Northrim BanCorp Earns $8.2 Million, or $1.48 Per Diluted Share, in First Quarter 2024
ANCHORAGE, Alaska, April 24, 2024 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.2 million, or $1.48 per diluted share, in the first quarter of 2024, compared to $6.6 million, or $1.19 per diluted share, in the fourth quarter of 2023, and $4.8 million, or $0.84 per diluted share, in the first quarter a year ago. The increase in first quarter 2024 profitability as compared to the prior quarter was primarily the result of an increase in mortgage banking income, a lower provision for credit losses, and a gain on sale of other real estate owned (“OREO”). The increase in profitability in the first quarter of 2024 compared to the same period a year ago was primarily due to an increase in mortgage banking income, higher net interest income, a lower provision for credit losses, unrealized gains on marketable equity securities, and a gain on an OREO sale.