NORTHRIM BANCORP INC
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
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) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Interest and Dividend Income | |||
| Interest and fees on loans and loans held for sale | $134,739 | $108,612 | $82,785 |
| Interest on investment securities available for sale | 13,756 | 15,833 | 9,679 |
| Dividends on marketable equity securities | 876 | 766 | 563 |
| Interest on investment securities held to maturity | 1,892 | 1,893 | 1,511 |
| Dividends on Federal Home Loan Bank stock | 314 | 203 | 125 |
| Interest on deposits in other banks | 2,342 | 4,644 | 5,665 |
| Total Interest Income | 153,919 | 131,951 | 100,328 |
| Interest Expense | |||
| Interest expense on deposits | 39,347 | 26,511 | 4,485 |
| Interest expense on borrowings | 986 | 1,784 | 339 |
| Interest expense on junior subordinated debentures | 403 | 400 | 389 |
| Total Interest Expense | 40,736 | 28,695 | 5,213 |
| Net Interest Income | 113,183 | 103,256 | 95,115 |
| Provision for credit losses | 3,293 | 3,842 | 1,846 |
| Net Interest Income After Provision for Credit Losses | 109,890 | 99,414 | 93,269 |
| Other Operating Income | |||
| Mortgage banking income | 24,002 | 12,763 | 21,572 |
| Purchased receivable income | 7,146 | 4,482 | 2,002 |
| Bankcard fees | 4,366 | 3,862 | 3,697 |
| Service charges on deposit accounts | 2,348 | 2,044 | 1,611 |
| Commercial servicing revenue | 486 | 554 | 1,628 |
| Unrealized gain (loss) on marketable equity securities | 465 | 120 | (1,119) |
| Gain on sale of marketable equity securities, net | 112 | — | — |
| Keyman insurance proceeds | — | — | 2,002 |
| Other income | 3,116 | 2,550 | 2,684 |
| Total Other Operating Income | 42,041 | 26,375 | 34,077 |
| Other Operating Expense | |||
| Salaries and other personnel expense | 67,847 | 61,741 | 58,172 |
| Data processing expense | 10,986 | 9,821 | 8,926 |
| Occupancy expense | 7,609 | 7,394 | 6,915 |
| Professional and outside services | 4,351 | 3,128 | 2,993 |
| Marketing expense | 3,028 | 2,929 | 2,747 |
| Insurance expense | 2,961 | 2,519 | 2,054 |
| Intangible asset amortization expense | — | 17 | 25 |
| OREO (income) expense, net of rental income and gains on sale | (385) | (794) | 500 |
| Other operating expense | 8,540 | 7,426 | 6,520 |
| Total Other Operating Expense | 104,937 | 94,181 | 88,852 |
| Income Before Provision for Income Taxes | 46,994 | 31,608 | 38,494 |
| Provision for income taxes | 10,023 | 6,214 | 7,753 |
| Net Income | $36,971 | $25,394 | $30,741 |
| Earnings Per Share, Basic | $6.72 | $4.53 | $5.33 |
| Earnings Per Share, Diluted | $6.62 | $4.49 | $5.27 |
| Weighted Average Shares Outstanding, Basic | 5,502,797 | 5,601,471 | 5,765,088 |
| Weighted Average Shares Outstanding, Diluted | 5,583,983 | 5,661,460 | 5,829,412 |
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