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Dec 31, 2021
Northrim BanCorp Q4 2021 Earnings Report
Northrim BanCorp reported net income due to core loan growth, fee and interest income from PPP loans, and an increase in the net interest margin.
Key Takeaways
Northrim BanCorp reported a net income of $8.11 million, or $1.31 per diluted share, in Q4 2021. Profitability was driven by core loan growth, PPP loan income, and increased net interest margin. A $1.08 million benefit to the provision for credit losses also contributed to the results.
Net income for the fourth quarter of 2021 was $8.11 million, or $1.31 per diluted share.
Community Banking revenue for the fourth quarter of 2021 was $23.5 million.
Net interest income for the fourth quarter of 2021 increased 13% to $21.7 million.
Total deposits were $2.42 billion at December 31, 2021, up 5% from September 30, 2021.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.comHome Mortgage Lending Revenue
CapyFin.com Forward Guidance
The Alaska economy showed broad improvements in 2021 as it rebounded from the pandemic lows of 2020.
Positive Outlook
- Steady recovery of jobs in nearly every sector
- Improved independent tourism
- Rising oil prices
- Strong housing market
- Consumer liquidity from government stimulus programs
Challenges Ahead
- Potential effects of rising interest rates
- High inflation
- Supply chain disruptions
- Continued elevated credit monitoring structures for tourism and hospitality industries.
- Uncertainties relating to the impact of COVID-19 on the Company's credit quality, business, operations and employees