{"id":752350,"date":"2023-04-27T17:46:41","date_gmt":"2023-04-27T21:46:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/northrim-bancorp-earns-4-8-million-or-0-84-per-diluted-share-in-first-quarter-2023\/"},"modified":"2023-04-27T17:46:41","modified_gmt":"2023-04-27T21:46:41","slug":"northrim-bancorp-earns-4-8-million-or-0-84-per-diluted-share-in-first-quarter-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/northrim-bancorp-earns-4-8-million-or-0-84-per-diluted-share-in-first-quarter-2023\/","title":{"rendered":"Northrim BanCorp Earns $4.8 Million, or $0.84 Per Diluted Share, in First Quarter 2023"},"content":{"rendered":"
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ANCHORAGE, Alaska, April 27, 2023 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (\u201cNorthrim\u201d or the \u201cCompany\u201d) today reported net income of $4.8 million, or $0.84 per diluted share, in the first quarter of 2023, compared to $8.6 million, or $1.48 per diluted share, in the fourth quarter of 2022, and $7.2 million, or $1.20 per diluted share, in the first quarter a year ago. The decrease in first quarter 2023 profitability as compared to the prior quarter was primarily the result of lower net interest income largely due to higher interest expense on deposits, as well as lower mortgage banking income and commercial servicing revenue and higher salaries and personnel expense. These changes were partially offset by a lower provision for credit losses compared to the preceding quarter. The decrease in profitability in the first quarter of 2023 compared to the same period a year ago was primarily due to a decrease in mortgage banking income as well as an increase in salaries and personnel expense. The first quarter of 2022 also included $2.0 million in keyman insurance proceeds. This non-recurring item represents 64% of the $3.1 million decrease in pretax income in the first quarter of 2023 compared to the first quarter of 2022.<\/p>\n

Dividends per share increased to $0.60 in the first quarter of 2023 compared to $0.50 in the fourth quarter of 2022 and increased from $0.41 per share in the first quarter of 2022.<\/p>\n

\u201cFirst quarter results were impacted by increasing deposit costs and continued pressure on our mortgage banking business,\u201d said Joe Schierhorn, President and Chief Executive Officer Northrim BanCorp, Inc. \u201cWe proactively adjusted pricing to retain deposits in the first quarter and we are cautiously optimistic that the pace of deposit yields will moderate in coming quarters. Mortgage originations continued to lag in the first quarter but we remain committed to the business as it has been profitable over the long term. Credit quality remains strong, and we believe that our lending standards and the diversity of our loan portfolio will enable our loans to continue to perform well if we do encounter an economic slowdown.\u201d<\/p>\n

\n First Quarter 2023 Highlights: <\/strong>\n <\/p>\n