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 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, 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.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.34 per share, payable on June 19, 2020, to shareholders of record by June 11, 2020. The dividend yield stands at 5.33% based on the closing stock price of $25.52 on May 28, 2020. The company reported first-quarter earnings of $1.0 million, or $0.16 per diluted share, with growth in loans and deposits but an increased provision for loan losses.
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