Core Financial Performance - Northrim BanCorp reported a net income of $10.9 million, or $1.95 per diluted share, in Q4 2024, an increase from $8.8 million, or $1.57 per diluted share, in Q3 2024, and $6.6 million, or $1.19 per diluted share, in Q4 2023 [1][2] - For the full year 2024, net income increased by 46% to $37.0 million, or $6.62 per diluted share, compared to $25.4 million, or $4.49 per diluted share, in 2023 [2] - The increase in profitability in Q4 2024 was driven by higher mortgage banking income, net interest income, and purchased receivable income, partially offset by increased operating expenses and credit loss provisions [1][2] Income and Expenses - Net interest income in Q4 2024 rose by 7% to $30.8 million compared to $28.8 million in Q3 2024 and increased by 15% from $26.7 million in Q4 2023 [5][18] - Operating expenses were $29.4 million in Q4 2024, up from $26.7 million in Q3 2024 and $24.0 million in Q4 2023, primarily due to increased salaries and one-time deal costs related to the acquisition of Sallyport [24][41] Acquisition Impact - The acquisition of Sallyport Commercial Finance, completed on October 31, 2024, for approximately $53.9 million, is expected to diversify fee income and enhance profitability [1][40] - The Specialty Finance segment, which includes Sallyport, generated $3.9 million in revenue in Q4 2024, significantly contributing to overall income [41] Mortgage Banking Segment - Mortgage loans funded for sale decreased to $162.5 million in Q4 2024, with 89% for home purchases, compared to $210.0 million in Q3 2024 [30] - The net change in fair value of mortgage servicing rights increased mortgage banking income by $873,000 in Q4 2024, contributing to overall revenue growth [33] Balance Sheet Highlights - Total assets reached $3.04 billion at December 31, 2024, up 3% from the previous quarter and 8% year-over-year [43] - Portfolio loans increased to $2.13 billion, a 6% rise from the preceding quarter and a 19% increase from a year ago [49] - Total deposits were $2.68 billion, reflecting a 2% increase from the previous quarter and an 8% increase year-over-year [5][49] Market Position and Growth - Northrim's deposit market share in Alaska increased from 11% to 16% over the past five years, with loans and deposits nearly doubling [4] - The company opened several new branches in Alaska, contributing to its growth strategy and market presence [26][27]

Group 1 - Northrim BanCorp, Inc. (NASDAQ: NRIM) has been identified as a successful investment pick over the past year [1] - The focus of Crude Value Insights is on cash flow and companies that generate it, leading to value and growth prospects [1] Group 2 - Subscribers have access to a 50+ stock model account and in-depth cash flow analyses of exploration and production (E&P) firms [2] - The service includes live chat discussions about the oil and gas sector [2] Group 3 - A two-week free trial is available for new subscribers to explore the oil and gas investment opportunities [3]

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 - 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 ...