Northrim Bancorp, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
October 26, 2020 at 04:15 pm EDT
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Northrim BanCorp, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced net interest income was USD 18.294 million compared to USD 16.306 million a year ago. Net income was USD 11.855 million compared to USD 7.538 million a year ago. Basic earnings per share was USD 1.87 compared to USD 1.13 a year ago. Diluted earnings per share was USD 1.84 compared to USD 1.11 a year ago. For the nine months, net interest income was USD 51.441 million compared to USD 48.032 million a year ago. Net income was USD 22.788 million compared to USD 16.111 million a year ago. Basic earnings per share was USD 3.57 compared to USD 2.38 a year ago. Diluted earnings per share was USD 3.52 compared to USD 2.35 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.
NORTHRIM BANCORP, INC. 
