Northrim BanCorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 26, 2023 at 04:15 pm
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Northrim BanCorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 27.29 million compared to USD 21.71 million a year ago. Net income was USD 8.6 million compared to USD 8.11 million a year ago. Basic earnings per share from continuing operations was USD 1.51 compared to USD 1.33 a year ago. Diluted earnings per share from continuing operations was USD 1.48 compared to USD 1.31 a year ago.
For the full year, net interest income was USD 95.12 million compared to USD 80.83 million a year ago. Net income was USD 30.74 million compared to USD 37.52 million a year ago. Basic earnings per share from continuing operations was USD 5.33 compared to USD 6.07 a year ago. Diluted earnings per share from continuing operations was USD 5.27 compared to USD 6 a year ago.
Northrim BanCorp, Inc. is a bank holding company. The Company is primarily engaged in the delivery of business and personal banking services through its wholly owned banking subsidiary, Northrim Bank (the Bank). It operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage Lending segment's principal business focus is the origination and sale of mortgage loans for one-to-four family residential properties. The Bank also engages in retail mortgage origination services through its wholly owned subsidiary, Residential Mortgage Holding Company, LLC. Additionally, the Bank, through its wholly owned subsidiary, Northrim Funding Services (NFS), operates a factoring division in Bellevue, Washington. The Bank has about 19 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, and others.