Northrim BanCorp (NRIM) Stock

Northrim (NRIM) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Northrim (NRIM) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Northrim (NRIM) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.

ANCHORAGE, Alaska, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today announced the acquisition of Sallyport Commercial Finance, LLC (“Sallyport” or “SCF”) in an all cash transaction that closed on October 31, 2024 and is valued at approximately $53.9 million. Sallyport Commercial Finance, LLC is a leading provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States and Canada. The transaction is expected to provide earnings accretion of approximately 15% to Northrim's 2025 operating results.

ANCHORAGE, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago. The increase in third quarter 2024 profitability as compared to the third quarter a year ago was primarily the result of an increase in mortgage banking income and higher net interest income, which was only partially offset by higher other operating expenses and a higher provision for credit losses.

Northrim (NRIM) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.

Northrim Bancorp (NRIM) raises quarterly dividend by 1.6% to 62 cents per share. A solid balance sheet is likely to keep its capital distributions sustainable.

ANCHORAGE, Alaska, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.62 per share. The dividend will be payable on September 13, 2024, to shareholders of record at the close of business on September 5, 2024.

NRIM's price per share has dropped 6.50% since Q2 2024 earnings release, possibly due to uncertainty about future interest rates. The loan portfolio is growing, with a focus on riskier commercial loans, but NPLs remain low due to excellent credit risk management. NRIM's low cost of deposits and improving NIM, along with shareholder remuneration focus, make it an interesting bank despite high valuation.