Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”)
today reported net income of $8.2 million, or $1.48 per diluted
share, in the first quarter of 2024, compared to $6.6 million, or
$1.19 per diluted share, in the fourth quarter of 2023, and $4.8
million, or $0.84 per diluted share, in the first quarter a year
ago. The increase in first quarter 2024 profitability as compared
to the prior quarter was primarily the result of an increase in
mortgage banking income, a lower provision for credit losses, and a
gain on sale of other real estate owned (“OREO”). The increase in
profitability in the first quarter of 2024 compared to the same
period a year ago was primarily due to an increase in mortgage
banking income, higher net interest income, a lower provision for
credit losses, unrealized gains on marketable equity securities,
and a gain on an OREO sale.
Dividends per share in the first quarter of 2024
increased 2% to $0.61 per share compared to $0.60 per share in the
fourth and first quarters of 2023.
On March 29, 2024, the Company announced by
press release that Mr. Schierhorn resigned from his position as
President, Chief Executive Officer and Chief Operating Officer of
the Company and Chief Executive Officer of the Bank, effective
April 6, 2024. Mr. Schierhorn will continue to serve as Chairman of
the Board of Directors of the Company and Chairman of the Board of
Directors of the Bank. In connection with Mr. Schierhorn's
resignation, Mr. Huston was appointed to the position of President,
Chief Executive Officer and Chief Operating Officer of the Company
and President and Chief Executive Officer of the Bank as part of
the Company's long-term succession plans.
“We are grateful for Mr. Schierhorn's many years
of leadership as one of Northrim's charter employees and in his
role as Chairman, Chief Executive Officer, and President," said
Mike Huston. "We look forward to his continued contributions as
Chairman in the years ahead.”
“First quarter results benefited from stable net
interest income and operating expenses, lower credit loss
provisions, and increased mortgage originations,” continued Mr.
Huston. “We continued our expansion by opening a branch in Homer to
build on the success of the loan production office we opened there
in 2023. Despite the uncertain interest rate outlook, the Alaskan
economy continues to perform well and we believe we are
well-positioned in 2024.”
First Quarter 2024
Highlights:
- Net interest income in the first
quarter of 2024 decreased 1% to $26.4 million compared to $26.7
million in the fourth quarter of 2023 and increased 6% compared to
$25.0 million in the first quarter of 2023.
- Net interest margin on a tax
equivalent basis (“NIMTE”)* was 4.22% for the first quarter of
2024, up 10-basis points from the fourth quarter of 2023 and down
8-basis points from the first quarter a year ago.
- The weighted average interest rate
for portfolio loans originated in the first quarter of 2024 was
7.15% compared to 7.35% for loans originated in the fourth quarter
of 2023 and 6.04% in the first quarter a year ago.
- Return on average assets (“ROAA”)
was 1.19% and return on average equity (“ROAE”) was 13.84% for the
first quarter of 2024.
- Portfolio loans were $1.81 billion
at March 31, 2024, up 1% from the preceding quarter and up 18% from
a year ago, primarily due to retaining certain mortgages originated
by Residential Mortgage, a subsidiary of Northrim Bank (the
“Bank”), in the loan portfolio, new customer relationships, and
expanding market share.
- Total deposits were $2.43 billion
at March 31, 2024, down 2% from the preceding quarter, and up 6%
from $2.30 billion a year ago. Non-interest bearing demand deposits
decreased 5% from the preceding quarter and decreased 7%
year-over-year to $714.2 million at March 31, 2024 and represents
29% of total deposits.
- The average cost of
interest-bearing deposits was 2.13% at March 31, 2024, up from
2.00% at December 31, 2023 and 1.20% at March 31, 2023.
- A new branch opened in Homer,
Alaska to serve the communities on the Kenai Peninsula along with
the Soldotna branch that opened in 2019.
| Financial
Highlights |
Three Months Ended |
| (Dollars in thousands, except
per share data) |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|
Total assets |
$ |
2,759,560 |
|
$ |
2,807,497 |
|
$ |
2,790,189 |
|
$ |
2,638,207 |
|
$ |
2,580,037 |
|
| Total portfolio loans |
$ |
1,811,135 |
|
$ |
1,789,497 |
|
$ |
1,720,091 |
|
$ |
1,659,239 |
|
$ |
1,535,187 |
|
| Total deposits |
$ |
2,434,083 |
|
$ |
2,485,055 |
|
$ |
2,427,930 |
|
$ |
2,302,311 |
|
$ |
2,296,273 |
|
| Total shareholders’
equity |
$ |
239,327 |
|
$ |
234,718 |
|
$ |
225,259 |
|
$ |
221,336 |
|
$ |
224,425 |
|
| Net income |
$ |
8,199 |
|
$ |
6,613 |
|
$ |
8,374 |
|
$ |
5,577 |
|
$ |
4,830 |
|
| Diluted earnings per
share |
$ |
1.48 |
|
$ |
1.19 |
|
$ |
1.48 |
|
$ |
0.98 |
|
$ |
0.84 |
|
| Return on average assets |
|
1.19 |
% |
|
0.93 |
% |
|
1.22 |
% |
|
0.85 |
% |
|
0.76 |
% |
| Return on average
shareholders’ equity |
|
13.84 |
% |
|
11.36 |
% |
|
14.67 |
% |
|
9.85 |
% |
|
8.73 |
% |
| NIM |
|
4.16 |
% |
|
4.06 |
% |
|
4.15 |
% |
|
4.14 |
% |
|
4.22 |
% |
| NIMTE* |
|
4.22 |
% |
|
4.12 |
% |
|
4.21 |
% |
|
4.21 |
% |
|
4.30 |
% |
| Efficiency ratio |
|
68.93 |
% |
|
72.21 |
% |
|
66.64 |
% |
|
74.03 |
% |
|
78.51 |
% |
| Total shareholders’
equity/total assets |
|
8.67 |
% |
|
8.36 |
% |
|
8.07 |
% |
|
8.39 |
% |
|
8.70 |
% |
| Tangible common
equity/tangible assets* |
|
8.14 |
% |
|
7.84 |
% |
|
7.54 |
% |
|
7.83 |
% |
|
8.13 |
% |
| Book value per share |
$ |
43.52 |
|
$ |
42.57 |
|
$ |
40.60 |
|
$ |
39.45 |
|
$ |
39.56 |
|
| Tangible book value per
share* |
$ |
40.61 |
|
$ |
39.68 |
|
$ |
37.72 |
|
$ |
36.60 |
|
$ |
36.74 |
|
| Dividends per share |
$ |
0.61 |
|
$ |
0.60 |
|
$ |
0.60 |
|
$ |
0.60 |
|
$ |
0.60 |
|
| Common stock outstanding |
|
5,499,578 |
|
|
5,513,459 |
|
|
5,548,436 |
|
|
5,610,841 |
|
|
5,672,841 |
|
* References to NIMTE, tangible book value per
share, tangible common equity to tangible common assets, and
tangible common equity to tangible assets, excluding the unrealized
losses on the available for sale securities portfolio, (all of
which exclude intangible assets) represent non-GAAP financial
measures. Management has presented these non-GAAP measurements in
this earnings release, because it believes these measures are
useful to investors. See the end of this release for
reconciliations of these non-GAAP financial measures to GAAP
financial measures.
Alaska Economic Update(Note: sources for
information included in this section are included on page 11.)
The Alaska Department of Labor (“DOL”) has
reported Alaska’s seasonally adjusted unemployment rate in February
of 2024 was 4.7% compared to the U.S. rate of 3.9%. The
total number of payroll jobs in Alaska, not including uniformed
military, increased 2.6% or 8,200 jobs between February of 2023 and
February of 2024.
According to the DOL, Construction and Health
Care had the largest growth in new jobs through February of 2024
compared to the prior year. The Construction sector
added 1,900 positions for a year over year growth rate of 13.3% in
February. The Health Care sector grew by 1,600 jobs for
an annual growth rate of 4%. The Oil & Gas sector
increased by 6.8% or 500 direct new jobs. Trade, Transportation
& Utilities added 1,500 jobs year over year through February of
2024, up 2.4%. The Government sector grew by 1,400 jobs over the
same period for 1.8% growth, mainly due to more state and local
positions in Alaska.
Alaska’s Gross State Product (“GSP”) in the
fourth quarter of 2023, was estimated to be $68.7 billion in
current dollars, according to the Federal Bureau of Economic
Analysis (“BEA”). Alaska’s inflation adjusted “real”
GSP grew 5.3% in all of 2023, placing Alaska fourth best of all 50
states. In the fourth quarter of 2023 Alaska grew at an
annualized rate of 4.5%, compared to the average U.S. rate of
3.4%. Alaska’s real GSP improvement in the fourth
quarter of 2023 was aided by gains in the Mining, Oil and Gas
sector.
The BEA also calculated Alaska’s seasonally
adjusted personal income at $53.7 billion in the fourth quarter of
2023. This was an annual improvement of 4.3% for Alaska
compared to the national average improvement of 5.2%.
The monthly average price of Alaska North Slope
(“ANS”) crude oil was in a range between $75.64 and $95.05 in 2023.
The Alaska Department of Revenue (“DOR”) calculated ANS crude oil
production was 479 thousand barrels per day (“bpd”) in Alaska’s
fiscal year ending June 30, 2023. The DOR has forecast
production to decline slightly to 468 thousand bpd in Alaska’s
fiscal year 2024 and grow to 477 thousand bpd in fiscal year 2025.
The DOR projects the number to reach 641 thousand bpd by fiscal
year 2034. This is primarily a result of new production
coming on line in and around the NPR-A region west of Prudhoe
Bay.
According to the Alaska Multiple Listing
Services, the average sales price of a single family home in
Anchorage rose 5.4% in 2023 to $481,181, following a 7.6% increase
in 2022. This was the sixth consecutive year of price
increases.
Average sales prices for single family homes in
the Matanuska Susitna Borough rose 4% in 2023 to $397,589, after
increasing 9.9% in 2022. This continues a trend of
average price increases for more than a decade in the region. These
two markets represent where the vast majority of the Bank’s
residential lending activity occurs.
However, the Alaska Multiple Listing Services
reported a large decrease in the number of units sold in both
communities. There were 2,162 housing units sold in
Anchorage in 2023, down 24.1% compared to 2,849 in 2022. In the
Matanuska Susitna Borough there were 1,636 homes sold in 2023,
compared to 2,103 in 2022, a decrease of 22.2%.
Northrim Bank sponsors the Alaskanomics blog to
provide news, analysis, and commentary on Alaska’s economy. Join
the conversation at Alaskanomics.com, or for more information on
the Alaska economy, visit: www.northrim.com and click on the
“Business Banking” link and then click “Learn.” Information from
our website is not incorporated into, and does not form, a part of
this earnings release.
Review of Income Statement
Consolidated Income Statement
In the first quarter of 2024, Northrim generated
a ROAA of 1.19% and a ROAE of 13.84%, compared to 0.93% and 11.36%,
respectively, in the fourth quarter of 2023 and 0.76% and 8.73%,
respectively, in the first quarter a year ago.
Net Interest Income/Net Interest Margin
Net interest income decreased 1% to
$26.4 million in the first quarter of 2024 compared to
$26.7 million in the fourth quarter of 2023 and increased 6%
compared to $25.0 million in the first quarter of
2023. Interest expense on deposits increased to
$9.2 million in the first quarter compared to
$8.7 million in the fourth quarter of 2023 and
$4.6 million in the first quarter of 2023.
NIMTE* was 4.22% in the first quarter of 2024 up
from 4.12% in the preceding quarter and down from 4.30% in the
first quarter a year ago. NIMTE* decreased 8 basis points in the
first quarter of 2024 compared to the first quarter of 2023
primarily due to an increase in costs on interest-bearing deposits
which was only partially offset by a favorable change in the mix of
earning-assets towards higher loan balances as a percentage of
total earning-assets, higher earning-assets, and higher yields on
those assets. The weighted average interest rate for new loans
booked in the first quarter of 2024 was 7.15% compared to 7.35% in
the fourth quarter of 2023 and 6.04% in the first quarter a year
ago. No long-term investments were purchased during the first
quarter of 2024, however, the yield on the portfolio increased to
2.82% for the quarter as a result of $45.6 million in maturities
that had an average yield of 1.75% and repricing of the variable
rate investments which represent 10% of the investment portfolio.
“We continue to see modest deposit pricing pressure, however, the
main impact on deposit cost is the mix of our deposit balances.
Fortunately, we have been able to offset the cost increase with
increased yields on our earning assets,” said Jed Ballard, Chief
Financial Officer. Northrim’s NIMTE* continues to remain above the
peer average posted by the S&P U.S. Small Cap Bank Index with
total market capitalization between $250 million and $1 billion as
of December 31, 20231.
Provision for Credit Losses
Northrim recorded a provision for credit losses
of $149,000 in the first quarter of 2024, which is the net of a
$72,000 benefit for credit losses on unfunded commitments and a
provision for credit losses on loans of $221,000 primarily as a
result of loan growth, changes in assumptions in management's
current expected credit losses model, and an increase in the
allowance for loans individually evaluated. This compares to a
provision for credit losses of $885,000 in the fourth quarter of
2023, and provision for credit losses of $360,000 in the first
quarter a year ago. The decrease in the provision for credit losses
on loans in the first quarter of 2024 compared to the fourth
quarter of 2023 is primarily due to lower loan growth during the
quarter.
Nonperforming loans, net of government
guarantees, increased during the quarter to $5.3 million at
March 31, 2024, compared to $5.0 million at December 31,
2023, and decreased compared to $6.1 million at March 31,
2023.
The allowance for credit losses was 333% of
nonperforming loans, net of government guarantees, at the end of
the first quarter of 2024, compared to 345% three months earlier
and 233% a year ago.
Other Operating Income
In addition to home mortgage lending, Northrim
has interests in other businesses that complement its core
community banking activities, including purchased receivables
financing and wealth management. Other operating income contributed
$7.8 million, or 23% of total first quarter 2024 revenues, as
compared to $6.5 million, or 20% of revenues in the fourth
quarter of 2023, and $4.9 million, or 16% of revenues in the
first quarter of 2023. The increase in other operating income in
the first quarter of 2024 as compared to the preceding quarter and
the first quarter of 2023 is primarily the result of an increase in
mortgage banking income due to a higher volume of mortgage
activity. The fair market value of marketable equity securities
increased $314,000 in the first quarter of 2024 compared to an
increase of $565,000 in the prior quarter and a decrease of
$223,000 in the first quarter of 2023. The increase in other
operating income in the first quarter of 2024 as compared to the
first quarter a year ago was due primarily to a higher volume of
mortgage activity, as well as an increase in purchased receivable
income due to higher balances and increased rates. See further
discussion regarding mortgage activity during the first quarter
contained under “Home Mortgage Lending” below.
Other Operating Expenses
Operating expenses were $23.6 million in
the first quarter of 2024, compared to $24.0 million in the
fourth quarter of 2023, and $23.5 million in the first quarter
of 2023. The decrease in other operating expenses in
the first quarter of 2024 compared to the fourth quarter of 2023 is
primarily due to a decrease in OREO expense due to a gain on sale
recorded in the first quarter of 2024 for subsequent proceeds
received related to a government guarantee on an OREO property sold
in December 2022.
1As of December 31, 2023, the S&P U.S. Small Cap Bank Index
tracked 251 banks with total common market capitalization between
$250 million to $1B for the following ratios: NIMTE* of 3.19%.
Income Tax Provision
In the first quarter of 2024, Northrim recorded
$2.3 million in state and federal income tax expense for an
effective tax rate of 21.9%, compared to $1.7 million, or
20.7% in the fourth quarter of 2023 and $1.2 million, or 20.4%
in the first quarter a year ago. The increase in the tax rate in
the first quarter of 2024 as compared to the first quarter of 2023
is primarily the result of a decrease in tax credits and tax exempt
interest income as a percentage of pre-tax income in 2024 as
compared to 2023.
Community Banking
In the most recent deposit market share data
from the FDIC, Northrim’s deposit market share in Alaska increased
to 15.04% of Alaska's total deposits as of June 30, 2023 compared
to 13.95% of Alaska's total deposits as of June 30, 2022. This
represents 7.8% growth in market share percentage for Northrim
during that period while, according to the FDIC, the total deposits
in Alaska were down 8.5% during the same period. Northrim opened a
branch in Kodiak in the first quarter of 2023, a loan production
office in Homer in the second quarter of 2023, a permanent branch
in Nome in the third quarter of 2023, and a branch in Homer in the
first quarter of 2024. See below for further discussion regarding
the Company's deposit movement for the quarter.
Net interest income in the Community Banking
segment totaled $24.2 million in the first quarter of 2024,
compared to $24.5 million in the fourth quarter of 2023 and
$24.8 million in the first quarter of 2023. Net interest
income decreased slightly in the first quarter of 2024 as compared
to the fourth quarter of 2023 mostly due to higher interest expense
on deposits and lower interest income on short term and portfolio
investments. These changes were only partially offset by higher
interest income on loans and lower interest expense on
borrowings.
Other operating expenses totaled
$17.6 million in the first quarter of 2024, down $964,000 or
5% from $18.5 million in the fourth quarter of 2023, and up
slightly from the first quarter a year ago. The decrease in the
first quarter of 2024 as compared to the prior quarter is mostly
due to a decrease in salaries and other personnel expense and
marketing expense, as well as a decrease in OREO expense due to a
gain on sale recorded in the first quarter of 2024 for subsequent
proceeds received related to a government guarantee on an OREO
property sold in December 2022.
The following table provides highlights of the
Community Banking segment of Northrim:
| |
Three Months Ended |
| (Dollars in thousands, except
per share data) |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|
Net interest income |
$ |
24,215 |
$ |
24,456 |
$ |
24,050 |
$ |
22,700 |
$ |
24,752 |
| Provision for credit
losses |
|
197 |
|
885 |
|
1,190 |
|
1,407 |
|
360 |
| Other operating income |
|
3,813 |
|
4,048 |
|
3,597 |
|
3,067 |
|
2,900 |
| Other operating expense |
|
17,552 |
|
18,516 |
|
16,946 |
|
17,805 |
|
17,417 |
| Income before provision for
income taxes |
|
10,279 |
|
9,103 |
|
9,511 |
|
6,555 |
|
9,875 |
| Provision for income
taxes |
|
2,242 |
|
1,941 |
|
1,709 |
|
1,192 |
|
2,315 |
| Net income |
$ |
8,037 |
$ |
7,162 |
$ |
7,802 |
$ |
5,363 |
$ |
7,560 |
| Weighted average shares
outstanding, diluted |
|
5,554,930 |
|
5,578,491 |
|
5,624,906 |
|
5,677,292 |
|
5,757,458 |
| Diluted earnings per
share |
$ |
1.45 |
$ |
1.29 |
$ |
1.39 |
$ |
0.94 |
$ |
1.31 |
| |
|
|
|
|
|
|
|
|
|
|
Home Mortgage Lending
During the first quarter of 2024, mortgage loans
funded for sale increased to $84.3 million, of which 96% was
for home purchases, compared to $79.7 million and 96% of loans
funded for home purchases in the fourth quarter of 2023, and
increased as compared to $50.7 million, of which 95% was for
home purchases in the first quarter of 2023.
The Company has mortgage products including
adjustable rate mortgages, a second home product, jumbo, and
extended locks which are intended to appeal to customers given the
current interest rate environment. During the first quarter of
2024, our home mortgage lending subsidiary, Residential Mortgage
originated $17.4 million in home mortgages, of which roughly
one-third were adjustable rate mortgages and two-thirds were
mortgages for second homes, that the Bank purchased and booked at a
weighted average interest rate of 6.65%, down from
$27.1 million and 7.05% in the fourth quarter of 2023, $21.6
million and 6.60% in the third quarter of 2023, $55.6 million and
5.70% in the second quarter of 2023, and $42.0 million and 5.11% in
the first quarter of 2023. The increase in mortgage loans funded
for investment has increased net interest income in the Home
Mortgage Lending segment. Net interest income contributed
$2.2 million to total revenue in the first quarter of 2024,
down slightly from $2.3 million in the prior quarter, and up
from $280,000 in the first quarter a year ago.
The expansion efforts of mortgage production in
the Arizona, Colorado, and the Pacific Northwest markets
contributed to 19% of Residential Mortgage's $102 million total
production in the first quarter of 2024, 11% of the $107 million in
total production in the fourth quarter of 2023, 8% of the $153
million in total production in the third quarter of 2023, 15% of
the $169 million in total production in the second quarter of 2023,
and 19% of $93 million in total production in the first quarter of
2023.
The net change in fair value of mortgage
servicing rights decreased mortgage banking income by $25,000
during the first quarter of 2024 compared to a decrease of
$1.0 million for the fourth quarter of 2023 and a decrease of
$795,000 for the first quarter of 2023. Mortgage servicing revenue
decreased to $1.6 million in the first quarter of 2024 from
$2.2 million in the prior quarter and increased from
$1.4 million in the first quarter of 2023 due to varying
production of Alaska Housing Finance Corporation (AHFC) mortgages,
which contribute to servicing revenues at origination. In the first
quarter of 2024, the Company's servicing portfolio increased $15.5
million, which included $33.3 million in new mortgage loans, net of
amortization and payoffs of $17.8 million as compared to a net
increase of $62.4 million in the fourth quarter of 2024 and $12.2
million in the first quarter of 2023.
As of March 31, 2024, Northrim serviced
3,910 loans in its $1.06 billion home-mortgage-servicing
portfolio, a 1% increase compared to the $1.04 billion
serviced as of the end of the fourth quarter of 2023, and a 16%
increase from the $911 million serviced a year ago.
The following table provides highlights of the
Home Mortgage Lending segment of Northrim:
| |
Three Months Ended |
| (Dollars in thousands, except
per share data) |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|
Mortgage commitments |
$ |
56,208 |
|
$ |
22,926 |
|
$ |
50,128 |
|
$ |
71,123 |
|
$ |
41,050 |
|
| |
|
|
|
|
|
| Mortgage loans funded for
sale |
$ |
84,324 |
|
$ |
79,742 |
|
$ |
131,863 |
|
$ |
113,824 |
|
$ |
50,725 |
|
| Mortgage loans funded for
investment |
|
17,403 |
|
|
27,114 |
|
|
21,585 |
|
|
55,595 |
|
|
41,964 |
|
| Total mortgage loans
funded |
$ |
101,727 |
|
$ |
106,856 |
|
$ |
153,448 |
|
$ |
169,419 |
|
$ |
92,689 |
|
| Mortgage loan refinances to
total fundings |
|
4 |
% |
|
4 |
% |
|
5 |
% |
|
3 |
% |
|
5 |
% |
| Mortgage loans serviced for
others |
$ |
1,060,007 |
|
$ |
1,044,516 |
|
$ |
982,098 |
|
$ |
921,616 |
|
$ |
911,065 |
|
| |
|
|
|
|
|
| Net realized gains on mortgage
loans sold |
$ |
1,980 |
|
$ |
1,462 |
|
$ |
2,491 |
|
$ |
2,570 |
|
$ |
1,305 |
|
| Change in fair value of
mortgage loan commitments, net |
|
386 |
|
|
(296 |
) |
|
(289 |
) |
|
358 |
|
|
125 |
|
| Total production revenue |
|
2,366 |
|
|
1,166 |
|
|
2,202 |
|
|
2,928 |
|
|
1,430 |
|
| Mortgage servicing
revenue |
|
1,561 |
|
|
2,180 |
|
|
2,396 |
|
|
1,424 |
|
|
1,368 |
|
| Change in fair value of
mortgage servicing rights: |
|
|
|
|
|
|
Due to changes in model inputs of assumptions1 |
|
289 |
|
|
(707 |
) |
|
— |
|
|
(3 |
) |
|
(212 |
) |
|
Other2 |
|
(314 |
) |
|
(301 |
) |
|
(310 |
) |
|
(571 |
) |
|
(583 |
) |
| Total mortgage servicing
revenue, net |
|
1,536 |
|
|
1,172 |
|
|
2,086 |
|
|
850 |
|
|
573 |
|
| Other mortgage banking
revenue |
|
129 |
|
|
99 |
|
|
117 |
|
|
135 |
|
|
5 |
|
|
Total mortgage banking income |
$ |
4,031 |
|
$ |
2,437 |
|
$ |
4,405 |
|
$ |
3,913 |
|
$ |
2,008 |
|
| |
|
|
|
|
|
| Net interest income |
$ |
2,232 |
|
$ |
2,276 |
|
$ |
2,300 |
|
$ |
2,442 |
|
$ |
280 |
|
| (Benefit) provision for credit
losses |
|
(48 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Mortgage banking income |
|
4,031 |
|
|
2,437 |
|
|
4,405 |
|
|
3,913 |
|
|
2,008 |
|
| Other operating expense |
|
6,086 |
|
|
5,477 |
|
|
5,951 |
|
|
5,977 |
|
|
6,092 |
|
|
Income (loss) before provision for income taxes |
|
225 |
|
|
(764 |
) |
|
754 |
|
|
378 |
|
|
(3,804 |
) |
| Provision (benefit) for income
taxes |
|
63 |
|
|
(215 |
) |
|
182 |
|
|
164 |
|
|
(1,074 |
) |
|
Net income (loss) |
$ |
162 |
|
$ |
(549 |
) |
$ |
572 |
|
$ |
214 |
|
($ |
2,730 |
) |
| |
|
|
|
|
|
| Weighted average shares
outstanding, diluted |
|
5,554,930 |
|
|
5,578,491 |
|
|
5,624,906 |
|
|
5,677,292 |
|
|
5,757,458 |
|
| Diluted earnings per
share |
$ |
0.03 |
|
$ |
(0.10 |
) |
$ |
0.09 |
|
$ |
0.04 |
|
($ |
0.47 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Principally reflects changes in discount rates
and prepayment speed assumptions, which are primarily affected by
changes in interest rates.2Represents changes due to
collection/realization of expected cash flows over time.
Balance Sheet Review
Northrim’s total assets were $2.76 billion
at March 31, 2024, down 2% from the preceding quarter and up
7% from a year ago. Northrim’s loan-to-deposit ratio was 74% at
March 31, 2024, up from 72% at December 31, 2023, and 67% at
March 31, 2023.
At March 31, 2024, our liquid assets and
investments and loans maturing within one year were $515.6 million
and our funds available for borrowing under our existing lines of
credit were $712.3 million. Given these sources of liquidity and
our expectations for customer demands for cash and for our
operating cash needs, we believe our sources of liquidity to be
sufficient for the foreseeable future.
Average interest-earning assets were
$2.56 billion in the first quarter of 2024, down 2% from
$2.61 billion in the fourth quarter of 2023 and up 6% from
$2.40 billion in the first quarter a year ago. The average
yield on interest-earning assets was 5.69% in the first quarter of
2024, up from 5.51% in the preceding quarter and 5.10% in the first
quarter a year ago.
Average investment securities decreased to
$670.9 million in the first quarter of 2024, compared to
$690.7 million in the fourth quarter of 2023 and
$727.6 million in the first quarter a year ago. The average
net tax equivalent yield on the securities portfolio was 2.82% for
the first quarter of 2024, up from 2.48% in the preceding quarter
and up from 2.40% in the year ago quarter. The average estimated
duration of the investment portfolio at March 31, 2024, was
approximately 2.7 years compared to approximately 3.1 years at
March 31, 2023. As of March 31, 2024, $48.8 million of available
for sale securities with a weighted average yield of 1.83% are
scheduled to mature in the next six months, $40.1 million with a
weighted average yield of 0.66% are scheduled to mature in six
months to one year, and $238.1 million with a weighted average
yield of 1.52% are scheduled to mature in the following year,
representing a total of $326.9 million or 13% of earning assets
that are scheduled to mature in the next 24 months.
Total unrealized losses, net of tax, on
available for sale securities decreased by $210,000 in the first
quarter of 2024 resulting in total unrealized loss, net of tax, of
$17.2 million compared to $17.4 million at December 31, 2023, and
$24.3 million a year ago. The average maturity of the available for
sale securities with the majority of the unrealized loss is 1.8
years. Total unrealized losses on held to maturity securities were
$3.4 million at March 31, 2024, compared to $3.3 million at
December 31, 2023, and $4.2 million a year ago.
Average interest bearing deposits in other banks
decreased to $61.6 million in the first quarter of 2024 from $126.2
million in the fourth quarter of 2023 and $130.9 million in the
first quarter of 2023 as cash was used to fund the growing loan
portfolio and provide funds to deposit customers.
Portfolio loans were $1.81 billion at
March 31, 2024, up 1% from the preceding quarter and up 18%
from a year ago. Portfolio loans, excluding consumer mortgage
loans, were $1.59 billion at March 31, 2024, relatively
unchanged from the preceding quarter and up 12% from a year ago.
Average portfolio loans in the first quarter of 2024 were
$1.79 billion, which was up 2% from the preceding quarter and
up 18% from a year ago. Yields on average portfolio loans in the
first quarter of 2024 increased to 6.75% from 6.55% in the fourth
quarter of 2023 and increased from 6.28% in the first quarter of
2023. The increase in the yield on portfolio loans in the first
quarter of 2024 compared to the fourth quarter of 2023 and the
first quarter a year ago is primarily due to loan repricing due to
the increases in interest rates and new loans booked at higher
rates due to changes in the interest rate environment. The yield on
new portfolio loans, excluding consumer mortgage loans, was 8.46%
in the first quarter of 2024 as compared to 7.91% in the fourth
quarter of 2023 and 8.06% in the first quarter of 2023.
Approximately 32% of loans mature or reprice in the next three
months, 15% of loans mature or reprice in three to twelve months,
and 16% of loans mature or reprice in one to two years.
Alaskans continue to account for substantially
all of Northrim’s deposit base. Total deposits were
$2.43 billion at March 31, 2024, down 2% from
$2.49 billion at December 31, 2023, and up 6% from
$2.30 billion a year ago. “The decrease in deposits in the
first quarter of 2024 were consistent with our customers' business
cycles, where we typically see growth in the second half of the
year,” said Ballard. At March 31, 2024, 70% of total deposits were
held in business accounts and 30% of deposit balances were held in
consumer accounts. Northrim had approximately 33,000 deposit
customers with an average balance of $73,000 as of March 31,
2024. Northrim had 19 customers with balances over $10 million as
of March 31, 2024, which accounted for $459.9 million, or 19%,
of total deposits. Of these $459.9 million of deposits,
approximately 35% are insured using ICS or CDARS and an additional
17% are long-term customers with whom Northrim has significant
lending relationships. ICS and CDARS deposits are divided into
amounts under the FDIC insurance maximum and allocated among member
banks, making the large deposit eligible for FDIC insurance. Demand
deposits decreased by 5% from the prior quarter and decreased 7%
year-over-year to $714.2 million at March 31, 2024.
Demand deposits decreased to 29% of total deposits at March 31,
2024 compared to 31% of total deposits at December 31, 2023 and 35%
of total deposits at March 31, 2023. Average interest-bearing
deposits were up slightly to $1.73 billion with an average
cost of 2.13% in the first quarter of 2024, compared to
$1.72 billion and an average cost of 2.00% in the fourth
quarter of 2023, and up 12% compared to $1.54 billion and an
average cost of 1.20% in the first quarter of 2023. Uninsured
deposits totaled $989.5 million or 41% of total deposits as of
March 31, 2024 compared to $1.1 billion or 46% of total
deposits as of December 31, 2022. Since interest rates began
increasing in 2022, Northrim has taken a proactive, targeted
approach to increase deposit rates.
Shareholders’ equity was $239.3 million, or
$43.52 book value per share, at March 31, 2024, compared to
$234.7 million, or $42.57 book value per share, at December
31, 2023 and $224.4 million, or $39.56 book value per share, a
year ago. Tangible book value per share* was $40.61 at
March 31, 2024, compared to $39.68 at December 31, 2023, and
$36.74 per share a year ago. The increase in shareholders’ equity
in the first quarter of 2024 as compared to the fourth quarter of
2023 was largely the result of earnings of $8.2 million and an
increase in the fair value of the available for sale securities
portfolio, which increased $210,000, net of tax, which were only
partially offset by dividends paid of $3.4 million and repurchases
of common stock of $789,000. The Company purchased 15,034 shares of
common stock in the first quarter of 2024 at an average cost of
$52.46 per share and has 110,000 shares remaining under the current
share repurchase program as of March 31, 2024. Tangible common
equity to tangible assets* was 8.14% as of March 31, 2024. Tangible
common equity to tangible common assets, excluding the impact of
the fair value of the available for sale securities portfolio*, was
8.71% as of March 31, 2024, compared to 8.41% as of December 31,
2023 and 8.99% as of March 31, 2023. Northrim continues to maintain
capital levels in excess of the requirements to be categorized as
“well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of
11.55% at March 31, 2024, compared to 11.43% at December 31,
2023, and 12.75% at March 31, 2023.
Asset Quality
Northrim believes it has a consistent lending
approach throughout economic cycles, which emphasizes appropriate
loan-to-value ratios, adequate debt coverage ratios, and competent
management.
Nonperforming assets (“NPAs”) net of government
guarantees were $5.4 million at March 31, 2024, down from
$5.8 million at December 31, 2023 and down from
$6.4 million a year ago. Of the NPAs at March 31, 2024,
$3.3 million, or 61% are nonaccrual loans related to three
commercial relationships.
Net adversely classified loans were
$7.2 million at March 31, 2024, as compared to
$7.1 million at December 31, 2023, and $7.2 million a
year ago. Adversely classified loans are loans that Northrim has
classified as substandard, doubtful, and loss, net of government
guarantees. Net loan recoveries were $42,000 in the first quarter
of 2024, compared to net loan charge-offs of $96,000 in the fourth
quarter of 2023, and net loan recoveries of $60,000 in the first
quarter of 2023. Additionally, Northrim had nine loan modifications
to borrowers experiencing financial difficulty totaling $4.8
million, net of government guarantees in the first quarter of
2024.
Northrim had $123.1 million, or 7% of portfolio
loans, in the Healthcare sector, $108.6 million, or 6% of portfolio
loans, in the Tourism sector, $92.6 million, or 5% of portfolio
loans, in the Accommodations sector, $74.0 million, or 4% of
portfolio loans, in the Fishing sector, $74.0 million, or 4% of
portfolio loans, in the Retail sector, $59.6 million, or 3% of
portfolio loans, in the Aviation (non-tourism) sector, and $52.5
million, or 3% in the Restaurants and Breweries sector as of
March 31, 2024.
Northrim estimates that $88.0 million, or
approximately 5% of portfolio loans, had direct exposure to the oil
and gas industry in Alaska, as of March 31, 2024, and
$1.8 million of these loans are adversely classified. As of
March 31, 2024, Northrim has an additional $42.6 million in
unfunded commitments to companies with direct exposure to the oil
and gas industry in Alaska, and no unfunded commitments on
adversely classified loans. Northrim defines direct exposure to the
oil and gas sector as loans to borrowers that provide oilfield
services and other companies that have been identified as
significantly reliant upon activity in Alaska related to the oil
and gas industry, such as lodging, equipment rental, transportation
and other logistics services specific to this industry.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of
Northrim Bank, an Alaska-based community bank with 20 branches in
Anchorage, Eagle River, the Matanuska Valley, the Kenai Peninsula,
Juneau, Fairbanks, Nome, Kodiak, Ketchikan, and Sitka, serving 90%
of Alaska’s population; and an asset-based lending division in
Washington; and a wholly-owned mortgage brokerage company,
Residential Mortgage Holding Company, LLC. The Bank differentiates
itself with its detailed knowledge of Alaska’s economy and its
“Customer First Service” philosophy. Pacific Wealth Advisors, LLC
is an affiliated company of Northrim BanCorp.
www.northrim.com
Forward-Looking Statement
This release may contain “forward-looking
statements” as that term is defined for purposes of Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
are, in effect, management’s attempt to predict future events, and
thus are subject to various risks and uncertainties. Readers should
not place undue reliance on forward-looking statements, which
reflect management’s views only as of the date hereof. All
statements, other than statements of historical fact, regarding our
financial position, business strategy, management’s plans and
objectives for future operations are forward-looking statements.
When used in this report, the words “anticipate,” “believe,”
“estimate,” “expect,” and “intend” and words or phrases of similar
meaning, as they relate to Northrim and its management are intended
to help identify forward-looking statements. Although we believe
that management’s expectations as reflected in forward-looking
statements are reasonable, we cannot assure readers that those
expectations will prove to be correct. Forward-looking statements,
are subject to various risks and uncertainties that may cause our
actual results to differ materially and adversely from our
expectations as indicated in the forward-looking statements. These
risks and uncertainties include: potential further increases in
interest rates; the value of securities held in our investment
portfolio; the impact of the results of government initiatives on
the regulatory landscape, natural resource extraction industries,
and capital markets; the impact of declines in the value of
commercial and residential real estate markets, high unemployment
rates, inflationary pressures and slowdowns in economic growth;
changes in banking regulation or actions by bank regulators;
inflation, supply-chain constraints, and potential geopolitical
instability, including the wars in Ukraine and the Middle East;
financial stress on borrowers (consumers and businesses) as a
result of higher rates or an uncertain economic environment; the
general condition of, and changes in, the Alaska economy; our
ability to maintain or expand our market share or net interest
margin; the sufficiency of our provision for credit losses and the
accuracy of the assumptions or estimates used in preparing our
financial statements, including those related to current expected
credit losses accounting guidance; our ability to maintain asset
quality; our ability to implement our marketing and growth
strategies; our ability to identify and address cyber-security
risks, including security breaches, “denial of service attacks,”
“hacking,” and identity theft; disease, outbreaks, such as the
COVID-19 pandemic, or similar health threats and measures
implemented to combat them; and our ability to execute our business
plan. Further, actual results may be affected by competition on
price and other factors with other financial institutions; customer
acceptance of new products and services; the regulatory environment
in which we operate; and general trends in the local, regional and
national banking industry and economy. In addition, there are risks
inherent in the banking industry relating to collectability of
loans and changes in interest rates. Many of these risks, as well
as other risks that may have a material adverse impact on our
operations and business, are identified in the “Risk Factors”
section of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, and from time to time are disclosed in our other
filings with the Securities and Exchange Commission. However, you
should be aware that these factors are not an exhaustive list, and
you should not assume these are the only factors that may cause our
actual results to differ from our expectations. These
forward-looking statements are made only as of the date of this
release, and Northrim does not undertake any obligation to release
revisions to these forward-looking statements to reflect events or
conditions after the date of this release.
|
Contact: |
Mike Huston, President, CEO, and COO |
| |
(907) 261-8750 |
| |
Jed Ballard, Chief Financial
Officer |
| |
(907) 261-3539 |
References:
www.sba.gov/ak
https://www.bea.gov/
http://almis.labor.state.ak.us/
http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx
http://www.tax.state.ak.us/
www.mba.org
https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx
https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials
| Income
Statement |
|
|
|
| (Dollars in thousands, except
per share data) |
Three Months Ended |
| (Unaudited) |
March 31, |
December 31, |
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Interest Income: |
|
|
|
| Interest and fees on
loans |
$ |
30,450 |
|
$ |
29,508 |
|
$ |
23,694 |
|
| Interest on portfolio
investments |
|
4,520 |
|
|
4,677 |
|
|
4,612 |
|
| Interest on deposits in
banks |
|
838 |
|
|
1,743 |
|
|
1,489 |
|
| Total interest income |
|
35,808 |
|
|
35,928 |
|
|
29,795 |
|
| Interest Expense: |
|
|
|
| Interest expense on
deposits |
|
9,180 |
|
|
8,676 |
|
|
4,583 |
|
| Interest expense on
borrowings |
|
181 |
|
|
520 |
|
|
180 |
|
| Total interest expense |
|
9,361 |
|
|
9,196 |
|
|
4,763 |
|
| Net interest income |
|
26,447 |
|
|
26,732 |
|
|
25,032 |
|
| |
|
|
|
| Provision for credit
losses |
|
149 |
|
|
885 |
|
|
360 |
|
| Net interest income after
provision for credit losses |
|
26,298 |
|
|
25,847 |
|
|
24,672 |
|
| |
|
|
|
| Other Operating Income: |
|
|
|
| Mortgage banking income |
|
4,031 |
|
|
2,437 |
|
|
2,008 |
|
| Purchased receivable
income |
|
1,345 |
|
|
1,307 |
|
|
977 |
|
| Bankcard fees |
|
917 |
|
|
946 |
|
|
908 |
|
| Service charges on deposit
accounts |
|
549 |
|
|
532 |
|
|
457 |
|
| Unrealized gain (loss) on
marketable equity securities |
|
314 |
|
|
565 |
|
|
(223 |
) |
| Other income |
|
688 |
|
|
698 |
|
|
781 |
|
| Total other operating
income |
|
7,844 |
|
|
6,485 |
|
|
4,908 |
|
| |
|
|
|
| Other Operating Expense: |
|
|
|
| Salaries and other personnel
expense |
|
15,417 |
|
|
15,417 |
|
|
15,484 |
|
| Data processing expense |
|
2,659 |
|
|
2,500 |
|
|
2,355 |
|
| Occupancy expense |
|
1,962 |
|
|
1,783 |
|
|
1,943 |
|
| Insurance expense |
|
779 |
|
|
675 |
|
|
557 |
|
| Professional and outside
services |
|
755 |
|
|
802 |
|
|
722 |
|
| Marketing expense |
|
513 |
|
|
933 |
|
|
564 |
|
| Intangible asset amortization
expense |
|
— |
|
|
6 |
|
|
4 |
|
| OREO expense, net rental
income and gains on sale |
|
(391 |
) |
|
(28 |
) |
|
26 |
|
| Other operating expense |
|
1,944 |
|
|
1,905 |
|
|
1,854 |
|
| Total other operating
expense |
|
23,638 |
|
|
23,993 |
|
|
23,509 |
|
| |
|
|
|
| Income before provision for
income taxes |
|
10,504 |
|
|
8,339 |
|
|
6,071 |
|
| Provision for income
taxes |
|
2,305 |
|
|
1,726 |
|
|
1,241 |
|
| Net income |
$ |
8,199 |
|
$ |
6,613 |
|
$ |
4,830 |
|
| |
|
|
|
| Basic EPS |
$ |
1.49 |
|
$ |
1.19 |
|
$ |
0.85 |
|
| Diluted EPS |
$ |
1.48 |
|
$ |
1.19 |
|
$ |
0.84 |
|
| Weighted average shares
outstanding, basic |
|
5,499,578 |
|
|
5,513,041 |
|
|
5,691,432 |
|
| Weighted average shares
outstanding, diluted |
|
5,554,930 |
|
|
5,578,491 |
|
|
5,757,458 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance
Sheet |
|
|
|
| (Dollars in thousands) |
|
|
|
| (Unaudited) |
March 31, |
December 31, |
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| |
|
|
|
| Assets: |
|
|
|
| Cash and due from banks |
$ |
30,159 |
|
$ |
27,457 |
|
$ |
28,976 |
|
| Interest bearing deposits in
other banks |
|
50,205 |
|
|
91,073 |
|
|
110,235 |
|
| Investment securities
available for sale, at fair value |
|
592,479 |
|
|
637,936 |
|
|
677,734 |
|
| Investment securities held to
maturity |
|
36,750 |
|
|
36,750 |
|
|
36,750 |
|
| Marketable equity securities,
at fair value |
|
13,467 |
|
|
13,153 |
|
|
10,515 |
|
| Investment in Federal Home
Loan Bank stock |
|
3,236 |
|
|
2,980 |
|
|
3,752 |
|
| Loans held for sale |
|
43,818 |
|
|
31,974 |
|
|
23,985 |
|
| |
|
|
|
| Portfolio loans |
|
1,811,135 |
|
|
1,789,497 |
|
|
1,535,187 |
|
| Allowance for credit losses,
loans |
|
(17,533 |
) |
|
(17,270 |
) |
|
(14,157 |
) |
| Net portfolio loans |
|
1,793,602 |
|
|
1,772,227 |
|
|
1,521,030 |
|
| Purchased receivables,
net |
|
37,698 |
|
|
36,842 |
|
|
21,190 |
|
| Mortgage servicing rights, at
fair value |
|
20,055 |
|
|
19,564 |
|
|
18,303 |
|
| Other real estate owned,
net |
|
— |
|
|
— |
|
|
273 |
|
| Premises and equipment,
net |
|
40,836 |
|
|
40,693 |
|
|
38,163 |
|
| Lease right of use asset |
|
8,867 |
|
|
9,092 |
|
|
9,469 |
|
| Goodwill and intangible
assets |
|
15,967 |
|
|
15,967 |
|
|
15,980 |
|
| Other assets |
|
72,421 |
|
|
71,789 |
|
|
63,682 |
|
| Total assets |
$ |
2,759,560 |
|
$ |
2,807,497 |
|
$ |
2,580,037 |
|
| |
|
|
|
| Liabilities: |
|
|
|
| Demand deposits |
$ |
714,244 |
|
$ |
749,683 |
|
$ |
767,772 |
|
| Interest-bearing demand |
|
889,581 |
|
|
927,291 |
|
|
717,910 |
|
| Savings deposits |
|
246,902 |
|
|
255,338 |
|
|
292,857 |
|
| Money market deposits |
|
209,785 |
|
|
221,492 |
|
|
262,478 |
|
| Time deposits |
|
373,571 |
|
|
331,251 |
|
|
255,256 |
|
| Total deposits |
|
2,434,083 |
|
|
2,485,055 |
|
|
2,296,273 |
|
| Other borrowings |
|
13,569 |
|
|
13,675 |
|
|
13,991 |
|
| Junior subordinated
debentures |
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
| Lease liability |
|
8,884 |
|
|
9,092 |
|
|
9,466 |
|
| Other liabilities |
|
53,387 |
|
|
54,647 |
|
|
25,572 |
|
| Total liabilities |
|
2,520,233 |
|
|
2,572,779 |
|
|
2,355,612 |
|
| |
|
|
|
| Shareholders’ Equity: |
|
|
|
| Total shareholders’
equity |
|
239,327 |
|
|
234,718 |
|
|
224,425 |
|
| Total liabilities and
shareholders’ equity |
$ |
2,759,560 |
|
$ |
2,807,497 |
|
$ |
2,580,037 |
|
| |
|
|
|
Additional Financial Information(Dollars in
thousands)(Unaudited)
|
Composition of Portfolio Loans |
|
|
|
|
|
|
|
|
|
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
| |
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Commercial loans |
$ |
475,220 |
|
26 |
% |
|
$ |
486,057 |
|
27 |
% |
|
$ |
492,145 |
|
28 |
% |
|
$ |
499,780 |
|
29 |
% |
|
$ |
448,446 |
|
29 |
% |
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner occupied properties |
|
372,507 |
|
20 |
% |
|
|
368,357 |
|
20 |
% |
|
|
359,019 |
|
21 |
% |
|
|
350,411 |
|
21 |
% |
|
|
344,734 |
|
22 |
% |
| Nonowner occupied and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| multifamily properties |
|
529,904 |
|
30 |
% |
|
|
519,115 |
|
30 |
% |
|
|
509,939 |
|
30 |
% |
|
|
494,505 |
|
31 |
% |
|
|
476,897 |
|
32 |
% |
| Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1-4 family properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| secured by first liens |
|
218,552 |
|
12 |
% |
|
|
203,534 |
|
11 |
% |
|
|
180,719 |
|
10 |
% |
|
|
160,467 |
|
10 |
% |
|
|
112,758 |
|
7 |
% |
| 1-4 family properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| secured by junior liens
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| revolving secured by first
liens |
|
35,460 |
|
2 |
% |
|
|
33,783 |
|
2 |
% |
|
|
27,342 |
|
2 |
% |
|
|
24,970 |
|
1 |
% |
|
|
22,864 |
|
1 |
% |
| 1-4 family construction |
|
27,751 |
|
2 |
% |
|
|
31,239 |
|
2 |
% |
|
|
32,374 |
|
2 |
% |
|
|
35,527 |
|
2 |
% |
|
|
40,881 |
|
3 |
% |
| Construction loans |
|
153,537 |
|
8 |
% |
|
|
149,788 |
|
8 |
% |
|
|
120,909 |
|
7 |
% |
|
|
96,015 |
|
6 |
% |
|
|
92,615 |
|
6 |
% |
| Consumer loans |
|
6,444 |
|
— |
% |
|
|
6,180 |
|
— |
% |
|
|
5,930 |
|
— |
% |
|
|
5,498 |
|
— |
% |
|
|
4,617 |
|
— |
% |
| Subtotal |
|
1,819,375 |
|
|
|
|
1,798,053 |
|
|
|
|
1,728,377 |
|
|
|
|
1,667,173 |
|
|
|
|
1,543,812 |
|
|
| Unearned loan fees, net |
|
(8,240 |
) |
|
|
|
(8,556 |
) |
|
|
|
(8,286 |
) |
|
|
|
(7,934 |
) |
|
|
|
(8,625 |
) |
|
| Total portfolio loans |
$ |
1,811,135 |
|
|
|
$ |
1,789,497 |
|
|
|
$ |
1,720,091 |
|
|
|
$ |
1,659,239 |
|
|
|
$ |
1,535,187 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
| |
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Balance |
% of total |
|
Demand deposits |
$ |
714,244 |
29 |
% |
|
$ |
749,683 |
31 |
% |
|
$ |
764,647 |
31 |
% |
|
$ |
711,390 |
31 |
% |
|
$ |
767,772 |
34 |
% |
| Interest-bearing demand |
|
889,581 |
37 |
% |
|
|
927,291 |
37 |
% |
|
|
875,814 |
36 |
% |
|
|
795,128 |
35 |
% |
|
|
717,910 |
31 |
% |
| Savings deposits |
|
246,902 |
10 |
% |
|
|
255,338 |
10 |
% |
|
|
265,799 |
11 |
% |
|
|
275,602 |
12 |
% |
|
|
292,857 |
13 |
% |
| Money market deposits |
|
209,785 |
9 |
% |
|
|
221,492 |
9 |
% |
|
|
230,814 |
10 |
% |
|
|
232,698 |
10 |
% |
|
|
262,478 |
11 |
% |
| Time deposits |
|
373,571 |
15 |
% |
|
|
331,251 |
13 |
% |
|
|
290,856 |
12 |
% |
|
|
287,493 |
12 |
% |
|
|
255,256 |
11 |
% |
| Total deposits |
$ |
2,434,083 |
|
|
$ |
2,485,055 |
|
|
$ |
2,427,930 |
|
|
$ |
2,302,311 |
|
|
$ |
2,296,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Financial Information(Dollars in
thousands)(Unaudited)
| Asset
Quality |
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
| Nonaccrual loans |
$ |
5,260 |
|
|
$ |
6,069 |
|
|
$ |
8,775 |
|
| Loans 90 days past due and
accruing |
|
— |
|
|
|
— |
|
|
|
— |
|
| Total nonperforming loans |
|
5,260 |
|
|
|
6,069 |
|
|
|
8,775 |
|
| Nonperforming loans guaranteed
by government |
|
— |
|
|
|
(1,067 |
) |
|
|
(2,692 |
) |
| Net nonperforming loans |
|
5,260 |
|
|
|
5,002 |
|
|
|
6,083 |
|
| Other real estate owned |
|
— |
|
|
|
— |
|
|
|
273 |
|
| Nonperforming purchased
receivables |
|
183 |
|
|
|
808 |
|
|
|
— |
|
| Net nonperforming assets |
$ |
5,443 |
|
|
$ |
5,810 |
|
|
$ |
6,356 |
|
| Nonperforming loans, net of
government guarantees / portfolio loans |
|
0.29 |
% |
|
|
0.28 |
% |
|
|
0.40 |
% |
| Nonperforming loans, net of
government guarantees / portfolio loans, |
|
|
|
|
|
| net of government
guarantees |
|
0.31 |
% |
|
|
0.30 |
% |
|
|
0.43 |
% |
| Nonperforming assets, net of
government guarantees / total assets |
|
0.20 |
% |
|
|
0.21 |
% |
|
|
0.25 |
% |
| Nonperforming assets, net of
government guarantees / total assets |
|
|
|
|
|
| net of government
guarantees |
|
0.21 |
% |
|
|
0.21 |
% |
|
|
0.26 |
% |
| |
|
|
|
|
|
| Adversely classified loans,
net of government guarantees |
$ |
7,206 |
|
|
$ |
7,057 |
|
|
$ |
7,221 |
|
| Special mention loans, net of
government guarantees |
$ |
9,976 |
|
|
$ |
6,580 |
|
|
$ |
15,547 |
|
| Loans 30-89 days past due and
accruing, net of government guarantees / |
|
|
|
|
|
| portfolio loans |
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.06 |
% |
| Loans 30-89 days past due and
accruing, net of government guarantees / |
|
|
|
|
|
| portfolio loans, net of
government guarantees |
|
0.04 |
% |
|
|
0.03 |
% |
|
|
0.06 |
% |
| |
|
|
|
|
|
| Allowance for credit losses /
portfolio loans |
|
0.97 |
% |
|
|
0.97 |
% |
|
|
0.92 |
% |
| Allowance for credit losses /
portfolio loans, net of government guarantees |
|
1.03 |
% |
|
|
1.02 |
% |
|
|
0.99 |
% |
| Allowance for credit losses /
nonperforming loans, net of government |
|
|
|
|
|
| guarantees |
|
333 |
% |
|
|
345 |
% |
|
|
233 |
% |
| |
|
|
|
|
|
| Gross loan charge-offs for the
quarter |
$ |
25 |
|
|
$ |
281 |
|
|
$ |
14 |
|
| Gross loan recoveries for the
quarter |
$ |
(67 |
) |
|
$ |
(185 |
) |
|
$ |
(74 |
) |
| Net loan (recoveries)
charge-offs for the quarter |
$ |
(42 |
) |
|
$ |
96 |
|
|
$ |
(60 |
) |
| Net loan charge-offs
(recoveries) for the quarter / average loans, for the quarter |
|
— |
% |
|
|
0.01 |
% |
|
|
— |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Additional Financial Information(Dollars in
thousands)(Unaudited)
| Average Balances,
Yields, and Rates |
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| |
|
Average |
|
|
Average |
|
|
Average |
| |
Average |
Tax Equivalent |
|
Average |
Tax Equivalent |
|
Average |
Tax Equivalent |
| |
Balance |
Yield/Rate |
|
Balance |
Yield/Rate |
|
Balance |
Yield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
Interest bearing deposits in other banks |
$ |
61,561 |
|
5.38 |
% |
|
$ |
126,174 |
|
5.40 |
% |
|
$ |
130,929 |
|
4.55 |
% |
| Portfolio investments |
|
670,937 |
|
2.82 |
% |
|
|
690,659 |
|
2.48 |
% |
|
|
727,610 |
|
2.40 |
% |
| Loans held for sale |
|
32,635 |
|
6.13 |
% |
|
|
45,732 |
|
6.55 |
% |
|
|
20,901 |
|
5.54 |
% |
| Portfolio loans |
|
1,793,425 |
|
6.75 |
% |
|
|
1,749,732 |
|
6.55 |
% |
|
|
1,524,130 |
|
6.28 |
% |
| Total interest-earning
assets |
|
2,558,558 |
|
5.69 |
% |
|
|
2,612,297 |
|
5.51 |
% |
|
|
2,403,570 |
|
5.10 |
% |
| Nonearning assets |
|
201,137 |
|
|
|
|
214,934 |
|
|
|
|
185,755 |
|
|
| Total assets |
$ |
2,759,695 |
|
|
|
$ |
2,827,231 |
|
|
|
$ |
2,589,325 |
|
|
| |
|
|
|
|
|
|
|
|
| Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
| Interest-bearing deposits |
$ |
1,731,923 |
|
2.13 |
% |
|
$ |
1,724,409 |
|
2.00 |
% |
|
$ |
1,543,437 |
|
1.20 |
% |
| Borrowings |
|
23,944 |
|
2.95 |
% |
|
|
47,964 |
|
4.25 |
% |
|
|
24,366 |
|
2.92 |
% |
| Total interest-bearing
liabilities |
|
1,755,867 |
|
2.14 |
% |
|
|
1,772,373 |
|
2.06 |
% |
|
|
1,567,803 |
|
1.23 |
% |
| |
|
|
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
|
705,134 |
|
|
|
|
760,566 |
|
|
|
|
756,088 |
|
|
| Other liabilities |
|
60,407 |
|
|
|
|
63,321 |
|
|
|
|
41,067 |
|
|
| Shareholders’ equity |
|
238,287 |
|
|
|
|
230,971 |
|
|
|
|
224,367 |
|
|
| Total liabilities and
shareholders’ equity |
$ |
2,759,695 |
|
|
|
$ |
2,827,231 |
|
|
|
$ |
2,589,325 |
|
|
| Net spread |
|
3.55 |
% |
|
|
3.45 |
% |
|
|
3.87 |
% |
| NIM |
|
4.16 |
% |
|
|
4.06 |
% |
|
|
4.22 |
% |
| NIMTE* |
|
4.22 |
% |
|
|
4.12 |
% |
|
|
4.30 |
% |
| Cost of funds |
|
1.53 |
% |
|
|
1.44 |
% |
|
|
0.83 |
% |
| Average portfolio loans to
average |
|
|
|
|
|
|
|
|
| interest-earning assets |
|
70.10 |
% |
|
|
|
66.98 |
% |
|
|
|
63.41 |
% |
|
| Average portfolio loans to
average total deposits |
|
73.59 |
% |
|
|
|
70.41 |
% |
|
|
|
66.28 |
% |
|
| Average non-interest deposits
to average |
|
|
|
|
|
|
|
|
| total deposits |
|
28.93 |
% |
|
|
|
30.61 |
% |
|
|
|
32.88 |
% |
|
| Average interest-earning
assets to average |
|
|
|
|
|
|
|
|
| interest-bearing
liabilities |
|
145.71 |
% |
|
|
|
147.39 |
% |
|
|
|
153.31 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The components of the change in NIMTE* are detailed in the table
below:
| |
1Q24 vs. 4Q23 |
1Q24 vs. 1Q23 |
|
Nonaccrual interest adjustments |
0.02 |
% |
— |
% |
| Interest rates on loans and
liabilities and loan fees, all other loans |
0.08 |
% |
(0.35)% |
| Volume and mix of other
interest-earning assets and liabilities |
— |
% |
0.27 |
% |
| Change in NIMTE* |
0.10 |
% |
(0.08)% |
Additional Financial Information(Dollars in
thousands, except per share data)(Unaudited)
| Capital Data (At
quarter end) |
|
|
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
Book value per share |
$ |
43.52 |
|
|
$ |
42.57 |
|
|
$ |
39.56 |
|
| Tangible book value per
share* |
$ |
40.61 |
|
|
$ |
39.68 |
|
|
$ |
36.74 |
|
| Total shareholders’
equity/total assets |
|
8.67 |
% |
|
|
8.36 |
% |
|
|
8.70 |
% |
| Tangible Common
Equity/Tangible Assets* |
|
8.14 |
% |
|
|
7.84 |
% |
|
|
8.13 |
% |
| Tier 1 Capital / Risk Adjusted
Assets |
|
11.55 |
% |
|
|
11.43 |
% |
|
|
12.75 |
% |
| Total Capital / Risk Adjusted
Assets |
|
12.47 |
% |
|
|
12.35 |
% |
|
|
13.60 |
% |
| Tier 1 Capital / Average
Assets |
|
9.01 |
% |
|
|
8.72 |
% |
|
|
9.40 |
% |
| Shares outstanding |
|
5,499,578 |
|
|
|
5,513,459 |
|
|
|
5,672,841 |
|
| Total unrealized loss on AFS
debt securities, net of income taxes |
$ |
(17,205 |
) |
|
$ |
(17,415 |
) |
|
$ |
(24,311 |
) |
| Total unrealized gain on
derivatives and hedging activities, net of income taxes |
$ |
1,172 |
|
|
$ |
978 |
|
|
$ |
827 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios |
|
|
|
|
|
|
|
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
| For the quarter: |
|
|
|
|
|
|
|
|
|
|
| NIM |
4.16 |
% |
4.06 |
% |
4.15 |
% |
4.14 |
% |
4.22 |
% |
| NIMTE* |
4.22 |
% |
4.12 |
% |
4.21 |
% |
4.21 |
% |
4.30 |
% |
| Efficiency ratio |
68.93 |
% |
72.21 |
% |
66.64 |
% |
74.03 |
% |
78.51 |
% |
| Return on average assets |
1.19 |
% |
0.93 |
% |
1.22 |
% |
0.85 |
% |
0.76 |
% |
| Return on average equity |
13.84 |
% |
11.36 |
% |
14.67 |
% |
9.85 |
% |
8.73 |
% |
| |
|
|
|
|
|
|
|
|
|
|
*Non-GAAP Financial Measures (Dollars and
shares in thousands, except per share data)(Unaudited)
Non-GAAP financial measures have inherent limitations, are not
required to be uniformly applied, and are not audited. Although we
believe these non-GAAP financial measures are frequently used by
stakeholders in the evaluation of the Company, they have
limitations as analytical tools and should not be considered in
isolation or as a substitute for analysis of results as reported
under GAAP.
Net interest margin on a tax equivalent
basis
Net interest margin on a tax equivalent basis
(“NIMTE”) is a non-GAAP performance measurement in which interest
income on non-taxable investments and loans is presented on a tax
equivalent basis using a combined federal and state statutory rate
of 28.43% in both 2024 and 2023. The most comparable GAAP measure
is net interest margin and the following table sets forth the
reconciliation of NIMTE to net interest margin.
| |
Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
Net interest income |
$ |
26,447 |
|
|
$ |
26,732 |
|
|
$ |
26,350 |
|
|
$ |
25,142 |
|
|
$ |
25,032 |
|
| Divided by average
interest-bearing assets |
|
2,558,558 |
|
|
|
2,612,297 |
|
|
|
2,516,126 |
|
|
|
2,434,611 |
|
|
|
2,403,570 |
|
| Net interest margin
(“NIM”)2 |
|
4.16 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.14 |
% |
|
|
4.22 |
% |
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
26,447 |
|
|
$ |
26,732 |
|
|
$ |
26,350 |
|
|
$ |
25,142 |
|
|
$ |
25,032 |
|
| Plus: reduction in tax expense
related to |
|
|
|
|
|
|
|
|
|
| tax-exempt interest
income |
|
379 |
|
|
|
374 |
|
|
|
373 |
|
|
|
400 |
|
|
|
429 |
|
| |
$ |
26,826 |
|
|
$ |
27,106 |
|
|
$ |
26,723 |
|
|
$ |
25,542 |
|
|
$ |
25,461 |
|
| Divided by average
interest-bearing assets |
|
2,558,558 |
|
|
|
2,612,297 |
|
|
|
2,516,126 |
|
|
|
2,434,611 |
|
|
|
2,403,570 |
|
| NIMTE2 |
|
4.22 |
% |
|
|
4.12 |
% |
|
|
4.21 |
% |
|
|
4.21 |
% |
|
|
4.30 |
% |
2Calculated using actual days in the quarter divided by 366 for
the quarters ended in 2024 and 365 for the quarters ended in 2023,
respectively.
*Non-GAAP Financial Measures (Dollars and
shares in thousands, except per share data)(Unaudited)
Tangible Book Value Per Share
Tangible book value per share is a non-GAAP measure defined as
shareholders’ equity, less intangible assets, divided by shares
outstanding. The most comparable GAAP measure is book value per
share and the following table sets forth the reconciliation of
tangible book value per share and book value per share.
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
| |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
$ |
239,327 |
|
$ |
234,718 |
|
$ |
225,259 |
|
$ |
221,336 |
|
$ |
224,425 |
| Divided by shares
outstanding |
|
5,500 |
|
|
5,513 |
|
|
5,548 |
|
|
5,611 |
|
|
5,673 |
| Book value per share |
$ |
43.52 |
|
$ |
42.57 |
|
$ |
40.60 |
|
$ |
39.45 |
|
$ |
39.56 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
| |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
$ |
239,327 |
|
$ |
234,718 |
|
$ |
225,259 |
|
$ |
221,336 |
|
$ |
224,425 |
| Less: goodwill and intangible
assets |
|
15,967 |
|
|
15,967 |
|
|
15,973 |
|
|
15,977 |
|
|
15,980 |
| |
$ |
223,360 |
|
$ |
218,751 |
|
$ |
209,286 |
|
$ |
205,359 |
|
$ |
208,445 |
| Divided by shares
outstanding |
|
5,500 |
|
|
5,513 |
|
|
5,548 |
|
|
5,611 |
|
|
5,673 |
| Tangible book value per
share |
$ |
40.61 |
|
$ |
39.68 |
|
$ |
37.72 |
|
$ |
36.60 |
|
$ |
36.74 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Assets
Tangible common equity to tangible assets is a
non-GAAP ratio that represents total equity less goodwill and
intangible assets divided by total assets less goodwill and
intangible assets. The most comparable GAAP measure of
shareholders’ equity to total assets is calculated by dividing
total shareholders’ equity by total assets and the following table
sets forth the reconciliation of tangible common equity to tangible
assets and shareholders’ equity to total assets.
| Northrim BanCorp,
Inc. |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
| |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
$ |
239,327 |
|
|
$ |
234,718 |
|
|
$ |
225,259 |
|
|
$ |
221,336 |
|
|
$ |
224,425 |
|
| Total assets |
|
2,759,560 |
|
|
|
2,807,497 |
|
|
|
2,790,189 |
|
|
|
2,638,207 |
|
|
|
2,580,037 |
|
| Total shareholders’ equity to
total assets |
|
8.67 |
% |
|
|
8.36 |
% |
|
|
8.07 |
% |
|
|
8.39 |
% |
|
|
8.70 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Northrim BanCorp,
Inc. |
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
Total shareholders’ equity |
$ |
239,327 |
|
|
$ |
234,718 |
|
|
$ |
225,259 |
|
|
$ |
221,336 |
|
|
$ |
224,425 |
|
| Less: goodwill and other
intangible assets, net |
|
15,967 |
|
|
|
15,967 |
|
|
|
15,973 |
|
|
|
15,977 |
|
|
|
15,980 |
|
| Tangible common shareholders’
equity |
$ |
223,360 |
|
|
$ |
218,751 |
|
|
$ |
209,286 |
|
|
$ |
205,359 |
|
|
$ |
208,445 |
|
| |
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
2,759,560 |
|
|
$ |
2,807,497 |
|
|
$ |
2,790,189 |
|
|
$ |
2,638,207 |
|
|
$ |
2,580,037 |
|
| Less: goodwill and other
intangible assets, net |
|
15,967 |
|
|
|
15,967 |
|
|
|
15,973 |
|
|
|
15,977 |
|
|
|
15,980 |
|
| Tangible assets |
$ |
2,743,593 |
|
|
$ |
2,791,530 |
|
|
$ |
2,774,216 |
|
|
$ |
2,622,230 |
|
|
$ |
2,564,057 |
|
| Tangible common equity
ratio |
|
8.14 |
% |
|
|
7.84 |
% |
|
|
7.54 |
% |
|
|
7.83 |
% |
|
|
8.13 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP Financial Measures (Dollars and
shares in thousands, except per share data)(Unaudited)
Tangible Common Equity to Tangible Assets,
excluding the unrealized losses on the available for sales
securities portfolio
Tangible common equity to tangible assets,
excluding the unrealized losses on the available for sales
securities portfolio, is a non-GAAP ratio that represents total
equity less goodwill and intangible assets and the unrealized gain
(loss) on available for sale securities, net of income taxes
divided by total assets less goodwill and intangible assets and the
unrealized gain (loss) on available for sale securities, net of
income taxes. The most comparable GAAP measure of shareholders'
equity to total assets is calculated by dividing total
shareholders' equity by total assets and the following table sets
forth the reconciliation of tangible common equity to tangible
assets, excluding the unrealized losses on the available for sales
securities portfolio and shareholders' equity to total assets.
| Northrim BanCorp,
Inc. |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| |
|
|
|
|
|
|
Total shareholders' equity |
$ |
239,327 |
|
|
$ |
234,718 |
|
|
$ |
224,425 |
|
| Total assets |
|
2,759,560 |
|
|
|
2,807,497 |
|
|
|
2,580,037 |
|
| Total shareholders' equity to
total assets |
|
8.67 |
% |
|
|
8.36 |
% |
|
|
8.70 |
% |
| Northrim BanCorp,
Inc. |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| |
|
|
|
|
|
|
Total shareholders' equity |
$ |
239,327 |
|
|
$ |
234,718 |
|
|
$ |
224,425 |
|
| Less: goodwill and other
intangible assets, net |
|
15,967 |
|
|
|
15,967 |
|
|
|
15,980 |
|
| Less: unrealized (loss) on
available for sale securities, net income taxes |
|
(17,205 |
) |
|
|
(17,415 |
) |
|
|
(24,311 |
) |
| Tangible common shareholders'
equity, excluding unrealized losses on available for sale
securities |
$ |
240,565 |
|
|
$ |
236,166 |
|
|
$ |
232,756 |
|
| |
|
|
|
|
|
| Total assets |
$ |
2,759,560 |
|
|
$ |
2,807,497 |
|
|
$ |
2,580,037 |
|
| Less: goodwill and other
intangible assets, net |
|
15,967 |
|
|
|
15,967 |
|
|
|
15,980 |
|
| Less: unrealized (loss) on
available for sale securities, net income taxes |
|
(17,205 |
) |
|
|
(17,415 |
) |
|
|
(24,311 |
) |
| Tangible assets, excluding
unrealized losses on available for sale securities |
$ |
2,760,798 |
|
|
$ |
2,808,945 |
|
|
$ |
2,588,368 |
|
| Tangible common equity ratio,
excluding unrealized losses on available for sale securities |
|
8.71 |
% |
|
|
8.41 |
% |
|
|
8.99 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Note Transmitted on GlobeNewswire on April 24,
2024, at 12:15 pm Alaska Standard Time.
Grafico Azioni Northrim BanCorp (NASDAQ:NRIM)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Northrim BanCorp (NASDAQ:NRIM)
Storico
Da Feb 2024 a Feb 2025
