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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.
Forward Guidance
Despite the uncertain interest rate outlook, the Alaskan economy continues to perform well and we believe we are well-positioned in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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