Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus. Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yi ...

ANCHORAGE, Alaska, May 24, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.61 per share. The dividend will be payable on June 14, 2024, to shareholders of record at the close of business on June 6, 2024. "We are pleased to announce a quarterly dividend of $0.61 per share, as we continue to provide returns to our shareholders," said Mike Huston, President and CEO. At the stock price of $53.01 per share ...

When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done. Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate re ...

Unfortunately, the opposite occurred. Although shares have seen a respectable 5.2% increase since then, that has actually fallen short of the 14.8% increase seen by the S&P 500 (SP500). Given this return disparity, you might think that the fundamental condition for the company has been worsening. But that's not exactly the case. In fact, the most recent data provided by management shows continued growth from a profitability perspective. On the other hand, a recent downturn, as modest as it is, when it comes ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it ...

Northrim BanCorp (NRIM) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individ ...

Financial Performance - Net income for the first quarter of 2024 was $8.2 million, an increase of 71% from $4.8 million in the same period of 2023[122] - Earnings per diluted share rose to $1.48 in Q1 2024, compared to $0.84 in Q1 2023, reflecting strong performance[122] - Return on average assets improved to 1.19% in Q1 2024, compared to 0.76% in Q1 2023[123] - Return on average shareholders' equity increased to 13.84% in Q1 2024, up from 8.73% in Q1 2023[123] Income and Revenue - Net interest income increased by 6% to $26.4 million in Q1 2024, up from $25.0 million in Q1 2023[122] - Total interest income increased by $6,013,000, or 20%, driven by a $6,546,000 increase in loans[134] - Other operating income rose by $2,900,000, or 60%, to $7,800,000, primarily due to a $2,000,000 increase in mortgage banking income[137] Loans and Deposits - Total loans reached $1.81 billion as of March 31, 2024, a 1% increase from December 31, 2023, driven by growth in commercial real estate and consumer mortgage loans[126] - Total deposits were $2.43 billion at March 31, 2024, a decrease of 2% from December 31, 2023, with demand deposits down 5%[126] - Total loans increased by $21.6 million, or 1%, to $1.811 billion as of March 31, 2024, from $1.789 billion at December 31, 2023, primarily due to increased commercial real estate and consumer mortgage loans[142] Asset Quality - Nonperforming assets decreased to $5.4 million as of March 31, 2024, down from $5.8 million at December 31, 2023[123] - Nonperforming loans decreased to $5.260 million as of March 31, 2024, from $6.069 million as of December 31, 2023[146] - The provision for credit losses decreased to $149,000 in Q1 2024 from $360,000 in Q1 2023, reflecting improved estimated loss rates[136] Deposits and Funding - The average cost of interest-bearing deposits rose to 2.13% in Q1 2024, up from 1.20% in Q1 2023[126] - Non-interest bearing demand deposits decreased by $50,954,000, or 7%, to $705,134,000 compared to the previous year[136] - Total interest-bearing deposits increased by $188,486,000, or 12%, to $1,731,923,000[136] Capital and Shareholder Information - The Company maintained a total risk-based capital ratio of 12.47% and a Tier 1 risk-based capital ratio of 11.55% as of March 31, 2024, exceeding the minimum requirements[166] - The Company has 10.0 million authorized shares of common stock, with 5.5 million issued and outstanding, leaving 4.5 million shares available for issuance[157] - The Company repurchased 15,034 shares of common stock in the first three months of 2024, with 110,000 shares remaining under the repurchase program[163] Tax and Expenses - The effective tax rate for Q1 2024 was 21.94%, up from 20.44% in Q1 2023, with income tax expense recorded at $2,300,000[139] Investment Portfolio - Total investment securities decreased by 7% to $642,696,000 from $687,839,000 at the end of 2023, mainly due to maturities and calls[140] - The average estimated duration of the investment portfolio was approximately 2.7 years as of March 31, 2024[141] - The weighted average maturity of available for sale securities was 2.7 years as of March 31, 2024, down from 2.8 years at December 31, 2023[159] Cash and Liquidity - As of March 31, 2024, the Company had cash and cash equivalents of $80.4 million, representing 3% of total assets, down from $118.5 million or 4% at December 31, 2023[159] - Liquid assets, including investments and loans maturing within a year, totaled $515.6 million as of March 31, 2024[160] - The Company reported net cash used by operating activities of $5.5 million for the first three months of 2024, primarily due to cash used in loan origination[161] Other Information - Direct exposure to the oil and gas industry decreased to $88.0 million, or approximately 5% of loans as of March 31, 2024, down from $96.1 million, or approximately 5% of loans as of December 31, 2023[143] - The Company's allowance for credit losses (ACL) increased to $17.533 million as of March 31, 2024, from $14.157 million as of March 31, 2023[148] - Uninsured deposits totaled approximately $989.5 million, or 41% of total deposits, as of March 31, 2024, unchanged from December 31, 2023[152] - The Company had outstanding advances of $13.6 million from the Federal Home Loan Bank as of March 31, 2024, for low-income housing projects[153] - Total unfunded commitments to fund loans and letters of credit were $483.0 million as of March 31, 2024, with expectations that not all loans will be fully drawn at once[159] - The accumulated unrealized losses on available for sale securities were $17.2 million as of March 31, 2024[159] - The Company expects to continue receiving dividends from the Bank throughout 2024, as it meets all applicable capital adequacy requirements[157]

Northrim BanCorp (NRIM) came out with quarterly earnings of $1.48 per share, beating the Zacks Consensus Estimate of $1.05 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 40.95%. A quarter ago, it was expected that this holding company for Northrim Bank would post earnings of $1.24 per share when it actually produced earnings of $1.19, delivering a surprise of -4.03%.Over the last ...

Financial Performance - Northrim BanCorp reported net income of $8.2 million, or $1.48 per diluted share, in Q1 2024, up from $6.6 million, or $1.19 per diluted share, in Q4 2023, and $4.8 million, or $0.84 per diluted share, in Q1 2023[1]. - Northrim reported net income of $8.2 million, or $1.48 per diluted share for Q1 2024, compared to $7.16 million, or $1.29 per diluted share, in Q4 2023[25]. - Total interest income for Q1 2024 was $35.8 million, up from $29.8 million in Q1 2023, reflecting a 20% year-over-year growth[55]. - The bank's net interest income after provision for credit losses was $26.3 million, an increase from $24.7 million in the same quarter last year, marking a 6.6% year-over-year increase[55]. - The efficiency ratio improved to 68.93% in Q1 2024 from 72.21% in Q4 2023, indicating better operational efficiency[7]. - Return on average assets (ROAA) was 1.19% and return on average equity (ROAE) was 13.84% for Q1 2024, compared to 0.93% and 11.36% in Q4 2023[18]. - The net change in fair value of mortgage servicing rights decreased mortgage banking income by $25,000 in Q1 2024, compared to a decrease of $1.0 million in Q4 2023[33]. - The bank's mortgage banking income rose to $4.03 million in Q1 2024, compared to $2.01 million in Q1 2023, representing a 100% increase year-over-year[55]. Loan and Deposit Metrics - Total portfolio loans reached $1.81 billion at March 31, 2024, up 1% from the previous quarter and up 18% year-over-year[9]. - Total deposits were $2.43 billion at March 31, 2024, down 2% from the previous quarter but up 6% from $2.30 billion a year ago[9]. - The loan-to-deposit ratio increased to 74% at March 31, 2024, from 72% at December 31, 2023, and 67% at March 31, 2023[36]. - Approximately 32% of loans are set to mature or reprice in the next three months, indicating potential changes in interest income[43]. - Mortgage loans funded for sale increased to $84.3 million in Q1 2024, compared to $79.7 million in Q4 2023 and $50.7 million in Q1 2023[30]. - The average interest-bearing deposits increased to $1.73 billion with an average cost of 2.13% in Q1 2024, compared to $1.72 billion and 2.00% in Q4 2023[44]. Asset Quality - Nonperforming loans increased to $5.3 million at March 31, 2024, from $5.0 million at December 31, 2023, but decreased from $6.1 million a year ago[22]. - Nonperforming loans decreased to $5.26 million, down from $6.07 million in Q4 2023, showing a 13% improvement in asset quality[59]. - The allowance for credit losses as a percentage of portfolio loans remained stable at 0.97% as of March 31, 2024[59]. - Northrim recorded a provision for credit losses of $149,000 in Q1 2024, significantly lower than $885,000 in Q4 2023 and $360,000 in Q1 2023[21]. - Net adversely classified loans were $7.2 million at March 31, 2024, unchanged from a year ago, with net loan recoveries of $42,000 in Q1 2024[48]. Shareholder Equity - Shareholders' equity increased to $239.3 million, or $43.52 book value per share, at March 31, 2024, compared to $234.7 million at December 31, 2023[46]. - Total shareholders' equity increased to $239,327 million as of March 31, 2024, compared to $234,718 million in 2023, and $224,425 million in March 2023, reflecting a year-over-year growth of 6.6%[71]. - The ratio of total shareholders' equity to total assets improved to 8.67% as of March 31, 2024, compared to 8.36% in 2023, but slightly decreased from 8.70% in March 2023[71]. - The tangible common equity ratio increased to 8.14% in Q1 2024 from 7.84% in Q4 2023[68]. Market Presence and Operations - A new branch was opened in Homer, Alaska, to expand market presence following the success of a loan production office established in 2023[4]. - Northrim's deposit market share in Alaska grew to 15.04% as of June 30, 2023, up from 13.95% a year earlier, despite a total deposit decline of 8.5% in Alaska[26]. - Operating expenses decreased to $23.6 million in Q1 2024 from $24.0 million in Q4 2023 and $23.5 million in Q1 2023[24].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ WASHINGTON, DC 20549 FORM 10-K (Mark One) ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...