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 reports news on its Alaska-based bank holding company operations, including community banking, home mortgage lending and specialty finance. Updates commonly cover loan and deposit trends, net interest income, mortgage banking income, credit-loss provision activity and purchased receivable income tied to factoring and asset-based lending.
Company announcements also include quarterly cash dividends, capital actions, debt financing and share-structure changes. Northrim Bank operates branches in Alaska, while Northrim Funding Services, Sallyport Commercial Finance and Residential Mortgage support factoring, asset-based lending and regional mortgage activity.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a stock repurchase authorization of 285,000 shares, equating to roughly 5% of its outstanding shares. This decision follows a previous period where no shares were available for repurchase. CFO Jed Ballard emphasized that this program has historically increased shareholder value, with 2,049,927 shares repurchased to date. The repurchase will be conducted in the open market or via private transactions, depending on market conditions and maintaining capital adequacy. Northrim currently has 5.7 million shares outstanding.
Northrim BanCorp (NASDAQ:NRIM) announced a net income of $8.6 million, or $1.48 per diluted share, for Q4 2022, down from $10.1 million in Q3 2022 and up from $8.1 million year-over-year. The decline was attributed to increased provisions for credit losses due to loan growth and reduced income in the Home Mortgage Lending segment amid declining mortgage originations. Full-year net income fell 18% to $30.7 million from $37.5 million in 2021. Despite challenges, record net interest income was achieved, primarily from increased core loan growth. The bank's strong financial position is underscored by a continued focus on business investments and market share growth.
Northrim BanCorp, Inc. (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.50 per share, payable on December 23, 2022, to shareholders on record by December 15, 2022. This decision reflects the company’s commitment to delivering returns to shareholders, bringing the annualized yield to 3.58% based on the recent stock price of $55.85. Northrim reported a net income of $10.1 million in Q3 2022, marking an increase from previous quarters, attributed to rising interest rates, core loan growth, and increased earning assets.
Northrim BanCorp (NRIM) reported a significant increase in net income for Q3 2022, reaching $10.1 million ($1.76 per diluted share), up from $4.8 million in Q2 2022 and $8.9 million in Q3 2021. This growth was primarily driven by an 18% increase in net interest income to $26.3 million, alongside rising loan yields in a favorable interest rate environment. The company also increased dividends to $0.50 per share and reported a 4% growth in total deposits to $2.44 billion. Overall, key financial metrics, including return on average assets and equity, showed marked improvement.
Northrim BanCorp (NASDAQ: NRIM) declared a regular quarterly cash dividend of $0.50 per share, payable on September 16, 2022, to shareholders of record by September 8, 2022. This dividend yields 4.94% annually based on the stock price of $40.50 on August 25, 2022. The company reported a net income of $4.8 million or $0.83 per diluted share for Q2 2022, down from $7.2 million in Q1 2022 and $8.3 million in Q2 2021. The decrease in income is attributed to various factors including loan growth and rising interest rates.
Northrim BanCorp (NASDAQ:NRIM) reported Q2 2022 net income of $4.8 million ($0.83 per diluted share), down from $7.2 million ($1.20 per share) in Q1 2022 and $8.3 million ($1.33 per share) year-over-year. Key factors for the decline include reduced mortgage banking income and a decrease in marketable equity securities, which impacted net income by $810,000. Despite this, net interest income rose 15% sequentially to $22.2 million, attributed to rising interest rates. The firm repurchased 200,619 shares this quarter and maintained a dividend of $0.41 per share.
Northrim BanCorp announced a quarterly cash dividend of $0.41 per share, payable on June 17, 2022, to shareholders of record on June 9, 2022. This dividend represents an annualized yield of 3.94% based on a stock price of $41.63 at the market close on May 26, 2022.
Additionally, the company reported a net income of $7.2 million for Q1 2022, down from $12.2 million a year earlier, attributed to core loan growth and SBA PPP loan income.
Northrim BanCorp reported a net income of $7.2 million or $1.20 per diluted share for Q1 2022, down from $8.1 million in Q4 2021 and $12.2 million in Q1 2021. The drop in profitability was primarily due to declines in net interest income and mortgage banking income, along with a higher income tax provision. Despite these challenges, dividends per share increased to $0.41, marking a 7.9% rise from the previous quarter. Additionally, share repurchases of 133,105 shares were executed. Northrim is focused on growth through its Paycheck Protection Program success and expense discipline.
Northrim BanCorp (NASDAQ: NRIM) has announced the promotions of Michael Huston and Amber Zins within Northrim Bank, effective March 26, 2022. Huston takes on the role of President and Chief Lending Officer, succeeding Joe Schierhorn, who continues as Chairman and CEO. Zins steps up as Executive Vice President and Chief Operating Officer. Both bring extensive experience to their positions, with Huston having over 25 years in banking and Zins a 14-year tenure at Northrim. This leadership change reflects the company's commitment to investing in its workforce to drive long-term success.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.41 per share, payable on March 18, 2022, to shareholders of record by the close of business on March 10, 2022. The dividend yield based on the stock price of $41.52 as of February 24, 2022, is approximately 3.95%. The company reported a net income of $8.11 million, or $1.31 per diluted share for Q4 2021, a decrease from $8.88 million in Q3 2021 and $10.10 million in Q4 2020, impacted by fluctuating loan growth and income from SBA PPP loans.