Business
Northrim BanCorp Earns $8.6 Million, or $1.48 Per Diluted Share, in Fourth Quarter 2022, and $30.7 Million, or $5.27 Per Diluted Share, for the Year Ended December 31, 2022
ANCHORAGE, Alaska, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $8.6
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $8.6 million, or $1.48 per diluted share, in the fourth quarter of 2022, compared to $10.1 million, or $1.76 per diluted share, in the third quarter of 2022, and $8.1 million, or $1.31 per diluted share, in the fourth quarter a year ago. The decrease in the fourth quarter of 2022 compared to the third quarter of 2022 is primarily due to an increase in the provision for credit losses primarily as a result of loan growth and lower net income in the Home Mortgage Lending segment resulting from a decline in mortgage originations. The increase in the fourth quarter of 2022 profitability as compared to the same quarter of the prior year was primarily due to an increase in net interest income, which was only partially offset by lower net income in the mortgage banking segment. Net income for the full year of 2022 decreased 18% to $30.7 million, or $5.27 per diluted share, compared to $37.5 million, or $6.00 per diluted share, for the full year of 2021. Full year 2022 results included a provision for credit losses of $1.8 million due to loan growth, compared to a $4.1 million benefit to the provision for credit losses in 2021. Record net interest income and continued core loan (excluding Paycheck Protection Program (“PPP”) loans) and deposit growth supported record 2022 earnings in the Community Banking segment, while a decline in mortgage originations resulted in a $897,000 loss in the Home Mortgage Lending segment in 2022 compared to $10.3 million in net income in 2021. Dividends per share in the fourth quarter of 2022 remained consistent with the third quarter of 2022 at $0.50 per share and increased 32% from $0.38 per share in the fourth quarter of 2021. “2022 demonstrated the strength of our bank as our high-quality deposit franchise funded solid loan and net interest income growth,” said Joe Schierhorn, President and Chief Executive Officer Northrim BanCorp, Inc. “We continue to invest in our business with new branches, new mortgage offices, and team members driving market share growth. We believe we are well-positioned to continue our growth this year and to demonstrate the value of Northrim Bank.” Fourth Quarter 2022 Highlights: Net interest income in the fourth quarter of 2022 in...