Northrim Bancorp Inc. Files Q2 2024 10-Q

TL;DR

NRIM Q2 24 10-Q filed. Financials look solid, check details.

AI Summary

Northrim Bancorp Inc. reported its financial results for the quarter ended June 30, 2024. The company's filing details its financial position and performance, including various asset and liability categories. Specific financial figures and comparative data from prior periods are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Northrim Bancorp's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024-06-30 — Reporting Period End Date (End of the second quarter of 2024.)
• 2024-01-01 — Reporting Period Start Date (Start of the first six months of 2024.)

Key Players & Entities

• NORTHRIM BANCORP INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date

FAQ

Key Financial Figures

• $1 — of the issuer's Common Stock, par value $1 per share, outstanding at July 31, 2024
• $250,000 — ,492 Certificates of deposit less than $250,000 223,559 189,106 Certificates of deposi

Filing Documents

• nrim-20240630.htm (10-Q) — 3014KB
• exhibit3112024q2.htm (EX-31.1) — 10KB
• exhibit3122024q2.htm (EX-31.2) — 10KB
• exhibit3212024q2.htm (EX-32.1) — 6KB
• exhibit3222024q2.htm (EX-32.2) — 6KB
• 0001163370-24-000032.txt ( ) — 15162KB
• nrim-20240630.xsd (EX-101.SCH) — 52KB
• nrim-20240630_cal.xml (EX-101.CAL) — 127KB
• nrim-20240630_def.xml (EX-101.DEF) — 454KB
• nrim-20240630_lab.xml (EX-101.LAB) — 776KB
• nrim-20240630_pre.xml (EX-101.PRE) — 639KB
• nrim-20240630_htm.xml (XML) — 3707KB

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 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 56

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

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 57

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 58

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) June 30, 2024 December 31, 2023 (In Thousands, Except Share Data) ASSETS Cash and due from banks $ 33,364 $ 27,457 Interest bearing deposits in other banks 21,058 91,073 Investment securities available for sale, at fair value 584,964 637,936 Marketable equity securities 12,381 13,153 Investment securities held to maturity, at amortized cost 36,750 36,750 Investment in Federal Home Loan Bank stock 4,929 2,980 Loans held for sale 85,926 31,974 Loans 1,875,907 1,789,497 Allowance for credit losses, loans ( 17,694 ) ( 17,270 ) Net loans 1,858,213 1,772,227 Purchased receivables, net 25,722 36,842 Mortgage servicing rights, at fair value 21,077 19,564 Premises and equipment, net 40,393 40,693 Operating lease right-of-use assets 8,244 9,092 Goodwill 15,017 15,017 Other intangible assets, net 950 950 Other assets 72,680 71,789 Total assets $ 2,821,668 $ 2,807,497 LIABILITIES Deposits: Demand $ 704,471 $ 749,683 Interest-bearing demand 906,010 927,291 Savings 238,156 255,338 Money market 195,159 221,492 Certificates of deposit less than $250,000 223,559 189,106 Certificates of deposit $250,000 and greater 196,451 142,145 Total deposits 2,463,806 2,485,055 Borrowings 43,961 13,675 Junior subordinated debentures 10,310 10,310 Operating lease liabilities 8,269 9,092 Other liabilities 48,122 54,647 Total liabilities 2,574,468 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, 5,501,562 and 5,513,459 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 5,502 5,513 Additional paid-in capital 9,208 9,605 Retained earnings 246,475 236,037 Accumulated other comprehensive loss, net of tax ( 13,985 ) ( 16,437 ) Total shareholders' equity 247,200 234,718

View Full Filing

View this 10-Q filing on SEC EDGAR