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Sep 30, 2021
Northrim BanCorp Q3 2021 Earnings Report
Reported net income of $8.88 million, or $1.42 per diluted share, fueled by PPP loan income, strong mortgage lending, and core loan growth.
Key Takeaways
Northrim BanCorp reported a net income of $8.88 million, or $1.42 per diluted share, for Q3 2021. The company's profitability was driven by fee and interest income from PPP loans, high levels of production in the Home Mortgage Lending segment, and strong core loan growth. A $1.1 million benefit to the provision for credit losses also contributed to the results.
Net income was $8.88 million, or $1.42 per diluted share, compared to $8.35 million, or $1.33 per diluted share in the prior quarter.
Total revenue was $33.1 million, compared to $39.9 million in the third quarter of 2020.
Net interest income increased 12% to $20.4 million compared to the third quarter of 2020.
Total deposits increased 27% to $2.30 billion compared to September 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
Management expects the Alaska economy to slowly recover in 2021.
Positive Outlook
- Rising oil prices
- Improvement in tourism
- Strong liquidity levels in the private sector from government stimulus programs
- Strong housing market
- Low interest rates
Challenges Ahead
- Pandemic headwinds in the local economy
- Challenges in the Alaskan economy, especially in the tourism and hospitality sector
- Volatility in oil prices
- Rising prices starting to stress affordability levels for homes
- Supply chain disruptions expected to moderate construction activity in the short run