Northrim Bancorp Inc Stock Price, News & Analysis

Northrim BanCorp, Inc. (NASDAQ:NRIM) has authorized the repurchase of an additional 300,000 shares of its common stock, representing about 5% of its outstanding shares. This decision allows for a potential buyback of up to $13 million based on current market prices. The company's repurchase program, initiated to enhance shareholder value, has already led to the retirement of 1,749,927 shares. Share repurchases will occur in the open market or through negotiated transactions, contingent on market conditions and corporate financial considerations.

Northrim reported Q4 2021 net income of $8.11 million ($1.31 per diluted share), down from $10.10 million in Q4 2020. Core loan growth and SBA PPP loans bolstered results, alongside a $1.08 million credit loss benefit due to an improving economy. For 2021, net income rose 14% to $37.52 million, driven by a 14% increase in net interest income. Portfolio loans totaled $1.41 billion, down 3% QoQ, while total deposits rose 5% to $2.42 billion. Demand deposits surged 38% YoY. The bank remains well-capitalized with a tangible common equity ratio of 8.19% and continues to expand its customer base.

Northrim BanCorp, Inc. (NASDAQ: NRIM) declared a quarterly cash dividend of $0.38 per share, payable on December 23, 2021, to shareholders of record as of December 16, 2021.

The current dividend yields 3.43% annually based on the stock price of $44.30 as of December 2, 2021. In Q3 2021, Northrim reported a net income of $8.88 million or $1.42 per diluted share, a rise from $8.35 million in Q2 2021 but down from $11.86 million year-over-year, driven by SBA loan income and robust core loan growth.

Northrim BanCorp reported net income of $8.88 million ($1.42 per diluted share) for Q3 2021, up from $8.35 million in Q2 2021 but down from $11.86 million YoY. Strong performance was driven by SBA PPP loans, high mortgage lending volume, and core loan growth. The bank's total deposits increased 27% YoY to $2.30 billion. Total revenue for Q3 was $33.1 million, down from $39.9 million a year earlier. Northrim remains well-capitalized with a tangible common equity ratio of 8.73%.

Northrim BanCorp, Inc. (NASDAQ: NRIM) declared a quarterly cash dividend increase to $0.38 per share, payable on September 17, 2021, to shareholders on record as of September 9, 2021. This dividend reflects Northrim's growth and strong capital position, with a current yield of 3.69% based on the closing stock price of $41.17 on August 25, 2021. In Q2 2021, the company reported earnings of $8.35 million, or $1.33 per diluted share, down from $12.18 million or $1.94 per share in Q1 2021, influenced by SBA Paycheck Protection loans and increased mortgage lending.

Northrim BanCorp (NRIM) reported a net income of $8.35 million, or $1.33 per diluted share, for Q2 2021, down from $12.18 million in Q1 2021. Year-to-date, net income rose 88% to $20.53 million compared to $10.93 million in 2020. Significant contributions came from PPP loan income and strong performance in Home Mortgage Lending. Provision for credit losses decreased to $427,000, reflecting improved economic outlooks. Total deposits surged 24% year-over-year to $2.15 billion, while loan modifications due to COVID-19 dropped significantly, indicating improved customer financial health.

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.