Northrim BanCorp Q3 net income $10.1M ($1.76 EPS); dividend raised to $0.50

NORTHRIM BANCORP INC

2022-Q3 EPS reported $3.79

Net income $10.1M vs $4.8M in Q2 2022 and $8.9M in Q3 2021; diluted EPS $1.76 vs $0.83 and $1.42.
Net interest income $26.3M (+18% QoQ); net interest margin (tax-equivalent) 4.27% (+57 bp QoQ).
Dividend increased to $0.50/share from $0.41 in Q2 2022; payable date not specified in release.
Portfolio loans $1.41B, core loans ex-PPP up; total deposits $2.44B (+4% QoQ, +6% YoY).
Weighted avg rate on new loans 5.76% vs 4.66% prior quarter; 75% of loans are adjustable rate.

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