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Sep 30, 2020
Northrim BanCorp Q3 2020 Earnings Report
Northrim BanCorp reported a net income of $11.9 million, or $1.84 per diluted share, compared to $7.5 million, or $1.11 per diluted share in the third quarter a year ago.
Key Takeaways
Northrim BanCorp reported a net income of $11.86 million, or $1.84 per diluted share, in the third quarter of 2020, compared to $7.54 million, or $1.11 per diluted share, in the third quarter a year ago. Increased production in the Home Mortgage Lending segment and fee and interest income from the Small Business Administration's Paycheck Protection Program loans, as well as significant loan and deposit growth contributed to record profitability for the quarter.
Total revenue increased 14% to $39.9 million in the third quarter of 2020.
Net interest income in the third quarter of 2020 was $18.3 million, up 5% from the preceding quarter and up 12% from the third quarter a year ago.
Net loans increased 4% to $1.47 billion at September 30, 2020, compared to June 30, 2020, and increased 45% compared to September 30, 2019.
Total deposits increased 4% to $1.81 billion at September 30, 2020, compared to June 30, 2020, and increased 34% compared to a year earlier.
Forward Guidance
The economic stimulus programs such as the PPP, expanded unemployment benefits, repayment and foreclosure forbearance and other accommodations have been helpful to Alaskans and to Alaska businesses; however, going forward, it is anticipated that most of these programs will be significantly curtailed or eliminated. Consequently there will be less stimulus support for the Alaskan economy
Historical Earnings Impact
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Avg. Return Before/After Earnings
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