Northrim Q1 2022 net income $7.2M ($1.20 EPS), down from $1.94 a year ago

NORTHRIM BANCORP INC

2022-Q1 EPS reported $1.20

Net income $7.2M ($1.20 diluted EPS) vs $8.1M ($1.31) in Q4 2021 and $12.2M ($1.94) in Q1 2021.
Dividend raised to $0.41/share, up 7.9% from Q4 2021 and 10.8% from Q1 2021.
Mortgage banking income fell to $7.0M from $13.6M a year ago; net interest margin contracted 72 bps.
Core portfolio loans (ex-PPP) grew 1% QoQ to $1.31B; 73% adjustable-rate positioned for rate hikes.
Repurchased 133,105 shares (2% of outstanding) at avg $44.50 in Q1 2022.

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