Northrim Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Northrim Bancorp Inc. has filed its Q1 2024 10-Q report detailing financial performance and key balance sheet items.</b>

AI Summary

NORTHRIM BANCORP INC (NRIM) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Northrim Bancorp Inc. filed its quarterly report (10-Q) on May 3, 2024, for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data points for the period January 1, 2024, to March 31, 2024. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various periods. The report includes data related to Mortgage Servicing Rights for both March 31, 2024, and December 31, 2023. Information on Credit and Debit Card and Deposit Account activities for Q1 2024 and Q1 2023 is also presented.

Why It Matters

For investors and stakeholders tracking NORTHRIM BANCORP INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Northrim Bancorp Inc., crucial for understanding its current operational and financial standing. The detailed breakdown of equity accounts and specific financial activities like mortgage servicing rights and deposit accounts allows for a granular analysis of the company's financial health and strategic focus.

Risk Assessment

Risk Level: low — NORTHRIM BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for trends in deposit growth, mortgage servicing rights valuation, and overall profitability to assess Northrim Bancorp's performance in the evolving banking landscape.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of Date)
• 2024-01-01 — Q1 2024 Start Date (Reporting period for Q1 2024)
• 2023-12-31 — Prior Year End Date (Comparison date for Mortgage Servicing Rights)

Key Players & Entities

• NORTHRIM BANCORP INC (company) — Filer
• 0001163370 (company) — Central Index Key
• 920175752 (company) — IRS Number
• AK (company) — State of Incorporation
• 000-33501 (company) — SEC File Number
• 24912518 (company) — Film Number
• P O BOX 241489 (company) — Business Address Street 1
• ANCHORAGE (company) — Business Address City

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $1 — of the issuer's Common Stock, par value $1 per share, outstanding at May 3, 2024 w
• $250,000 — ,492 Certificates of deposit less than $250,000 207,645 189,106 Certificates of deposi

Filing Documents

• nrim-20240331.htm (10-Q) — 2469KB
• exhibit3112024q1.htm (EX-31.1) — 10KB
• exhibit3122024q1.htm (EX-31.2) — 10KB
• exhibit3212024q1.htm (EX-32.1) — 6KB
• exhibit3222024q1.htm (EX-32.2) — 6KB
• 0001163370-24-000026.txt (&nbsp;) — 13285KB
• nrim-20240331.xsd (EX-101.SCH) — 51KB
• nrim-20240331_cal.xml (EX-101.CAL) — 123KB
• nrim-20240331_def.xml (EX-101.DEF) — 452KB
• nrim-20240331_lab.xml (EX-101.LAB) — 750KB
• nrim-20240331_pre.xml (EX-101.PRE) — 627KB
• nrim-20240331_htm.xml (XML) — 3085KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 8 Notes to the Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 51

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION These consolidated financial statements should be read in conjunction with the consolidated financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 2 CONSOLIDATED FINANCIAL STATEMENTS NORTHRIM BANCORP, INC. Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 (In Thousands, Except Share Data) ASSETS Cash and due from banks $ 30,159 $ 27,457 Interest bearing deposits in other banks 50,205 91,073 Investment securities available for sale, at fair value 592,479 637,936 Marketable equity securities 13,467 13,153 Investment securities held to maturity, at amortized cost 36,750 36,750 Investment in Federal Home Loan Bank stock 3,236 2,980 Loans held for sale 43,818 31,974 Loans 1,811,135 1,789,497 Allowance for credit losses, loans ( 17,533 ) ( 17,270 ) Net loans 1,793,602 1,772,227 Purchased receivables, net 37,698 36,842 Mortgage servicing rights, at fair value 20,055 19,564 Premises and equipment, net 40,836 40,693 Operating lease right-of-use assets 8,867 9,092 Goodwill 15,017 15,017 Other intangible assets, net 950 950 Other assets 72,421 71,789 Total assets $ 2,759,560 $ 2,807,497 LIABILITIES Deposits: Demand $ 714,244 $ 749,683 Interest-bearing demand 889,581 927,291 Savings 246,902 255,338 Money market 209,785 221,492 Certificates of deposit less than $250,000 207,645 189,106 Certificates of deposit $250,000 and greater 165,926 142,145 Total deposits 2,434,083 2,485,055 Borrowings 13,569 13,675 Junior subordinated debentures 10,310 10,310 Operating lease liabilities 8,884 9,092 Other liabilities 53,387 54,647 Total liabilities 2,520,233 2,572,779 SHAREHOLDERS' EQUITY Preferred stock, $ 1 par value, 2,500,000 shares authorized, none issued or outstanding — — Common stock, $ 1 par value, 10,000,000 shares authorized, 5,499,578 and 5,513,459 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 5,500 5,513 Additional paid-in capital 9,012 9,605 Retained earnings 240,848 236,037 Accumulated other comprehensive loss, net of tax ( 16,033 ) ( 16,437 ) Total shareholders' equity 239,327 234,71

View Full Filing

View this 10-Q filing on SEC EDGAR