Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”)
today reported net income of $8.8 million, or $1.57 per diluted
share, in the third quarter of 2024, compared to $9.0 million, or
$1.62 per diluted share, in the second quarter of 2024, and $8.4
million, or $1.48 per diluted share, in the third quarter a year
ago. The increase in third quarter 2024 profitability as compared
to the third quarter a year ago was primarily the result of an
increase in mortgage banking income and higher net interest income,
which was only partially offset by higher other operating expenses
and a higher provision for credit losses.
Dividends per share in the third quarter of 2024
increased to $0.62 per share as compared to $0.61 per share in the
second quarter of 2024 and $0.60 per share in the third quarter of
2023.
“We had strong deposit-funded loan growth in the
third quarter,” said Mike Huston, Northrim’s President and Chief
Executive Officer. “Deposits and loans both increased 7% from the
end of the second quarter. Our deposit market share increased by 4%
in the past year and by 42% in the past five years as our
investments in people, expanded branch network, and differentiated
service continue to attract new customers and strengthen existing
relationships.”
Third Quarter
2024 Highlights:
- Net interest
income in the third quarter of 2024 increased 7% to $28.8 million
compared to $27.1 million in the second quarter of 2024 and
increased 9% compared to $26.4 million in the third quarter of
2023.
- Net interest margin on a tax
equivalent basis (“NIMTE”)* was 4.35% for the third quarter of
2024, up 5-basis points from the second quarter of 2024 and up
14-basis points from the third quarter a year ago.
- Return on average assets (“ROAA”)
was 1.22% and return on average equity (“ROAE”) was 13.69% for the
third quarter of 2024.
- Portfolio loans were $2.01 billion
at September 30, 2024, up 7% from the preceding quarter and up 17%
from a year ago, primarily due to new customer relationships,
expanding market share, and to retaining certain mortgages
originated by Residential Mortgage, a subsidiary of Northrim Bank
(the “Bank”), in the loan portfolio.
- Total deposits were $2.63 billion at
September 30, 2024, up 7% from the preceding quarter, and up 8%
from $2.43 billion a year ago. Non-interest bearing demand deposits
increased 8% from the preceding quarter and decreased slightly
year-over-year to $763.6 million at September 30, 2024 and
represent 29% of total deposits.
- The average cost of interest-bearing
deposits was 2.24% at September 30, 2024, up from 2.21% at June 30,
2024 and 1.75% at September 30, 2023.
- Mortgage loan
originations increased to $248.0 million in the third quarter of
2024, up from $181.5 million in the second quarter of 2024 and
$153.4 million in the third quarter a year ago. Mortgage loans
funded for sale were $210.0 million in the third quarter of 2024,
compared to $152.3 million in the second quarter of 2024 and $131.9
million in the third quarter of 2023.
|
Financial Highlights |
Three Months Ended |
| (Dollars
in thousands, except per share data) |
September 30,2024 |
June 30, 2024 |
March 31, 2024 |
December 31,2023 |
September 30,2023 |
| Total
assets |
$2,963,392 |
|
$2,821,668 |
$2,759,560 |
|
$2,807,497 |
|
$2,790,189 |
|
| Total
portfolio loans |
$2,007,565 |
|
$1,875,907 |
$1,811,135 |
|
$1,789,497 |
|
$1,720,091 |
|
| Total
deposits |
$2,625,567 |
|
$2,463,806 |
$2,434,083 |
|
$2,485,055 |
|
$2,427,930 |
|
| Total
shareholders’ equity |
$260,050 |
|
$247,200 |
$239,327 |
|
$234,718 |
|
$225,259 |
|
| Net
income |
$8,825 |
|
$9,020 |
$8,199 |
|
$6,613 |
|
$8,374 |
|
| Diluted
earnings per share |
$1.57 |
|
$1.62 |
$1.48 |
|
$1.19 |
|
$1.48 |
|
|
Return on average assets |
|
1.22 |
% |
|
1.31 |
% |
|
1.19 |
% |
|
0.93 |
% |
|
1.22 |
% |
| Return
on average shareholders’ equity |
|
13.69 |
% |
|
14.84 |
% |
|
13.84 |
% |
|
11.36 |
% |
|
14.67 |
% |
| NIM |
|
4.29 |
% |
|
4.24 |
% |
|
4.16 |
% |
|
4.06 |
% |
|
4.15 |
% |
|
NIMTE* |
|
4.35 |
% |
|
4.30 |
% |
|
4.22 |
% |
|
4.12 |
% |
|
4.21 |
% |
|
Efficiency ratio |
|
66.11 |
% |
|
68.78 |
% |
|
68.93 |
% |
|
72.21 |
% |
|
66.64 |
% |
| Total
shareholders’ equity/total assets |
|
8.78 |
% |
|
8.76 |
% |
|
8.67 |
% |
|
8.36 |
% |
|
8.07 |
% |
| Tangible
common equity/tangible assets* |
|
8.28 |
% |
|
8.24 |
% |
|
8.14 |
% |
|
7.84 |
% |
|
7.54 |
% |
| Book
value per share |
$47.27 |
|
$44.93 |
|
$43.52 |
|
$42.57 |
|
$40.60 |
|
| Tangible
book value per share* |
$44.36 |
|
$42.03 |
|
$40.61 |
|
$39.68 |
|
$37.72 |
|
|
Dividends per share |
$0.62 |
|
$0.61 |
|
$0.61 |
|
$0.60 |
|
$0.60 |
|
| Common
stock outstanding |
|
5,501,943 |
|
|
5,501,562 |
|
|
5,499,578 |
|
|
5,513,459 |
|
|
5,548,436 |
|
* References to NIMTE, tangible book value per
share, and tangible common equity to tangible common assets, (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 12.)
The Alaska Department of Labor (“DOL”) has
reported Alaska’s seasonally adjusted unemployment rate in August
of 2024 was 4.6% compared to the U.S. rate of 4.2%. The total
number of payroll jobs in Alaska, not including uniformed military,
increased 1.8% or 6,400 jobs between August of 2023 and August of
2024.
According to the DOL, the Construction sector
had the largest growth in new jobs through August compared to the
prior year. The Construction sector added 2,600 positions for a
year over year growth rate of 12.9% between August of 2023 and
2024. The larger Health Care sector grew by 2,000 jobs for an
annual growth rate of 4.9% over the same period. The Oil & Gas
sector increased by 6.5% or 500 new direct jobs. Professional and
Business Services added 1,000 jobs year over year through August of
2024, up 3.4%. The Government sector grew by 700 jobs for 0.9%
growth, adding 500 Federal jobs and 200 Local government positions
in Alaska. The only sectors to decline between August 2023 and
August 2024 were Manufacturing (primarily seafood processing)
shrinking 1,300 positions and Information, down 200 jobs.
Alaska’s Gross State Product (“GSP”) in the
second quarter of 2024, was estimated to be $69.8 billion in
current dollars, according to the Federal Bureau of Economic
Analysis ("BEA"). Alaska’s inflation adjusted “real” GSP increased
6.5% in 2023, placing Alaska fifth best of all 50 states. However,
in the second quarter of 2024 Alaska decreased at an annualized
rate of 1.1%, compared to the average U.S. growth rate of 3%.
Alaska’s real GSP decline in the second quarter of 2024 was
primarily caused by a slowdown in the Mining, Oil & Gas; and
Transportation and Warehousing sectors.
The BEA also calculated Alaska’s seasonally
adjusted personal income at $55.4 billion in the second quarter of
2024. This was an annualized improvement of 4% for Alaska, compared
to the national average of 5.3%.
The monthly average price of Alaska North Slope
(“ANS”) crude oil was at an annual high of $89.05 in April of 2024
and averaged $74.06 in September of this year. 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 and declined to 461 thousand bpd in Alaska’s
fiscal year 2024. Starting in fiscal year 2025 it is projected to
grow to 477 thousand bpd. The DOR projects the number to grow
rapidly and reach 640 thousand bpd by fiscal year 2033. 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 5.2% in 2023 to $480,207, following a 7.6% increase
in 2022. This was the sixth consecutive year of price
increases. In the first nine months of 2024 the average
price continues to increase 6.8% to an average sale of$512,815.
The average sales price 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. In the first nine
months of 2024 the average sales price increased 4.6% in the
Matanuska Susitna Borough to $415,709. These two markets
represent where the vast majority of the Bank’s residential lending
activity occurs.
The Alaska Multiple Listing Services reported a
1.2% decrease in the number of units sold in Anchorage when
comparing January to September of 2023 and 2024. There were 5.4%
less homes sold in the Matanuska Susitna Borough for the same nine
month time period in 2024 compared to the prior year.
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 third quarter of 2024, Northrim generated
a ROAA of 1.22% and a ROAE of 13.69%, compared to 1.31% and 14.84%,
respectively, in the second quarter of 2024 and 1.22% and 14.67%,
respectively, in the third quarter a year ago.
Net Interest Income/Net Interest Margin
Net interest income increased 7% to $28.8
million in the third quarter of 2024 compared to $27.1 million in
the second quarter of 2024 and increased 9% compared to $26.4
million in the third quarter of 2023. Interest expense on deposits
increased to $10.1 million in the third quarter of 2024 compared to
$9.5 million in the second quarter and $7.1 million in the third
quarter of 2023.
NIMTE* was 4.35% in the third quarter of 2024 up
from 4.30% in the preceding quarter and 4.21% in the third quarter
a year ago. NIMTE* increased 14 basis points in the third quarter
of 2024 compared to the third quarter of 2023 primarily due to 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 which were only
partially offset by an increase in costs on interest-bearing
deposits. The weighted average interest rate for new loans booked
in the third quarter of 2024 was 7.24% compared to 7.90% in the
second quarter of 2024 and 7.44% in the third quarter a year ago.
The yield on the investment portfolio in the third quarter of 2024
decreased slightly to 2.80% from 2.82% in the second quarter of
2024 and increased from 2.43% in the third quarter of 2023. “We
continue to see the benefit of new loan volume and repricing
outweigh the modest increase in deposit costs in the third quarter
of 2024,” said Jed Ballard, Chief Financial Officer. Northrim’s
NIMTE* continues to remain above the peer average of 3.13% posted
by the S&P U.S. Small Cap Bank Index with total market
capitalization between $250 million and $1 billion as of June 30,
2024.
Provision for Credit Losses
Northrim recorded a provision for credit losses
of $2.1 million in the third quarter of 2024, which was comprised
of of a $325,000 provision for credit losses on unfunded
commitments and a provision for credit losses on loans of $1.7
million. The provision for unfunded commitments was primarily due
to an increase in unfunded commitments, as well as an increase in
estimated loss rates due to changes in mix and management's
assessment of economic conditions. The increase to the provision
for credit losses on loans was primarily a result of loan growth,
as well as an increase in the provision for loans individually
evaluated and an increase in estimated loss rates. This compares to
a benefit to the provision for credit losses of $120,000 in the
second quarter of 2024, and provision for credit losses of $1.2
million in the third quarter a year ago.
Nonperforming loans, net of government
guarantees, increased slightly during the quarter to $5.0 million
at September 30, 2024, compared to $4.8 million at June 30, 2024,
and decreased from $5.1 million at September 30, 2023.
The allowance for credit losses on loans was 394% of
nonperforming loans, net of government guarantees, at the end of
the third quarter of 2024, compared to 365% three months earlier
and 326% 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
$11.6 million, or 29% of total third quarter 2024 revenues, as
compared to $9.6 million, or 26% of revenues in the second quarter
of 2024, and $8.0 million, or 23% of revenues in the third quarter
of 2023. The increase in other operating income in the third
quarter of 2024 as compared to the preceding quarter and the third
quarter of 2023 was primarily the result of an increase in mortgage
banking income due to a higher volume of mortgage activity. See
further discussion regarding mortgage activity during the second
quarter contained under “Home Mortgage Lending” below. The fair
market value of marketable equity securities increased $576,000 in
the third quarter of 2024 compared to a decrease of $60,000 in the
prior quarter and an increase of $12,000 in the third quarter of
2023. The increase in other operating income in the third quarter
of 2024 as compared to the third quarter a year ago was due
primarily to an increase in mortgage banking income as a result of
higher volume of mortgage activity due to our expansion in Arizona,
Colorado, and the Pacific Northwest markets, as well as an increase
in fair value of marketable equity securities.
Other Operating Expenses
Operating expenses were $26.7 million in the
third quarter of 2024, compared to $25.2 million in the second
quarter of 2024, and $22.9 million in the third quarter of 2023.
The increase in other operating expenses in the third quarter of
2024 compared to the second quarter of 2024 was primarily due to an
increase in salaries and other personnel expense, including
$653,000 in mortgage commissions expense due to higher mortgage
volume and a $979,000 increase in profit share expense, which was
partially offset by a $836,000 decrease in medical claims expense.
The increase in other operating expenses in the third quarter of
2024 compared to a year ago was primarily due to an increase in
salaries and other personnel expense, as well as an increase in
OREO expense due to a gain on sale recorded in the third quarter of
2023 for proceeds received related to a government guarantee on an
OREO property sold in December 2022.
Income Tax Provision
In the third quarter of 2024, Northrim recorded
$2.8 million in state and federal income tax expense for an
effective tax rate of 24.2%, compared to $2.5 million, or 21.9% in
the second quarter of 2024 and $1.9 million, or 18.4% in the third
quarter a year ago. The increase in the tax rate in the third
quarter of 2024 as compared to the third 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 15.66% of Alaska's total deposits as of June 30, 2024 compared
to 15.04% of Alaska's total deposits as of June 30, 2023. This
represents 62 basis points of growth in market share percentage for
Northrim during that period while, according to the FDIC, the total
deposits in Alaska were up 2.3% 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.
Northrim is committed to meeting the needs of
the diverse communities in which it operates. As a testament to
that support, the Bank has branches in four regions of Alaska
identified by the Federal Reserve as 'distressed or underserved
non-metropolitan middle-income geographies'.
Net interest income in the Community Banking
segment totaled $25.9 million in the third quarter of 2024,
compared to $24.3 million in the second quarter of 2024 and $24.1
million in the third quarter of 2023. Net interest income increased
7% in the third quarter of 2024 as compared to the second quarter
of 2024 mostly due to higher interest income on loans. This
increase was only partially offset by higher interest expense on
deposits and borrowings and lower interest income on portfolio
investments.
Other operating expenses in the Community
Banking segment totaled $19.1 million in the third quarter of 2024,
up $588,000 or 3% from $18.5 million in the second quarter of
2024, and up $2.1 million or 13% from $16.9 million in the third
quarter a year ago. The increase in the third quarter of 2024 as
compared to the prior quarter was mostly due to an increases in
salaries and other personnel expense, marketing expense, and
professional fees. The increase in the third quarter of 2024 as
compared to the third quarter a year ago was primarily due to an
increase in OREO expense due to a gain on sale recorded in the
third quarter of 2023 for proceeds received related to a government
guarantee on an OREO property sold in December 2022, as well as
increases in salaries and other personnel expense and marketing
expense.
The following tables provide highlights of the
Community Banking segment of Northrim:
|
|
Three Months Ended |
|
|
September |
|
March 31, |
December |
September |
|
(Dollars in thousands, except per share data) |
30, 2024 |
June 30, 2024 |
|
2024 |
|
31, 2023 |
|
30, 2023 |
| Net
interest income |
$25,901 |
$24,278 |
$24,215 |
$24,456 |
$24,050 |
|
(Benefit) provision for credit losses |
1,492 |
(184) |
|
197 |
|
885 |
|
1,190 |
| Other
operating income |
4,540 |
3,693 |
|
3,813 |
|
4,048 |
|
3,597 |
| Other
operating expense |
19,085 |
18,497 |
|
17,552 |
|
18,516 |
|
16,946 |
|
Income before provision for income taxes |
9,864 |
9,658 |
|
10,279 |
|
9,103 |
|
9,511 |
|
Provision for income taxes |
2,316 |
2,004 |
|
2,242 |
|
1,941 |
|
1,709 |
|
Net income |
$7,548 |
$7,654 |
$8,037 |
$7,162 |
$7,802 |
| Weighted
average shares outstanding, diluted |
5,583,055 |
5,558,580 |
|
5,554,930 |
|
5,578,491 |
|
5,624,906 |
| Diluted
earnings per share |
$1.34 |
$1.37 |
$1.45 |
$1.29 |
$1.39 |
|
|
Year-to-date |
| (Dollars
in thousands, except per share data) |
September 30, 2024 |
September 30, 2023 |
|
Net interest income |
$ |
74,394 |
$ |
71,502 |
|
Provision for credit losses |
|
1,505 |
|
2,957 |
| Other
operating income |
|
12,046 |
|
9,564 |
| Other
operating expense |
|
55,134 |
|
52,168 |
|
Income before provision for income taxes |
|
29,801 |
|
25,941 |
|
Provision for income taxes |
|
6,562 |
|
5,216 |
|
Net income Community Banking segment |
$ |
23,239 |
$ |
20,725 |
| Weighted
average shares outstanding, diluted |
|
5,574,135 |
|
5,688,687 |
| Diluted
earnings per share |
$ |
4.16 |
$ |
3.64 |
Home Mortgage
Lending
During the third quarter of 2024, mortgage loans
funded for sale increased to $210.0 million, compared
to $152.3 million in the second quarter of 2024, and $131.9
million in the third quarter of 2023.
During the third quarter of 2024, the Bank
purchased Residential Mortgage-originated loans of $38.1 million of
which roughly two-thirds were jumbos and one-third were mortgages
for second homes, with a weighted average interest rate of 6.59%,
up from $29.2 million and 6.82% in the second quarter of 2024, and
up from $21.6 million and 6.60% in the third 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 $2.9 million to total revenue in the third
quarter of 2024, up from $2.8 million in the prior quarter, and up
from $2.3 million in the third quarter a year ago.
The Arizona, Colorado, and the Pacific Northwest
mortgage expansion markets were responsible for 20% of Residential
Mortgage's $248 million total production in the third quarter of
2024, 22% of $182 million total production in the second quarter of
2024, and 8% of $153 million total production in the third quarter
of 2023.
The net change in fair value of mortgage
servicing rights decreased mortgage banking income by $968,000
during the third quarter of 2024 compared to a decrease of $81,000
for the second quarter of 2024 and a decrease of $310,000 for
the third quarter of 2023. Mortgage servicing revenue increased to
$2.6 million in the third quarter of 2024 from $2.2 million in the
prior quarter and from $2.4 million in the third quarter of 2023
due to an increase in production of Alaska Housing Finance
Corporation (AHFC) mortgages, which contribute to servicing
revenues at origination. In the third quarter of 2024, the
Company's servicing portfolio increased $64.8 million, which
included $87.3 million in new mortgage loans, net of
amortization and payoffs of $22.5 million as compared to a net
increase of $41.8 million in the second quarter of 2024 and $58.2
million in the third quarter of 2023.
As of September 30, 2024, Northrim serviced
4,187 loans in its $1.17 billion home-mortgage-servicing portfolio,
a 6% increase compared to the $1.10 billion serviced as of the end
of the second quarter of 2024, and a 19% increase from the $982.1
million serviced a year ago.
The following tables provide highlights of the Home Mortgage
Lending segment of Northrim:
| |
Three Months Ended |
|
| |
|
September |
|
|
|
March 31, |
|
|
December |
|
|
September |
|
| (Dollars in thousands, except per
share data) |
|
30, 2024 |
|
June 30, 2024 |
|
2024 |
|
|
31, 2023 |
|
|
30, 2023 |
|
| Mortgage commitments |
$77,591 |
|
$88,006 |
|
$56,208 |
|
$22,926 |
|
$50,128 |
|
| Mortgage loans funded for
sale |
$209,960 |
|
$152,339 |
|
$84,324 |
|
$79,742 |
|
$131,863 |
|
|
Mortgage loans funded for investment |
|
38,087 |
|
|
29,175 |
|
|
17,403 |
|
|
27,114 |
|
|
21,585 |
|
| Total mortgage loans funded |
$248,047 |
|
$181,514 |
|
$101,727 |
|
$106,856 |
|
$153,448 |
|
| Mortgage loan refinances to total
fundings |
|
6 |
% |
|
6 |
% |
|
4 |
% |
|
4 |
% |
|
5 |
% |
| Mortgage loans serviced for
others |
$1,166,585 |
|
$1,101,800 |
|
$1,060,007 |
|
$1,044,516 |
|
$982,098 |
|
| Net realized gains on mortgage
loans sold |
$5,079 |
|
$3,188 |
|
$1,980 |
|
$1,462 |
|
$2,491 |
|
| Change in fair value of mortgage
loan commitments, net |
|
60 |
|
|
391 |
|
|
386 |
|
|
(296 |
) |
|
(289 |
) |
| Total production revenue |
|
5,139 |
|
|
3,579 |
|
|
2,366 |
|
|
1,166 |
|
|
2,202 |
|
| Mortgage servicing revenue |
|
2,583 |
|
|
2,164 |
|
|
1,561 |
|
|
2,180 |
|
|
2,396 |
|
|
Change in fair value of mortgage servicing rights: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to changes in model inputs of assumptions1 |
|
(566 |
) |
|
239 |
|
|
289 |
|
|
(707 |
) |
|
— |
|
|
Other2 |
|
(402 |
) |
|
(320 |
) |
|
(314 |
) |
|
(301 |
) |
|
(310 |
) |
| Total mortgage servicing revenue,
net |
|
1,615 |
|
|
2,083 |
|
|
1,536 |
|
|
1,172 |
|
|
2,086 |
|
| Other mortgage banking
revenue |
|
293 |
|
|
222 |
|
|
129 |
|
|
99 |
|
|
117 |
|
|
Total mortgage banking income |
$7,047 |
|
$5,884 |
|
$4,031 |
|
$2,437 |
|
$4,405 |
|
| |
|
|
|
|
|
| Net interest income |
$2,941 |
|
$2,775 |
|
$2,232 |
|
$2,276 |
|
$2,300 |
|
| Provision (benefit) for credit
losses |
|
571 |
|
|
64 |
|
|
(48 |
) |
|
— |
|
|
— |
|
| Mortgage banking income |
|
7,047 |
|
|
5,884 |
|
|
4,031 |
|
|
2,437 |
|
|
4,405 |
|
| Other operating expense |
|
7,643 |
|
|
6,697 |
|
|
6,086 |
|
|
5,477 |
|
|
5,951 |
|
|
Income (loss) before provision for income taxes |
|
1,774 |
|
|
1,898 |
|
|
225 |
|
|
(764 |
) |
|
754 |
|
| Provision (benefit) for income
taxes |
|
497 |
|
|
532 |
|
|
63 |
|
|
(215 |
) |
|
182 |
|
|
Net income (loss) |
$1,277 |
|
$1,366 |
|
$162 |
|
|
($549 |
) |
$572 |
|
| Weighted average shares
outstanding, diluted |
|
5,583,055 |
|
|
5,558,580 |
|
|
5,554,930 |
|
|
5,578,491 |
|
|
5,624,906 |
|
| Diluted earnings per share |
$0.23 |
|
$0.25 |
|
$0.03 |
|
|
($0.10 |
) |
$0.09 |
|
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.
| |
Year-to-date |
| (Dollars in thousands, except per
share data) |
September 30, 2024 |
September 30, 2023 |
| Mortgage loans funded for
sale |
$446,623 |
|
$296,412 |
|
|
Mortgage loans funded for investment |
|
84,665 |
|
|
119,144 |
|
| Total mortgage loans funded |
$531,288 |
|
$415,556 |
|
| Mortgage loan refinances to total
fundings |
|
6 |
% |
|
5 |
% |
| |
|
|
|
|
| Net realized gains on mortgage
loans sold |
$10,247 |
|
$6,366 |
|
| Change in fair value of mortgage
loan commitments, net |
|
837 |
|
|
194 |
|
| Total production revenue |
|
11,084 |
|
|
6,560 |
|
| Mortgage servicing revenue |
|
6,308 |
|
|
5,188 |
|
|
Change in fair value of mortgage servicing rights: |
|
|
|
|
|
|
|
Due to changes in model inputs of assumptions1 |
|
(38 |
) |
|
(215 |
) |
|
Other2 |
|
(1,036 |
) |
|
(1,464 |
) |
| Total mortgage servicing revenue,
net |
|
5,234 |
|
|
3,509 |
|
| Other mortgage banking
revenue |
|
644 |
|
|
257 |
|
|
Total mortgage banking income |
$16,962 |
|
$10,326 |
|
| Net interest income |
$7,948 |
|
$5,022 |
|
| Provision for credit losses |
|
587 |
|
|
— |
|
| Mortgage banking income |
|
16,962 |
|
|
10,326 |
|
| Other operating expense |
|
20,426 |
|
|
18,020 |
|
|
Income before provision for income taxes |
|
3,897 |
|
|
(2,672 |
) |
| Provision for income taxes |
|
1,092 |
|
|
(728 |
) |
|
Net (loss) income Home Mortgage Lending segment |
$2,805 |
|
|
($1,944 |
) |
| Weighted average shares
outstanding, diluted |
|
5,574,135 |
|
|
5,688,687 |
|
| Diluted (loss) earnings per
share |
$0.51 |
|
|
($0.34 |
) |
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 $2.96 billion at
September 30, 2024, up 5% from the preceding quarter and up 6% from
a year ago. Northrim’s loan-to-deposit ratio was 76% at September
30, 2024, consistent with 76% at June 30, 2024,and up from 71% at
September 30, 2023.
At September 30, 2024, our liquid assets,
investments, and loans maturing within one year were $1.07 billion
and our funds available for borrowing under our existing lines of
credit were $641.7 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 $2.67
billion in the third quarter of 2024, up 4% from $2.57 billion in
the second quarter of 2024 and up 6% from $2.52 billion in the
third quarter a year ago. The average yield on interest- earning
assets was 5.92% in the third quarter of 2024, up from 5.83% in the
preceding quarter and 5.48% in the third quarter a year ago.
Average investment securities decreased to
$619.0 million in the third quarter of 2024, compared to $640.0
million in the second quarter of 2024 and $715.8 million in the
third quarter a year ago. The average net tax equivalent yield on
the securities portfolio was 2.80% for the third quarter of 2024,
down from 2.82% in the preceding quarter
and up from 2.43% in the year ago quarter. The
average estimated duration of the investment portfolio at September
30, 2024, was approximately 2.3 years compared to approximately 2.8
years at September 30, 2023. As of September 30, 2024, $105.1
million of available for sale securities with a weighted average
yield of 0.61% are scheduled to mature in the next six months,
$73.0 million with a weighted average yield of 2.48% are scheduled
to mature in six months to one year, and $177.8 million with a
weighted average yield of 1.31% are scheduled to mature in the
following year, representing a total of $355.9 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 $7.6 million in the
third quarter of 2024 resulting in total unrealized loss, net of
tax, of $7.6 million compared to $15.2 million at June 30, 2024,
and $26.5 million a year ago. The average maturity of the
available for sale securities with the majority of the unrealized
loss is 1.3 years. Total unrealized losses on held to maturity
securities were $2.1 million at September 30, 2024, compared to
$3.0 million at June 30, 2024, and $4.5 million a year ago.
Average interest bearing deposits in other banks
increased to $28.4 million in the third quarter of 2024 from $17.4
million in the second quarter of 2024 and decreased from $42.3
million in the third quarter of 2023, as deposit balances increased
and cash was used to fund the loan growth and provide
liquidity.
Portfolio loans were $2.01 billion at September
30, 2024, up 7% from the preceding quarter and up 17% from a year
ago. Portfolio loans, excluding consumer mortgage loans, were $1.76
billion at September 30, 2024, up $105.2 million or 6% from the
preceding quarter and up 14% from a year ago. This increase was
diversified throughout the loan portfolio including commercial real
estate nonowner-occupied and multi-family loans increasing by $33.2
million, construction loans increasing by $31.4 million, and
commercial real estate owner-occupied loans increasing $29.0
million from the preceding quarter. Average portfolio loans in the
third quarter of 2024 were $1.93 billion, which was up 5% from the
preceding quarter and up 14% from a year ago. Yields on average
portfolio loans in the third quarter of 2024 increased to 6.91%
from 6.87% in the second quarter and from 6.61% in the third
quarter of 2023. The increase in the yield on portfolio loans in
the third quarter of 2024 compared to the second quarter of 2024
and the third 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 7.43% in the third quarter of 2024 as compared to 8.26% in the
second quarter of 2024 and 7.75% in the third quarter of 2023. The
drop in yields on new loan production was largely related to the
large volume of new commercial real estate versus commercial loans,
as noted above, as well as slightly better credit quality of the
loans originated in the third quarter of 2024.
Alaskans continue to account for substantially
all of Northrim’s deposit base. Total deposits were $2.63 billion
at September 30, 2024, up 7% from $2.46 billion at June 30, 2024,
and up 8% from $2.43 billion a year ago. “The increase in deposits
in the third quarter of 2024 were consistent with our customers'
business cycles and a result of continued acquisition of new
relationships,” said Ballard. At September 30, 2024, 73% of total
deposits were held in business accounts and 27% of deposit balances
were held in consumer accounts. Northrim had approximately 34,000
deposit customers with an average balance of $48,000 as of
September 30, 2024. Northrim had 22 customers with balances over
$10 million as of September 30, 2024, which accounted for $978.4
million, or 38%, of total deposits. Demand deposits increased by 8%
from the prior quarter and decreased slightly year-over-year
to$763.6 million at September 30, 2024. Demand deposits remained
consistent at 29% of total deposits at both September 30, 2024 and
June 30, 2024 down from 31% of total deposits at September 30,
2023. Average interest- bearing deposits were up 4% to $1.80
billion with an average cost of 2.24% in the third quarter of 2024,
compared to $1.73 billion and an average cost of 2.21% in the
second quarter of 2024, and up 11% compared to $1.62 billion and an
average cost of 1.75% in the third quarter of 2023. Uninsured
deposits totaled $1.12 billion or 43% of total deposits as of
September 30, 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 $260.1 million, or
$47.27 book value per share, at September 30, 2024, compared
to $247.2 million, or $44.93 book value per share, at June 30,
2024 and $225.3 million, or $40.60 book value per share, a year
ago. Tangible book value per share* was $44.36 at September 30,
2024, compared to $42.03 at June
30, 2024, and $37.72 per share a year ago. The
increase in shareholders’ equity in the third quarter of 2024 as
compared to the second quarter of 2024 was largely the result of
earnings of $8.8 million and an increase in the fair value of the
available for sale securities portfolio, which increased $7.6
million, net of tax, which were only partially offset by dividends
paid of $3.4 million. The Company did not repurchase any shares of
common stock in the third quarter of 2024 and has 110,000 shares
remaining under the current share repurchase program as of
September 30, 2024. Tangible common equity to tangible assets* was
8.28% as of September 30, 2024, compared to 8.24% as of June 30,
2024 and 7.54% as of September 30, 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 11.53% at September 30, 2024, compared to 11.68%
at June 30, 2024, and 11.67% at September 30, 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 $5.3 million at September 30, 2024, up
from $5.1 million at June 30, 2024 and $5.2 million a year
ago. Of the NPAs at September 30, 2024, $3.0 million, or 61%, are
nonaccrual loans related to three commercial relationships.
Net adversely classified loans were $6.5 million
at September 30, 2024, as compared to $7.1 million at June 30,
2024, and $7.3 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
$96,000 in the third quarter of 2024, compared to net loan
recoveries of $26,000 in the second quarter of 2024, and net loan
recoveries of $96,000 in the third quarter of 2023. Additionally,
Northrim had 11 loan modifications to borrowers experiencing
financial difficulty totaling $3.1 million, net of government
guarantees in the third quarter of 2024.
Northrim had $127.4 million, or 6% of portfolio
loans, in the Healthcare sector, $110.4 million, or 5% of portfolio
loans, in the Tourism sector, $96.6 million, or 5% of portfolio
loans, in the Accommodations sector, $83.6 million, or 4% of
portfolio loans, in the Fishing sector, $70.6 million, or 3% of
portfolio loans, in the Aviation (non-tourism) sector, $67.7
million, or 3% of portfolio loans, in the Retail sector, and $53.1
million, or 3% in the Restaurants and Breweries sector as of
September 30, 2024.
Northrim estimates that $82.0 million, or
approximately 4% of portfolio loans, had direct exposure to the oil
and gas industry in Alaska, as of September 30, 2024, and $1.6
million of these loans are adversely classified. As of September
30, 2024, Northrim has an additional $29.7 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; 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.
References:
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.aspxhttps://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials
Income Statement
| (Dollars
in thousands, except per share data) |
Three Months Ended |
Year-t |
o-date |
|
(Unaudited) |
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
|
|
|
2024 |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Interest
Income: |
|
|
|
|
|
|
|
|
|
| Interest
and fees on loans |
$34,863 |
$32,367 |
|
$29,097 |
|
$97,680 |
|
$79,104 |
|
|
Interest on portfolio investments |
|
4,164 |
|
4,310 |
|
|
4,727 |
|
|
12,994 |
|
|
14,018 |
|
|
Interest on deposits in banks |
|
389 |
|
232 |
|
|
584 |
|
|
1,459 |
|
|
2,901 |
|
|
Total interest income |
|
39,416 |
|
36,909 |
|
|
34,408 |
|
|
112,133 |
|
|
96,023 |
|
| Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on deposits |
|
10,123 |
|
9,476 |
|
|
7,138 |
|
|
28,779 |
|
|
17,835 |
|
|
Interest expense on borrowings |
|
451 |
|
380 |
|
|
920 |
|
|
1,012 |
|
|
1,664 |
|
|
Total interest expense |
|
10,574 |
|
9,856 |
|
|
8,058 |
|
|
29,791 |
|
|
19,499 |
|
|
Net interest income |
|
28,842 |
|
27,053 |
|
|
26,350 |
|
|
82,342 |
|
|
76,524 |
|
|
(Benefit) provision for credit losses |
|
2,063 |
|
(120 |
) |
|
1,190 |
|
|
2,092 |
|
|
2,957 |
|
|
Net interest income after provision for credit losses |
|
26,779 |
|
27,173 |
|
|
25,160 |
|
|
80,250 |
|
|
73,567 |
|
| Other
Operating Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income |
|
7,047 |
|
5,884 |
|
|
4,405 |
|
|
16,962 |
|
|
10,326 |
|
|
Bankcard fees |
|
1,196 |
|
1,105 |
|
|
1,022 |
|
|
3,218 |
|
|
2,916 |
|
|
Purchased receivable income |
|
1,033 |
|
1,242 |
|
|
1,180 |
|
|
3,620 |
|
|
3,175 |
|
|
Service charges on deposit accounts |
|
605 |
|
572 |
|
|
550 |
|
|
1,726 |
|
|
1,512 |
|
|
Unrealized gain (loss) on marketable equity securities |
|
576 |
|
(60 |
) |
|
12 |
|
|
830 |
|
|
(445 |
) |
|
Other income |
|
1,130 |
|
834 |
|
|
833 |
|
|
2,652 |
|
|
2,406 |
|
|
Total other operating income |
|
11,587 |
|
9,577 |
|
|
8,002 |
|
|
29,008 |
|
|
19,890 |
|
| Other
Operating Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other personnel expense |
|
17,549 |
|
16,627 |
|
|
15,657 |
|
|
49,593 |
|
|
46,324 |
|
|
Data processing expense |
|
2,618 |
|
2,601 |
|
|
2,589 |
|
|
7,878 |
|
|
7,321 |
|
|
Occupancy expense |
|
1,911 |
|
1,843 |
|
|
1,857 |
|
|
5,716 |
|
|
5,611 |
|
|
Professional and outside services |
|
903 |
|
726 |
|
|
803 |
|
|
2,384 |
|
|
2,326 |
|
|
Marketing expense |
|
860 |
|
690 |
|
|
499 |
|
|
2,063 |
|
|
1,996 |
|
|
Insurance expense |
|
596 |
|
692 |
|
|
640 |
|
|
2,067 |
|
|
1,844 |
|
|
OREO expense, net rental income and gains on sale |
|
2 |
|
2 |
|
|
(784 |
) |
|
(387 |
) |
|
(766 |
) |
|
Intangible asset amortization expense |
|
— |
|
— |
|
|
4 |
|
|
— |
|
|
11 |
|
|
Other operating expense |
|
2,289 |
|
2,013 |
|
|
1,631 |
|
|
6,246 |
|
|
5,521 |
|
|
Total other operating expense |
|
26,728 |
|
25,194 |
|
|
22,896 |
|
|
75,560 |
|
|
70,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
11,638 |
|
11,556 |
|
|
10,266 |
|
|
33,698 |
|
|
23,269 |
|
|
Provision for income taxes |
|
2,813 |
|
2,536 |
|
|
1,892 |
|
|
7,654 |
|
|
4,488 |
|
|
Net income |
$8,825 |
$9,020 |
|
$8,374 |
|
$26,044 |
|
$18,781 |
|
|
Basic EPS |
$1.60 |
$1.64 |
|
$1.50 |
|
$4.73 |
|
$3.34 |
|
|
Diluted EPS |
$1.57 |
$1.62 |
|
$1.48 |
|
$4.67 |
|
$3.30 |
|
|
Weighted average shares outstanding, basic |
|
5,501,943 |
|
5,500,588 |
|
|
5,569,238 |
|
|
5,500,703 |
|
|
5,630,948 |
|
|
Weighted average shares outstanding, diluted |
|
5,583,055 |
|
5,558,580 |
|
|
5,624,906 |
|
|
5,574,135 |
|
|
5,688,687 |
|
|
Balance Sheet(Dollars in
thousands) (Unaudited) |
September 30, |
June 30, |
September 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
Assets: |
|
|
|
|
|
|
|
Cash and due from banks |
$42,805 |
|
$33,364 |
|
$31,276 |
|
|
Interest bearing deposits in other banks |
|
60,071 |
|
|
21,058 |
|
|
79,952 |
|
|
Investment securities available for sale, at fair value |
|
545,210 |
|
|
584,964 |
|
|
652,150 |
|
|
Investment securities held to maturity |
|
36,750 |
|
|
36,750 |
|
|
36,750 |
|
|
Marketable equity securities, at fair value |
|
12,957 |
|
|
12,381 |
|
|
10,615 |
|
|
Investment in Federal Home Loan Bank stock |
|
4,318 |
|
|
4,929 |
|
|
6,334 |
|
|
Loans held for sale |
|
97,937 |
|
|
85,926 |
|
|
63,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio loans |
|
2,007,565 |
|
|
1,875,907 |
|
|
1,720,091 |
|
|
Allowance for credit losses, loans |
|
(19,528 |
) |
|
(17,694 |
) |
|
(16,491 |
) |
|
Net portfolio loans |
|
1,988,037 |
|
|
1,858,213 |
|
|
1,703,600 |
|
|
Purchased receivables, net |
|
23,564 |
|
|
25,722 |
|
|
34,578 |
|
|
Mortgage servicing rights, at fair value |
|
21,570 |
|
|
21,077 |
|
|
19,396 |
|
|
Other real estate owned, net |
|
— |
|
|
— |
|
|
150 |
|
|
Premises and equipment, net |
|
39,625 |
|
|
40,393 |
|
|
40,920 |
|
|
Lease right of use asset |
|
7,616 |
|
|
8,244 |
|
|
9,673 |
|
|
Goodwill and intangible assets |
|
15,967 |
|
|
15,967 |
|
|
15,973 |
|
|
Other assets |
|
66,965 |
|
|
72,680 |
|
|
85,671 |
|
|
Total assets |
$2,963,392 |
|
$2,821,668 |
|
$2,790,189 |
|
|
Liabilities: |
|
|
|
|
|
|
|
Demand deposits |
$763,595 |
|
$704,471 |
|
$764,647 |
|
|
Interest-bearing demand |
|
979,238 |
|
|
906,010 |
|
|
875,814 |
|
|
Savings deposits |
|
245,043 |
|
|
238,156 |
|
|
265,799 |
|
|
Money market deposits |
|
201,821 |
|
|
195,159 |
|
|
230,814 |
|
|
Time deposits |
|
435,870 |
|
|
420,010 |
|
|
290,856 |
|
|
Total deposits |
|
2,625,567 |
|
|
2,463,806 |
|
|
2,427,930 |
|
|
Other borrowings |
|
13,354 |
|
|
43,961 |
|
|
63,781 |
|
|
Junior subordinated debentures |
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
Lease liability |
|
7,635 |
|
|
8,269 |
|
|
9,673 |
|
|
Other liabilities |
|
46,476 |
|
|
48,122 |
|
|
53,236 |
|
|
Total liabilities |
|
2,703,342 |
|
|
2,574,468 |
|
|
2,564,930 |
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
260,050 |
|
|
247,200 |
|
|
225,259 |
|
|
Total liabilities and shareholders’ equity |
$2,963,392 |
|
$2,821,668 |
|
$2,790,189 |
|
Additional Financial Information(Dollars in
thousands) (Unaudited)
Composition of
Portfolio Loans
|
|
|
September 30,2024 |
June 30, 2024 |
March 31, 2024 |
December 31,2023 |
September 30,2023 |
|
|
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
|
Commercial loans |
$492,414 |
|
24 |
% |
$495,781 |
|
26 |
% |
$475,220 |
|
26 |
% |
$486,057 |
|
27 |
% |
$492,145 |
|
28 |
% |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
Owner occupied properties |
|
412,827 |
|
20 |
% |
|
383,832 |
|
20 |
% |
|
372,507 |
|
20 |
% |
|
368,357 |
|
20 |
% |
|
359,019 |
|
21 |
% |
|
Nonowner occupied and |
|
|
|
|
|
|
|
|
|
|
|
multifamily properties |
|
584,302 |
|
31 |
% |
|
551,130 |
|
30 |
% |
|
529,904 |
|
30 |
% |
|
519,115 |
|
30 |
% |
|
509,939 |
|
30 |
% |
|
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
1-4 family properties |
|
|
|
|
|
|
|
|
|
|
|
secured by first liens |
|
248,514 |
|
12 |
% |
|
222,026 |
|
12 |
% |
|
218,552 |
|
12 |
% |
|
203,534 |
|
11 |
% |
|
180,719 |
|
10 |
% |
|
1-4 family properties |
|
|
|
|
|
|
|
|
|
|
|
secured by junior liens & |
|
|
|
|
|
|
|
|
|
|
|
revolving secured by first liens |
|
45,262 |
|
2 |
% |
|
41,258 |
|
2 |
% |
|
35,460 |
|
2 |
% |
|
33,783 |
|
2 |
% |
|
27,342 |
|
2 |
% |
|
1-4 family construction |
|
39,794 |
|
2 |
% |
|
29,510 |
|
2 |
% |
|
27,751 |
|
2 |
% |
|
31,239 |
|
2 |
% |
|
32,374 |
|
2 |
% |
|
Construction loans |
|
185,362 |
|
9 |
% |
|
154,009 |
|
8 |
% |
|
153,537 |
|
8 |
% |
|
149,788 |
|
8 |
% |
|
120,909 |
|
7 |
% |
| Consumer
loans |
|
7,836 |
|
— |
% |
|
6,679 |
|
— |
% |
|
6,444 |
|
— |
% |
|
6,180 |
|
— |
% |
|
5,930 |
|
— |
% |
|
Subtotal |
|
2,016,311 |
|
|
|
1,884,225 |
|
|
|
1,819,375 |
|
|
|
1,798,053 |
|
|
|
1,728,377 |
|
|
| Unearned
loan fees, net |
|
(8,746 |
) |
|
|
(8,318 |
) |
|
|
(8,240 |
) |
|
|
(8,556 |
) |
|
|
(8,286 |
) |
|
|
Total portfolio loans |
$2,007,565 |
|
|
$1,875,907 |
|
|
$1,811,135 |
|
|
$1,789,497 |
|
|
$1,720,091 |
|
|
Composition of
Deposits
|
|
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|
|
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
Balance |
% of total |
| Demand
deposits |
$763,595 |
29 |
% |
$704,471 |
29 |
% |
$714,244 |
29 |
% |
$749,683 |
31 |
% |
$764,647 |
31 |
% |
|
Interest-bearing demand |
|
979,238 |
37 |
% |
|
906,010 |
36 |
% |
|
889,581 |
37 |
% |
|
927,291 |
37 |
% |
|
875,814 |
36 |
% |
| Savings
deposits |
|
245,043 |
9 |
% |
|
238,156 |
10 |
% |
|
246,902 |
10 |
% |
|
255,338 |
10 |
% |
|
265,799 |
11 |
% |
| Money
market deposits |
|
201,821 |
8 |
% |
|
195,159 |
8 |
% |
|
209,785 |
9 |
% |
|
221,492 |
9 |
% |
|
230,814 |
10 |
% |
| Time
deposits |
|
435,870 |
17 |
% |
|
420,010 |
17 |
% |
|
373,571 |
15 |
% |
|
331,251 |
13 |
% |
|
290,856 |
12 |
% |
|
Total deposits |
$2,625,567 |
|
$2,463,806 |
|
$2,434,083 |
|
$2,485,055 |
|
$2,427,930 |
|
Additional Financial
Information(Dollars in thousands) (Unaudited)
Asset Quality
|
|
|
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
|
Nonaccrual loans |
$4,944 |
|
$4,830 |
|
$6,492 |
|
| Loans 90
days past due and accruing |
|
17 |
|
17 |
|
28 |
|
|
Total nonperforming loans |
|
4,961 |
|
4,847 |
|
6,520 |
|
|
Nonperforming loans guaranteed by government |
|
— |
|
— |
|
(1,455) |
|
|
Net nonperforming loans |
|
4,961 |
|
4,847 |
|
5,065 |
|
| Other
real estate owned |
— |
|
— |
|
150 |
|
|
Repossessed assets |
297 |
|
297 |
|
— |
|
|
Net nonperforming assets |
$5,258 |
|
$5,144 |
|
$5,215 |
|
|
Nonperforming loans, net of government guarantees / portfolio
loans |
|
0.25 |
% |
0.26 |
% |
0.29 |
% |
|
Nonperforming loans, net of government guarantees / portfolio
loans, net of government guarantees |
|
0.26 |
% |
0.28 |
% |
0.31 |
% |
|
Nonperforming assets, net of government guarantees / total
assets |
|
0.18 |
% |
0.18 |
% |
0.19 |
% |
|
Nonperforming assets, net of government guarantees / total
assets net of government guarantees |
|
0.19 |
% |
0.19 |
% |
0.19 |
% |
|
Adversely classified loans, net of government guarantees |
$6,503 |
|
$7,068 |
|
$7,250 |
|
| Special
mention loans, net of government guarantees |
$9,641 |
|
$8,902 |
|
$5,457 |
|
| Loans
30-89 days past due and accruing, net of government guarantees /
portfolio loans |
|
0.08 |
% |
0.03 |
% |
— |
% |
| Loans
30-89 days past due and accruing, net of government guarantees /
portfolio loans, net of government guarantees |
|
0.09 |
% |
0.04 |
% |
— |
% |
|
Allowance for credit losses / portfolio loans |
|
0.97 |
% |
0.94 |
% |
0.96 |
% |
|
Allowance for credit losses / portfolio loans, net of government
guarantees |
|
1.04 |
% |
1.01 |
% |
1.02 |
% |
|
Allowance for credit losses / nonperforming loans, net of
government guarantees |
|
394 |
% |
365 |
% |
326 |
% |
| Gross
loan charge-offs for the quarter |
$15 |
|
$— |
|
$91 |
|
| Gross
loan recoveries for the quarter |
|
($111) |
|
($26) |
|
($187) |
|
| Net loan
(recoveries) charge-offs for the quarter |
|
($96) |
|
($26) |
|
($96) |
|
| Net loan
charge-offs (recoveries) year-to-date |
|
($164) |
|
($68) |
|
($134) |
|
| Net loan
charge-offs (recoveries) for the quarter / average loans, for the
quarter |
|
— |
% |
— |
% |
(0.01) |
% |
| Net loan
charge-offs (recoveries) year-to-date / average
loans, year-to-date annualized |
|
(0.01) |
% |
(0.01) |
% |
(0.01) |
% |
|
|
|
|
|
Additional Financial Information(Dollars in
thousands) (Unaudited)
Average Balances,
Yields, and
Rates
|
|
Three Months Ended |
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
|
|
Average Balance |
AverageTax EquivalentYield/Rate |
Average Balance |
AverageTax EquivalentYield/Rate |
Average Balance |
AverageTax EquivalentYield/Rate |
|
Assets |
|
|
|
|
|
|
|
Interest bearing deposits in other banks |
$ |
28,409 |
|
5.28 |
% |
$ |
17,352 |
|
5.27 |
% |
$ |
42,273 |
|
5.39 |
% |
|
Portfolio investments |
|
619,012 |
|
2.80 |
% |
|
639,980 |
|
2.82 |
% |
|
715,767 |
|
2.43 |
% |
| Loans
held for sale |
|
93,689 |
|
6.20 |
% |
|
65,102 |
|
6.08 |
% |
|
62,350 |
|
6.34 |
% |
|
Portfolio loans |
|
1,933,181 |
|
6.91 |
% |
|
1,845,832 |
|
6.87 |
% |
|
1,695,736 |
|
6.61 |
% |
|
Total interest-earning assets |
|
2,674,291 |
|
5.92 |
% |
|
2,568,266 |
|
5.83 |
% |
|
2,516,126 |
|
5.48 |
% |
|
Nonearning assets |
|
196,266 |
|
|
|
204,509 |
|
|
|
205,770 |
|
|
|
Total assets |
$ |
2,870,557 |
|
|
$ |
2,772,775 |
|
|
$ |
2,721,896 |
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
1,796,107 |
|
2.24 |
% |
$ |
1,725,013 |
|
2.21 |
% |
$ |
1,619,478 |
|
1.75 |
% |
|
Borrowings |
|
43,555 |
|
4.07 |
% |
|
38,390 |
|
3.92 |
% |
|
76,681 |
|
4.73 |
% |
|
Total interest-bearing liabilities |
|
1,839,662 |
|
2.29 |
% |
|
1,763,403 |
|
2.25 |
% |
|
1,696,159 |
|
1.88 |
% |
|
Noninterest-bearing demand deposits |
|
722,000 |
|
|
|
706,339 |
|
|
|
747,147 |
|
|
| Other
liabilities |
|
52,387 |
|
|
|
58,549 |
|
|
|
52,078 |
|
|
|
Shareholders’ equity |
|
256,508 |
|
|
|
244,484 |
|
|
|
226,512 |
|
|
|
Total liabilities and shareholders’ equity |
$ |
2,870,557 |
|
|
$ |
2,772,775 |
|
|
$ |
2,721,896 |
|
|
|
Net spread |
|
3.63 |
% |
|
3.58 |
% |
|
3.60 |
% |
|
NIM |
|
4.29 |
% |
|
4.24 |
% |
|
4.15 |
% |
|
NIMTE* |
|
4.35 |
% |
|
4.30 |
% |
|
4.21 |
% |
|
Cost of funds |
|
1.64 |
% |
|
1.60 |
% |
|
1.31 |
% |
|
Average portfolio loans to average |
|
|
|
|
|
|
|
interest-earning assets |
|
72.29 |
% |
|
|
71.87 |
% |
|
|
67.39 |
% |
|
|
Average portfolio loans to average total deposits |
|
76.77 |
% |
|
|
75.92 |
% |
|
|
71.65 |
% |
|
|
Average non-interest deposits to average |
|
|
|
|
|
|
|
total deposits |
|
28.67 |
% |
|
|
29.05 |
% |
|
|
31.57 |
% |
|
|
Average interest-earning assets to average |
|
|
|
|
|
|
|
interest-bearing liabilities |
|
145.37 |
% |
|
|
145.64 |
% |
|
|
148.34 |
% |
|
Additional Financial
Information(Dollars in thousands) (Unaudited)
Average Balances,
Yields, and
Rates
|
|
Year-to-date |
|
|
September 30, 2024 |
|
September 30, 2023 |
| |
Average |
AverageTax Equivalent |
|
Average |
AverageTax Equivalent |
|
Balance |
Yield/Rate |
|
Balance |
Yield/Rate |
|
Assets |
|
|
|
|
|
| Interest
bearing deposits in other banks |
$35,747 |
|
5.34 |
% |
|
$79,362 |
|
4.82 |
% |
|
Portfolio investments |
|
643,221 |
|
2.82 |
% |
|
|
723,693 |
|
2.41 |
% |
| Loans
held for sale |
|
63,917 |
|
6.14 |
% |
|
|
40,433 |
|
6.06 |
% |
|
Portfolio loans |
|
1,857,756 |
|
6.85 |
% |
|
|
1,608,293 |
|
6.46 |
% |
|
Total interest-earning assets |
|
2,600,641 |
|
5.81 |
% |
|
|
2,451,781 |
|
5.30 |
% |
|
Nonearning assets |
|
200,619 |
|
|
|
|
192,430 |
|
|
|
Total assets |
$2,801,260 |
|
|
|
$2,644,211 |
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
Interest-bearing deposits |
$1,751,179 |
|
2.20 |
% |
|
$1,577,308 |
|
1.51 |
% |
|
Borrowings |
|
35,327 |
|
3.76 |
% |
|
|
52,075 |
|
4.23 |
% |
|
Total interest-bearing liabilities |
|
1,786,506 |
|
2.23 |
% |
|
|
1,629,383 |
|
1.60 |
% |
|
Noninterest-bearing demand deposits |
|
711,197 |
|
|
|
|
746,251 |
|
|
| Other
liabilities |
|
57,097 |
|
|
|
|
42,596 |
|
|
|
Shareholders' equity |
|
246,460 |
|
|
|
|
225,981 |
|
|
|
Total liabilities and shareholders' equity |
$2,801,260 |
|
|
|
$2,644,211 |
|
|
|
Net spread |
|
3.58 |
% |
|
|
3.70 |
% |
|
NIM |
|
4.23 |
% |
|
|
4.17 |
% |
|
NIMTE* |
|
4.29 |
% |
|
|
4.24 |
% |
|
Cost of funds |
|
1.59 |
% |
|
|
1.10 |
% |
|
Average portfolio loans to average interest-earning assets |
|
71.43 |
% |
|
|
|
65.60 |
% |
|
|
Average portfolio loans to average total deposits |
|
75.45 |
% |
|
|
|
69.22 |
% |
|
|
Average non-interest deposits to average total deposits |
|
28.88 |
% |
|
|
|
32.12 |
% |
|
|
Average interest-earning assets to average interest-bearing
liabilities |
|
145.57 |
% |
|
|
|
150.47 |
% |
|
Additional Financial Information (Dollars in
thousands, except per share data) (Unaudited)
Capital Data
(At quarter
end)
| |
|
|
| |
|
|
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
| Book value per
share |
|
|
|
|
|
$47.27 |
|
$44.93 |
|
$40.60 |
|
| Tangible book
value per share* |
|
|
|
|
|
$44.36 |
|
$42.03 |
|
$37.72 |
|
| Total
shareholders’ equity/total assets |
|
|
|
|
|
8.78 |
% |
8.76 |
% |
|
8.07 |
% |
| Tangible Common
Equity/Tangible Assets* |
|
|
|
|
|
8.28 |
% |
8.24 |
% |
|
7.54 |
% |
| Tier 1 Capital /
Risk Adjusted Assets |
|
|
|
|
|
11.53 |
% |
11.68 |
% |
|
11.67 |
% |
| Total Capital /
Risk Adjusted Assets |
|
|
|
|
|
12.50 |
% |
12.58 |
% |
|
12.58 |
% |
| Tier 1 Capital /
Average Assets |
|
|
|
|
|
9.08 |
% |
9.17 |
% |
|
9.02 |
% |
| Shares
outstanding |
|
|
|
|
|
5,501,943 |
|
5,501,562 |
|
|
5,548,436 |
|
| Total unrealized
loss on AFS debt securities, net of income taxes |
|
|
|
|
|
($7,617) |
|
($15,197) |
|
|
($26,526 |
) |
| Total unrealized
gain on derivatives and hedging activities, net of income
taxes |
|
|
|
|
|
$863 |
|
$1,212 |
|
$1,485 |
|
| |
|
|
|
Profitability Ratios |
|
|
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30,2023 |
| For the
quarter: |
|
|
|
NIM |
|
|
|
|
4.29% |
|
4.24% |
|
4.16% |
|
4.06% |
|
|
4.15% |
|
|
NIMTE* |
|
|
|
|
4.35% |
|
4.30% |
|
4.22% |
|
4.12% |
|
|
4.21% |
|
|
Efficiency ratio |
|
|
|
|
66.11% |
|
68.78% |
|
68.93% |
|
72.21% |
|
|
66.64% |
|
|
Return on average assets |
|
|
|
|
1.22% |
|
1.31% |
|
1.19% |
|
0.93% |
|
|
1.22% |
|
|
Return on average equity |
|
|
|
|
13.69% |
|
14.84% |
|
13.84% |
|
11.36% |
|
|
14.67% |
|
|
|
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
Year-to-date: |
|
|
|
|
NIM |
4.23 |
% |
4.17 |
% |
|
NIMTE* |
4.29 |
% |
4.24 |
% |
|
Efficiency ratio |
67.86 |
% |
72.79 |
% |
|
Return on average assets |
1.24 |
% |
0.95 |
% |
|
Return on average equity |
14.12 |
% |
11.11 |
% |
*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 for the periods
indicated.
| |
Three Months Ended |
| |
|
September 30, |
|
|
|
March 31, |
|
|
December |
|
|
September 30, |
|
| |
|
2024 |
|
June 30, 2024 |
|
2024 |
|
|
31, 2023 |
|
|
2023 |
|
| Net interest income |
$28,842 |
|
$27,053 |
|
$26,447 |
|
$26,732 |
|
$26,350 |
|
|
Divided by average interest-bearing assets |
|
2,674,291 |
|
|
2,568,266 |
|
|
2,558,558 |
|
|
2,612,297 |
|
|
2,516,126 |
|
| Net interest margin
(“NIM”)2 |
|
4.29 |
% |
|
4.24 |
% |
|
4.16 |
% |
|
4.06 |
% |
|
4.15 |
% |
|
Net interest income |
$28,842 |
|
$27,053 |
|
$26,447 |
|
$26,732 |
|
$26,350 |
|
|
Plus: reduction in tax expense related to tax-exempt interest
income |
|
385 |
|
|
378 |
|
|
379 |
|
|
374 |
|
|
373 |
|
|
|
|
$29,227 |
|
|
$27,431 |
|
|
$26,826 |
|
|
$27,106 |
|
|
$26,723 |
|
|
Divided by average interest-bearing assets NIMTE2 |
|
2,674,291 |
|
|
2,568,266 |
|
|
2,558,558 |
|
|
2,612,297 |
|
|
2,516,126 |
|
|
|
|
4.35 |
% |
|
4.30 |
% |
|
4.22 |
% |
|
4.12 |
% |
|
4.21 |
% |
|
|
Year-to-date |
| |
September 30, |
September 30, |
|
|
2024 |
|
|
2023 |
|
| Net
interest income |
$82,342 |
|
$76,524 |
|
|
Divided by average interest-bearing assets |
|
2,600,641 |
|
|
2,451,781 |
|
| Net
interest margin ("NIM")3 |
|
4.23 |
% |
|
4.17 |
% |
| Net
interest incomePlus: reduction in tax expense related to |
$82,342 |
|
$76,524 |
|
|
tax-exempt interest income |
|
1,142 |
|
|
1,202 |
|
|
|
$83,484 |
|
$77,726 |
|
| Divided
by average interest-bearing assets |
|
2,600,641 |
|
|
2,451,781 |
|
|
NIMTE3 |
|
4.29 |
% |
|
4.24 |
% |
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.
3Calculated using actual days in the year divided by 366 for
year-to-date period in 2024 and 365 for year-to-date period 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 for the periods indicated.
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| Total
shareholders’ equity |
$260,050 |
$247,200 |
$239,327 |
$234,718 |
$225,259 |
| Divided
by shares outstanding |
|
5,502 |
|
5,502 |
|
5,500 |
|
5,513 |
|
5,548 |
| Book
value per share |
$47.27 |
$44.93 |
$43.52 |
$42.57 |
$40.60 |
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| Total
shareholders’ equity |
$260,050 |
$247,200 |
$239,327 |
$234,718 |
$225,259 |
| Less:
goodwill and intangible assets |
|
15,967 |
|
15,967 |
|
15,967 |
|
15,967 |
|
15,973 |
|
|
$244,083 |
$231,233 |
$223,360 |
$218,751 |
$209,286 |
| Divided
by shares outstanding |
|
5,502 |
|
5,502 |
|
5,500 |
|
5,513 |
|
5,548 |
| Tangible
book value per share |
$44.36 |
$42.03 |
$40.61 |
$39.68 |
$37.72 |
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. |
September 30, |
|
|
March 31, |
|
December |
September 30, |
|
|
2024 |
June 30, 2024 |
|
2024 |
|
|
31, 2023 |
|
|
2023 |
|
| Total
shareholders’ equity |
$260,050 |
$247,200 |
$239,327 |
|
$234,718 |
|
$225,259 |
|
| Total
assets |
2,963,392 |
2,821,668 |
|
2,759,560 |
|
|
2,807,497 |
|
|
2,790,189 |
|
| Total
shareholders’ equity to total assets |
8.78 % |
8.76 % |
|
8.67 |
% |
|
8.36 |
% |
|
8.07 |
% |
|
Northrim BanCorp,
Inc. |
September 30, |
|
March 31, |
December |
September 30, |
|
|
2024 |
June 30, 2024 |
|
2024 |
|
|
31, 2023 |
|
|
2023 |
|
| Total
shareholders’ equity |
$260,050 |
$247,200 |
$239,327 |
|
$234,718 |
|
$225,259 |
|
| Less:
goodwill and other intangible assets, net |
15,967 |
15,967 |
|
15,967 |
|
|
15,967 |
|
|
15,973 |
|
| Tangible
common shareholders’ equity |
$244,083 |
$231,233 |
$223,360 |
|
$218,751 |
|
$209,286 |
|
| Total
assets |
$2,963,392 |
$2,821,668 |
$2,759,560 |
|
$2,807,497 |
|
$2,790,189 |
|
| Less:
goodwill and other intangible assets, net |
15,967 |
15,967 |
|
15,967 |
|
|
15,967 |
|
|
15,973 |
|
| Tangible
assets |
$2,947,425 |
$2,805,701 |
$2,743,593 |
|
$2,791,530 |
|
$2,774,216 |
|
| Tangible
common equity ratio |
8.28 % |
8.24 % |
|
8.14 |
% |
|
7.84 |
% |
|
7.54 |
% |
Note Transmitted on GlobeNewswire on October 23,
2024, at 2:30 pm Alaska Standard Time.
| |
|
|
Contact: |
Mike Huston, President, CEO, and COO |
|
|
(907) 261-8750 |
|
|
Jed Ballard, Chief Financial Officer |
|
|
(907) 261-3539 |
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
