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Dec 31, 2020
Northrim BanCorp Q4 2020 Earnings Report
Northrim BanCorp reported net income, driven by increased production in mortgage operations, loan and core deposit growth, and PPP loan activity.
Key Takeaways
Northrim BanCorp reported a net income of $10.1 million, or $1.59 per diluted share, for the fourth quarter of 2020. The company's profitability was supported by increased production in the Home Mortgage Lending segment, continued loan and core deposit growth, and fee and interest income from PPP loans.
Net income was $10.1 million, or $1.59 per diluted share, in the fourth quarter of 2020.
Total revenue increased 41% to $37.0 million in the fourth quarter of 2020, compared to $26.1 million in the fourth quarter of 2019.
Net loans increased 39% to $1.42 billion at December 31, 2020, compared to $1.02 billion at December 31, 2019.
Total deposits increased 33% to $1.82 billion at December 31, 2020, compared to $1.37 billion at December 31, 2019.
Forward Guidance
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended.
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