Business
Northrim BanCorp Reports Earnings of $11.9 Million, or $1.84 Per Diluted Share, in 3Q20 compared to $7.5 Million, or $1.11 Per Diluted Share in 3Q19
ANCHORAGE, Alaska, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $11.86
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $11.86 million, or $1.84 per diluted share, in the third quarter of 2020, compared to $9.90 million, or $1.52 per diluted share, in the second quarter of 2020, and $7.54 million, or $1.11 per diluted share, in the third quarter a year ago. Increased production in the Home Mortgage Lending segment and fee and interest income from the Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\") loans, as well as significant loan and deposit growth contributed to record profitability for the quarter.\n Net income for the first nine months of 2020 was $22.79 million, or $3.52 per diluted share, compared to $16.11 million, or $2.35 per diluted share, in the first nine months of 2019. The provision for loan losses increased to $3.0 million in the first nine months of 2020, compared to a $1.0 million benefit for loan loss provisions in the first nine months of 2019. “The effort put forth by all of our employees to meet the needs of our community during the pandemic has resulted in tremendous growth during the last two quarters,” said Joe Schierhorn, President and CEO. “Strong residential mortgage business along with continued production of PPP and commercial loans during the quarter generated increased income and had a meaningful impact on loan and deposit growth. “Several events came together during the first nine months of 2020 that contributed to our profitability this year including economic stimulus programs such as the PPP, expanded unemployment benefits, repayment and foreclosure forbearance and other accommodations. These programs have been helpful to Alaskans and to Alaska businesses; however, going forward, we anticipate most of these programs will be significantly curtailed or eliminated. Consequently there will be less stimulus support for the Alaskan economy,” Schierhorn said. “Northrim’s participation in the PPP helped service the needs of our customers and the community,” Schierhorn continued. “We continued to offer PPP loans to new and existing customers up until the last day of the SBA program in August. According to the SBA, Northrim originated more PPP loans in Alaska than any other financial institution in Alaska, funding 23% of all PPP loans throug...