Northrim Bancorp Inc Stock Price, News & Analysis

Northrim BanCorp (NASDAQ: NRIM) declared a quarterly cash dividend of $0.37 per share, payable on June 18, 2021, to shareholders on record by June 10, 2021. This reflects a 3.43% annualized yield based on the stock price of $43.12 as of May 27, 2021. In the first quarter of 2021, Northrim reported earnings of $12.2 million or $1.94 per diluted share, showing an increase from $10.1 million in Q4 2020. Factors contributing to profitability included strong performance in Home Mortgage Lending and SBA Paycheck Protection Program loans.

Northrim BanCorp (NASDAQ:NRIM) reported record earnings for Q1 2021 with a net income of $12.2 million or $1.94 per diluted share, marking a 21% increase from the previous quarter. This growth was supported by robust Home Mortgage Lending and the Small Business Administration's PPP loans, totaling $204 million this quarter. Notably, the provision for credit losses was a benefit of $1.5 million, reflecting improved economic conditions. Total deposits surged 47% year-over-year, reaching $2.05 billion. The company's return on average assets (ROAA) was 2.25% with a return on average equity (ROAE) of 21.40%.

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced an increase in its quarterly cash dividend to $0.37 per share, payable on March 19, 2021. Shareholders of record as of March 11, 2021 will qualify for this dividend, reflecting the bank's commitment to returning value to investors. The stock price was $36.55 as of February 25, 2021, resulting in a 4.05% dividend yield. Northrim reported a net income of $10.1 million for Q4 2020, up from $4.58 million in Q4 2019, contributing to a 59% increase in annual net income for 2020.

Northrim BanCorp reported a net income of $10.10 million ($1.59 per diluted share) for Q4 2020, down from $11.86 million in Q3 2020 but a significant rise from $4.58 million in Q4 2019. For the full year, net income was $32.89 million, up 59% year-on-year. The loan loss provision increased to $2.4 million in 2020, compared to a benefit in 2019. Key growth factors included increased mortgage production and participation in the SBA’s Paycheck Protection Program, through which Northrim funded 2,888 loans totaling $375.6 million.

Northrim BanCorp (NASDAQ: NRIM) has announced a new share repurchase program, authorizing the buyback of up to 313,000 shares, representing approximately 5% of its outstanding shares. This decision allows for an additional $11 million in stock purchases, following a successful plan that has seen 1,436,927 shares repurchased. CFO Jed Ballard emphasized that this strategy aims to enhance long-term shareholder value while maintaining capital ratios. The company currently has 6.3 million shares outstanding.

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a regular quarterly cash dividend of $0.35 per share, payable on December 24, 2020, to shareholders of record by the close of business on December 17, 2020. This dividend yields 4.34% based on the stock price of $32.24 as of December 3, 2020. Additionally, Northrim reported third-quarter earnings of $11.9 million or $1.84 per diluted share, up from $9.9 million in Q2 2020. Growth in mortgage lending and SBA loan fees boosted profitability.

Northrim BanCorp (NASDAQ:NRIM) reported a strong third quarter 2020 net income of $11.86 million, or $1.84 per diluted share, marking an increase from $9.90 million in Q2 2020 and $7.54 million in Q3 2019. Key drivers of growth included robust home mortgage lending and income from PPP loans, contributing to a 14% increase in total revenue to $39.9 million. However, the provision for loan losses rose to $3.0 million year-to-date, reflecting risks from COVID-19 and economic conditions. As of September 30, 2020, total assets reached $2.1 billion, with a 4% rise in net loans and deposits.

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.35 per share, to be paid on September 18, 2020, for shareholders of record by September 10, 2020. This represents an annualized yield of 5.38% based on a stock price of $26.01 as of August 27, 2020. The company reported a significant increase in earnings of $9.9 million or $1.52 per diluted share for Q2 2020, compared to $1.03 million in Q1 2020 and $4.26 million in Q2 2019, driven by a boost in Home Mortgage Lending and participation in the SBA Paycheck Protection Program.

Northrim BanCorp reported a net income of $9.90 million or $1.52 per diluted share for Q2 2020, up from $1.03 million in Q1 2020 and $4.26 million YOY. For H1 2020, net income reached $10.93 million, compared to $8.57 million during the same period in 2019. The company significantly engaged in the PPP, aiding approx. 2,500 loans worth $353.5 million. Net loans and deposits grew 33% and 24% respectively. However, loan loss provisions increased to $2.5 million amid economic challenges in Alaska.