Northrim BanCorp Inc - NRIM STOCK NEWS

Northrim BanCorp reported net income of $8.8 million, or $1.57 per diluted share, in Q3 2024, compared to $9.0 million in Q2 2024 and $8.4 million in Q3 2023. The company saw strong growth with both deposits and loans increasing 7% from Q2. Net interest income rose 7% to $28.8 million, while net interest margin improved to 4.35%. Portfolio loans reached $2.01 billion, up 17% year-over-year, while total deposits grew to $2.63 billion, an 8% increase from the previous year. Mortgage loan originations increased significantly to $248.0 million in Q3 2024.

Northrim BanCorp (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.62 per share, payable on September 13, 2024, to shareholders of record as of September 5, 2024. At the closing stock price of $64.30 on August 22, 2024, this dividend represents an annualized yield of 3.86%. The company's President and CEO, Mike Huston, expressed satisfaction with the continued shareholder returns. Northrim recently reported strong financial results for Q2 2024, with net income of $9.0 million, or $1.62 per diluted share, showing significant growth compared to both the previous quarter and the same period last year.

Northrim BanCorp (NASDAQ: NRIM) reported net income of $9.0 million ($1.62 per diluted share) for Q2 2024, compared to $8.2 million ($1.48 per share) in Q1 2024 and $5.6 million ($0.98 per share) a year ago.

Net interest income increased 2% to $27.1 million from Q1 2024 and 8% from Q2 2023. Mortgage banking income and lower credit loss provisions significantly contributed to the profit rise. Dividends remained consistent at $0.61 per share, up from $0.60 a year ago.

Key metrics include a return on average assets (ROAA) of 1.31% and a return on average equity (ROAE) of 14.84%. Total deposits grew 1% from the last quarter to $2.46 billion, and portfolio loans increased 4% to $1.88 billion.

Non-interest bearing demand deposits declined 1% both quarterly and annually. The average cost of interest-bearing deposits rose to 2.21%. Mortgage loan originations surged to $181.51 million, up from $101.73 million in Q1 2024.

Nathan Reed was appointed as the new CIO to enhance online banking and operational processes. Looking forward, Northrim is optimistic about continued deposit and loan growth, underpinned by strategic investments in infrastructure and personnel.

Northrim BanCorp announced a quarterly cash dividend of $0.61 per share, payable on June 14, 2024, to shareholders of record as of June 6, 2024. This dividend yields 4.60% annually based on the May 23, 2024, stock price of $53.01. Northrim reported a net income of $8.2 million, or $1.48 per diluted share, for Q1 2024, an improvement 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.

Northrim BanCorp reported net income of $8.2 million, or $1.48 per diluted share, in the first quarter of 2024, highlighting an increase in profitability driven by mortgage banking income, lower credit losses, and gains on real estate sales. The company also saw growth in net interest income, dividends per share, and increased branch expansion. Despite economic uncertainties, Northrim remains optimistic about its position in 2024.

Northrim BanCorp Inc. appoints Mike Huston as President and CEO, effective April 6, 2024, as part of their strategic leadership succession plan. Huston's experience and collaborative leadership style are highlighted, aiming to drive growth, customer relationships, and profitability.

Northrim BanCorp, Inc. (NRIM) has announced the authorization for the repurchase of up to 110,000 shares of its common stock, which is approximately 2% of the currently issued and outstanding shares. The company's Chief Financial Officer, Jed Ballard, expressed confidence in the stock repurchase program, citing its contribution to long-term value for shareholders, return on equity, and growth in earnings per share. Since 2018, Northrim has repurchased and retired 1,511,383 shares. The company intends to repurchase its shares in the open market or through privately negotiated transactions, with the flexibility to modify, suspend, or terminate the program at any time. The decision to repurchase shares will be based on market conditions and other corporate considerations, aiming for accretive earnings while maintaining well-capitalized financial institution guidelines. Northrim currently has 5.5 million shares of common stock outstanding.

Northrim BanCorp, Inc. (NASDAQ: NRIM) has declared a regular quarterly cash dividend of $0.61 per share, payable on March 15, 2024, to shareholders of record at the close of business on March 7, 2024. The current dividend equates to a yield of 4.56% on an annualized basis. Northrim reported net income of $6.6 million, or $1.19 per diluted share, in the fourth quarter of 2023, compared to $8.4 million, or $1.48 per diluted share, in the third quarter of 2023, and $8.6 million, or $1.48 per diluted share, in the fourth quarter a year ago.

Northrim BanCorp, Inc. reported a 17% decrease in net income for the full year of 2023 compared to the previous year. The decline is primarily due to lower net income in the Home Mortgage Lending segment and increased expenses. The company's net interest margin decreased by 9 basis points in the fourth quarter of 2023. The company's provision for credit losses decreased to $885,000 in the fourth quarter of 2023 from $1.2 million in the third quarter of 2023.