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Jun 30, 2024
Northrim BanCorp Q2 2024 Earnings Report
Northrim BanCorp reported net income of $9.0 million, or $1.62 per diluted share, in the second quarter of 2024.
Key Takeaways
Northrim BanCorp reported a strong second quarter in 2024, with net income reaching $9.0 million, or $1.62 per diluted share. The increase in profitability compared to the previous quarter and the same quarter last year was primarily driven by an increase in mortgage banking income and higher net interest income, as well as a lower provision for credit losses. The company remains optimistic about continued deposit and loan growth throughout its expanding footprint in Alaska.
Net interest income increased 2% to $27.1 million compared to the first quarter of 2024 and increased 8% compared to the second quarter of 2023.
Net interest margin on a tax equivalent basis was 4.30% for the second quarter of 2024, up 8-basis points from the first quarter of 2024 and up 9-basis points from the second quarter a year ago.
Portfolio loans were $1.88 billion at June 30, 2024, up 4% from the preceding quarter and up 13% from a year ago.
Total deposits were $2.46 billion at June 30, 2024, up 1% from the preceding quarter, and up 7% from $2.30 billion a year ago.
Northrim BanCorp
Northrim BanCorp
Forward Guidance
Northrim anticipates net interest margin leveling off through the remainder of the year.