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Northrim BanCorp Inc (NRIM) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $37.0 million for 2024, up from $25.4 million in 2023. This increase was driven by higher net income in the Home Mortgage Lending and Community Banking segments.
Net interest income rose to $113.2 million in 2024 from $103.3 million in 2023, primarily due to increased interest on loans despite higher interest expenses on deposits.
The company's total assets as of December 31, 2024, were $3.04 billion, up from $2.81 billion a year earlier. Loans grew by 19% to $2.13 billion, and deposits increased by 8% to $2.68 billion.
Northrim completed the acquisition of Sallyport Commercial Finance, LLC on October 31, 2024, expanding its Specialty Finance segment. This acquisition was valued at approximately $53.9 million.
Nonperforming loans, net of government guarantees, increased to $7.5 million at the end of 2024 from $5.0 million at the end of 2023. The allowance for credit losses totaled 1.03% of total portfolio loans at year-end 2024.
The company's net interest margin improved to 4.28% in 2024 from 4.14% in 2023, reflecting higher yields on earning assets.
Northrim's shareholders' equity was $267.1 million at the end of 2024, an increase from $234.7 million at the end of 2023. The company's regulatory capital ratios remained strong, with Tier 1 Capital to Risk Adjusted Assets at 9.76%.
The filing also details various financial agreements, including the company's participation in the Federal Home Loan Bank and the Federal Reserve Bank's programs.
Northrim does not anticipate any material impacts from recent accounting pronouncements and continues to monitor its allowance for credit losses, which is influenced by economic conditions and loan portfolio composition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northrim BanCorp Inc annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.