Northrim BanCorp Q1 Net Income Rises to $13.7M, Loans Up 11%
Northrim BanCorp reported Q1 net income of $13.7 million, or $0.61 per diluted share, up from $13.3 million, or $0.60 per share a year earlier. Portfolio loans grew 11% year-over-year to $2.36 billion and deposits increased 3% to $2.87 billion with NIMTE rising 16 basis points.
1. Earnings and EPS Performance
Northrim BanCorp delivered net income of $13.7 million in the first quarter of 2026, equivalent to $0.61 per diluted share. This represents a year-over-year increase from $13.3 million and $0.60 per share in Q1 2025, driven by higher mortgage banking income and net interest income.
2. Net Interest Income and Margins
Net interest income totaled $34.7 million, down 2% from the prior quarter but up 11% year-over-year. The tax-equivalent net interest margin improved by 16 basis points versus Q1 2025, reaching 4.77%, reflecting favorable funding costs and asset repricing.
3. Balance Sheet Growth
Total portfolio loans expanded 11% from a year ago to $2.36 billion, supported by core loan growth and new customer relationships. Deposits rose 3% to $2.87 billion, with non-interest bearing demand deposits up 11% year-over-year to $826.4 million.
4. Expense and Credit Trends
Operating expenses increased due to investments in technology and talent, while the provision for credit losses rose modestly. The efficiency ratio improved to 61.81%, and returns on average assets and equity were 1.69% and 16.60%, respectively.