Northrim BanCorp Q2 net income rises on loan growth
NRIM•Key figures and outlook
| Metric | Actual |
|---|---|
| Q2 EPS | $0.68 |
| Q2 net income | $15.3 million |
| Q2 net interest income | $37.1 million |
| Q2 net interest margin | 5.01% |
The company did not provide specific financial guidance for future quarters or the full year.
Quarterly results improve on loan and deposit growth
Alaska community bank Northrim BanCorp said second-quarter net income and earnings per share rose year over year and sequentially.
Net interest income and margin increased, supported by loan and deposit growth.
Growth drivers include mortgage banking and branch expansion
Net interest income rose 11% year over year and 7% sequentially, driven by higher loan balances and a lower average cost of deposits, according to CFO Jed Ballard.
Higher mortgage banking income, due to increased mortgage production, also contributed to revenue growth.
The company opened a new Palmer branch, expanding its Alaska footprint and supporting growth in loans and deposits.
