Business
Northrim BanCorp Earns $9.0 Million, or $1.62 Per Diluted Share, in Second Quarter 2024
ANCHORAGE, Alaska, July 24, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $9.0
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, July 24, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, compared to $8.2 million, or $1.48 per diluted share, in the first quarter of 2024, and $5.6 million, or $0.98 per diluted share, in the second quarter a year ago. The increase in second quarter 2024 profitability as compared to the prior quarter and the second quarter a year ago was primarily the result of an increase in mortgage banking income and higher net interest income, as well as a lower provision for credit losses. Dividends per share in the second quarter of 2024 remained consistent with the first quarter of 2024 at $0.61 per share and increased as compared to $0.60 per share in the second quarter of 2023. “Our strategic focus on capturing market share while maintaining our disciplined credit culture delivered another quarter of strong results,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Our investments in infrastructure and people continue to attract new clients who recognize the differentiated service we provide. Looking ahead, we are optimistic about continued deposit and loan growth throughout our expanding footprint in Alaska.” “I am also pleased to welcome our new CIO, Nathan Reed, to the executive team where he will oversee enhancements to our online banking presence and operating processes,” continued Mr. Huston. Second Quarter 2024 Highlights: Net interest income in the second quarter of 2024 increased 2% to $27.1 million compared to $26.4 million in the first quarter of 2024 and increased 8% compared to $25.1 million in the second quarter of 2023.Net interest margin on a tax equivalent basis (“NIMTE”)* was 4.30% for the second quarter of 2024, up 8-basis points from the first quarter of 2024 and up 9-basis points from the second quarter a year ago.The weighted average interest rate for portfolio loans originated in the second quarter of 2024 was 7.26% compared to 7.15% for loans originated in the first quarter of 2024 and up from 6.93% in the second quarter a year ago. Return on average assets (“ROAA”) was 1.31% and return on average equity (“ROAE”) was 14.84% for the second quarter of 2024.Portfolio loans were $1.88 billion at June 30, 2024, up 4% from the precedin...