Core Viewpoint - The sustainability of a stock trend is crucial for successful short-term investing, and various factors must be considered to maintain momentum [1][2]. Group 1: Stock Performance - Northrim BanCorp (NRIM) has shown a solid price increase of 30.2% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also increased by 30.8% over the last four weeks, suggesting that the upward trend is still intact [5]. - NRIM is currently trading at 86.1% of its 52-week high-low range, indicating a potential breakout [5]. Group 2: Fundamental Strength - NRIM holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to maintain their upward trends [3]. - In addition to NRIM, there are other stocks that meet the criteria of the "Recent Price Strength" screen, which can be considered for investment [8].

Core Viewpoint - Northrim BanCorp (NRIM) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise their earnings estimates [1][2] Current-Quarter Estimate Revisions - For the current quarter, Northrim is expected to earn $1.70 per share, reflecting a year-over-year increase of +42.86% [4] - Over the past 30 days, one estimate has been revised upward with no negative revisions, leading to a 38.21% increase in the Zacks Consensus Estimate [4] Current-Year Estimate Revisions - For the full year, the expected earnings per share is $6.38, indicating a year-over-year change of +42.09% [5] - The current year's estimate revisions show one upward revision with no negative changes, resulting in a 9.43% increase in the consensus estimate [5] Favorable Zacks Rank - Northrim has achieved a Zacks Rank 1 (Strong Buy) due to positive estimate revisions, which is a reliable indicator for investors [6] - Research indicates that stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500 [6] Bottom Line - The stock has gained 13.8% over the past four weeks, driven by solid estimate revisions, suggesting potential for further growth [7]

Core Viewpoint - Northrim BanCorp (NRIM) has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Northrim indicate an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions [10]. Earnings Estimate Revisions for Northrim - Northrim is expected to earn $6.38 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 42.1% [8]. - Over the past three months, the Zacks Consensus Estimate for Northrim has increased by 9.4% [8].

Core Viewpoint - Northrim BanCorp, Inc. has acquired Sallyport Commercial Finance, LLC for approximately $53.9 million in an all-cash transaction, expected to enhance Northrim's earnings by about 15% in 2025 [1][2]. Company Overview - Northrim BanCorp, Inc. is the parent company of Northrim Bank, a community bank in Alaska with 20 branches serving 90% of Alaska's population, and has a factoring and asset-based lending division [8]. - Sallyport Commercial Finance, LLC specializes in providing working capital solutions to small and medium-sized enterprises in the U.S. and Canada, having factored over $5 billion in debts by 2023 [2][9]. Transaction Details - The acquisition closed on October 31, 2024, and SCF will operate as a wholly-owned subsidiary of Northrim, complementing the existing products offered by Northrim Funding Services [1][3]. - The executive management team at SCF, which has over 100 years of combined industry experience, will retain their current positions post-acquisition [3]. Strategic Rationale - Northrim views the acquisition as a strategic partnership that aligns with its core values of customer service and tailored solutions, aiming to capture a larger share of the dynamic market segment [2]. - The company has a history of investing in related financial enterprises as part of its growth and diversification strategy [5]. Future Outlook - Management plans to discuss the acquisition in detail during an investor conference call scheduled for November 4, 2024 [7].

Financial Performance - The Company reported net income of $8.8 million and earnings per diluted share of $1.57 for Q3 2024, compared to $8.4 million and $1.48 for Q3 2023, reflecting a year-over-year increase in net income of 4.8%[146] - Net income for Q3 2024 increased by $451,000 to $8.8 million compared to $8.4 million in Q3 2023, driven by a $2.6 million increase in mortgage banking income and a $2.5 million increase in net interest income[150] - For the first nine months of 2024, net income rose by $7.3 million to $26.0 million from $18.8 million in the same period of 2023, primarily due to a $6.6 million increase in mortgage banking income and a $5.8 million increase in net interest income[151] Net Interest Income - Net interest income increased by 9% to $28.8 million in Q3 2024, up from $26.4 million in Q3 2023, and increased by 8% to $82.3 million for the first nine months of 2024 compared to $76.5 million in the same period of 2023[147] - Net interest income for Q3 2024 increased by 9% or $2.5 million to $28.8 million compared to $26.4 million in Q3 2023, with a net interest margin increase of 14 basis points to 4.29%[152] - The net interest margin for the first nine months of 2024 increased by 6 basis points to 4.23% compared to 4.17% in the same period of 2023[152] Loans and Deposits - Loans totaled $2.01 billion as of September 30, 2024, representing a 12% increase from December 31, 2023[147] - Total deposits reached $2.63 billion at September 30, 2024, a 6% increase from December 31, 2023[147] - Total loans increased by $218.1 million, or 12%, to $2.008 billion as of September 30, 2024, from $1.789 billion at December 31, 2023[181] Asset Quality - Nonperforming assets, net of government guarantees, decreased to $5.3 million as of September 30, 2024, from $5.8 million at December 31, 2023[148] - The provision for credit losses increased by $873,000 in Q3 2024, reflecting a cautious approach to potential future losses[150] - Potential problem loans decreased to $1.5 million as of September 30, 2024, down from $1.9 million at December 31, 2023[149] Operating Expenses - The company reported a $557,000 increase in data processing expenses for the first nine months of 2024 compared to the same period in 2023[151] - Other operating expenses for the nine-month period ended September 30, 2024, increased by 8% to $75.6 million, mainly due to a $3.3 million rise in salaries and personnel expenses[176] Capital and Liquidity - The company’s total risk-based capital ratio was 12.50% as of September 30, 2024, exceeding the minimum required ratio of 8.00%[212] - The company had cash and cash equivalents of $102.9 million, or 3% of total assets, down from $118.5 million or 4% at the end of 2023[205] - The company’s liquidity sources include $1.07 billion in liquid assets and $641.7 million available for borrowing under existing lines of credit as of September 30, 2024[206] Deposit Composition - The Company’s mix of deposits contributed to a low cost of funds, with transaction accounts representing 83% of total deposits as of September 30, 2024[193] - Uninsured deposits reached approximately $1.12 billion, representing 43% of total deposits, an increase from $1.0 billion or 41% as of December 31, 2023[196] - The company had approximately 34,000 deposit customers with an average balance of $48,000, and 22 customers held balances over $10 million, accounting for $978.4 million or 38% of total deposits[195] Investment Securities - Investment securities decreased by 14% to $594.9 million from $687.8 million at December 31, 2023, primarily due to maturities and calls of available for sale securities[178] - The average estimated duration of the investment portfolio at September 30, 2024, was approximately 2.3 years[179] Credit Losses and Sensitivity Analysis - The provision for credit losses was $1.738 million for the three months ended September 30, 2024[189] - As of September 30, 2024, if the four-quarter U.S. unemployment rate forecast had been approximately 8% higher, the Allowance for Credit Losses (ACL) for loans would have increased by $1.1 million, or 6%[219] - Management performs quarterly sensitivity analysis to understand the impact of changes in key inputs on the ACL[219]

Financial Performance - Northrim BanCorp reported net income of $8.8 million, or $1.57 per diluted share, in Q3 2024, a decrease from $9.0 million, or $1.62 per diluted share, in Q2 2024[1]. - Northrim BanCorp reported a net income of $8.8 million, or $1.57 per diluted share, for Q3 2024[40]. - Northrim BanCorp reported earnings of $8.8 million, or $1.57 per diluted share for Q3 2024[43]. - Northrim BanCorp reported a net income of $8.8 million, or $1.57 per diluted share, for Q3 2024[48]. Income and Revenue - Total interest income increased to $39.4 million in Q3 2024, up 14.5% from $34.4 million in Q3 2023[41]. - Net interest income increased by 7% to $28.8 million in Q3 2024 compared to $27.1 million in Q2 2024, and increased by 9% from $26.4 million in Q3 2023[2]. - Net interest income in the Community Banking segment totaled $25.9 million in Q3 2024, a 7% increase from $24.3 million in Q2 2024 and $24.1 million in Q3 2023[20]. - Net interest income after provision for credit losses was $26.8 million, compared to $25.2 million in the same quarter last year, reflecting a 6.4% year-over-year increase[41]. - Mortgage banking income rose to $7.0 million in Q3 2024, a 59.5% increase from $4.4 million in Q3 2023[41]. Deposits and Loans - Total deposits reached $2.63 billion at September 30, 2024, up 7% from the preceding quarter and up 8% from $2.43 billion a year ago[2]. - Portfolio loans were $2.01 billion at September 30, 2024, reflecting a 7% increase from the previous quarter and a 17% increase year-over-year[2]. - Total deposits grew to $2.63 billion at September 30, 2024, a 7% increase from $2.46 billion at June 30, 2024, and an 8% increase from $2.43 billion a year ago[34]. - Total portfolio loans increased to $2,007,565 thousand, up from $1,875,907 thousand in Q2 2024, representing a growth of 7%[43]. Asset Quality - The provision for credit losses was $2.1 million in Q3 2024, compared to a benefit of $120,000 in Q2 2024 and a provision of $1.2 million in Q3 2023[13]. - Nonperforming loans increased slightly to $5.0 million at September 30, 2024, compared to $4.8 million at June 30, 2024, but decreased from $5.1 million a year ago[14]. - Nonperforming assets (NPAs) were $5.3 million at September 30, 2024, slightly up from $5.1 million at June 30, 2024, and $5.2 million a year ago[36]. - The allowance for credit losses on loans was $19.5 million, up from $16.5 million a year ago, indicating a focus on maintaining asset quality[42]. Capital and Equity - Shareholders' equity increased to $260.1 million, or $47.27 book value per share, compared to $225.3 million, or $40.60 book value per share, a year ago[35]. - The company maintained a Tier 1 Capital to Risk Adjusted Assets ratio of 11.53% at September 30, 2024, indicating strong capital levels[35]. - The tangible common equity ratio improved to 8.28%, up from 7.54% in the same quarter last year[57]. - Total shareholders' equity reached $260.050 million, up from $225.259 million a year ago, representing an increase of 15.4%[55]. Operational Efficiency - Operating expenses increased to $26.7 million in Q3 2024, compared to $25.2 million in Q2 2024 and $22.9 million in Q3 2023, primarily due to higher salaries and personnel expenses[16]. - The efficiency ratio improved to 66.11% in Q3 2024, down from 66.64% in Q3 2023, showing enhanced operational efficiency[49]. Market Position - Deposit market share in Alaska increased to 15.66% as of June 30, 2024, up from 15.04% a year earlier, representing a growth of 62 basis points[19]. - Northrim estimates $82.0 million, or approximately 4% of portfolio loans, had direct exposure to the oil and gas industry in Alaska as of September 30, 2024[39]. Mortgage Activity - Mortgage loans funded for sale increased to $210.0 million in Q3 2024, compared to $152.3 million in Q2 2024 and $131.9 million in Q3 2023[23]. - Total mortgage loans funded reached $531.3 million in Q3 2024, up 28% from $415.6 million in Q3 2023, with mortgage loans funded for sale increasing by 51%[28]. - As of September 30, 2024, Northrim serviced 4,187 loans in its $1.17 billion home-mortgage-servicing portfolio, a 6% increase from Q2 2024 and a 19% increase from a year ago[26].

Northrim BanCorp (NRIM) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.53 per share. This compares to earnings of $1.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.61%. A quarter ago, it was expected that this holding company for Northrim Bank would post earnings of $1.31 per share when it actually produced earnings of $1.62, delivering a surprise of 23.66%.Over the last f ...

ANCHORAGE, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago. The increase in third quarter 2024 profitability as compared to the third quarter a year ago was primarily the result of an inc ...

Northrim BanCorp, Inc. (NRIM) announced a quarterly cash dividend of 62 cents per share. This reflects a 1.6% hike from the prior payout. The dividend will be paid out on Sep 13, 2024, to shareholders of record as of Sep 5. Prior to the latest hike, NRIM increased its dividend by 1.7% to 61 cents per share this January. The company has hiked its dividend 10 times in the last five years, with an annualized dividend growth of 17.18%. Currently, Northrim Bancorp's payout ratio is 42% of its earnings. This indi ...

ANCHORAGE, Alaska, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.62 per share. The dividend will be payable on September 13, 2024, to shareholders of record at the close of business on September 5, 2024. "We are pleased to announce a quarterly dividend of $0.62 per share, as we continue to provide returns to our shareholders," said Mike Huston, President and CEO. At the stock price of $64.3 ...