Northrim BanCorp Earns $8.4 Million, or $1.48 Per Diluted Share, in Third Quarter 2023

ANCHORAGE, Alaska, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.4 million, or $1.48 per diluted share, in the third quarter of 2023, compared to $5.6 million, or $0.98 per diluted share, in the second quarter of 2023, and $10.1 million, or $1.76 per diluted share, in the third quarter a year ago. The increase in third quarter 2023 profitability as compared to the prior quarter was primarily the result of higher net interest income, a gain on an OREO sale, an increase in mortgage banking income, unrealized gains on marketable equity securities and a lower provision for credit losses compared to the preceding quarter. The decrease in profitability in the third quarter of 2023 compared to the same period a year ago was primarily due to a higher provision for credit losses due to loan growth, a decrease in mortgage banking income, higher cost of funds, and in increase in salaries and other personnel expense that was only partially offset by a gain on an OREO sale.

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