Business
Northrim BanCorp Earns $8.1 Million, or $1.31 Per Diluted Share, in Fourth Quarter 2021, and $37.5 Million, or $6.00 Per Diluted Share, for the Year 2021
ANCHORAGE, Alaska, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $8.11
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $8.11 million, or $1.31 per diluted share, in the fourth quarter of 2021, compared to $8.88 million, or $1.42 per diluted share, in the third quarter of 2021, and $10.10 million, or $1.59 per diluted share, in the fourth quarter a year ago. Fourth quarter 2021 profitability was fueled by core loan growth, fee and interest income from the Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\") loans, and an increase in the net interest margin as compared to the preceding quarter. Also benefiting fourth quarter 2021 results was a $1.08 million benefit to the provision for credit losses, reflecting the strengthening economic outlook in Alaska and improving credit quality. This compares to a $1.11 million benefit to the provision for credit losses in the preceding quarter and a $599,000 benefit to the provision for credit losses in the fourth quarter of 2020. The benefit to the provision for credit losses for the current quarter was recorded under ASU 2016-13, which is also commonly referred to as the Current Expected Credit Loss (“CECL”) methodology that Northrim implemented on January 1, 2021, and includes a benefit to the provision for credit losses on loans and unfunded commitments. Net income for the full year 2021 increased 14% to $37.52 million, or $6.00 per diluted share, compared to $32.89 million, or $5.11 per diluted share, for the full year 2020. The benefit to the provision for credit losses totaled $4.10 million in 2021, compared to a $2.43 million provision for credit losses in 2020. An increase in net interest income and continued core loan and deposit growth also contributed to the increase in net income during the year 2021 compared to the year 2020. “Northrim’s results for the fourth quarter and the full year 2021 were a direct result of the dedication and effort of our employees, who continue to work to meet the needs of our community,” said Joe Schierhorn, President and Chief Executive Officer. “Improving economic factors along with the continued success of our outreach to new and existing customers generated increased net interest income and had a substantial impact on core loan and deposit growth.” “One of the highlights of the year was o...