Business
Northrim BanCorp Reports First Quarter Profits of $1.0 Million, or $0.16 Per Diluted Share
ANCHORAGE, Alaska, April 27, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported net income of $1.03
About this update from Northrim Bancorp Inc
[{"type":"text","content":"ANCHORAGE, Alaska, April 27, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the \"Company\") today reported net income of $1.03 million, or $0.16 per diluted share, in the first quarter of 2020, compared to $4.58 million, or $0.69 per diluted share, in the fourth quarter of 2019, and $4.31 million, or $0.62 per diluted share, in the first quarter a year ago.\n “Our first quarter was highlighted by both higher production in the mortgage banking division and loan and deposit growth in the community banking segment. While our asset quality metrics at quarter end remain strong, we are being active in our approach to the COVID-19 pandemic and the sharp decline in oil prices during the quarter and their anticipated future impact on the Alaska economy. Consequently, we booked a $2.1 million loan loss provision in the first quarter, which is significantly higher than the provisions booked for the last several quarters,” said Joe Schierhorn, President and CEO. “Northrim has implemented several new support efforts to assist our customers, employees and our communities with their financial needs during this challenging time,” continued Schierhorn. “Early in March we established an incident response team comprised of executive and senior managers who are directing operations during the COVID-19 pandemic to protect the safety of customers and employees. We began limiting lobby access at branches to help reduce the spread of COVID-19 following CDC guidelines. Nearly 75% of our workforce are able to work remotely, and all branch activity has been business as usual from an operational standpoint. Our loan officers reached out to borrowers that have been affected by declining economic activity, offering assistance with payment deferrals and interest only payment options for those in need.” “We have seen a significant number of applications since implementing the Paycheck Protection Program (\"PPP\") offered through the Small Business Administration (SBA) in early April,” said Jed Ballard, Chief Financial Officer. “We have offered access to the program to both existing customers and new customers. Additionally, we are actively monitoring business lines-of-credit usage daily, and have not seen significant changes in those balances. We will continue to assist businesses in Alaska as we navigate through this unprecedent...