Company Quick10K Filing
Northrim Bancorp
Price40.35 EPS3
Shares7 P/E13
MCap277 P/FCF-12
Net Debt-92 EBIT31
TEV185 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-13
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-05-28
8-K 2020-04-27
8-K 2020-04-23
8-K 2020-04-16
8-K 2020-01-27
8-K 2020-01-27
8-K 2020-01-01
8-K 2019-10-28
8-K 2019-07-29
8-K 2019-05-23
8-K 2019-04-29
8-K 2019-04-26
8-K 2019-01-28
8-K 2019-01-02
8-K 2018-12-04
8-K 2018-10-29
8-K 2018-07-30
8-K 2018-05-24
8-K 2018-04-30
8-K 2018-01-29
8-K 2018-01-02

NRIM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit3112020q1.htm
EX-31.2 exhibit3122020q1.htm
EX-32.1 exhibit3212020q1.htm
EX-32.2 exhibit3222020q1.htm

Northrim Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549
FORM 10-Q
(Mark One)
   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2020
   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from_____to____
Commission File Number 000-33501
NORTHRIM BANCORP, INC.
(Exact name of registrant as specified in its charter)
Alaska
 
92-0175752
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
3111 C Street
Anchorage, Alaska 99503
(Address of principal executive offices)    (Zip Code) 

(907) 562-0062

(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
TITLE OF EACH CLASS
TRADING SYMBOL
NAME OF EXCHANGE
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
ý Yes  ¨ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
ý Yes  ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:  
Large Accelerated Filer ¨  Accelerated Filer ý    Non-accelerated Filer ¨
Smaller Reporting Company Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      
Yes  ý No

The number of shares of the issuer’s Common Stock, par value $1 per share, outstanding at May 5, 2020 was 6,366,100.




TABLE OF CONTENTS
 
 
 
Part  I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements (unaudited)
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
Part II
OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



1



PART I. FINANCIAL INFORMATION
These consolidated financial statements should be read in conjunction with the financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019.

ITEM 1. FINANCIAL STATEMENTS

2


CONSOLIDATED FINANCIAL STATEMENTS
NORTHRIM BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
 
March 31,
2020
 
December 31,
2019
(In Thousands, Except Share Data)
 
ASSETS
 
 
 
Cash and due from banks

$31,096

 

$20,518

Interest bearing deposits in other banks
54,714

 
74,906

Investment securities available for sale, at fair value
268,959

 
276,138

Marketable equity securities
7,609

 
7,945

Investment in Federal Home Loan Bank stock
3,312

 
2,138

Loans held for sale
86,258

 
67,834

Loans
1,081,873

 
1,043,371

Allowance for loan losses
(21,017
)
 
(19,088
)
Net loans
1,060,856

 
1,024,283

Purchased receivables, net
23,670

 
24,373

Mortgage servicing rights, at fair value
11,653

 
11,920

Other real estate owned, net
7,205

 
7,043

Premises and equipment, net
39,293

 
38,422

Operating lease right-of-use asset
13,757

 
14,306

Goodwill
15,017

 
15,017

Other intangible assets, net
1,065

 
1,077

Other assets
66,798

 
58,076

Total assets

$1,691,262

 

$1,643,996

LIABILITIES
 
 
 
Deposits:
 
 
 
Demand

$453,003

 

$451,896

Interest-bearing demand
333,352

 
320,264

Savings
228,383

 
229,918

Money market
207,418

 
205,801

Certificates of deposit less than $250,000
94,255

 
90,702

Certificates of deposit $250,000 and greater
79,081

 
73,770

Total deposits
1,395,492

 
1,372,351

Borrowings
36,877

 
8,891

Junior subordinated debentures
10,310

 
10,310

Operating lease liability
13,685

 
14,229

Other liabilities
37,175

 
31,098

Total liabilities
1,493,539

 
1,436,879

SHAREHOLDERS' EQUITY
 
 
 
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding

 

Common stock, $1 par value, 10,000,000 shares authorized, 6,366,100 and 6,558,809 issued and outstanding at March 31, 2020 and December 31, 2019, respectively
6,366

 
6,559

Additional paid-in capital
44,776

 
50,512

Retained earnings
148,286

 
149,615

Accumulated other comprehensive (loss) income, net of tax
(1,705
)
 
431

Total shareholders' equity
197,723

 
207,117

Total liabilities and shareholders' equity

$1,691,262

 

$1,643,996

See notes to consolidated financial statements

3



NORTHRIM BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended
 
March 31,
(In Thousands, Except Per Share Data)
2020
 
2019
Interest Income
 
 
 
Interest and fees on loans and loans held for sale

$15,359

 

$14,977

Interest on investment securities available for sale
1,622

 
1,632

Dividends on marketable equity securities
102

 
107

Dividends on Federal Home Loan Bank stock
20

 
19

Interest on deposits in other banks
236

 
143

Total Interest Income
17,339

 
16,878

Interest Expense
 
 
 
Interest expense on deposits
1,484

 
938

Interest expense on securities sold under agreements to repurchase

 
22

Interest expense on borrowings
71

 
57

Interest expense on junior subordinated debentures
94

 
92

Total Interest Expense
1,649

 
1,109

Net Interest Income
15,690

 
15,769

Provision for loan losses
2,060

 
750

Net Interest Income After Provision for Loan Losses
13,630

 
15,019

Other Operating Income
 
 
 
Mortgage banking income
4,665

 
4,298

Purchased receivable income
921

 
809

Bankcard fees
643

 
650

Service charges on deposit accounts
362

 
413

Gain on sale of marketable equity securities, net
98

 

Gain on sale of investment securities available for sale, net

 
23

Unrealized (loss) gain on marketable equity securities
(871
)
 
534

Other income
615

 
806

Total Other Operating Income
6,433

 
7,533

Other Operating Expense
 
 
 
Salaries and other personnel expense
12,256

 
11,302

Data processing expense
1,769

 
1,679

Occupancy expense
1,657

 
1,771

Professional and outside services
608

 
556

Marketing expense
583

 
419

Insurance expense
312

 
258

Intangible asset amortization expense
12

 
15

OREO (income), net rental income and gains on sale
(36
)
 
(320
)
Other operating expense
1,626

 
1,400

Total Other Operating Expense
18,787

 
17,080

Income Before Provision for Income Taxes
1,276

 
5,472

Provision for income taxes
243

 
1,160

Net Income

$1,033

 

$4,312

Earnings Per Share, Basic

$0.16

 

$0.63

Earnings Per Share, Diluted

$0.16

 

$0.62

Weighted Average Shares Outstanding, Basic
6,467,630

 
6,879,619

Weighted Average Shares Outstanding, Diluted
6,560,593

 
6,981,951

See notes to consolidated financial statements

4



NORTHRIM BANCORP, INC.
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
2010
 
Three Months Ended March 31,
(In Thousands)
2020
2019
Net income

$1,033


$4,312

Other comprehensive income (loss), net of tax:
 
 
   Securities available for sale:
 
 
         Unrealized gains (losses) arising during the period

($1,330
)

$1,433

            Reclassification of net (gains) losses included in net income (net of tax (benefit)
 
 
            expense) of $28 and $7 for the first quarters of 2020 and 2019, respectively
(70
)
(16
)
Derivatives and hedging activities:
 
 
     Unrealized losses arising during the period
(1,867
)
(393
)
     Income tax (expense) benefit related to unrealized gains and losses
1,131

(349
)
Other comprehensive (loss) income, net of tax
(2,136
)
675

Comprehensive (loss) income

($1,103
)

$4,987

 
See notes to consolidated financial statements


5



NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
 
Common Stock
 
Additional Paid-in Capital
 
 Retained Earnings
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
 
 Total
 
Number of Shares
 
Par Value
 
 
 
 
(In Thousands)
 
 
 
 
 
Balance as of January 1, 2019
6,883

 

$6,883

 

$62,132

 

$137,452

 

($520
)
 

$205,947

Cash dividend declared

 

 

 
(2,087
)
 

 
(2,087
)
Stock-based compensation expense

 

 
196

 

 

 
196

Exercise of stock options and vesting of restricted stock units, net
2

 
2

 
(2
)
 

 

 

Repurchase of common stock
(6
)
 
(6
)
 
(199
)
 

 

 
(205
)
Other comprehensive income, net of tax

 

 

 

 
675

 
675

Net income

 

 

 
4,312

 

 
4,312

Balance as of March 31, 2019
6,879



$6,879

 

$62,127

 

$139,677

 

$155

 

$208,838

Cash dividend declared

 

 

 
(2,060
)
 

 
(2,060
)
Stock-based compensation expense

 

 
155

 

 

 
155

Repurchase of common stock
(150
)
 
(150
)
 
(5,048
)
 

 

 
(5,198
)
Other comprehensive income, net of tax

 

 

 

 
342

 
342

Net income

 

 

 
4,261

 

 
4,261

Balance as of June 30, 2019
6,729

 

$6,729

 

$57,234

 

$141,878

 

$497

 

$206,338

Cash dividend declared

 

 

 
(2,199
)
 

 
(2,199
)
Stock-based compensation expense

 

 
193

 

 

 
193

Exercise of stock options and vesting of restricted stock units, net
3

 
3

 
(37
)
 

 

 
(34
)
Repurchase of common stock
(192
)
 
(192
)
 
(6,974
)
 

 

 
(7,166
)
Other comprehensive loss, net of tax

 

 

 

 
(631
)
 
(631
)
Net income

 

 

 
7,538

 

 
7,538

Balance as of September 30, 2019
6,540

 

$6,540

 

$50,416

 

$147,217

 

($134
)
 

$204,039

Cash dividend declared

 

 

 
(2,182
)
 

 
(2,182
)
Stock-based compensation expense

 

 
288

 

 

 
288

Exercise of stock options and vesting of restricted stock units, net
19

 
19

 
(192
)
 

 

 
(173
)
Other comprehensive income, net of tax

 

 

 

 
565

 
565

Net income

 

 

 
4,580

 

 
4,580

Balance as of December 31, 2019
6,559

 

$6,559

 

$50,512

 

$149,615

 

$431

 

$207,117

 






6



NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Continued)
(Unaudited)

 
Common Stock
 
Additional Paid-in Capital
 
 Retained Earnings
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
 
 Total
 
Number of Shares
 
Par Value
 
 
 
 
(In Thousands)
 
 
 
 
 
Balance as of January 1, 2020
6,559

 

$6,559

 

$50,512

 

$149,615

 

$431

 

$207,117

Cash dividend declared

 

 

 
(2,223
)
 

 
(2,223
)
Stock-based compensation expense

 

 
242

 

 

 
242

Repurchase of common stock
(193
)
 
(193
)
 
(6,117
)
 

 

 
(6,310
)
Other comprehensive loss, net of tax

 

 

 

 
(2,136
)
 
(2,136
)
Cumulative effect of adoption of accounting principles related to equity compensation expense

 

 
139

 
(139
)
 

 

Net income

 

 

 
1,033

 

 
1,033

Balance as of March 31, 2020
6,366

 

$6,366

 

$44,776

 

$148,286

 

($1,705
)
 

$197,723

See notes to consolidated financial statements

7



NORTHRIM BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
 
Three Months Ended March 31,
(In Thousands)
2020
 
2019
Operating Activities:
 
 
 
Net income

$1,033

 

$4,312

Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:
 

 
 

Gain on sale of securities, net
(98
)
 
(23
)
Depreciation and amortization of premises and equipment
761

 
733

Amortization of software
276

 
246

Intangible asset amortization
12

 
15

Amortization of investment security premium, net of discount accretion
(15
)
 
25

Loss (gain) on marketable equity securities
871

 
(534
)
Deferred tax (benefit) expense
(1,061
)
 
365

Stock-based compensation
242

 
196

Amortization of deferred loan fees, net of costs
(148
)
 
(187
)
Provision for loan losses
2,060

 
750

Reserve (benefit) for purchased receivables
5

 
(49
)
Additions to home mortgage servicing rights carried at fair value
(663
)
 
(1,107
)
Change in fair value of home mortgage servicing rights carried at fair value
930

 
674

Change in fair value of commercial servicing rights carried at fair value
21

 
23

Gain on sale of loans
(4,643
)
 
(2,927
)
Proceeds from the sale of loans held for sale
154,443

 
99,873

Origination of loans held for sale
(168,224
)
 
(92,447
)
Gain on sale of other real estate owned
(37
)
 
(316
)
Net changes in assets and liabilities:
 

 
 
(Increase) in accrued interest receivable
(495
)
 
(193
)
(Increase) decrease in other assets
(3,186
)
 
898

Decrease (increase) in other liabilities
975

 
(1,441
)
Net Cash (Used) Provided by Operating Activities
(16,941
)
 
8,886

Investing Activities:
 

 
 

Investment in securities: