NORTHRIM BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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FY2023 · Filed Mar 8, 2024
NRIM$23.90-0.1%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
| (In Thousands, Except Share and Per Share Data) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Interest and Dividend Income | |||
| Interest and fees on loans and loans held for sale | $108,612 | $82,785 | $79,241 |
| Interest on investment securities available for sale | 15,833 | 9,679 | 3,339 |
| Dividends on marketable equity securities | 766 | 563 | 440 |
| Interest on investment securities held to maturity | 1,893 | 1,511 | 1,037 |
| Dividends on Federal Home Loan Bank stock | 203 | 125 | 102 |
| Interest on deposits in other banks | 4,644 | 5,665 | 447 |
| Total Interest Income | 131,951 | 100,328 | 84,606 |
| Interest Expense | |||
| Interest expense on deposits | 26,511 | 4,485 | 3,077 |
| Interest expense on borrowings | 1,784 | 339 | 320 |
| Interest expense on junior subordinated debentures | 400 | 389 | 382 |
| Total Interest Expense | 28,695 | 5,213 | 3,779 |
| Net Interest Income | 103,256 | 95,115 | 80,827 |
| Provision (benefit) for credit losses | 3,842 | 1,846 | (4,099) |
| Net Interest Income After Provision (Benefit) for Credit Losses | 99,414 | 93,269 | 84,926 |
| Other Operating Income | |||
| Mortgage banking income | 12,763 | 21,572 | 42,144 |
| Purchased receivable income | 4,482 | 2,002 | 2,259 |
| Bankcard fees | 3,862 | 3,697 | 3,389 |
| Service charges on deposit accounts | 2,044 | 1,611 | 1,297 |
| Commercial servicing revenue | 554 | 1,628 | 306 |
| Unrealized gain (loss) on marketable equity securities | 120 | (1,119) | (101) |
| Keyman insurance proceeds | — | 2,002 | — |
| Gain on sale of marketable equity securities, net | — | — | 67 |
| Other income | 2,550 | 2,684 | 2,902 |
| Total Other Operating Income | 26,375 | 34,077 | 52,263 |
| Other Operating Expense | |||
| Salaries and other personnel expense | 61,741 | 58,172 | 60,412 |
| Data processing expense | 9,821 | 8,926 | 8,567 |
| Occupancy expense | 7,394 | 6,915 | 7,078 |
| Professional and outside services | 3,128 | 2,993 | 2,801 |
| Marketing expense | 2,929 | 2,747 | 2,741 |
| Insurance expense | 2,519 | 2,054 | 1,593 |
| OREO (income) expense, net of rental income and gains on sale | (794) | 500 | (432) |
| Intangible asset amortization expense | 17 | 25 | 37 |
| Other operating expense | 7,426 | 6,520 | 6,399 |
| Total Other Operating Expense | 94,181 | 88,852 | 89,196 |
| Income Before Provision for Income Taxes | 31,608 | 38,494 | 47,993 |
| Provision for income taxes | 6,214 | 7,753 | 10,476 |
| Net Income | $25,394 | $30,741 | $37,517 |
| Earnings Per Share, Basic | $4.53 | $5.33 | $6.07 |
| Earnings Per Share, Diluted | $4.49 | $5.27 | $6.00 |
| Weighted Average Shares Outstanding, Basic | 5,601,471 | 5,765,088 | 6,180,801 |
| Weighted Average Shares Outstanding, Diluted | 5,661,460 | 5,829,412 | 6,249,313 |
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