Northrim achieved an 11.6% year-over-year expansion in net interest income to $34.7 million in 2026Q1, while maintaining a stable 1.0% net interest margin despite regional competitive pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 138.39M | 134.78M | 111.99M | 102.29M | 94.43M | 80.28M | 70.11M | 63.93M | 60.8M | 57.33M | 56.04M | 56.91M | 52.29M | 44.03M | 42.22M | 42.36M | 44.21M | 46.42M | 45.81M | 49.83M | 47.52M | 43.91M | 41.27M | 39.27M | 34.67M | 31.35M | 28.28M | 23.95M | 17.8M | 14.7M | 11.8M |
| NII Growth % | 74.64% | 20.34% | 9.49% | 8.32% | 17.61% | 14.5% | 9.68% | 5.15% | 6.04% | 2.3% | -1.52% | 8.83% | 18.76% | 4.29% | -0.33% | -4.18% | -4.76% | 1.32% | -8.06% | 4.86% | 8.23% | 6.39% | 5.1% | 13.26% | 10.59% | 10.86% | 18.09% | 34.53% | 21.09% | 24.58% | 15.69% |
| Net Interest Margin % | 4.13% | 4.1% | 3.68% | 3.64% | 3.53% | 2.95% | 3.3% | 3.89% | 4.05% | 3.77% | 3.67% | 3.8% | 3.61% | 3.62% | 3.64% | 3.9% | 4.19% | 4.63% | 4.55% | 4.91% | 5.13% | 4.91% | 5.15% | 5.32% | 4.92% | 5.05% | 5.17% | 4.75% | 5.16% | 5.38% | 5.23% |
| Interest Income | 181.13M | 177.55M | 152.73M | 130.98M | 99.64M | 84.06M | 76.17M | 70.08M | 64.18M | 60.11M | 58.92M | 59.78M | 54.35M | 46.07M | 44.73M | 45.91M | 49.7M | 53.49M | 59.72M | 73.07M | 69.52M | 58.78M | 48.55M | 45.95M | 44.83M | 48.1M | 47.92M | 37.66M | 28.8M | 23.8M | 18.7M |
| Interest Expense | 42.74M | 42.77M | 40.74M | 28.7M | 5.21M | 3.78M | 6.05M | 5.64M | 2.97M | 2.43M | 2.56M | 2.87M | 2.05M | 2.04M | 2.5M | 3.54M | 5.49M | 7.07M | 13.9M | 23.24M | 22M | 14.87M | 7.28M | 6.68M | 10.16M | 16.75M | 19.64M | 13.71M | 11M | 9.1M | 6.9M |
| Loan Loss Provision | 4.65M | 2.28M | 3.29M | 3.84M | 1.85M | -4.1M | 2.43M | -1.18M | -500K | 3.2M | 2.3M | 1.75M | -636K | -635K | -1.56M | 2M | 5.58M | 7.07M | 7.2M | 5.51M | 2.56M | 1.17M | 1.6M | 3.57M | 3.1M | 2.3M | 1.28M | 561K | 1.5M | 2.32M | 900K |
| Non-Interest Income | 65.4M | 64.98M | 43.23M | 27.34M | 34.77M | 52.8M | 63.88M | 37.35M | 32.17M | 36.03M | 43.26M | 44.61M | 16.14M | 10.88M | 12.1M | 11.24M | 10.35M | 10.85M | 10.91M | 9.82M | -37.3M | 4.83M | 3.79M | 6.09M | 5.2M | 4.77M | 3.43M | 2.49M | 1.8M | 1.64M | 1.2M |
| Non-Interest Income % | 26.53% | 26.79% | 22.06% | 17.27% | 25.87% | 38.58% | 45.61% | 34.76% | 33.39% | 37.48% | 42.34% | 42.73% | 22.9% | 19.1% | 21.29% | 19.67% | 17.24% | 16.86% | 15.45% | 11.85% | -115.76% | 7.6% | 7.24% | 11.7% | 10.39% | 9.02% | 6.67% | 6.19% | 5.88% | 6.46% | 6.03% |
| Total Revenue | 246.53M | 242.53M | 195.96M | 158.33M | 134.41M | 136.87M | 140.04M | 107.43M | 96.34M | 96.14M | 102.18M | 104.39M | 70.48M | 56.95M | 56.82M | 57.15M | 60.05M | 64.34M | 70.63M | 82.89M | 32.22M | 63.61M | 52.35M | 52.04M | 50.03M | 52.86M | 51.34M | 40.15M | 30.6M | 25.44M | 19.9M |
| Revenue Growth % | 76.57% | 23.77% | 23.77% | 17.8% | -1.8% | -2.27% | 30.36% | 11.51% | 0.22% | -5.92% | -2.11% | 48.1% | 23.76% | 0.23% | -0.57% | -4.83% | -6.66% | -8.9% | -14.79% | 157.25% | -49.35% | 21.53% | 0.59% | 4.01% | -5.35% | 2.96% | 27.88% | 31.2% | 20.26% | 27.86% | 11.17% |
| Non-Interest Expense | 112.61M | 111.33M | 104.94M | 94.18M | 88.85M | 89.2M | 89.11M | 76.84M | 69.8M | 66.71M | 76.28M | 72.64M | 43.03M | 36.89M | 36.26M | 34.91M | 35.6M | 39.12M | 39.95M | 35.22M | -13.29M | 29.48M | 26.54M | 24.73M | 23.06M | 22.57M | 21.3M | 18.36M | 12.2M | 9.42M | 8.6M |
| Efficiency Ratio | 45.68% | 45.9% | 53.55% | 59.49% | 66.11% | 65.17% | 63.63% | 71.52% | 72.45% | 69.39% | 74.65% | 69.59% | 61.05% | 64.77% | 63.82% | 61.08% | 59.28% | 60.81% | 56.57% | 42.49% | -41.26% | 46.34% | 50.69% | 47.52% | 46.09% | 42.69% | 41.49% | 45.74% | 39.87% | 37.03% | 43.22% |
| Operating Income | 86.53M | 86.15M | 46.99M | 31.61M | 38.49M | 47.99M | 42.45M | 26.13M | 24.07M | 23.8M | 21.04M | 27.12M | 26.04M | 18.66M | 19.61M | 16.7M | 13.38M | 11.08M | 9.57M | 18.92M | 20.95M | 18.09M | 16.93M | 17.06M | 13.71M | 11.25M | 9.12M | 7.51M | 5.9M | 4.6M | 3.5M |
| Operating Margin % | 35.1% | 35.52% | 23.98% | 19.96% | 28.64% | 35.06% | 30.31% | 24.32% | 24.99% | 24.76% | 20.59% | 25.98% | 36.94% | 32.76% | 34.52% | 29.22% | 22.29% | 17.22% | 13.56% | 22.82% | 65.03% | 28.44% | 32.34% | 32.79% | 27.41% | 21.27% | 17.76% | 18.7% | 19.28% | 18.08% | 17.59% |
| Operating Income Growth % | - | 83.31% | 48.68% | -17.89% | -19.79% | 13.07% | 62.48% | 8.52% | 1.16% | 13.1% | -22.41% | 4.14% | 39.56% | -4.87% | 17.45% | 24.79% | 20.76% | 15.74% | -49.39% | -9.71% | 15.8% | 6.89% | -0.79% | 24.41% | 21.94% | 23.35% | 21.43% | 27.25% | 28.26% | 31.43% | 20.69% |
| Pretax Income | 84.9M | 84.52M | 46.99M | 31.61M | 38.49M | 47.99M | 42.45M | 26.13M | 24.07M | 23.8M | 21.04M | 27.12M | 26.04M | 18.66M | 19.61M | 16.7M | 13.38M | 11.08M | 9.57M | 18.92M | 20.95M | 18.09M | 16.93M | 17.06M | 13.71M | 11.25M | 9.12M | 7.51M | 5.9M | 4.6M | 3.5M |
| Pretax Margin % | 34.44% | 34.85% | 23.98% | 19.96% | 28.64% | 35.06% | 30.31% | 24.32% | 24.99% | 24.76% | 20.59% | 25.98% | 36.94% | 32.76% | 34.52% | 29.22% | 22.29% | 17.22% | 13.56% | 22.82% | 65.03% | 28.44% | 32.34% | 32.79% | 27.41% | 21.27% | 17.76% | 18.7% | 19.28% | 18.08% | 17.59% |
| Income Tax | 19.94M | 19.91M | 10.02M | 6.21M | 7.75M | 10.48M | 9.56M | 5.43M | 4.07M | 10.32M | 6.05M | 8.78M | 8.17M | 6.25M | 6.16M | 4.87M | 3.92M | 2.97M | 3.12M | 7.26M | 7.98M | 6.92M | 6.23M | 6.52M | 5.17M | 4.14M | 3.28M | 2.72M | 2.2M | 1.1M | 1.3M |
| Effective Tax Rate % | 23.49% | 23.56% | 21.33% | 19.66% | 20.14% | 21.83% | 22.52% | 20.8% | 16.91% | 43.37% | 28.76% | 32.39% | 31.39% | 33.48% | 31.39% | 29.18% | 29.28% | 26.77% | 32.61% | 38.38% | 38.08% | 38.27% | 36.79% | 38.19% | 37.71% | 36.8% | 36.02% | 36.25% | 37.29% | 23.91% | 37.14% |
| Net Income | 64.96M | 64.61M | 36.97M | 25.39M | 30.74M | 37.52M | 32.89M | 20.69M | 20M | 13.15M | 14.41M | 17.78M | 17.41M | 12.32M | 12.95M | 11.4M | 9.07M | 7.73M | 6.08M | 11.66M | 12.97M | 11.17M | 10.7M | 10.54M | 8.54M | 7.11M | 5.83M | 4.79M | 3.7M | 3.5M | 2.2M |
| Net Margin % | 26.35% | 26.64% | 18.87% | 16.04% | 22.87% | 27.41% | 23.48% | 19.26% | 20.76% | 13.68% | 14.1% | 17.04% | 24.7% | 21.64% | 22.78% | 19.94% | 15.1% | 12.01% | 8.61% | 14.06% | 40.27% | 17.56% | 20.44% | 20.26% | 17.07% | 13.45% | 11.36% | 11.92% | 12.09% | 13.76% | 11.06% |
| Net Income Growth % | 54.31% | 74.75% | 45.59% | -17.39% | -18.06% | 14.07% | 58.95% | 3.43% | 52.11% | -8.74% | -18.96% | 2.15% | 41.24% | -4.8% | 13.58% | 25.72% | 17.33% | 27.03% | -47.82% | -10.14% | 16.15% | 4.39% | 1.47% | 23.45% | 20.17% | 21.86% | 21.88% | 29.35% | 5.71% | 59.09% | 15.79% |
| Net Income (Continuing) | 64.96M | 64.61M | 36.97M | 25.39M | 30.74M | 37.52M | 32.89M | 20.69M | 20M | 13.48M | 14.99M | 18.33M | 17.87M | 12.41M | 13.46M | 11.83M | 9.46M | 8.12M | 6.45M | 11.66M | 13.27M | 11.17M | 10.7M | 10.54M | 8.54M | 7.11M | 5.83M | 4.79M | 3.7M | 3.5M | 2.2M |
| EPS (Diluted) | 2.88 | 2.87 | 1.66 | 1.12 | 1.32 | 1.50 | 1.28 | 0.76 | 0.72 | 0.47 | 0.52 | 0.64 | 0.64 | 0.47 | 0.49 | 0.44 | 0.35 | 0.30 | 0.24 | 0.45 | 0.48 | 0.37 | 0.35 | 0.38 | 0.31 | 0.26 | 0.20 | 0.15 | 0.15 | 0.15 | 0.09 |
| EPS Growth % | 53.19% | 72.89% | 47.88% | -14.8% | -12.17% | 17.42% | 68.09% | 5.92% | 52.66% | -8.74% | -19.53% | 0.79% | 35.83% | -5.08% | 13.22% | 24.29% | 16.67% | 26.32% | -47.22% | -5.26% | 27.52% | 5.67% | -7.84% | 25.41% | 19.61% | 30.77% | 30% | 1.69% | -3.28% | 64.86% | 19.35% |
| EPS (Basic) | - | 2.92 | 1.68 | 1.13 | 1.33 | 1.52 | 1.30 | 0.77 | 0.73 | 0.48 | 0.52 | 0.65 | 0.64 | 0.47 | 0.50 | 0.44 | 0.36 | 0.31 | 0.24 | 0.46 | 0.48 | 0.39 | 0.36 | 0.40 | 0.32 | 0.27 | 0.20 | 0.16 | 0.16 | 0.16 | 0.10 |
| Diluted Shares Outstanding | 22.58M | 22.53M | 22.34M | 22.64M | 23.32M | 25M | 25.72M | 27.23M | 27.93M | 27.91M | 27.9M | 27.79M | 27.41M | 26.44M | 26.3M | 26.22M | 25.92M | 25.67M | 25.56M | 25.94M | 27.37M | 30.01M | 30.44M | 27.46M | 27.86M | 27.67M | 29.7M | 31.83M | 19.98M | 15.12M | 15.88M |
Alaskan economic concentration
As reported in financial statements, Northrim's net interest income grew to $34.7 million in 2026Q1, representing an 11.6% year-over-year increase, which suggests that the bank has successfully leveraged its loan portfolio repricing capabilities despite the broader challenges of the current interest rate environment.
The consistent upward trajectory in NII appears to be driven by the bank's ability to maintain a favorable deposit beta within the isolated Alaskan market. Investors should monitor whether this growth can persist if the local commercial lending environment faces headwinds from energy sector volatility.
Based on regulatory filings, Northrim maintained a net interest margin of 1.0% throughout the most recent quarter, indicating that the bank's funding costs remain well-contained relative to asset yields, even as regional peers face significant pressure from rising deposit competition in the Lower 48 states.
The stability of the NIM suggests that the bank's reliance on non-interest-bearing deposits provides a structural buffer against rate-induced margin compression. However, the lack of significant margin expansion warrants further investigation into whether the bank has reached a ceiling in its current pricing power.
According to recent SEC filings, Northrim's efficiency ratio stood at 51.2% in 2026Q1, reflecting a disciplined approach to managing non-interest expenses while simultaneously scaling the top line, which may indicate that the bank is effectively leveraging its existing infrastructure to drive higher pre-provision net revenue.
The improvement in the efficiency ratio compared to historical levels suggests that management is successfully controlling the high fixed-cost base inherent in the Alaskan market. Analysts should remain cautious, as maintaining this level of efficiency may become more difficult if revenue growth begins to decelerate.
As disclosed in financial statements, the provision for credit losses was $960,000 in 2026Q1, a figure that appears to reflect a prudent approach to risk management given the bank's concentrated exposure to the Alaskan economy and the potential for cyclical volatility in local commercial sectors.
The fluctuation in provision expense over the last ten quarters suggests that the bank is actively adjusting its reserves to align with the CECL model's forward-looking requirements. Investors should monitor the quality of the commercial real estate portfolio, as any localized downturn could necessitate more aggressive provisioning.
Based on reported figures, non-interest income reached $14.9 million in 2026Q1, with fee income representing 24.9% of total revenue, highlighting the bank's ongoing reliance on mortgage-related activities which remain highly sensitive to national interest rate trends and local housing market turnover in the Anchorage area.
The contribution of fee income appears to be a double-edged sword, providing necessary diversification while introducing volatility tied to mortgage origination volumes. Further investigation is warranted to determine if the bank can sustain these fee levels if the housing market experiences a sustained cooling period.
Quick answers to the most common questions about buying NRIM stock.
Northrim BanCorp, Inc. (NRIM) is profitable, generating $64.6M in net income for the fiscal year ending 2025 with a net profit margin of 26.6%.
Northrim BanCorp, Inc. (NRIM) reported an operating income of $86.1M, resulting in an operating profit margin of 35.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Northrim BanCorp, Inc. (NRIM) generated $197.5M in gross profit for the year, representing a gross profit margin of 81.4%. This demonstrates the company's core pricing power and production efficiency.