Northrim BanCorp Earns $6.6 million, or $1.19 Per Diluted Share, in Fourth Quarter 2023, and $25.4 Million, or $4.49 Per Diluted Share, for the Year Ended December 31, 2023

ANCHORAGE, Alaska, Jan. 25, 2024 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $6.6 million, or $1.19 per diluted share, in the fourth quarter of 2023, compared to $8.4 million, or $1.48 per diluted share, in the third quarter of 2023, and $8.6 million, or $1.48 per diluted share, in the fourth quarter a year ago. The decrease in the fourth quarter of 2023 compared to the third quarter of 2023 is primarily due to lower net income in the Home Mortgage Lending segment resulting from a decline in mortgage originations and a decline in the fair value of mortgage servicing rights. The decrease in the fourth quarter of 2023 profitability as compared to the same quarter of the prior year was largely driven by an increase in interest expense that was only partially offset by higher interest income, as well as increased salaries and other personnel expense.

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