Northrim BanCorp reports Q1 EPS $1.48 vs. 84c last year

Northrim’s total assets were $2.76 billion at March 31, 2024, down 2% from the preceding quarter and up 7% from a year ago. Northrim’s loan-to-deposit ratio was 74% at March 31, 2024, up from 72% at December 31, 2023, and 67% at March 31, 2023. Shareholders’ equity was $239.3 million, or $43.52 book value per share, at March 31, 2024, compared to $234.7 million, or $42.57 book value per share, at December 31, 2023 and $224.4 million, or $39.56 book value per share, a year ago. Tangible common equity to tangible assets* was 8.14% as of March 31, 2024. Tangible common equity to tangible common assets, excluding the impact of the fair value of the available for sale securities portfolio, was 8.71% as of March 31, 2024, compared to 8.41% as of December 31, 2023 and 8.99% as of March 31, 2023. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 11.55% at March 31, 2024, compared to 11.43% at December 31, 2023, and 12.75% at March 31, 2023. “We are grateful for Mr. Schierhorn’s many years of leadership as one of Northrim’s charter employees and in his role as Chairman, Chief Executive Officer, and President,” said Mike Huston. “We look forward to his continued contributions as Chairman in the years ahead. First quarter results benefited from stable net interest income and operating expenses, lower credit loss provisions, and increased mortgage originations,” continued Mr. Huston. “We continued our expansion by opening a branch in Homer to build on the success of the loan production office we opened there in 2023. Despite the uncertain interest rate outlook, the Alaskan economy continues to perform well and we believe we are well-positioned in 2024.”