Business
Northrim BanCorp Earns $4.8 Million, or $0.83 Per Diluted Share, in Second Quarter 2022
ANCHORAGE, Alaska, July 28, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $4.8
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, July 28, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $4.8 million, or $0.83 per diluted share, in the second quarter of 2022, compared to $7.2 million, or $1.20 per diluted share, in the first quarter of 2022, and $8.3 million, or $1.33 per diluted share, in the second quarter a year ago. The decline in second quarter 2022 profitability as compared to the prior periods was primarily due to a continued decline in mortgage banking income, an increase in the provision for credit losses due to loan growth, and a decrease in the value of marketable equity securities. The decrease in the value of marketable equity securities reduced net income by $810,000 or $0.14 per diluted share in the second quarter of 2022. These items were partially offset by a 15% increase in net interest income in the second quarter of 2022 compared to the prior quarter as interest income increased and interest expense remained stable. Dividends per share remained at $0.41 in the second quarter of 2022 compared to the first quarter of 2022 and increased from $0.37 per share in the second quarter of 2021. Share repurchases also continued with 200,619 shares of common stock, or 3.5% of shares outstanding, repurchased in the second quarter. “Second quarter results benefited from rising interest rates resulting in a 15% increase in net interest income but were negatively impacted by certain items and the continued slowdown in mortgage originations,” said Joe Schierhorn, President and Chief Executive Officer. “Our core deposit base, asset sensitivity, and continued market share gains should continue to drive improved margins and profitability in a rising interest rate environment.” Second Quarter 2022 Highlights: Net income decreased to $4.8 million, or $0.83 per diluted share, in the second quarter of 2022 compared to $7.2 million, or $1.20 per diluted share in the preceding quarter and $8.3 million, or $1.33 per diluted share in the second quarter of 2021.For the second quarter of 2022, Community Banking revenue was $23.5 million, compared to $22.8 million in the first quarter of 2022, and $21.2 million in the second quarter of 2021.Mortgage banking income was $5.9 million in the second quarter, compared to $7.0 million in the first quarter of 2022, and $11.4 million...