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Northrim BanCorp Inc - NRIM STOCK NEWS

Welcome to our dedicated page for Northrim BanCorp news (Ticker: NRIM), a resource for investors and traders seeking the latest updates and insights on Northrim BanCorp stock.

Northrim BanCorp Inc (symbol: NRIM) is a distinguished bank holding company headquartered in Anchorage, Alaska. Operating through its primary subsidiary, Northrim Bank, the company is dedicated to delivering exceptional, customer-first service across the state. Northrim's mission is to be Alaska’s most trusted financial institution, offering a suite of financial products and services tailored to businesses, professionals, and individual Alaskans seeking personal service and value.

The company operates in two key segments: Community Banking and Home Mortgage Lending. The Community Banking segment is the core revenue driver, providing an array of products including checking and savings accounts, money market accounts, debit and credit cards, and cashback rewards. Northrim Bank also specializes in various lending solutions such as loans, credit lines, mortgage loans, as well as investment and retirement planning products.

Recent Achievements and Financial Condition: Northrim BanCorp has shown consistent financial stability and growth. The latest Alaska Economic Update provides a comprehensive outlook on the economic conditions that influence its operations. The company’s income statement reveals robust net interest income and a healthy net interest margin, reflecting its efficient asset management and risk mitigation strategies.

Partnerships and Current Projects: Northrim collaborates with various community organizations and businesses to foster economic growth and development in Alaska. The bank’s commitment extends beyond traditional banking; it includes community support and active participation in local events and initiatives.

Asset Quality: Northrim BanCorp maintains high standards of asset quality, ensuring a solid financial foundation. As detailed in the latest balance sheet review, the company’s tangible book value per share is a reliable indicator of its financial health, providing valuable insights for investors and stakeholders.

Whether you are a business owner looking for comprehensive banking solutions, a professional seeking personalized financial advice, or an individual in need of trustworthy mortgage lending, Northrim BanCorp Inc. stands out as a reliable partner committed to adding value for its customers, communities, and shareholders.

News

Northrim BanCorp, Inc. Promotes Huston to President and CEO; Schierhorn Remains Chairman

Rhea-AI Summary
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.
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Northrim BanCorp, Inc. Expands Stock Repurchase Program

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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.
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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.61 per Share

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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.
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Northrim BanCorp Earns $6.6 million, or $1.19 Per Diluted Share, in Fourth Quarter 2023, and $25.4 Million, or $4.49 Per Diluted Share, for the Year Ended December 31, 2023

Rhea-AI Summary
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.
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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share

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Northrim BanCorp, Inc. (NASDAQ: NRIM) declares a regular quarterly cash dividend of $0.60 per share, payable on December 22, 2023. The current dividend equates to a yield of 4.86% on an annualized basis. The company reported net income of $8.4 million in the third quarter of 2023.
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Northrim BanCorp Earns $8.4 Million, or $1.48 Per Diluted Share, in Third Quarter 2023

Rhea-AI Summary
Northrim BanCorp reports Q3 2023 net income of $8.4 million, an increase from Q2 2023. The increase is attributed to higher net interest income, a gain on an OREO sale, and an increase in mortgage banking income. However, compared to Q3 2022, net income has decreased due to a higher provision for credit losses and a decrease in mortgage banking income.
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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share

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Northrim BanCorp declares $0.60 per share dividend, yielding 5.62% annually.
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Northrim BanCorp Earns $5.6 Million, or $0.98 Per Diluted Share, in Second Quarter 2023

Rhea-AI Summary
Northrim BanCorp reports net income of $5.6 million in Q2 2023, an increase from previous quarters. Mortgage banking income contributes to profitability. Dividends per share remain consistent. Loan growth and increase in net interest income drive profitability. Deposit costs are increasing.
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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share

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Northrim BanCorp Earns $4.8 Million, or $0.84 Per Diluted Share, in First Quarter 2023

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FAQ

What is the current stock price of Northrim BanCorp (NRIM)?

The current stock price of Northrim BanCorp (NRIM) is $88.63 as of February 4, 2025.

What is the market cap of Northrim BanCorp (NRIM)?

The market cap of Northrim BanCorp (NRIM) is approximately 482.2M.

What services does Northrim BanCorp Inc offer?

Northrim BanCorp Inc offers checking and savings accounts, money market accounts, debit and credit cards, loans, credit lines, mortgage loans, and investment and retirement planning products.

Where is Northrim BanCorp Inc headquartered?

Northrim BanCorp Inc is headquartered in Anchorage, Alaska.

What are the primary segments of Northrim BanCorp Inc?

The primary segments of Northrim BanCorp Inc are Community Banking and Home Mortgage Lending.

What is the mission of Northrim BanCorp Inc?

The mission of Northrim BanCorp Inc is to be Alaska’s most trusted financial institution by providing customer-first service and adding value for customers, communities, and shareholders.

How does Northrim BanCorp Inc contribute to the community?

Northrim BanCorp Inc supports local economic growth through partnerships and active participation in community events and initiatives.

What are the recent financial highlights of Northrim BanCorp Inc?

Northrim BanCorp Inc has shown robust net interest income and a healthy net interest margin, reflecting efficient asset management and risk mitigation strategies.

What is the significance of the Community Banking segment for Northrim BanCorp Inc?

The Community Banking segment is the core revenue driver offering various financial products and services essential to Northrim BanCorp Inc's operations.

What is the asset quality of Northrim BanCorp Inc?

Northrim BanCorp Inc maintains high standards of asset quality, ensuring a strong financial foundation, as indicated by its tangible book value per share.

What types of loans does Northrim BanCorp Inc offer?

Northrim BanCorp Inc offers various loans including mortgage loans, credit lines, and other lending solutions tailored to meet the needs of its customers.

What makes Northrim BanCorp Inc a reliable financial partner?

Northrim BanCorp Inc's commitment to customer-first service, financial stability, community support, and comprehensive financial products make it a reliable financial partner.
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Northrim BanCorp Inc

Nasdaq:NRIM

NRIM Rankings

#3159 Ranked by Market Cap
#1108 Ranked by Dividends

NRIM Stock Data

482.15M
5.32M
3.31%
72.57%
0.8%
Banks - Regional
Savings Institution, Federally Chartered
Link
United States of America
ANCHORAGE