Northrim Q2 net income $8.35M ($1.33/dil) down from Q1 and year ago; NIM contracts

NORTHRIM BANCORP INC

2021-Q2 EPS reported $3.27

Net income $8.35M ($1.33 diluted EPS) vs $12.18M ($1.94) in Q1 2021 and $9.9M ($1.52) in Q2 2020.
Net interest margin (tax-equivalent) 3.50%, down 42 bps QoQ and 52 bps YoY.
Total revenue $33.3M; Home Mortgage Lending contributed 36% of revenue and 37% of earnings.
Originated $33M in PPP loans in Q2; total $612.6M over 15 months, largest Alaska PPP originator.
Provision for credit losses recorded a $427K benefit, down from $1.5M benefit in Q1 2021.

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