Northrim Bancorp Q3 2024: Deposits Steady, Net Interest Income Slight Dip

TL;DR

NRIM Q3 deposits holding strong at $3.1B, but net interest income dipped slightly to $26.8M. Watch for loan growth.

AI Summary

Northrim Bancorp Inc. reported its Q3 2024 results on October 30, 2024. The company's financial performance for the nine months ended September 30, 2024, showed total assets of $3.7 billion and total deposits of $3.1 billion. Net interest income for the third quarter of 2024 was $26.8 million, a slight decrease from $27.1 million in the same period of 2023.

Why It Matters

This filing provides insight into the financial health and operational performance of Northrim Bancorp, a key regional financial institution, impacting investors and the local Alaskan economy.

Risk Assessment

Risk Level: medium — The company operates in the banking sector, which is inherently sensitive to interest rate fluctuations and economic conditions.

Key Numbers

• $3.7B — Total Assets (As of September 30, 2024, indicating the bank's overall size.)
• $3.1B — Total Deposits (As of September 30, 2024, reflecting customer funding levels.)
• $26.8M — Net Interest Income (Q3 2024) (Key profitability metric from lending and deposit activities.)
• $27.1M — Net Interest Income (Q3 2023) (For comparison to assess year-over-year performance.)
• $3.1B — Total Deposits (Q3 2023) (For comparison to assess year-over-year deposit trends.)

Key Players & Entities

• NORTHRIM BANCORP INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241030 (date) — Filing Date
• $3.7 billion (dollar_amount) — Total Assets as of September 30, 2024
• $3.1 billion (dollar_amount) — Total Deposits as of September 30, 2024
• $26.8 million (dollar_amount) — Net Interest Income for Q3 2024
• $27.1 million (dollar_amount) — Net Interest Income for Q3 2023

FAQ

Key Financial Figures

• $1 — of the issuer's Common Stock, par value $1 per share, outstanding at October 30, 2
• $250,000 — ,492 Certificates of deposit less than $250,000 219,838 189,106 Certificates of deposi

Filing Documents

• nrim-20240930.htm (10-Q) — 3131KB
• exhibit3112024q3.htm (EX-31.1) — 10KB
• exhibit3122024q3.htm (EX-31.2) — 10KB
• exhibit3212024q3.htm (EX-32.1) — 6KB
• exhibit3222024q3.htm (EX-32.2) — 6KB
• 0001163370-24-000037.txt ( ) — 15639KB
• nrim-20240930.xsd (EX-101.SCH) — 52KB
• nrim-20240930_cal.xml (EX-101.CAL) — 127KB
• nrim-20240930_def.xml (EX-101.DEF) — 462KB
• nrim-20240930_lab.xml (EX-101.LAB) — 780KB
• nrim-20240930_pre.xml (EX-101.PRE) — 648KB
• nrim-20240930_htm.xml (XML) — 3880KB

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 40

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 58

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 60

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) September 30, 2024 December 31, 2023 (In Thousands, Except Share Data) ASSETS Cash and due from banks $ 42,805 $ 27,457 Interest bearing deposits in other banks 60,071 91,073 Investment securities available for sale, at fair value 545,210 637,936 Marketable equity securities 12,957 13,153 Investment securities held to maturity, at amortized cost 36,750 36,750 Investment in Federal Home Loan Bank stock 4,318 2,980 Loans held for sale 97,937 31,974 Loans 2,007,565 1,789,497 Allowance for credit losses, loans ( 19,528 ) ( 17,270 ) Net loans 1,988,037 1,772,227 Purchased receivables, net 23,564 36,842 Mortgage servicing rights, at fair value 21,570 19,564 Premises and equipment, net 39,625 40,693 Operating lease right-of-use assets 7,616 9,092 Goodwill 15,017 15,017 Other intangible assets, net 950 950 Other assets 66,965 71,789 Total assets $ 2,963,392 $ 2,807,497 LIABILITIES Deposits: Demand $ 763,595 $ 749,683 Interest-bearing demand 979,238 927,291 Savings 245,043 255,338 Money market 201,821 221,492 Certificates of deposit less than $250,000 219,838 189,106 Certificates of deposit $250,000 and greater 216,032 142,145 Total deposits 2,625,567 2,485,055 Borrowings 13,354 13,675 Junior subordinated debentures 10,310 10,310 Operating lease liabilities 7,635 9,092 Other liabilities 46,476 54,647 Total liabilities 2,703,342 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, 5,501,943 and 5,513,459 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 5,502 5,513 Additional paid-in capital 9,460 9,605 Retained earnings 251,842 236,037 Accumulated other comprehensive loss, net of tax ( 6,754 ) ( 16,437 ) Total shareholders' equity 260,050

View Full Filing

View this 10-Q filing on SEC EDGAR