Northrim BanCorp, Inc. (NRIM) 10-Year Financial Performance & Capital Metrics

NRIM • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingWest Coast Community Banks

AboutNorthrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts. It also provides short and medium-term commercial loans, commercial credit lines, construction and real estate loans, and consumer loans, as well as short-term working capital. In addition, the company offers other services comprising consumer and business online banking, mobile app, and mobile deposits; and debit and credit cards. Further, it provides mobile web and text banking, consumer online account opening, personal finance, online documents, consumer debit cards, business debit cards, my rewards for consumer debit cards, retail lockbox, card control, business employee purchase cards, home equity advantage access cards, telebanking, and automated teller services. Additionally, the company offers personalized checks at account opening, overdraft protection from a savings account, commercial drive-up banking, automatic transfer and payment, People Pay, external transfer, Bill Pay, wire transfer, direct payroll deposit, electronic tax payment, Automated Clearing House origination and receipt, remote deposit capture, account reconciliation and positive pay, merchant, cash management, annuity, and long term investment portfolio products and services. It also provides investment advisory, trust, wealth management, factoring, and mortgage brokerage services. As of January 28, 2022, the company operated 17 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan, and Sitka. Northrim BanCorp, Inc. was founded in 1990 and is headquartered in Anchorage, Alaska.Show more

Net Interest Income $112M +9.5%
Total Revenue $196M +23.8%
Net Income $37M +45.6%
Return on Equity 14.73% +31.5%
Net Interest Margin 3.68% +1.1%
Efficiency Ratio 53.55% -10.0%
ROA 1.26% +36.4%
Equity / Assets 8.78% +5.0%
Book Value per Share 11.96 +15.4%
Tangible BV/Share 8.36 -3.5%
Debt/Equity 0.15 +8.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 3.7%
✓Efficient operations: 53.6% efficiency ratio
✓14 consecutive years of dividend growth
✓Healthy dividend yield of 2.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.77%

5Y12.77%

3Y12.71%

TTM-

Profit (Net Income) CAGR

10Y7.82%

5Y12.31%

3Y-0.49%

TTM93.2%

EPS CAGR

10Y10.09%

5Y16.91%

3Y3.44%

TTM91.3%

ROCE

10Y Avg11.92%

5Y Avg13.62%

3Y Avg12.38%

Latest13.74%

Peer Comparison

West Coast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BCALSouthern California Bancorp	608.64M	18.83	85.59	45.45%	2.94%	11.23%	8.17%	0.17
CWBCCommunity West Bancshares	447.97M	23.38	51.96	51.89%	4.67%	6.95%	3.83%	0.56
GBCIGlacier Bancorp, Inc.	6.29B	48.39	28.80	11.64%	15.27%	6.57%	3.34%	1.18
GBFHGBank Financial Holdings Inc.	465.21M	32.36	23.28	2%	30.99%	11.8%	5.65%	0.22
BOHBank of Hawaii Corporation	2.86B	71.86	20.77	6.6%	14.57%	10.28%	5.9%	0.45
HFWAHeritage Financial Corporation	867.93M	25.56	20.61	4.64%	13.64%	6.33%	7.03%	0.47
HTBKHeritage Commerce Corp	786.28M	12.82	19.42	3.35%	16.12%	6.19%	4.75%	0.06
NRIMNorthrim BanCorp, Inc.	640.63M	29.00	17.47	23.77%	18.87%	19.99%		0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	56.91M	56.04M	57.33M	60.8M	63.93M	70.11M	80.28M	94.43M	102.29M	111.99M
NII Growth %	0.09%	-0.02%	0.02%	0.06%	0.05%	0.1%	0.15%	0.18%	0.08%	0.09%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	59.78M	58.92M	60.11M	64.18M	70.08M	76.17M	84.06M	99.64M	130.98M	152.73M
Interest Expense	2.87M	2.56M	2.43M	2.97M	5.64M	6.05M	3.78M	5.21M	28.7M	40.74M
Loan Loss Provision	1.75M	2.3M	3.2M	-500K	-1.18M	2.43M	-4.1M	1.85M	3.84M	3.29M
Non-Interest Income+	44.61M	43.26M	36.03M	32.17M	37.35M	63.88M	52.8M	34.77M	27.34M	43.23M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	104.39M	102.18M	96.14M	96.34M	107.43M	140.04M	136.87M	134.41M	158.33M	195.96M
Revenue Growth %	0.48%	-0.02%	-0.06%	0%	0.12%	0.3%	-0.02%	-0.02%	0.18%	0.24%
Non-Interest Expense	72.64M	76.28M	66.71M	69.8M	76.84M	89.11M	89.2M	88.85M	94.18M	104.94M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	27.12M	21.04M	23.8M	24.07M	26.13M	42.45M	47.99M	38.49M	31.61M	46.99M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	-0.22%	0.13%	0.01%	0.09%	0.62%	0.13%	-0.2%	-0.18%	0.49%
Pretax Income+	27.12M	21.04M	23.8M	24.07M	26.13M	42.45M	47.99M	38.49M	31.61M	46.99M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	8.78M	6.05M	10.32M	4.07M	5.43M	9.56M	10.48M	7.75M	6.21M	10.02M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	17.78M	14.41M	13.15M	20M	20.69M	32.89M	37.52M	30.74M	25.39M	36.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.02%	-0.19%	-0.09%	0.52%	0.03%	0.59%	0.14%	-0.18%	-0.17%	0.46%
Net Income (Continuing)	18.33M	14.99M	13.48M	20M	20.69M	32.89M	37.52M	30.74M	25.39M	36.97M
EPS (Diluted)+	0.64	0.52	0.47	0.72	0.76	1.28	1.50	1.32	1.12	1.66
EPS Growth %	0.01%	-0.2%	-0.09%	0.53%	0.06%	0.68%	0.17%	-0.12%	-0.15%	0.48%
EPS (Basic)	0.65	0.52	0.48	0.73	0.77	1.30	1.52	1.33	1.13	1.68
Diluted Shares Outstanding	27.79M	27.9M	27.91M	27.93M	27.23M	25.72M	25M	23.32M	22.64M	22.34M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	58.67M	50.55M	77.84M	77.54M	95.42M	115.97M	645.83M	259.35M	118.53M	62.74M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.33B	1.34B	1.32B	1.3B	1.41B	1.87B	1.96B	2.27B	2.53B	2.73B
Investments Growth %	0.05%	0%	-0.01%	-0.01%	0.08%	0.33%	0.05%	0.16%	0.11%	0.08%
Long-Term Investments	1.04B	1.01B	1.01B	1.03B	1.13B	1.63B	1.53B	1.6B	1.89B	2.25B
Accounts Receivables	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	22.33M	15.02M	15.02M	15.02M	15.02M	15.02M	15.02M	15.02M	15.02M	50.02M
Intangible Assets	3.1M	5.46M	13.78M	17.88M	18.8M	17.46M	18.66M	23.47M	23.45M	30.33M
PP&E (Net)	40.22M	39.32M	37.87M	39.09M	52.73M	50.54M	48.16M	47.69M	49.78M	45.21M
Other Assets	14.66M	47.11M	17.55M	19.16M	17.5M	18.64M	14.56M	11M	9.69M	16.4M
Total Current Assets	368.84M	403.86M	418.08M	378.46M	403.52M	391.99M	1.09B	970.42M	809.62M	646.16M
Total Non-Current Assets	1.13B	1.12B	1.1B	1.12B	1.24B	1.73B	1.63B	1.7B	2B	2.4B
Total Assets+	1.5B	1.53B	1.52B	1.5B	1.64B	2.12B	2.72B	2.67B	2.81B	3.04B
Asset Growth %	0.03%	0.02%	-0%	-0.01%	0.09%	0.29%	0.28%	-0.02%	0.05%	0.08%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	52.1M	50.5M	45.42M	51.83M	33.43M	37.51M	35.78M	34.27M	33.08M	40.84M
Net Debt	-6.58M	-48K	-32.42M	-25.71M	-61.99M	-78.46M	-610.04M	-225.08M	-85.45M	-21.89M
Long-Term Debt	20.68M	22.9M	17.67M	17.55M	19.2M	25.13M	24.82M	24.41M	23.98M	33.35M
Short-Term Debt	31.42M	27.61M	27.75M	34.28M	0	0	0	0	0	0
Other Liabilities	29.39M	21.67M	22.09M	17.12M	31.1M	37.74M	29.49M	34.21M	54.65M	53.72M
Total Current Liabilities	1.27B	1.3B	1.29B	1.26B	1.37B	1.82B	2.42B	2.39B	2.49B	2.68B
Total Non-Current Liabilities	50.07M	44.57M	39.77M	34.67M	64.53M	75.24M	65.27M	68.48M	87.72M	94.56M
Total Liabilities	1.32B	1.34B	1.33B	1.3B	1.44B	1.9B	2.49B	2.46B	2.57B	2.77B
Total Equity+	177.21M	186.71M	192.8M	205.95M	207.12M	221.57M	237.82M	218.63M	234.72M	267.12M
Equity Growth %	0.08%	0.05%	0.03%	0.07%	0.01%	0.07%	0.07%	-0.08%	0.07%	0.14%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.08%	0.07%	0.1%	0.1%	0.15%	0.16%	0.13%	0.11%	0.15%
Book Value per Share	6.38	6.69	6.91	7.37	7.61	8.61	9.51	9.38	10.37	11.96
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	6.88M	6.9M	6.87M	6.88M	6.56M	6.25M	6.01M	5.7M	5.51M	5.52M
Additional Paid-in Capital	62.42M	62.95M	61.79M	62.13M	50.51M	41.81M	31.16M	17.78M	9.61M	9.31M
Retained Earnings	108.15M	117.14M	124.41M	137.45M	149.62M	173.5M	204.05M	224.22M	236.04M	259.31M
Accumulated OCI	-412K	-397K	-270K	-520K	431K	18K	-3.41M	-29.08M	-16.44M	-7.02M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.63M	20.12M	19.28M	25.15M	-821K	-36.45M	111.99M	78.12M	38.92M	-8.73M
Operating CF Growth %	-0.48%	0.89%	-0.04%	0.3%	-1.03%	-43.4%	4.07%	-0.3%	-0.5%	-1.22%
Net Income	18.33M	14.99M	13.48M	20M	20.69M	32.89M	37.52M	30.74M	25.39M	36.97M
Depreciation & Amortization	2.7M	2.73M	3.64M	3.26M	4.07M	4.3M	4.47M	3.16M	3.31M	3.61M
Deferred Taxes	148K	-325K	4M	3.01M	711K	555K	-1.3M	2.11M	580K	-152K
Other Non-Cash Items	-6.1M	6.91M	-3.28M	6.23M	-36.23M	-68.99M	66.05M	41.52M	-1.81M	-31.48M
Working Capital Changes	-5.06M	-4.96M	776K	-8.18M	9.11M	-6.15M	4.18M	-153K	10.51M	-18.59M
Cash from Investing+	-63.45M	-47.5M	30.38M	5.65M	-71.92M	-382.82M	-159.09M	-405.57M	-254.92M	-197.63M
Purchase of Investments	-210.31M	-145.71M	-84.34M	-91.13M	-132.1M	-171.97M	-330.99M	-323.35M	-28.33M	-51.43M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	219K	0	4.63M	0	0	0	0	0	0	-40.66M
Other Investing	-47.97M	-4.12M	8.1M	-23.14M	-68.21M	-397.93M	37.79M	-92.33M	-302.83M	-333.05M
Cash from Financing+	42.94M	19.25M	-22.37M	-31.1M	90.63M	439.82M	576.96M	-58.98M	75.33M	150.56M
Dividends Paid	-5.12M	-5.37M	-5.96M	-7.06M	-8.51M	-8.84M	-9.39M	-10.57M	-13.61M	-13.75M
Share Repurchases	0	0	-1.61M	-494K	-12.57M	-9.98M	-11.53M	-14.16M	-9.04M	-789K
Stock Issued	50K	0	100K	243K	73K	84K	1.54M	586K	555K	801K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	-1000K	-121K	1000K	1000K	-309K	-413K	-420K	-1000K
Other Financing	72.24M	22.41M	-9.68M	-23.66M	109.98M	452.63M	596.65M	-34.42M	97.84M	195.13M
Net Change in Cash+	-9.88M	-8.12M	27.29M	-303K	17.89M	20.54M	529.86M	-386.48M	-140.82M	-55.79M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	68.56M	58.67M	50.55M	77.84M	77.54M	95.42M	115.97M	645.83M	259.35M	118.53M
Cash at End	58.67M	50.55M	77.84M	77.54M	95.42M	115.97M	645.83M	259.35M	118.53M	62.74M
Interest Paid	2.83M	2.55M	2.47M	2.97M	5.64M	6.01M	3.81M	5.19M	28.55M	40.48M
Income Taxes Paid	5.67M	4.41M	7.76M	1.77M	1.66M	7.79M	6.38M	2.02M	2.03M	6.72M
Free Cash Flow+	3.49M	16.83M	12.05M	21.12M	-3.86M	-39.72M	109.48M	74.28M	32.61M	-9.35M
FCF Growth %	-0.74%	3.82%	-0.28%	0.75%	-1.18%	-9.29%	3.76%	-0.32%	-0.56%	-1.29%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.41%	7.92%	6.93%	10.03%	10.02%	15.34%	16.33%	13.47%	11.2%	14.73%
Return on Assets (ROA)	1.21%	0.95%	0.86%	1.32%	1.31%	1.75%	1.55%	1.14%	0.93%	1.26%
Net Interest Margin	3.8%	3.67%	3.77%	4.05%	3.89%	3.3%	2.95%	3.53%	3.64%	3.68%
Efficiency Ratio	69.59%	74.65%	69.39%	72.45%	71.52%	63.63%	65.17%	66.11%	59.49%	53.55%
Equity / Assets	11.82%	12.23%	12.69%	13.7%	12.6%	10.44%	8.73%	8.18%	8.36%	8.78%
Book Value / Share	6.38	6.69	6.91	7.37	7.61	8.61	9.51	9.38	10.37	11.96
NII Growth	8.83%	-1.52%	2.3%	6.04%	5.15%	9.68%	14.5%	17.61%	8.32%	9.49%
Dividend Payout	28.77%	37.28%	45.36%	35.31%	41.14%	26.89%	25.02%	34.39%	53.59%	37.19%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Credit and Debit Card	-	2.98M	2.84M	3.39M	3.7M	3.86M	4.37M
Credit and Debit Card Growth	-	-	-4.67%	19.46%	9.09%	4.46%	13.05%
Deposit Account	-	1.56M	1.1M	1.3M	1.61M	2.04M	2.35M
Deposit Account Growth	-	-	-29.22%	17.70%	24.21%	26.88%	14.87%
Bankcard Fees, Service Charges On Deposit Accounts And Other	-	6.2M	5.47M	6.49M	-	-	-
Bankcard Fees, Service Charges On Deposit Accounts And Other Growth	-	-	-11.78%	18.69%	-	-	-
Product and Service, Other	-	1.66M	1.53M	826K	-	-	-
Product and Service, Other Growth	-	-	-8.17%	-45.94%	-	-	-
Products and Services, Merchant Fees	-	-	-	560K	-	-	-
Products and Services, Merchant Fees Growth	-	-	-	-	-	-	-
Products and Services, Commissions	-	-	-	417K	-	-	-
Products and Services, Commissions Growth	-	-	-	-	-	-	-
Bankcard Fees	2.81M	-	-	-	-	-	-
Bankcard Fees Growth	-	-	-	-	-	-	-
Other Operating Income, Other	1.59M	-	-	-	-	-	-
Other Operating Income, Other Growth	-	-	-	-	-	-	-
Service Charges on Deposit Accounts	1.51M	-	-	-	-	-	-
Service Charges on Deposit Accounts Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Northrim BanCorp, Inc. (NRIM) has a price-to-earnings (P/E) ratio of 17.5x. This is roughly in line with market averages.

Growth & Financials

Northrim BanCorp, Inc. (NRIM) grew revenue by 23.8% over the past year. This is strong growth.

Yes, Northrim BanCorp, Inc. (NRIM) is profitable, generating $63.1M in net income for fiscal year 2024 (18.9% net margin).

Dividend & Returns

Yes, Northrim BanCorp, Inc. (NRIM) pays a dividend with a yield of 2.12%. This makes it attractive for income-focused investors.

Northrim BanCorp, Inc. (NRIM) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.

Industry Metrics

Northrim BanCorp, Inc. (NRIM) has a net interest margin (NIM) of 3.7%. This indicates healthy earnings from lending activities.

Northrim BanCorp, Inc. (NRIM) has an efficiency ratio of 53.6%. This is excellent, indicating strong cost control.

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