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Jun 30, 2022
Northrim BanCorp Q2 2022 Earnings Report
Northrim BanCorp's financial performance declined due to decreased mortgage banking income, increased provision for credit losses and decreased value of marketable equity securities, offset by an increase in net interest income.
Key Takeaways
Northrim BanCorp reported a net income of $4.8 million, or $0.83 per diluted share, for Q2 2022. This represents a decrease compared to the previous quarter and the same quarter last year, primarily due to a decline in mortgage banking income, an increase in the provision for credit losses, and a decrease in the value of marketable equity securities. These were partially offset by a 15% increase in net interest income.
Net income decreased to $4.8 million, or $0.83 per diluted share, compared to $7.2 million, or $1.20 per diluted share in the preceding quarter and $8.3 million, or $1.33 per diluted share in the second quarter of 2021.
Community Banking revenue was $23.5 million, compared to $22.8 million in the first quarter of 2022, and $21.2 million in the second quarter of 2021.
Mortgage banking income was $5.9 million, compared to $7.0 million in the first quarter of 2022, and $11.4 million in the second quarter of 2021.
Net interest income increased 15% to $22.2 million compared to $19.3 million in the first quarter of 2022 and increased 16% compared to $19.2 million in the second quarter of 2021.
Forward Guidance
The company expects net interest margin to continue to improve with increases in interest rates in 2022, as nearly 75% of their loan portfolio has adjusting rates and their large cash position will reprice immediately upon any rate increases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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