Northrim BanCorp, Inc. reported net income of $8.8 million, or $1.57 per diluted share, for the third quarter of 2024. This represents an increase from $8.4 million, or $1.48 per diluted share, reported in the third quarter of 2023. The improved profitability was primarily driven by higher mortgage banking income and increased net interest income.
Net interest income for the quarter rose 9% year-over-year to $28.8 million, compared to $26.4 million in the third quarter of 2023. The net interest margin (NIMTE) expanded to 4.35% in Q3 2024, up from 4.21% in the prior year's third quarter, reflecting a favorable shift towards higher loan balances as a percentage of total earning assets.
The company recorded a provision for credit losses of $2.1 million in the third quarter of 2024, an increase from $1.2 million in the same period last year. Nonperforming loans, net of government guarantees, increased slightly to $5.0 million at September 30, 2024, compared to $4.8 million at June 30, 2024.
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