Wed, Oct 30, 7:12 PM (64 days ago)
Northrim BanCorp, Inc. (NRIM) reported robust financial performance for Q3 2024, with net income of $8.8 million, up from $8.4 million in Q3 2023, translating to earnings per share of $1.57 versus $1.48. Year-to-date, net income reached $26.0 million, a significant increase from $18.8 million in the prior year. Key drivers included a 9% increase in net interest income to $28.8 million, supported by a net interest margin of 4.29%. Loan growth was strong, with total loans rising 12% to $2.01 billion since December 2023, while total deposits grew 6% to $2.63 billion. The provision for credit losses increased to $2.1 million, reflecting higher loan volumes. Nonperforming loans decreased slightly to $5.0 million, indicating stable asset quality. The company's capital ratios remain above regulatory requirements, with a total risk-based capital ratio of 12.50%. However, challenges persist, including rising interest rates and economic uncertainties affecting borrower performance. Overall, Northrim's financial health appears strong, with positive trends in income, loan growth, and capital adequacy, though vigilance is warranted regarding potential economic impacts.