Published on 28 Jan 2024 on GuruFocus.com via Yahoo Finance

Northrim BanCorp Inc (NRIM) Reports Decline in Q4 Earnings Amidst Market Challenges

Net Income: Q4 net income fell to $6.6 million, or $1.19 per diluted share, compared to $8.6 million, or $1.48 per diluted share, in Q4 of the previous year.Annual Performance: Full-year net income decreased by 17% to $25.4 million, or $4.49 per diluted share, from $30.7 million, or $5.27 per diluted share, in the prior year.Interest Income and Expense: Q4 net interest income rose slightly from the previous quarter but saw a year-over-year decrease, with a significant increase in interest expense.Loan and Deposit Growth: Portfolio loans grew by 19% year-over-year, while total deposits increased by 4%.Dividends: Dividends per share in Q4 remained at $0.60, marking a 20% increase from the same quarter last year.Market Share: Northrim expanded its branch network and market share, contributing to solid loan and deposit growth.Asset Quality: Nonperforming assets net of government guarantees were $5.8 million at the end of Q4, with a decrease in nonperforming loans.

Warning! GuruFocus has detected 3 Warning Sign with NRIM.

On January 26, 2024, Northrim BanCorp Inc (NASDAQ:NRIM) released its 8-K filing, detailing its financial performance for the fourth quarter and full year ended December 31, 2023. The bank holding company, which operates primarily through its Community Banking and Home Mortgage Lending segments, reported a decrease in net income for both the quarter and the year, attributing the decline to lower net income in the Home Mortgage Lending segment, increased interest expense, and higher salaries and personnel expenses.