NORTHRIM BANCORP INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
NRIM$23.90-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| (In Thousands) | 2024 | 2023 |
| Operating Activities: | ||
| Net income | $8,199 | $4,830 |
| Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ||
| Depreciation and amortization of premises and equipment | 897 | 789 |
| Amortization of software | 288 | 287 |
| Intangible asset amortization | — | 4 |
| Amortization of investment security premium, net of discount accretion | 111 | 130 |
| Unrealized (gain) loss on marketable equity securities | (314) | 223 |
| Stock-based compensation | 208 | 140 |
| Deferred loan fees and amortization, net of costs | (316) | 15 |
| Provision for credit losses | 149 | 360 |
| Additions to home mortgage servicing rights carried at fair value | (517) | (463) |
| Change in fair value of home mortgage servicing rights carried at fair value | 26 | 795 |
| Change in fair value of commercial servicing rights carried at fair value | 144 | 123 |
| Gain on sale of loans | (1,979) | (1,305) |
| Proceeds from the sale of loans held for sale | 74,459 | 55,583 |
| Origination of loans held for sale | (84,324) | (50,725) |
| Gain on sale of other real estate owned | (392) | — |
| Net changes in assets and liabilities: | ||
| (Increase) in accrued interest receivable | (1,303) | (941) |
| Decrease in other assets | 2,345 | 1,222 |
| (Decrease) in other liabilities | (3,226) | (6,718) |
| Net Cash (Used) Provided by Operating Activities | (5,545) | 4,349 |
| Investing Activities: | ||
| Investment in securities: | ||
| Purchases of investment securities available for sale | — | (6,000) |
| Purchases of FHLB stock | (266) | (6) |
| Proceeds from sales/calls/maturities of securities available for sale | 45,640 | 13,285 |
| Proceeds from redemption of FHLB stock | 10 | 70 |
| Increase in purchased receivables, net | (856) | (1,196) |
| Increase in loans, net | (21,280) | (33,630) |
| Proceeds from sale of other real estate owned | 392 | — |
| Purchases of software | — | (90) |
| Purchases of premises and equipment | (1,040) | (1,131) |
| Net Cash Provided (Used) by Investing Activities | 22,600 | (28,698) |
| Financing Activities: | ||
| (Decrease) in deposits | (50,972) | (90,938) |
| (Decrease) in borrowings | (106) | (104) |
| Repurchase of common stock | (788) | (1,327) |
| Cash dividends paid | (3,355) | (3,421) |
| Net Cash Used by Financing Activities | (55,221) | (95,790) |
| Net Change in Cash and Cash Equivalents | (38,166) | (120,139) |
| Cash and Cash Equivalents at Beginning of Period | 118,530 | 259,350 |
| Cash and Cash Equivalents at End of Period | $80,364 | $139,211 |
| Supplemental Information: | ||
|---|---|---|
| Interest paid | $9,173 | $4,650 |
| Transfer of loans to other real estate owned | $— | $273 |
| Non-cash lease liability arising from obtaining right of use assets | $— | $160 |
| Cash dividends declared but not paid | $33 | $23 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.