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 ...

Shares of Northrim BanCorp rallied for the fifth straight trading session and touched a 52-week high of 67.59. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks' funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving NRIM higher. For ...

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 revisions, etc. -- that could keep the momentum in the stock going. There are several stocks that passed through the screen and Northrim BanCorp (NRIM) is one of them. Here are the key reasons why this stock is a solid choice for "trend" investing. ...

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases. Headquarte ...

Most of us have heard the dictum "the trend is your friend." And this is undeniably the key to success when it comes to short-term investing or trading. But it isn't easy to ensure the sustainability of a trend and profit from it. The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock alive. Our ...

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 ...