Welcome to our dedicated page for Northrim Bancorp news (Ticker: NRIM), a resource for investors and traders seeking the latest updates and insights on Northrim Bancorp stock.
Northrim Bancorp Inc (NRIM) provides Alaska-focused banking services through its Community Banking and Home Mortgage Lending segments. This page serves as the definitive source for NRIM financial updates, offering investors and stakeholders direct access to official announcements.
Find timely updates on quarterly earnings, leadership changes, and regulatory developments alongside insights into NRIM’s community initiatives and lending product enhancements. Our curated collection ensures you stay informed about strategic partnerships, dividend declarations, and operational milestones.
All content is sourced directly from verified company communications, maintaining strict adherence to factual reporting standards. Bookmark this page for streamlined access to NRIM’s latest financial position, market responses, and Alaska banking sector developments.
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.
Northrim BanCorp announced a quarterly cash dividend of $0.61 per share, payable on June 14, 2024, to shareholders of record as of June 6, 2024. This dividend yields 4.60% annually based on the May 23, 2024, stock price of $53.01. Northrim reported a net income of $8.2 million, or $1.48 per diluted share, for Q1 2024, an improvement from $6.6 million, or $1.19 per diluted share, in Q4 2023, and $4.8 million, or $0.84 per diluted share, in Q1 2023.
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