NORTHRIM BANCORP INC
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
View on SEC.govAbout this filing
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.
FY2024 · Filed Mar 10, 2025
NRIM$23.90-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| (In Thousands) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating Activities: | |||
| Net income | $36,971 | $25,394 | $30,741 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
| Gain on sale of securities, net | (112) | — | — |
| Depreciation and amortization of premises | 3,610 | 3,294 | 3,139 |
| Intangible asset amortization | — | 17 | 25 |
| Amortization of investment security premium, net of discount accretion | 368 | 483 | 630 |
| Unrealized (gain) loss on marketable equity securities | (465) | (120) | 1,119 |
| Deferred tax (income) expense | (152) | 580 | 2,110 |
| Stock-based compensation | 913 | 937 | 742 |
| Deferral of loan fees and amortization, net of costs | 631 | (54) | (2,933) |
| Provision (benefit) for credit losses | 3,293 | 3,842 | 1,846 |
| Origination of home mortgage servicing rights carried at fair value | (4,748) | (3,616) | (4,623) |
| Purchases of home mortgage servicing rights carried at fair value | (2,328) | — | — |
| Change in fair value of home mortgage servicing rights carried at fair value | 201 | 2,687 | (288) |
| Change in fair value of commercial servicing rights carried at fair value | 52 | 62 | (809) |
| Gain on sale of loans | (13,994) | (7,828) | (13,873) |
| Proceeds from the sale of loans held for sale | 595,164 | 379,546 | 645,518 |
| Origination of loans held for sale | (609,153) | (376,154) | (585,533) |
| (Gain) loss on sale of other real estate owned | (392) | (929) | 414 |
| Impairment on other real estate owned | — | 123 | — |
| Net changes in assets and liabilities: | |||
| Decrease (increase) in accrued interest receivable | 456 | (2,021) | (3,091) |
| Decrease (increase) in other assets | (13,503) | 5,347 | 6,641 |
| (Decrease) increase in other liabilities | (5,539) | 7,185 | (3,703) |
| Net Cash (Used) Provided by Operating Activities | (8,727) | 38,775 | 78,072 |
| Investing Activities: | |||
| Investment in securities: | |||
| Purchases of investment securities available for sale | (49,464) | (26,030) | (302,668) |
| Purchases of marketable equity securities | (1,964) | (2,297) | (3,934) |
| Purchases of FHLB stock | (32,353) | (5,703) | (730) |
| Purchases of investment securities held to maturity | — | — | (16,750) |
| Proceeds from sales/calls/maturities of securities available for sale | 221,159 | 82,398 | 13,417 |
| Proceeds from sales of marketable equity securities | 6,973 | — | 488 |
| Proceeds from redemption of FHLB stock | 30,002 | 6,539 | 21 |
| Decrease (increase) decrease in purchased receivables, net | 10,672 | (16,848) | (13,007) |
| (Increase) in loans, net | (341,764) | (287,893) | (83,839) |
| Proceeds from sale of other real estate owned | 392 | 1,079 | 5,224 |
| Sallyport Commercial Finance, LLC acquisition, net of cash received | (40,658) | — | — |
| Purchases of premises and equipment | (620) | (6,166) | (3,796) |
| Net Cash (Used) by Investing Activities | (197,625) | (254,921) | (405,574) |
| Financing Activities: | |||
| Increase (decrease) in deposits | 195,134 | 97,844 | (34,420) |
| Proceeds from borrowings | 697,553 | 194,500 | — |
| Repayments of borrowings | (728,390) | (194,920) | (413) |
| Proceeds from the issuance of common stock | 801 | 555 | 586 |
| Repurchase of common stock | (789) | (9,044) | (14,157) |
| Cash dividends paid | (13,751) | (13,609) | (10,571) |
| Net Cash Provided (Used) by Financing Activities | 150,558 | 75,326 | (58,975) |
| Net Change in Cash and Cash Equivalents | (55,794) | (140,820) | (386,477) |
| Cash and Cash Equivalents at Beginning of Year | 118,530 | 259,350 | 645,827 |
| Cash and Cash Equivalents at End of Year | $62,736 | $118,530 | $259,350 |
| Supplemental Information: | |||
|---|---|---|---|
| Income taxes paid | $6,720 | $2,032 | $2,015 |
| Interest paid | $40,482 | $28,547 | $5,190 |
| Noncash commitments to invest in Low Income Housing Tax Credit Partnerships | $— | $14,273 | $— |
| Transfer of loans to other real estate owned | $— | $273 | $— |
| Non-cash lease liability arising from obtaining right of use assets | $250 | $423 | $1,128 |
| Cash dividends declared but not paid | $101 | $110 | $85 |
| Acquisitions: | |||
| Assets acquired | $66,129 | $— | $— |
| Liabilities assumed | ($41,275) | $— | $— |
| Pre-existing debt settlement | $12,000 | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.