Business
Northrim BanCorp Reports Earnings of $9.9 Million, or $1.52 Per Diluted Share, in 2Q20 compared to $4.3 Million, or $0.62 Per Diluted Share in 2Q19
ANCHORAGE, Alaska, July 27, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $9.90
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, July 27, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $9.90 million, or $1.52 per diluted share, in the second quarter of 2020, compared to $1.03 million, or $0.16 per diluted share, in the first quarter of 2020, and $4.26 million, or $0.62 per diluted share, in the second quarter a year ago. The effort put forth by all of our employees to meet the needs of our community during the pandemic resulted in increased production in the Home Mortgage Lending segment, as well as significant participation in the Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") in the Community Banking segment, which contributed to record profitability.\n Net income for the first six months of 2020 was $10.93 million, or $1.68 per diluted share, compared to $8.57 million, or $1.24 per diluted share, in the first six months of 2019. The provision for loan losses increased to $2.5 million, compared to a $1.1 million loan loss provision in the first half of 2019. “Our second quarter was highlighted by higher production in new purchase and refinance activity in the Home Mortgage Lending segment, as a result of the historically low interest rate environment. Additionally, PPP loans generated during the quarter had a meaningful impact on loan and deposit growth in the Community Banking segment, which also contributed to strong second quarter results,” said Joe Schierhorn, President and CEO. “In addition to the impact of the COVID-19 pandemic, Alaska’s economy continues to reflect the downturn in the energy sector, particularly with the sharp decline in oil prices. While Alaska is one of the few states that has re-opened, we have taken a structured approach to resuming all branch activities with many employees continuing to work remotely while maintaining our high level of customer service.” “Northrim’s participation in the PPP helped service the needs of our customers and the community,” said Schierhorn. “In early April we made the decision to offer the program to existing customers and new customers. As a result, according to the SBA, Northrim originated more PPP loans than any other financial institution in Alaska, funding 23% of all Alaska PPP loans through the period ending June 30, 2020. We were able to help approximately 1,000 new ...