NORTHRIM BANCORP INC
For the period ended Jun 30, 2024. Filed Aug 1, 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.
Jun 30, 2024 · Filed Aug 1, 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 Income
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| (In Thousands, Except Per Share Data) | 2024 | 2023 | 2024 | 2023 |
| Interest and Dividend Income | ||||
| Interest and fees on loans and loans held for sale | $32,367 | $26,313 | $62,817 | $50,007 |
| Interest on investment securities available for sale | 3,556 | 3,996 | 7,274 | 7,930 |
| Dividends on marketable equity securities | 227 | 175 | 470 | 343 |
| Interest on investment securities held to maturity | 470 | 473 | 952 | 947 |
| Dividends on Federal Home Loan Bank stock | 57 | 35 | 134 | 71 |
| Interest on deposits in other banks | 232 | 828 | 1,070 | 2,317 |
| Total Interest and Dividend Income | 36,909 | 31,820 | 72,717 | 61,615 |
| Interest Expense | ||||
| Interest expense on deposits | 9,476 | 6,114 | 18,656 | 10,697 |
| Interest expense on borrowings | 287 | 470 | 373 | 557 |
| Interest expense on junior subordinated debentures | 93 | 94 | 188 | 187 |
| Total Interest Expense | 9,856 | 6,678 | 19,217 | 11,441 |
| Net Interest Income | 27,053 | 25,142 | 53,500 | 50,174 |
| (Benefit) provision for credit losses | (120) | 1,407 | 29 | 1,767 |
| Net Interest Income After Provision for Credit Losses | 27,173 | 23,735 | 53,471 | 48,407 |
| Other Operating Income | ||||
| Mortgage banking income | 5,884 | 3,913 | 9,915 | 5,921 |
| Purchased receivable income | 1,242 | 1,018 | 2,587 | 1,995 |
| Bankcard fees | 1,105 | 986 | 2,022 | 1,894 |
| Service charges on deposit accounts | 572 | 505 | 1,121 | 962 |
| Unrealized gain (loss) on marketable equity securities | (60) | (234) | 254 | (457) |
| Other income | 834 | 792 | 1,522 | 1,573 |
| Total Other Operating Income | 9,577 | 6,980 | 17,421 | 11,888 |
| Other Operating Expense | ||||
| Salaries and other personnel expense | 16,627 | 15,183 | 32,044 | 30,667 |
| Data processing expense | 2,601 | 2,377 | 5,260 | 4,732 |
| Occupancy expense | 1,843 | 1,811 | 3,805 | 3,754 |
| Professional and outside services | 726 | 801 | 1,481 | 1,523 |
| Insurance expense | 692 | 647 | 1,471 | 1,204 |
| Marketing expense | 690 | 933 | 1,203 | 1,497 |
| OREO expense, net rental income and gains on sale | 2 | (8) | (389) | 18 |
| Intangible asset amortization expense | — | 3 | — | 7 |
| Other operating expense | 2,013 | 2,035 | 3,957 | 3,889 |
| Total Other Operating Expense | 25,194 | 23,782 | 48,832 | 47,291 |
| Income Before Provision for Income Taxes | 11,556 | 6,933 | 22,060 | 13,004 |
| Provision for income taxes | 2,536 | 1,356 | 4,841 | 2,597 |
| Net Income | $9,020 | $5,577 | $17,219 | $10,407 |
| Earnings Per Share, Basic | $1.64 | $0.99 | $3.13 | $1.84 |
| Earnings Per Share, Diluted | $1.62 | $0.98 | $3.10 | $1.82 |
| Weighted Average Common Shares Outstanding, Basic | 5,500,588 | 5,632,174 | 5,500,083 | 5,661,803 |
| Weighted Average Common Shares Outstanding, Diluted | 5,558,580 | 5,677,292 | 5,562,025 | 5,719,453 |
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