Northrim Q2 Net Income Rises on Loan Growth, NIM Hits 5.01%
NRIM sits 41% above its 52-week low of $19.6.
Summary
Northrim BanCorp reported Q2 net income of $15.3 million, or $0.68 per share, driven by an 11% year-over-year increase in net interest income to $37.1 million. The net interest margin expanded to 5.01%, supported by higher loan balances and a lower average cost of deposits. Mortgage banking income also contributed to revenue growth, reflecting increased mortgage production. The company opened a new branch in Palmer, Alaska, further expanding its footprint. This follows the July 22 announcement of the definitive agreement to acquire PBCO Financial Corporation in an all-stock deal, which adds strategic scale. The stock trades at 10 times forward earnings, with a median analyst price target of $30.00, implying about 9% upside from the July 22 close of $27.55.
At the time of this announcement, NRIM was trading at $27.55 on NASDAQ in the Finance sector, with a market capitalization of approximately $612.8M. The 52-week trading range was $19.60 to $30.82. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.