Northrim Bancorp Inc Stock Price, News & Analysis

Northrim BanCorp (NASDAQ:NRIM) reported strong Q1 2025 results with net income of $13.3 million, or $2.38 per diluted share, up from $10.9 million in Q4 2024 and $8.2 million in Q1 2024. The improved performance was driven by increased purchased receivable income, higher net interest income, and increased mortgage banking income.

Key highlights include:

• Net interest income rose 18% year-over-year to $31.3 million
• Net interest margin (NIMTE) improved to 4.61%
• Return on average assets reached 1.76%
• Total deposits increased 14% year-over-year to $2.78 billion
• Portfolio loans grew 17% year-over-year to $2.12 billion

The company increased its quarterly dividend to $0.64 per share, up from $0.62 in Q4 2024. The acquisition of Sallyport Commercial Finance, completed in October 2024, contributed to the growth in purchased receivable income.

Northrim BanCorp (NASDAQ: NRIM) has declared a regular quarterly cash dividend of $0.64 per share, payable on March 14, 2025, to shareholders of record as of March 6, 2025. At the stock price of $78.80 per share on January 23, 2025, this dividend represents an annualized yield of 3.25%.

The company reported strong financial performance with net income of $10.9 million ($1.95 per diluted share) in Q4 2024, showing significant improvement from $8.8 million ($1.57 per diluted share) in Q3 2024 and $6.6 million ($1.19 per diluted share) in Q4 2023.

Northrim BanCorp (NASDAQ:NRIM) reported net income of $10.9 million ($1.95 per diluted share) in Q4 2024, up from $8.8 million ($1.57 per share) in Q3 2024 and $6.6 million ($1.19 per share) in Q4 2023. The increase was primarily driven by the acquisition of Sallyport Commercial Finance and improved mortgage banking income.

Full-year 2024 net income increased 46% to $37.0 million ($6.62 per diluted share) compared to $25.4 million ($4.49 per diluted share) in 2023. Key Q4 2024 metrics include: net interest margin of 4.47%, return on average assets of 1.43%, and return on average equity of 16.32%. Total assets exceeded $3 billion for the first time, with portfolio loans at $2.13 billion (up 19% YoY) and deposits at $2.68 billion (up 8% YoY).

Northrim BanCorp (NASDAQ: NRIM) announced a regular quarterly cash dividend of $0.62 per share, payable on December 27, 2024, to shareholders of record as of December 19, 2024. At the stock price of $86.03 per share on December 5, 2024, the dividend represents an annualized yield of 2.88%.

The company reported Q3 2024 net income of $8.8 million, or $1.57 per diluted share, compared to $9.0 million ($1.62 per share) in Q2 2024 and $8.4 million ($1.48 per share) in Q3 2023.

Northrim BanCorp (NASDAQ: NRIM) has appointed Shauna Hegna to its Board of Directors. Hegna currently serves as President of Koniag, one of Alaska's largest for-profit companies, ranked No. 7 on Alaska Business' Top 49ers list. She brings extensive expertise in shareholder services, communications, and government affairs.

A lifelong Alaskan, Hegna previously held positions as Chief Administrative Officer at Alaska Native Tribal Health Consortium and Vice President of Shareholder Services at Afognak Native Her achievements include recognition in YWCA Women of Achievement (2022) and Alaska's Top Forty Under 40 (2007). She holds degrees from the University of Alaska and a graduate certificate from Alaska Pacific University.

Northrim BanCorp (NASDAQ:NRIM) has acquired Sallyport Commercial Finance (SCF) in an all-cash transaction valued at $53.9 million, closing on October 31, 2024. SCF, founded in 2014, is a provider of factoring and asset-based lending solutions that surpassed $5 billion in debts factored in 2023. The acquisition is expected to provide approximately 15% earnings accretion to Northrim's 2025 operating results. SCF will operate as a wholly-owned subsidiary, complementing Northrim Funding Services' existing operations. The current SCF executive management team, with over 100 years of combined industry experience, will remain in their positions.

Northrim BanCorp reported net income of $8.8 million, or $1.57 per diluted share, in Q3 2024, compared to $9.0 million in Q2 2024 and $8.4 million in Q3 2023. The company saw strong growth with both deposits and loans increasing 7% from Q2. Net interest income rose 7% to $28.8 million, while net interest margin improved to 4.35%. Portfolio loans reached $2.01 billion, up 17% year-over-year, while total deposits grew to $2.63 billion, an 8% increase from the previous year. Mortgage loan originations increased significantly to $248.0 million in Q3 2024.

Northrim BanCorp (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.62 per share, payable on September 13, 2024, to shareholders of record as of September 5, 2024. At the closing stock price of $64.30 on August 22, 2024, this dividend represents an annualized yield of 3.86%. The company's President and CEO, Mike Huston, expressed satisfaction with the continued shareholder returns. Northrim recently reported strong financial results for Q2 2024, with net income of $9.0 million, or $1.62 per diluted share, showing significant growth compared to both the previous quarter and the same period last year.

Northrim BanCorp (NASDAQ: NRIM) reported net income of $9.0 million ($1.62 per diluted share) for Q2 2024, compared to $8.2 million ($1.48 per share) in Q1 2024 and $5.6 million ($0.98 per share) a year ago.

Net interest income increased 2% to $27.1 million from Q1 2024 and 8% from Q2 2023. Mortgage banking income and lower credit loss provisions significantly contributed to the profit rise. Dividends remained consistent at $0.61 per share, up from $0.60 a year ago.

Key metrics include a return on average assets (ROAA) of 1.31% and a return on average equity (ROAE) of 14.84%. Total deposits grew 1% from the last quarter to $2.46 billion, and portfolio loans increased 4% to $1.88 billion.

Non-interest bearing demand deposits declined 1% both quarterly and annually. The average cost of interest-bearing deposits rose to 2.21%. Mortgage loan originations surged to $181.51 million, up from $101.73 million in Q1 2024.

Nathan Reed was appointed as the new CIO to enhance online banking and operational processes. Looking forward, Northrim is optimistic about continued deposit and loan growth, underpinned by strategic investments in infrastructure and personnel.