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. (NASDAQ: NRIM) is a bank holding company for Northrim Bank, an Alaska-based community bank with 20 branches across the State of Alaska. The company’s news flow reflects its focus on community banking, home mortgage lending, and specialty finance, including purchased receivable factoring and asset-based lending through Northrim Funding Services and Sallyport Commercial Finance, LLC.
On this page, readers can follow NRIM news related to quarterly and annual earnings, dividend declarations, capital actions, and regulatory developments. Recent press releases highlight net income trends, changes in net interest income and net interest margin, mortgage loan originations and mortgage loans funded for sale, and the impact of specialty finance activities on purchased receivable income.
Northrim’s news coverage also includes dividend announcements and details on the company’s regular quarterly cash dividends, as well as information about a 4-for-1 forward stock split of its common stock and the associated amendment to its Articles of Incorporation. Investors can review updates on cash dividend amounts per share, record dates, and payment dates, along with commentary from management about shareholder returns.
Another important category of news involves capital and funding transactions. For example, the company has reported the completion of a private placement of 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035, intended to qualify as Tier 2 capital. Related disclosures describe the terms of the notes, intended use of proceeds, and associated registration rights agreements.
By monitoring this NRIM news feed, users can track how Northrim BanCorp’s community banking, mortgage banking, and specialty finance activities evolve over time, and how management communicates about performance, capital structure, and the economic environment in Alaska.
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.
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.