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.
Northrim BanCorp (NASDAQ:NRIM) reported record earnings for Q1 2021 with a net income of $12.2 million or $1.94 per diluted share, marking a 21% increase from the previous quarter. This growth was supported by robust Home Mortgage Lending and the Small Business Administration's PPP loans, totaling $204 million this quarter. Notably, the provision for credit losses was a benefit of $1.5 million, reflecting improved economic conditions. Total deposits surged 47% year-over-year, reaching $2.05 billion. The company's return on average assets (ROAA) was 2.25% with a return on average equity (ROAE) of 21.40%.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced an increase in its quarterly cash dividend to $0.37 per share, payable on March 19, 2021. Shareholders of record as of March 11, 2021 will qualify for this dividend, reflecting the bank's commitment to returning value to investors. The stock price was $36.55 as of February 25, 2021, resulting in a 4.05% dividend yield. Northrim reported a net income of $10.1 million for Q4 2020, up from $4.58 million in Q4 2019, contributing to a 59% increase in annual net income for 2020.
Northrim BanCorp reported a net income of $10.10 million ($1.59 per diluted share) for Q4 2020, down from $11.86 million in Q3 2020 but a significant rise from $4.58 million in Q4 2019. For the full year, net income was $32.89 million, up 59% year-on-year. The loan loss provision increased to $2.4 million in 2020, compared to a benefit in 2019. Key growth factors included increased mortgage production and participation in the SBA’s Paycheck Protection Program, through which Northrim funded 2,888 loans totaling $375.6 million.
Northrim BanCorp (NASDAQ: NRIM) has announced a new share repurchase program, authorizing the buyback of up to 313,000 shares, representing approximately 5% of its outstanding shares. This decision allows for an additional $11 million in stock purchases, following a successful plan that has seen 1,436,927 shares repurchased. CFO Jed Ballard emphasized that this strategy aims to enhance long-term shareholder value while maintaining capital ratios. The company currently has 6.3 million shares outstanding.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a regular quarterly cash dividend of $0.35 per share, payable on December 24, 2020, to shareholders of record by the close of business on December 17, 2020. This dividend yields 4.34% based on the stock price of $32.24 as of December 3, 2020. Additionally, Northrim reported third-quarter earnings of $11.9 million or $1.84 per diluted share, up from $9.9 million in Q2 2020. Growth in mortgage lending and SBA loan fees boosted profitability.
Northrim BanCorp (NASDAQ:NRIM) reported a strong third quarter 2020 net income of $11.86 million, or $1.84 per diluted share, marking an increase from $9.90 million in Q2 2020 and $7.54 million in Q3 2019. Key drivers of growth included robust home mortgage lending and income from PPP loans, contributing to a 14% increase in total revenue to $39.9 million. However, the provision for loan losses rose to $3.0 million year-to-date, reflecting risks from COVID-19 and economic conditions. As of September 30, 2020, total assets reached $2.1 billion, with a 4% rise in net loans and deposits.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.35 per share, to be paid on September 18, 2020, for shareholders of record by September 10, 2020. This represents an annualized yield of 5.38% based on a stock price of $26.01 as of August 27, 2020. The company reported a significant increase in earnings of $9.9 million or $1.52 per diluted share for Q2 2020, compared to $1.03 million in Q1 2020 and $4.26 million in Q2 2019, driven by a boost in Home Mortgage Lending and participation in the SBA Paycheck Protection Program.
Northrim BanCorp reported a net income of $9.90 million or $1.52 per diluted share for Q2 2020, up from $1.03 million in Q1 2020 and $4.26 million YOY. For H1 2020, net income reached $10.93 million, compared to $8.57 million during the same period in 2019. The company significantly engaged in the PPP, aiding approx. 2,500 loans worth $353.5 million. Net loans and deposits grew 33% and 24% respectively. However, loan loss provisions increased to $2.5 million amid economic challenges in Alaska.
Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.34 per share, payable on June 19, 2020, to shareholders of record by June 11, 2020. The dividend yield stands at 5.33% based on the closing stock price of $25.52 on May 28, 2020. The company reported first-quarter earnings of $1.0 million, or $0.16 per diluted share, with growth in loans and deposits but an increased provision for loan losses.
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