Northrim Bancorp Inc   (NRIM)
Other Ticker:  
    Sector  Financial    Industry S&Ls Savings Banks
   Industry S&Ls Savings Banks
   Sector  Financial
Price: $68.9200 $-1.18 -1.683%
Day's High: $71.84 Week Perf: 3.78 %
Day's Low: $ 68.87 30 Day Perf: 24.31 %
Volume (M): 55 52 Wk High: $ 71.84
Volume (M$): $ 3,756 52 Wk Avg: $49.38
Open: $69.66 52 Wk Low: $38.25

 Market Capitalization (Millions $) 383
 Shares Outstanding (Millions) 6
 Employees 411
 Revenues (TTM) (Millions $) 130
 Net Income (TTM) (Millions $) 29
 Cash Flow (TTM) (Millions $) -59
 Capital Exp. (TTM) (Millions $) 6

Northrim Bancorp Inc

Northrim BanCorp, Inc. is a publicly traded bank holding company headquartered in Anchorage, Alaska. The Company’s common stock trades on the Nasdaq Global Select Stock Market (“NASDAQ”) under the symbol, “NRIM.” The Company is regulated by the Board of Governors of the Federal Reserve System. We began banking operations in Anchorage in December 1990, and formed the Company as an Alaska corporation in connection with our reorganization into a holding company structure; that reorganization was completed effective December 31, 2001. The Company has grown to be the third largest commercial bank in Alaska and in Anchorage in terms of deposits. Through our fourteen banking branches and fourteen mortgage origination offices, we are accessible to approximately 90% of the Alaska population.

The Company has four direct wholly-owned subsidiaries:

Northrim Bank (the “Bank”), a state chartered, full-service commercial bank headquartered in Anchorage, Alaska. The Bank is regulated by the Federal Deposit Insurance Corporation (the "FDIC") and the State of Alaska Department of Commerce, Community and Economic Development, Division of Banking, Securities and Corporations. The Bank has fourteen branch locations in Alaska; seven in Anchorage, one in Wasilla, two in Juneau, one in Fairbanks, one in Ketchikan, one in Sitka, and one Eagle River. We also operate in Washington State through Northrim Funding Services (“NFS”), a factoring business that the Bank started in 2004. We offer a wide array of commercial and consumer loan and deposit products, investment products, and electronic banking services over the Internet;

Northrim Investment Services Company (“NISC”) was formed in November 2002 to hold the Company’s equity interest in Elliott Cove Capital Management, LLC ("ECCM"), an investment advisory services company. In the first quarter of 2006, through NISC, we purchased an equity interest in Pacific Wealth Advisors, LLC (“PWA”), an investment advisory, trust, and wealth management business located in Seattle, Washington, in which we hold 24% of PWAs total outstanding equity interests. In May 2015, we sold all of our equity interest in ECCM held by NISC;

Northrim Capital Trust I (“NCTI”), an entity that we formed in May of 2003 to facilitate a trust preferred securities offering by the Company;

Northrim Statutory Trust 2 (“NST2”), an entity that we formed in December of 2005 to facilitate a trust preferred securities offering by the Company; and
The Bank has three direct wholly-owned subsidiaries:

Northrim Capital Investments Co. (“NCIC”) is a wholly-owned subsidiary of the Bank, which holds a 100% interest in a residential mortgage holding company, Residential Mortgage Holding Company, LLC (“RML”). The predecessor of RML, Residential Mortgage, LLC, was formed in 1998 and has fourteen offices throughout Alaska. RML became a wholly-owned subsidiary of NCIC on December 1, 2014. Prior to that, the Company held a 23.5% interest in RML. RML holds a 30% investment in Homestate Mortgage, LLC and held a 33% interest in Sentinel until August 31, 2015, when the interest was divested. In March and December of 2005, NCIC purchased ownership interests totaling 50.1% in Northrim Benefits Group, LLC (“NBG”), an insurance brokerage company that focuses on the sale and servicing of employee benefit plans. In the fourth quarter of 2011, NCIC purchased an equity interest in Elliott Cove Insurance Agency LLC (“ECIA”); an insurance agency that offers annuity and other insurance products. We sold all of our equity interests in ECIA held by NCIC in May 2015.

Northrim Building, LLC (“NBL”) is a wholly-owned subsidiary of the Bank that owns and operates the Company’s main office facility at 3111 C Street in Anchorage.

Lake Otis, LLC is a wholly-owned subsidiary of the Bank that owns and operates the Company’s community branch facility at 2270 E. 37th Avenue in Anchorage.

The Company operates in two primary segments: Community Banking and Home Mortgage Lending.

The Company’s primary objective is to become Alaskas most trusted financial institution by adding value for our customers, communities, and shareholders. We aspire to be Alaskas premier bank and employer of choice as a leader in financial expertise, products, and services. We value our state, and we are proud to be Alaskan. We embody Alaskas frontier spirit and values, and we support our communities. We have a sincere appreciation for our customers, and we strive to deliver superior customer first service that is reliable, ethical, and secure. We look for growth opportunities for our customers, our institution and our employees.
Our strategy is one of value-added growth. Management believes that calculated, sustainable organic and inorganic market share growth coupled with good asset quality, an appropriate core deposit and capital base, operational efficiency, diversified sources of other operating income, and improved profitability is the most appropriate means of increasing shareholder value.

Our business strategy emphasizes commercial lending products and services through relationship banking with businesses and professional individuals. Additionally, we are a significant land development and residential construction lender and an active lender in the commercial real estate market in our Alaskan markets. Because of our relatively small size, our experienced senior management team can be more involved with serving customers and making credit decisions, allowing us to compete more favorably with larger competitors for lending relationships. We believe that there is opportunity to increase the Company’s loan portfolio, particularly in the commercial portion of the portfolio, in the Company’s current market areas through existing and new customers including in the Companys new market area in Southeast Alaska. Through our acquisition of Alaska Pacific Bank, the Companys market now includes Ketchikan, Sitka, and the states capital city, Juneau. In addition to lending products, in many cases commercial customers also require multiple deposit and affiliate services that add franchise value to the Company. Additionally, management believes that our real estate construction and term real estate loan departments have developed a strong level of expertise and will continue to compete favorably in our markets.

   Company Address: 3111 C Street Anchorage 99503 AK
   Company Phone Number: 562-0062   Stock Exchange / Ticker: NRIM

Customers Net Income grew by NRIM's Customers Net Profit Margin grew to

38.8 %

11.6 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


Stock Performances by Major Competitors

5 Days Decrease / Increase
BCBP        0.17% 
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TFSL        0.07% 
WSBF        0.14% 
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Northrim Bancorp Inc

2. Surpassing Industry Standards: Northrim Bancorp Inc's Remarkable Revenue Growth Sets a New Benchmark

As the first quarter of 2024 came to a close, Northrim Bancorp Inc showcased robust financial performance, positioning itself as a top contender in the S&Ls Savings Banks sector. The company's earnings showed significant growth compared to the same period last year, backed by increased revenue and improved profit margins.
Northrim Bancorp Inc recorded revenue of $34.14 million for the first quarter, representing a substantial 15.423% year-on-year increase. Moreover, the company's revenue grew by 5.598% on a quarter-on-quarter basis, indicating consistent upward momentum. This exceptional revenue growth outpaced the 9.51% top-line advance observed by its S&Ls Savings Banks sector contemporaries during the same period.

Northrim Bancorp Inc

Northrim Bancorp Inc Faces Income Deterioration of -20.59% in Q4

Northrim Bancorp Inc is a financial holding company that operates through its subsidiary, Northrim Bank. The company provides a range of banking services to individuals and businesses in Alaska. Despite a revenue growth of 0.482% in the fourth quarter of the 2023 earnings season, there was a significant income reduction of -20.59%, compared to the same reporting season a year prior. This decline in income can be attributed to various factors affecting Northrim Bancorp Inc's financial performance.
In the fourth quarter of 2023, Northrim Bancorp Inc reported revenue of $32.33 million and earnings per share (EPS) of $1.20. These figures represent a decrease of -2.503% in revenue and -18.95% in EPS, compared to the previous reporting season. Net earnings also declined by -23.06% to $6.613 million, compared to $8.595 million in the corresponding period a year before.

Northrim Bancorp Inc

Northrim Bancorp Inc Faces Challenging Quarter with Declining Income and Revenue

Northrim Bancorp Inc, a financial institution based in Alaska, experienced a challenging period from July to September 2023. The company reported a decline in income by 15.91% to $1.48 per share, while revenue decreased by 6.152% to $33.16 million when compared to the same period the previous year. In contrast, earnings per share (EPS) showed a significant increase of 51.02% from $0.98 per share, and revenue rose by 7.967% from $30.72 million in the prior year period.
The net earnings for the July to September interval stood at $8.374 million, demonstrating a 17.29% decrease from the $10.125 million earned during the corresponding period the year before. While operating margin increased to 71.58% with $23.738 million in operating income, the net margin shrank to 25.25%. However, operating earnings showed a remarkable increase of 81.9% to $23.738 million.

Northrim Bancorp Inc

Northrim Bancorp Inc's Income per Share Soars by 18.07% in Q2 2023, Outperforming S&Ls Savings Banks Sector

As a stock market journalist, I have thoroughly analyzed the financial results of Northrim Bancorp Inc for the second quarter of 2023. The figures indicate positive growth and improvement in various key areas.
Starting with income, NRIM's income increased by an impressive 18.07% to $0.98 per share compared to $0.83 in the same period last year. This substantial growth in income reflects favorably on the company's performance. Furthermore, the earnings per share (EPS) also experienced a significant jump of 16.67% from $0.84 per share in the prior reporting period. These numbers highlight Northrim Bancorp Inc's ability to generate better returns for its shareholders.

Northrim Bancorp Inc

Northrim Bancorp Inc Reports Significant Decline in EPS and Revenue for Fiscal Period Ending March 31, 2023

Northrim Bancorp Inc reports a decline in earnings and revenue for the fiscal period closing March 31, 2023, compared to the prior year. The company announced a reduction in earnings per share by 30% to $0.84 and a decreased revenue by 2.302% to $29.58 million. This is a significant drop from the prior reporting period, where profit plummeted from $1.51 per share, and revenue decreased by 8.071% from $32.18 million.
Net earnings in the fiscal period closing March 31 2023, fell by 33.16% from $7.226 million in the corresponding period a year before. While Northrim Bancorp Inc's profitability is concerning, with its operating margin mitigating to 20.52%, and net margin shrank to 16.33%. Operating earnings fell by 71.33% to $6.071 million, squeezing Northrim Bancorp Inc's operating margin to 20.52%, from 69.93% in the first quarter of 2022.


Northrim Bancorp Inc's Segments
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  Revenue Outlook
Northrim Bancorp Inc does not provide revenue guidance.

Earnings Outlook
Northrim Bancorp Inc does not provide earnings estimates.

Geographic Revenue Dispersion


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