NORTHRIM BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 8, 2024
NRIM$23.90-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (In Thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating Activities: | |||
| Net income | $25,394 | $30,741 | $37,517 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
| Gain on sale of securities, net | — | — | (67) |
| Depreciation and amortization of premises | 3,294 | 3,139 | 3,276 |
| Amortization of software | 1,153 | 1,164 | 1,161 |
| Intangible asset amortization | 17 | 25 | 37 |
| Amortization of investment security premium, net of discount accretion | 483 | 630 | 529 |
| Unrealized (gain) loss on marketable equity securities | (120) | 1,119 | 101 |
| Deferred tax expense (income) | 580 | 2,110 | (1,298) |
| Stock-based compensation | 937 | 742 | 1,073 |
| Deferral of loan fees and amortization, net of costs | (54) | (2,933) | (192) |
| Provision (benefit) for credit losses | 3,842 | 1,846 | (4,099) |
| Additions to home mortgage servicing rights carried at fair value | (3,616) | (4,623) | (6,088) |
| Change in fair value of home mortgage servicing rights carried at fair value | 2,687 | (288) | 3,582 |
| Change in fair value of commercial servicing rights carried at fair value | 62 | (809) | 437 |
| Gain on sale of loans | (7,828) | (13,873) | (36,436) |
| Proceeds from the sale of loans held for sale | 379,546 | 645,518 | 1,227,150 |
| Origination of loans held for sale | (376,154) | (585,533) | (1,118,186) |
| (Gain) loss on sale of other real estate owned | (929) | 414 | (685) |
| Impairment on other real estate owned | 123 | — | — |
| Net changes in assets and liabilities: | |||
| (Increase) decrease in accrued interest receivable | (2,021) | (3,091) | 1,133 |
| Decrease (increase) in other assets | 4,344 | 5,528 | 12,739 |
| Increase (decrease) in other liabilities | 7,185 | (3,703) | (9,695) |
| Net Cash Provided by Operating Activities | 38,925 | 78,123 | 111,989 |
| Investing Activities: | |||
| Investment in securities: | |||
| Purchases of investment securities available for sale | (26,030) | (302,668) | (320,501) |
| Purchases of marketable equity securities | (2,297) | (3,934) | (493) |
| Purchases of FHLB stock | (5,703) | (730) | (573) |
| Purchases of investment securities held to maturity | — | (16,750) | (10,000) |
| Proceeds from sales/calls/maturities of securities available for sale | 82,398 | 13,417 | 135,365 |
| Proceeds from sales of marketable equity securities | — | 488 | 1,084 |
| Proceeds from redemption of FHLB stock | 6,539 | 21 | 17 |
| (Increase) decrease in purchased receivables, net | (16,848) | (13,007) | 6,935 |
| (Increase) decrease in loans, net | (287,893) | (83,839) | 28,975 |
| Proceeds from sale of other real estate owned | 1,079 | 5,224 | 2,610 |
| Purchases of software | (150) | (51) | (170) |
| Purchases of premises and equipment | (6,166) | (3,796) | (2,338) |
| Net Cash (Used) by Investing Activities | (255,071) | (405,625) | (159,089) |
| Financing Activities: | |||
| Increase (decrease) in deposits | 97,844 | (34,420) | 596,650 |
| Proceeds from borrowings | 194,500 | — | — |
| Repayments of borrowings | (194,920) | (413) | (309) |
| Proceeds from the issuance of common stock | 555 | 586 | 1,543 |
| Repurchase of common stock | (9,044) | (14,157) | (11,534) |
| Cash dividends paid | (13,609) | (10,571) | (9,388) |
| Net Cash Provided (Used) by Financing Activities | 75,326 | (58,975) | 576,962 |
| Net Change in Cash and Cash Equivalents | (140,820) | (386,477) | 529,862 |
| Cash and Cash Equivalents at Beginning of Year | 259,350 | 645,827 | 115,965 |
| Cash and Cash Equivalents at End of Year | $118,530 | $259,350 | $645,827 |
| Supplemental Information: | |||
|---|---|---|---|
| Income taxes paid | $2,032 | $2,015 | $6,380 |
| Interest paid | $28,547 | $5,190 | $3,813 |
| Noncash commitments to invest in Low Income Housing Tax Credit Partnerships | $14,273 | $— | $— |
| Transfer of loans to other real estate owned | $273 | $— | $274 |
| Loans made to facilitate sales of other real estate owned | $— | $— | $1,012 |
| Non-cash lease liability arising from obtaining right of use assets | $423 | $1,128 | $79 |
| Cash dividends declared but not paid | $110 | $85 | $92 |
| Cumulative effect adjustment to retained earnings | $— | $— | $2,400 |
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