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Sep 30, 2024
Northrim BanCorp Q3 2024 Earnings Report
Northrim BanCorp reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024.
Key Takeaways
Northrim BanCorp reported a net income of $8.8 million, or $1.57 per diluted share, for the third quarter of 2024. This represents an increase compared to the third quarter of the previous year, driven by higher mortgage banking income and net interest income, which was partially offset by increased operating expenses and provision for credit losses. Deposits and loans both increased 7% from the end of the second quarter.
Net interest income increased 7% to $28.8 million compared to the second quarter of 2024 and increased 9% compared to the third quarter of 2023.
Net interest margin on a tax equivalent basis was 4.35% for the third quarter of 2024, up 5-basis points from the second quarter of 2024 and up 14-basis points from the third quarter a year ago.
Portfolio loans were $2.01 billion, up 7% from the preceding quarter and up 17% from a year ago.
Total deposits were $2.63 billion, up 7% from the preceding quarter, and up 8% from a year ago.
Northrim BanCorp
Northrim BanCorp
Forward Guidance
This release may contain forward-looking statements that are subject to risks and uncertainties.
Challenges Ahead
- Potential further increases in interest rates.
- The value of securities held in our investment portfolio.
- The impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets.
- The impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth.
- Changes in banking regulation or actions by bank regulators.