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Jun 30, 2021
Northrim BanCorp Q2 2021 Earnings Report
Reported net income of $8.35 million, or $1.33 per diluted share, driven by PPP loans and home mortgage lending.
Key Takeaways
Northrim BanCorp reported a net income of $8.35 million, or $1.33 per diluted share, for the second quarter of 2021. The company benefited from fee and interest income from PPP loans and high levels of production in the home mortgage lending segment. A $427,000 benefit to the provision for credit losses also contributed to the positive results.
Net income was $8.35 million, or $1.33 per diluted share, in the second quarter of 2021.
Fee and interest income from PPP loans and strong home mortgage lending contributed to profitability.
A $427,000 benefit to the provision for credit losses positively impacted the second quarter results.
Total deposits increased 24% to $2.15 billion at June 30, 2021, compared to $1.74 billion at June 30, 2020.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.comHome Mortgage Lending Revenue
CapyFin.com Forward Guidance
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results may differ materially and adversely from expectations due to factors such as the impact of COVID-19, the results of U.S. elections, interest rates, inflation, and the ability to maintain asset quality and market share.
Positive Outlook
- Ability to maintain strong asset quality.
- Ability to maintain or expand market share.
- Ability to maintain or expand net interest margins.
- Ability to execute the business plan.
- Customer acceptance of new products and services.
Challenges Ahead
- Impact of COVID-19 on credit quality, business, operations, and employees.
- Impact of the recent U.S. elections on the regulatory landscape.
- Impact of the recent U.S. elections on natural resource extraction industries.
- Impact of the recent U.S. elections on capital markets.
- Impact of the recent U.S. elections on the response to and management of the COVID-19 pandemic.