Northrim reported net income of $15.3 million, or $0.68 per diluted share, for the second quarter of 2026, up from $13.7 million ($0.61 diluted) in 1Q26 and $11.8 million ($0.52 diluted) in 2Q25. Net interest income reached $37.1 million and tax-equivalent net interest margin (NIMTE) was 5.01% in 2Q26. Return on average assets was 1.84% and return on average equity was 17.77% for the quarter.
Financial Highlights
- Net income: $15,342 thousand for the three months ended June 30, 2026 (2Q26).
- Diluted earnings per share: $0.68 for 2Q26; basic EPS $0.69.
- Net interest income: $37,136 thousand in 2Q26; net interest income (YTD) $71,797 thousand.
- NIMTE (tax-equivalent net interest margin): 5.01% for 2Q26 (NIM 4.96%).
- Adjusted diluted earnings per share: $0.68 for 2Q26 (adjusted for a prior-period gain; no adjustment in 2Q26).
Business Highlights
- Opened a new branch in Palmer, Alaska, expanding retail footprint to 21 branches statewide.
- Portfolio loans totaled $2.386 billion at June 30, 2026, up 1% from the prior quarter and 8% year-over-year; core loans (ex‑consumer mortgages) were $2.13 billion, up 7% year-over-year.
- Total deposits were $2.919 billion at June 30, 2026, up 2% sequentially and 4% year-over-year; non-interest bearing demand deposits were $826.3 million (28% of total deposits).
- Mortgage activity: $239.1 million of mortgage loans funded for sale in 2Q26 and the servicing portfolio increased to $1.659 billion; the Bank purchased $27.9 million of loans from its Residential Mortgage subsidiary during the quarter.
- Specialty Finance segment average purchased receivables and loan balances increased to $141.5 million in 2Q26, supporting segment revenue expansion.
Original SEC Filing:
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