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 - 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 ...

Core Points - Northrim BanCorp, Inc. declared a regular quarterly cash dividend of $0.62 per share, payable on September 13, 2024, to shareholders of record as of September 5, 2024 [1] - The current dividend yield is 3.86% based on the stock price of $64.30 per share as of August 22, 2024 [2] - In the second quarter of 2024, Northrim reported net income of $9.0 million, or $1.62 per diluted share, an increase from $8.2 million, or $1.48 per diluted share in the first quarter of 2024, and $5.6 million, or $0.98 per diluted share in the second quarter of the previous year [3] Company Overview - Northrim BanCorp, Inc. is the parent company of Northrim Bank, which operates 20 branches across Alaska, serving 90% of the state's population [4] - The company has an asset-based lending division in Washington and a wholly-owned mortgage brokerage, Residential Mortgage Holding Company, LLC [4] - Northrim Bank emphasizes its knowledge of Alaska's economy and a "Customer First Service" philosophy [4]

The price trend for Northrim BanCorp (NRIM) has been bearish lately and the stock has lost 12.1% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support. While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street an ...

Financial Performance - Northrim BanCorp reported net income of $9.0 million, or $1.62 per diluted share, in Q2 2024, an increase from $8.2 million, or $1.48 per diluted share, in Q1 2024, and $5.6 million, or $0.98 per diluted share, in Q2 2023[9]. - Northrim BanCorp reported earnings of $9.0 million, or $1.62 per diluted share for Q2 2024, compared to $7.7 million in Q2 2023[68]. - Net income for Q2 2024 was $9.02 million, an increase from $8.20 million in Q1 2024 and $5.58 million in Q2 2023[82]. - Return on average assets (ROAA) was 1.31% and return on average equity (ROAE) was 14.84% for Q2 2024, compared to 0.85% and 9.85% a year ago[41]. - Book value per share increased to $44.93 from $39.45 year-over-year, reflecting a growth of 14.3%[105]. - Total shareholders' equity reached $247.2 million, an increase from $221.3 million year-over-year[111]. Income and Revenue - Total interest income for Q2 2024 was $36.91 million, up from $35.81 million in Q1 2024 and $31.82 million in Q2 2023[89]. - Net interest income increased by 2% to $27.1 million in Q2 2024 compared to $26.4 million in Q1 2024, and by 8% compared to $25.1 million in Q2 2023[18]. - The net interest income for Q2 2024 was $27.1 million, up from $26.4 million in Q1 2024, representing a 2.3% increase[99]. - Other operating income contributed $9.6 million, or 26% of total revenues in Q2 2024, compared to 22% a year ago[44]. - Net interest income for the quarter was $53.5 million, up from $50.2 million in the previous year[107]. Asset and Loan Management - Total assets reached $2.82 billion as of June 30, 2024, up from $2.76 billion at the end of Q1 2024[12]. - Portfolio loans reached $1.88 billion at June 30, 2024, up 4% from the preceding quarter and up 13% year-over-year[36]. - Total mortgage loans funded increased to $283,241 thousand in Q2 2024, up 8% from $262,108 thousand in Q2 2023[32]. - Mortgage loans funded for sale increased significantly to $152.3 million in Q2 2024, compared to $84.3 million in Q1 2024 and $113.8 million in Q2 2023[28]. - Nonperforming loans decreased to $4.8 million at June 30, 2024, down from $5.3 million at March 31, 2024, and the same amount a year ago[20]. Deposits and Funding - Total deposits were $2.46 billion at June 30, 2024, reflecting a 7% increase from $2.30 billion a year ago[36]. - The bank's deposit market share in Alaska increased to 15.04% as of June 30, 2023, up from 13.95% a year earlier, despite an 8.5% decline in total deposits in Alaska[24]. - Average interest-bearing deposits rose to $1.73 billion with an average cost of 2.21% in Q2 2024, compared to $1.57 billion and 1.56% in Q2 2023, marking a 10% increase[81]. - Demand deposits decreased slightly to $704.5 million, accounting for 29% of total deposits as of June 30, 2024[92]. - Interest-bearing demand deposits rose to $906.0 million, representing 36% of total deposits[92]. Efficiency and Cost Management - The efficiency ratio improved to 68.78% in Q2 2024 from 68.93% in Q1 2024, indicating better cost management[12]. - Efficiency ratio improved to 68.78% from 74.03% year-over-year, indicating better cost management[105]. Capital and Equity - The tangible book value per share increased to $42.03 as of June 30, 2024, up from $40.61 in Q1 2024[101]. - The company maintained a Tier 1 Capital to Risk Adjusted Assets ratio of 11.68% as of June 30, 2024, compared to 11.55% in the previous quarter[82]. - Tangible common equity to tangible assets improved to 8.24% as of June 30, 2024, compared to 8.14% in the previous quarter and 7.83% a year ago[82]. - Tier 1 capital ratio increased to 11.68% from 12.13% year-over-year, showing a solid capital base[105]. Market and Economic Indicators - The Alaska Department of Labor reported a 2.9% increase in payroll jobs in Alaska from May 2023 to May 2024, indicating a positive employment trend[5]. - The average sales price for single-family homes in the Matanuska Susitna Borough rose 3.4% to $410,912 in the first six months of 2024[15].

ANCHORAGE, Alaska, July 24, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) ("Northrim" or the "Company") today reported net income of $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, compared to $8.2 million, or $1.48 per diluted share, in the first quarter of 2024, and $5.6 million, or $0.98 per diluted share, in the second quarter a year ago. The increase in second quarter 2024 profitability as compared to the prior quarter and the second quarter a year ago was prima ...