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Dec 31, 2024
Northrim BanCorp Q4 2024 Earnings Report
Northrim BanCorp's Q4 2024 earnings were reported, with net income of $10.9 million, or $1.95 per diluted share. The results were supported by increased net interest income and the acquisition of Sallyport Commercial Finance, LLC.
Key Takeaways
Northrim BanCorp reported a net income of $10.9 million, or $1.95 per diluted share, for the fourth quarter of 2024. The acquisition of Sallyport Commercial Finance contributed to the increase in purchased receivable income and overall profitability.
Net interest income increased 7% to $30.8 million compared to the previous quarter.
Net interest margin on a tax equivalent basis was 4.47%, a 12-basis point increase from the third quarter of 2024.
Portfolio loans were $2.13 billion, up 6% from the preceding quarter.
Total deposits were $2.68 billion, up 2% from the preceding quarter.
Forward Guidance
This release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially and adversely from expectations.
Positive Outlook
- Descriptions of Northrim’s and Sallyport’s financial condition
- Expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank
- Expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank
- Potential further increases in interest rates
- Sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements
Challenges Ahead
- Expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected
- The ability of Northrim and Sallyport to execute their respective business plans
Historical Earnings Impact
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Avg. Return Before/After Earnings
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