Northrim BanCorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:25 pm EDT
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Northrim BanCorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 26.35 million compared to USD 26.31 million a year ago. Net income was USD 8.37 million compared to USD 10.13 million a year ago. Basic earnings per share from continuing operations was USD 1.5 compared to USD 1.77 a year ago. Diluted earnings per share from continuing operations was USD 1.48 compared to USD 1.76 a year ago.
For the nine months, net interest income was USD 76.52 million compared to USD 67.83 million a year ago. Net income was USD 18.78 million compared to USD 22.15 million a year ago. Basic earnings per share from continuing operations was USD 3.34 compared to USD 3.82 a year ago. Diluted earnings per share from continuing operations was USD 3.3 compared to USD 3.79 a year ago.
Northrim BanCorp, Inc. is a bank holding company. The Company is primarily engaged in the delivery of business and personal banking services through its wholly owned banking subsidiary, Northrim Bank (the Bank). It operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage Lending segment's principal business focus is the origination and sale of mortgage loans for one-to-four family residential properties. The Bank also engages in retail mortgage origination services through its wholly owned subsidiary, Residential Mortgage Holding Company, LLC. Additionally, the Bank, through its wholly owned subsidiary, Northrim Funding Services (NFS), operates a factoring division in Bellevue, Washington. The Bank has about 19 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, and others.