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 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.
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.