Northrim BanCorp Q2 net income falls to $4.8M ($0.83 EPS) from $7.2M in Q1; NIM expands to 3.70%

NORTHRIM BANCORP INC

2022-Q2 EPS reported $2.03

Net income $4.8M ($0.83 EPS), down from $7.2M in Q1 2022 and $8.3M in prior-year quarter.
Net interest income rose 15% QoQ to $22.2M; NIMTE expanded 50 bps to 3.70% on higher yields.
Mortgage banking income declined to $5.9M from $7.0M QoQ and $11.4M YoY, dampening earnings.
Repurchased 200,619 shares (3.5% of outstanding) at avg $41.04; dividend maintained at $0.41/share.
Core portfolio loans (ex-PPP) grew 5% QoQ and 16% YoY to $1.37B; total deposits $2.34B flat QoQ.

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