Northrim Bancorp Inc Financials

NRIM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Northrim Bancorp Inc (NRIM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 60/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Northrim Bancorp Inc's revenue surged 19.7% year-over-year to $155.2M, reflecting rapid business expansion. This strong growth earns a score of 85/100.

Leverage

100

Northrim Bancorp Inc carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

While Northrim Bancorp Inc generated -$8.7M in operating cash flow, capex of $620K consumed most of it, leaving -$9.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Northrim Bancorp Inc's ROE of 13.8% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 10.8% the prior year.

Piotroski F-Score Neutral

4/9

Northrim Bancorp Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

-0.24x

For every $1 of reported earnings, Northrim Bancorp Inc generates $-0.24 in operating cash flow (-$8.7M OCF vs $37.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$155.2M

YoY+19.7%

5Y CAGR+17.2%

10Y CAGR+11.1%

Northrim Bancorp Inc generated $155.2M in revenue in fiscal year 2024. This represents an increase of 19.7% from the prior year.

EBITDA

N/A

Free Cash Flow

-$9.3M

YoY-128.7%

Northrim Bancorp Inc generated -$9.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 128.7% from the prior year.

Net Income

$37.0M

YoY+45.6%

5Y CAGR+12.3%

10Y CAGR+7.8%

Northrim Bancorp Inc reported $37.0M in net income in fiscal year 2024. This represents an increase of 45.6% from the prior year.

EPS (Diluted)

$6.62

Northrim Bancorp Inc earned $6.62 per diluted share (EPS) in fiscal year 2024. This represents an increase of 47.4% from the prior year.

Cash & Debt

$62.7M

YoY-47.1%

5Y CAGR-8.0%

10Y CAGR-0.9%

Northrim Bancorp Inc held $62.7M in cash against $23.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.46

Northrim Bancorp Inc paid $2.46 per share in dividends in fiscal year 2024. This represents an increase of 2.5% from the prior year.

Shares Outstanding

22M

Northrim Bancorp Inc had 22M shares outstanding in fiscal year 2024. This represents an increase of 300.3% from the prior year.

Gross Margin

97.9%

YoY+0.8pp

Northrim Bancorp Inc's gross margin was 97.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin

N/A

Net Margin

23.8%

YoY+4.2pp

5Y CAGR-5.7pp

10Y CAGR-8.2pp

Northrim Bancorp Inc's net profit margin was 23.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.2 percentage points from the prior year.

Return on Equity

13.8%

YoY+3.0pp

5Y CAGR+3.8pp

10Y CAGR+3.3pp

Northrim Bancorp Inc's ROE was 13.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$789K

YoY-91.3%

5Y CAGR-42.5%

Northrim Bancorp Inc spent $789K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 91.3% from the prior year.

Capital Expenditures

$620K

YoY-89.9%

5Y CAGR-23.2%

10Y CAGR-21.3%

Northrim Bancorp Inc invested $620K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 89.9% from the prior year.

NRIM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$155.2M+19.7%	$129.6M-3.6%	$134.4M+58.9%	$84.6M+10.3%	$76.7M+9.5%	$70.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$151.9M+20.8%	$125.8M-1.2%	$127.3M	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$40.7M+42.0%	$28.7M+450.5%	$5.2M+37.9%	$3.8M-37.5%	$6.1M+7.3%	$5.6M
Income Tax	$10.0M+61.3%	$6.2M-19.9%	$7.8M-26.0%	$10.5M+9.6%	$9.6M+75.9%	$5.4M
Net Income	$37.0M+45.6%	$25.4M-17.4%	$30.7M-18.1%	$37.5M+14.1%	$32.9M+58.9%	$20.7M
EPS (Diluted)	$6.62	$4.49-14.8%	$5.27-12.2%	$6.00+17.4%	$5.11+68.1%	$3.04

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Revenue	$77.2M+25.7%	$61.4M+10.2%	$55.8M+27.1%	$43.9M+19.8%	$36.6M+6.8%	$34.3M+2.0%	$33.6M+5.6%	$31.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$64.9M+34.4%	$48.3M+2.9%	$46.9M+22.3%	$38.4M	N/A	$34.1M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$10.6M-5.1%	$11.2M+9.2%	$10.3M-6.2%	$10.9M+11.0%	$9.9M+5.3%	$9.4M+1.8%	$9.2M+37.7%	$6.7M
Income Tax	$7.5M+88.1%	$4.0M-6.1%	$4.3M+79.4%	$2.4M-6.6%	$2.5M+10.0%	$2.3M+33.6%	$1.7M+27.2%	$1.4M
Net Income	$27.1M+129.8%	$11.8M-11.6%	$13.3M+21.9%	$10.9M+21.1%	$9.0M+10.0%	$8.2M+24.0%	$6.6M+18.6%	$5.6M
EPS (Diluted)	$1.20	$2.09-12.2%	$2.38	$3.13	$1.62+9.5%	$1.48+24.4%	$1.19+21.4%	$0.98

NRIM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.0B+8.3%	$2.8B+5.0%	$2.7B-1.8%	$2.7B+28.4%	$2.1B+29.1%	$1.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$62.7M-47.1%	$118.5M-54.3%	$259.4M-59.8%	$645.8M+456.9%	$116.0M+21.5%	$95.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$74.1M+101.1%	$36.8M+84.3%	$20.0M+186.2%	$7.0M-49.8%	$13.9M-42.9%	$24.4M
Goodwill	$50.0M+233.1%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M
Total Liabilities	$2.8B+7.9%	$2.6B+4.8%	$2.5B-1.3%	$2.5B+30.9%	$1.9B+32.2%	$1.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$23.0M+68.5%	$13.7M-3.0%	$14.1M-2.8%	$14.5M-2.1%	$14.8M+66.7%	$8.9M
Total Equity	$267.1M+13.8%	$234.7M+7.4%	$218.6M-8.1%	$237.8M+7.3%	$221.6M+7.0%	$207.1M
Retained Earnings	$259.3M+9.9%	$236.0M+5.3%	$224.2M+9.9%	$204.0M+17.6%	$173.5M+16.0%	$149.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Total Assets	$3.3B+2.1%	$3.2B+3.3%	$3.1B+3.3%	$3.0B+7.8%	$2.8B+2.3%	$2.8B-1.7%	$2.8B+6.4%	$2.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$212.7M+50.5%	$141.3M+115.6%	$65.5M+4.4%	$62.7M+15.3%	$54.4M-32.3%	$80.4M-32.2%	$118.5M+222.5%	$36.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$108.1M-1.0%	$109.1M+14.3%	$95.5M+28.9%	$74.1M+188.0%	$25.7M-31.8%	$37.7M+2.3%	$36.8M+68.5%	$21.9M
Goodwill	$49.9M0.0%	$49.9M0.0%	$49.9M-0.3%	$50.0M+233.1%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M
Total Liabilities	$3.0B+1.5%	$3.0B+3.2%	$2.9B+3.1%	$2.8B+7.8%	$2.6B+2.2%	$2.5B-2.0%	$2.6B+6.5%	$2.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$23.0M	N/A	N/A	$13.7M	N/A
Total Equity	$315.7M+8.8%	$290.2M+3.7%	$279.8M+4.7%	$267.1M+8.1%	$247.2M+3.3%	$239.3M+2.0%	$234.7M+6.0%	$221.3M
Retained Earnings	$300.7M+8.5%	$277.3M+3.0%	$269.1M+3.8%	$259.3M+5.2%	$246.5M+2.3%	$240.8M+2.0%	$236.0M+3.6%	$227.8M

NRIM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$8.7M-122.5%	$38.8M-50.3%	$78.1M-30.3%	$112.0M+407.2%	-$36.5M-4340.2%	-$821K
Capital Expenditures	$620K-89.9%	$6.2M+62.4%	$3.8M+62.4%	$2.3M-17.9%	$2.8M+22.9%	$2.3M
Free Cash Flow	-$9.3M-128.7%	$32.6M-56.1%	$74.3M-32.3%	$109.7M+379.0%	-$39.3M-1152.1%	-$3.1M
Investing Cash Flow	-$197.6M+22.5%	-$254.9M+37.1%	-$405.6M-154.9%	-$159.1M+58.4%	-$382.8M-432.3%	-$71.9M
Financing Cash Flow	$150.6M+99.9%	$75.3M+227.7%	-$59.0M-110.2%	$577.0M+31.2%	$439.8M+385.3%	$90.6M
Dividends Paid	$13.8M+1.0%	$13.6M+28.7%	$10.6M+12.6%	$9.4M+6.2%	$8.8M+3.9%	$8.5M
Share Buybacks	$789K-91.3%	$9.0M-36.1%	$14.2M+22.7%	$11.5M+15.6%	$10.0M-20.6%	$12.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Operating Cash Flow	$92.7M+2198.5%	-$4.4M-126.7%	$16.5M-53.4%	$35.5M+192.3%	-$38.5M-594.3%	-$5.5M-111.1%	$49.9M+285.7%	-$26.9M
Capital Expenditures	$2.7M+762.3%	$316K+51.9%	$208K+114.4%	-$1.4M-261.4%	$894K-14.0%	$1.0M+63.3%	$637K-71.0%	$2.2M
Free Cash Flow	$89.9M+2000.8%	-$4.7M-129.0%	$16.3M-52.1%	$34.1M+186.5%	-$39.4M-498.2%	-$6.6M-113.4%	$49.2M+269.4%	-$29.1M
Investing Cash Flow	-$64.9M-2569.0%	$2.6M+102.7%	-$98.1M-1.2%	-$96.9M-119.3%	-$44.2M-295.6%	$22.6M+151.1%	-$44.2M+65.1%	-$126.6M
Financing Cash Flow	$43.6M-43.7%	$77.5M-8.1%	$84.3M+296.5%	$21.3M-62.5%	$56.8M+202.8%	-$55.2M-3521.4%	$1.6M-96.8%	$51.0M
Dividends Paid	$3.5M0.0%	$3.5M0.0%	$3.5M-2.7%	$3.6M+8.3%	$3.4M0.0%	$3.4M-2.9%	$3.5M+1.8%	$3.4M
Share Buybacks	$0	$0	$0-100.0%	$1K	$0-100.0%	$788K-68.5%	$2.5M+0.2%	$2.5M

NRIM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	97.9%+0.8pp	97.0%+2.3pp	94.8%	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.8%+4.2pp	19.6%-3.3pp	22.9%-21.5pp	44.3%+1.5pp	42.9%+13.4pp	29.5%
Return on Equity	13.8%+3.0pp	10.8%-3.2pp	14.1%-1.7pp	15.8%+0.9pp	14.8%+4.9pp	10.0%
Return on Assets	1.2%+0.3pp	0.9%-0.3pp	1.1%-0.2pp	1.4%-0.2pp	1.6%+0.3pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.09+0.0	0.060.0	0.060.0	0.060.0	0.07+0.0	0.04
FCF Margin	-6.0%-31.2pp	25.2%-30.1pp	55.3%-74.3pp	129.6%+180.8pp	-51.2%-46.8pp	-4.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Gross Margin	84.0%+5.5pp	78.5%-5.6pp	84.1%-10.8pp	94.9%	N/A	99.6%	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	35.0%+15.9pp	19.2%-4.7pp	23.9%-1.0pp	24.9%+0.3pp	24.6%+0.7pp	23.9%+4.2pp	19.7%+2.1pp	17.5%
Return on Equity	8.6%+4.5pp	4.1%-0.7pp	4.8%+0.7pp	4.1%+0.4pp	3.6%+0.2pp	3.4%+0.6pp	2.8%+0.3pp	2.5%
Return on Assets	0.8%+0.5pp	0.4%-0.1pp	0.4%+0.1pp	0.4%+0.0pp	0.3%+0.0pp	0.3%+0.1pp	0.2%+0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.49-0.7	10.18-0.1	10.23+10.1	0.09-10.3	10.41-0.1	10.53+10.5	0.06-10.9	10.92
FCF Margin	116.5%+124.2pp	-7.7%-37.0pp	29.3%-48.4pp	77.7%+185.2pp	-107.5%-88.3pp	-19.2%-165.7pp	146.5%+237.9pp	-91.3%

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Frequently Asked Questions

What is Northrim Bancorp Inc's annual revenue?

Northrim Bancorp Inc (NRIM) reported $155.2M in total revenue for fiscal year 2024. This represents a 19.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Northrim Bancorp Inc's revenue growing?

Northrim Bancorp Inc (NRIM) revenue grew by 19.7% year-over-year, from $129.6M to $155.2M in fiscal year 2024.

Is Northrim Bancorp Inc profitable?

Yes, Northrim Bancorp Inc (NRIM) reported a net income of $37.0M in fiscal year 2024, with a net profit margin of 23.8%.

What is Northrim Bancorp Inc's earnings per share (EPS)?

Northrim Bancorp Inc (NRIM) reported diluted earnings per share of $6.62 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Northrim Bancorp Inc have?

As of fiscal year 2024, Northrim Bancorp Inc (NRIM) had $62.7M in cash and equivalents against $23.0M in long-term debt.

What is Northrim Bancorp Inc's gross margin?

Northrim Bancorp Inc (NRIM) had a gross margin of 97.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Northrim Bancorp Inc's net profit margin?

Northrim Bancorp Inc (NRIM) had a net profit margin of 23.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Northrim Bancorp Inc pay dividends?

Yes, Northrim Bancorp Inc (NRIM) paid $2.46 per share in dividends during fiscal year 2024.

What is Northrim Bancorp Inc's return on equity (ROE)?

Northrim Bancorp Inc (NRIM) has a return on equity of 13.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Northrim Bancorp Inc's free cash flow?

Northrim Bancorp Inc (NRIM) generated -$9.3M in free cash flow during fiscal year 2024. This represents a -128.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Northrim Bancorp Inc's operating cash flow?

Northrim Bancorp Inc (NRIM) generated -$8.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Northrim Bancorp Inc's total assets?

Northrim Bancorp Inc (NRIM) had $3.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Northrim Bancorp Inc's capital expenditures?

Northrim Bancorp Inc (NRIM) invested $620K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Northrim Bancorp Inc buy back shares?

Yes, Northrim Bancorp Inc (NRIM) spent $789K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Northrim Bancorp Inc have outstanding?

Northrim Bancorp Inc (NRIM) had 22M shares outstanding as of fiscal year 2024.

What is Northrim Bancorp Inc's debt-to-equity ratio?

Northrim Bancorp Inc (NRIM) had a debt-to-equity ratio of 0.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Northrim Bancorp Inc's return on assets (ROA)?

Northrim Bancorp Inc (NRIM) had a return on assets of 1.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Northrim Bancorp Inc's cash runway?

Based on fiscal year 2024 data, Northrim Bancorp Inc (NRIM) had $62.7M in cash against an annual operating cash burn of $8.7M. This gives an estimated cash runway of approximately 86 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Northrim Bancorp Inc's Piotroski F-Score?

Northrim Bancorp Inc (NRIM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Northrim Bancorp Inc's earnings high quality?

Northrim Bancorp Inc (NRIM) has an earnings quality ratio of -0.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Northrim Bancorp Inc?

Northrim Bancorp Inc (NRIM) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.