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Dec 31, 2022
Northrim BanCorp Q4 2022 Earnings Report
Northrim BanCorp reported net income for Q4 2022, driven by an increase in net interest income, which was partially offset by lower net income in the mortgage banking segment.
Key Takeaways
Northrim BanCorp reported a net income of $8.6 million, or $1.48 per diluted share, for the fourth quarter of 2022. The increase in profitability compared to the same quarter of the prior year was primarily due to an increase in net interest income.
Net interest income increased 4% to $27.3 million compared to the third quarter of 2022 and increased 26% compared to the fourth quarter of 2021.
Net interest margin on a tax equivalent basis was 4.36% for the fourth quarter of 2022, a 9-basis point increase from the third quarter of 2022 and an 82-basis point increase compared to the fourth quarter of 2021.
Portfolio loans were $1.50 billion at December 31, 2022, up 7% from the preceding quarter and up 6% from a year ago.
Total deposits were $2.39 billion at December 31, 2022, down 2% from the preceding quarter, and down 1% from a year ago.
Northrim BanCorp
Northrim BanCorp
Northrim BanCorp Revenue by Segment
Revenue by Segment
Community Banking Revenue
CapyFin.comHome Mortgage Lending Revenue
CapyFin.com Forward Guidance
Northrim expects its net interest margin to continue to improve with expected increases in interest rates during 2023, as nearly 72% of the loan portfolio has adjusting rates and the company's large cash position will reprice immediately upon any rate increases.