31, 2024, down 2% from the preceding quarter, and up 6% from $2.30 billion 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
Despite the uncertain interest rate outlook, the Alaskan economy continues to perform well and we believe we are well-positioned in 2024.