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Northrim BanCorp (NRIM) Financials

Northrim BanCorp logo
$94.60 +1.55 (+1.67%)
Closing price 04:00 PM Eastern
Extended Trading
$94.82 +0.22 (+0.23%)
As of 07:05 PM Eastern
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Annual Income Statements for Northrim BanCorp

Annual Income Statements for Northrim BanCorp

This table shows Northrim BanCorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 31 25 37
Consolidated Net Income / (Loss)		 31 25 37
Net Income / (Loss) Continuing Operations		 31 25 37
Total Pre-Tax Income 		38 32 47
Total Revenue		 129 130 155
Net Interest Income / (Expense)		 95 103 113
Total Interest Income		 100 132 154
Loans and Leases Interest Income		 83 109 135
Investment Securities Interest Income		 12 18 17
Deposits and Money Market Investments Interest Income		 5.67 4.64 2.34
Total Interest Expense		 5.21 29 41
Deposits Interest Expense		 4.49 27 39
Long-Term Debt Interest Expense		 0.73 2.18 1.39
Total Non-Interest Income		 34 26 42
Other Service Charges		 24 15 28
Net Realized & Unrealized Capital Gains on Investments		 -1.12 0.12 0.58
Other Non-Interest Income		 11 11 14
Provision for Credit Losses		 1.85 3.84 3.29
Total Non-Interest Expense		 89 94 105
Salaries and Employee Benefits		 58 62 68
Net Occupancy & Equipment Expense		 16 17 19
Marketing Expense		 2.75 2.93 3.03
Other Operating Expenses		 12 13 16
Amortization Expense		 0.03 0.02 0.00
Impairment Charge		 0.50 -0.79 -0.39
Income Tax Expense		 7.75 6.21 10
Basic Earnings per Share		 $5.33 $4.53 $6.72
Weighted Average Basic Shares Outstanding		 5.77M 5.60M 5.50M
Diluted Earnings per Share		 $5.27 $4.49 $6.62
Weighted Average Diluted Shares Outstanding		 5.83M 5.66M 5.58M
Weighted Average Basic & Diluted Shares Outstanding		 5.70M 5.50M 5.52M
Cash Dividends to Common per Share		 $1.82 $2.40 $2.46

Quarterly Income Statements for Northrim BanCorp

This table shows Northrim BanCorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
Consolidated Net Income / (Loss)		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
Net Income / (Loss) Continuing Operations		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
Total Pre-Tax Income 		13 9.95 6.07 6.93 10 8.34 11 12 12 13 18
Total Revenue		 35 34 30 32 34 33 34 37 40 44 45
Net Interest Income / (Expense)		 26 27 25 25 26 27 26 27 29 31 31
Total Interest Income		 28 30 30 32 34 36 36 37 39 42 42
Loans and Leases Interest Income		 22 23 24 26 29 30 31 32 35 37 38
Investment Securities Interest Income		 3.50 4.35 4.58 4.64 4.68 4.59 4.44 4.25 4.08 3.74 3.57
Deposits and Money Market Investments Interest Income		 1.90 2.76 1.49 0.83 0.58 1.74 0.84 0.23 0.39 0.88 0.42
Total Interest Expense		 1.25 2.43 4.76 6.68 8.06 9.20 9.36 9.86 11 11 10
Deposits Interest Expense		 1.06 2.25 4.58 6.11 7.14 8.68 9.18 9.48 10 11 9.94
Long-Term Debt Interest Expense		 0.18 0.18 0.18 0.56 0.92 0.52 0.18 0.38 0.45 0.38 0.33
Total Non-Interest Income		 8.67 6.78 4.91 6.98 8.00 6.49 7.84 9.58 12 13 14
Other Service Charges		 6.65 3.22 2.79 4.71 5.24 2.58 4.72 6.72 8.18 7.99 8.10
Net Realized & Unrealized Capital Gains on Investments		 0.03 0.08 -0.22 -0.23 0.01 0.57 0.31 -0.06 0.58 -0.25 -0.05
Other Non-Interest Income		 1.99 3.48 2.34 2.51 2.75 3.34 2.81 2.92 2.83 5.30 6.15
Provision for Credit Losses		 -0.35 1.89 0.36 1.41 1.19 0.89 0.15 -0.12 2.06 1.20 -1.41
Total Non-Interest Expense		 22 22 24 24 23 24 24 25 27 29 29
Salaries and Employee Benefits		 15 14 15 15 16 15 15 17 18 18 18
Net Occupancy & Equipment Expense		 4.03 4.04 4.30 4.19 4.45 4.28 4.62 4.44 4.53 5.00 4.99
Marketing Expense		 0.52 0.98 0.56 0.93 0.50 0.93 0.51 0.69 0.86 0.97 0.67
Other Operating Expenses		 3.11 2.66 3.13 3.48 3.07 3.38 3.48 3.43 3.79 5.16 5.84
Income Tax Expense		 2.93 1.36 1.24 1.36 1.89 1.73 2.31 2.54 2.81 2.37 4.25
Basic Earnings per Share		 $1.77 $1.51 $0.85 $0.99 $1.50 $1.19 $1.49 $1.64 $1.60 $1.99 $2.41
Weighted Average Basic Shares Outstanding		 5.68M 5.77M 5.69M 5.63M 5.57M 5.60M 5.50M 5.50M 5.50M 5.50M 5.52M
Diluted Earnings per Share		 $1.76 $1.48 $0.84 $0.98 $1.48 $1.19 $1.48 $1.62 $1.57 $1.95 $2.38
Weighted Average Diluted Shares Outstanding		 5.74M 5.83M 5.76M 5.68M 5.62M 5.66M 5.55M 5.56M 5.58M 5.58M 5.61M
Weighted Average Basic & Diluted Shares Outstanding		 5.68M 5.70M 5.65M 5.59M 5.53M 5.50M 5.50M 5.50M 5.50M 5.52M 5.52M
Cash Dividends to Common per Share		 $0.50 $0.50 $0.60 $0.60 $0.60 $0.60 $0.61 $0.61 $0.62 $0.62 $0.64

Annual Cash Flow Statements for Northrim BanCorp

This table details how cash moves in and out of Northrim BanCorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -386 -141 -56
Net Cash From Operating Activities		 78 39 -8.73
Net Cash From Continuing Operating Activities		 78 39 -8.73
Net Income / (Loss) Continuing Operations		 31 25 37
Consolidated Net Income / (Loss)		 31 25 37
Provision For Loan Losses		 1.85 3.84 3.29
Depreciation Expense		 3.14 3.29 3.61
Amortization Expense		 -2.28 0.50 0.37
Non-Cash Adjustments to Reconcile Net Income		 43 -5.29 -35
Changes in Operating Assets and Liabilities, net		 1.96 11 -18
Net Cash From Investing Activities		 -406 -255 -198
Net Cash From Continuing Investing Activities		 -406 -255 -198
Purchase of Property, Leasehold Improvements and Equipment		 -3.80 -6.17 -0.62
Purchase of Investment Securities		 -408 -322 -466
Sale and/or Maturity of Investments		 6.14 73 269
Net Cash From Financing Activities		 -59 75 151
Net Cash From Continuing Financing Activities		 -59 75 151
Net Change in Deposits		 -34 98 195
Issuance of Debt		 0.00 195 698
Issuance of Common Equity		 0.59 0.56 0.80
Repayment of Debt		 -0.41 -195 -728
Repurchase of Common Equity		 -14 -9.04 -0.79
Payment of Dividends		 -11 -14 -14
Cash Interest Paid		 5.19 29 40
Cash Income Taxes Paid		 2.02 2.03 6.72

Quarterly Cash Flow Statements for Northrim BanCorp

This table details how cash moves in and out of Northrim BanCorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 70 -148 -120 -102 74 7.30 -38 -26 48 -40 2.79
Net Cash From Operating Activities		 26 37 4.35 -27 11 50 -5.55 -38 -0.20 36 17
Net Cash From Continuing Operating Activities		 26 37 4.35 -27 11 50 -5.55 -38 -0.20 36 17
Net Income / (Loss) Continuing Operations		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
Consolidated Net Income / (Loss)		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
Provision For Loan Losses		 -0.35 1.89 0.36 1.41 1.19 0.89 0.15 -0.12 2.06 1.20 -1.41
Depreciation Expense		 0.78 0.78 0.79 0.79 0.85 0.86 0.90 0.92 0.90 0.90 0.90
Amortization Expense		 0.45 -3.67 0.42 0.42 0.09 -0.43 0.40 0.27 0.16 -0.45 0.55
Non-Cash Adjustments to Reconcile Net Income		 13 22 4.37 -36 -4.07 31 -13 -43 -13 33 0.81
Changes in Operating Assets and Liabilities, net		 1.99 7.18 -6.42 1.22 4.97 11 -2.50 -5.73 0.66 -11 2.37
Net Cash From Investing Activities		 -57 -130 -29 -127 -55 -44 23 -44 -79 -97 -98
Net Cash From Continuing Investing Activities		 -57 -130 -29 -127 -55 -44 23 -44 -79 -97 -98
Purchase of Property, Leasehold Improvements and Equipment		 -0.60 -1.65 -1.22 -2.20 -2.22 -0.53 -1.04 -0.89 -0.13 1.44 -0.21
Purchase of Investment Securities		 -60 -112 -41 -127 -77 -77 -22 -100 -166 -178 -140
Sale and/or Maturity of Investments		 4.21 -5.08 13 2.66 23 34 46 56 87 80 42
Net Cash From Financing Activities		 101 -55 -96 51 118 1.61 -55 57 128 21 84
Net Cash From Continuing Financing Activities		 101 -55 -96 51 118 1.61 -55 57 128 21 84
Net Change in Deposits		 104 -52 -91 6.04 126 57 -51 30 162 55 98
Repayment of Debt		 -0.10 -0.10 -0.10 - - -195 -0.11 - - -728 -9.91
Repurchase of Common Equity		 - - -1.33 -2.50 -2.71 -2.51 -0.79 - - -0.00 0.00
Payment of Dividends		 -2.83 -2.95 -3.42 -3.39 -3.34 -3.46 -3.36 -3.35 -3.41 -3.63 -3.53
Cash Interest Paid		 1.21 2.51 4.65 6.43 7.26 10 9.17 9.55 11 11 10
Cash Income Taxes Paid		 0.60 1.38 - - 1.18 0.00 - - 2.00 3.23 0.19

Annual Balance Sheets for Northrim BanCorp

This table presents Northrim BanCorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,674 2,807 3,042
Cash and Due from Banks		 28 27 42
Interest Bearing Deposits at Other Banks		 232 91 21
Trading Account Securities		 752 720 584
Loans and Leases, Net of Allowance		 1,488 1,772 2,107
Loans and Leases		 1,502 1,789 2,129
Allowance for Loan and Lease Losses		 14 17 22
Premises and Equipment, Net		 38 41 38
Goodwill		 15 15 50
Intangible Assets		 0.97 0.95 0.95
Other Assets		 121 140 199
Total Liabilities & Shareholders' Equity		 2,674 2,807 3,042
Total Liabilities		 2,456 2,573 2,775
Interest Bearing Deposits		 2,387 2,485 2,680
Short-Term Debt		 14 14 23
Long-Term Debt		 10 10 10
Other Long-Term Liabilities		 44 64 61
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 219 235 267
Total Preferred & Common Equity		 219 235 267
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 219 235 267
Common Stock		 23 15 15
Retained Earnings		 224 236 259
Accumulated Other Comprehensive Income / (Loss)		 -29 -16 -7.02

Quarterly Balance Sheets for Northrim BanCorp

This table presents Northrim BanCorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 2,718 2,580 2,638 2,790 2,760 2,822 2,963 3,141
Cash and Due from Banks		 20 29 35 31 30 33 43 30
Interest Bearing Deposits at Other Banks		 387 110 1.94 80 50 21 60 36
Trading Account Securities		 749 749 779 763 687 720 693 668
Loans and Leases, Net of Allowance		 1,395 1,521 1,644 1,704 1,794 1,858 1,988 2,103
Loans and Leases		 1,407 1,535 1,659 1,720 1,811 1,876 2,008 2,124
Allowance for Loan and Lease Losses		 12 14 16 16 18 18 20 21
Premises and Equipment, Net		 37 38 40 41 41 40 40 37
Goodwill		 15 15 15 15 15 15 15 50
Intangible Assets		 0.97 0.96 0.96 0.96 0.95 0.95 0.95 0.95
Other Assets		 113 1,638 123 156 142 133 124 216
Total Liabilities & Shareholders' Equity		 2,718 2,580 2,638 2,790 2,760 2,822 2,963 3,141
Total Liabilities		 2,507 2,356 2,417 2,565 2,520 2,574 2,703 2,861
Interest Bearing Deposits		 2,439 2,296 2,302 2,428 2,434 2,464 2,626 2,778
Short-Term Debt		 14 - 65 64 14 44 13 13
Long-Term Debt		 10 24 10 10 10 10 10 10
Other Long-Term Liabilities		 43 35 39 63 62 56 54 60
Total Equity & Noncontrolling Interests		 211 224 221 225 239 247 260 280
Total Preferred & Common Equity		 211 224 221 225 239 247 260 280
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 211 224 221 225 239 247 260 280
Common Stock		 24 22 20 18 15 15 15 15
Retained Earnings		 218 226 228 233 241 246 252 269
Accumulated Other Comprehensive Income / (Loss)		 -31 -23 -26 -25 -16 -14 -6.75 -4.35

Annual Metrics And Ratios for Northrim BanCorp

This table displays calculated financial ratios and metrics derived from Northrim BanCorp's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -2.93% 0.34% 19.74%
EBITDA Growth		 -25.74% -10.04% 43.98%
EBIT Growth		 -19.79% -17.89% 48.68%
NOPAT Growth		 -18.06% -17.39% 45.59%
Net Income Growth		 -18.06% -17.39% 45.59%
EPS Growth		 -12.17% -14.80% 47.44%
Operating Cash Flow Growth		 -30.29% -50.33% -122.51%
Free Cash Flow Firm Growth		 133.24% -80.68% -149.33%
Invested Capital Growth		 -7.46% 6.45% 16.15%
Revenue Q/Q Growth		 2.20% -0.65% 7.37%
EBITDA Q/Q Growth		 -8.34% 5.11% 10.80%
EBIT Q/Q Growth		 1.54% -4.85% 11.79%
NOPAT Q/Q Growth		 1.59% -7.24% 13.21%
Net Income Q/Q Growth		 1.59% -7.24% 13.21%
EPS Q/Q Growth		 3.33% -6.07% 12.97%
Operating Cash Flow Q/Q Growth		 -1.06% 48.45% -254.71%
Free Cash Flow Firm Q/Q Growth		 -19.38% 126.45% -109.93%
Invested Capital Q/Q Growth		 3.33% -13.58% 5.91%
Profitability Metrics		 - - -
EBITDA Margin		 30.46% 27.31% 32.84%
EBIT Margin		 29.80% 24.38% 30.28%
Profit (Net Income) Margin		 23.79% 19.59% 23.82%
Tax Burden Percent		 79.86% 80.34% 78.67%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 20.14% 19.66% 21.33%
Return on Invested Capital (ROIC)		 12.16% 10.12% 13.22%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.16% 10.12% 13.22%
Return on Net Nonoperating Assets (RNNOA)		 1.31% 1.08% 1.51%
Return on Equity (ROE)		 13.47% 11.20% 14.73%
Cash Return on Invested Capital (CROIC)		 19.91% 3.88% -1.72%
Operating Return on Assets (OROA)		 1.43% 1.15% 1.61%
Return on Assets (ROA)		 1.14% 0.93% 1.26%
Return on Common Equity (ROCE)		 13.47% 11.20% 14.73%
Return on Equity Simple (ROE_SIMPLE)		 14.06% 10.82% 13.84%
Net Operating Profit after Tax (NOPAT)		 31 25 37
NOPAT Margin		 23.79% 19.59% 23.82%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 59.42% 63.17% 57.64%
Operating Expenses to Revenue		 68.78% 72.65% 67.60%
Earnings before Interest and Taxes (EBIT)		 38 32 47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 39 35 51
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.28 1.28 1.59
Price to Tangible Book Value (P/TBV)		 1.38 1.38 1.97
Price to Revenue (P/Rev)		 2.17 2.32 2.74
Price to Earnings (P/E)		 9.12 11.85 11.50
Dividend Yield		 3.69% 4.41% 3.18%
Earnings Yield		 10.96% 8.44% 8.69%
Enterprise Value to Invested Capital (EV/IC)		 0.19 0.80 1.32
Enterprise Value to Revenue (EV/Rev)		 0.35 1.59 2.55
Enterprise Value to EBITDA (EV/EBITDA)		 1.16 5.83 7.77
Enterprise Value to EBIT (EV/EBIT)		 1.18 6.53 8.42
Enterprise Value to NOPAT (EV/NOPAT)		 1.48 8.13 10.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.58 5.32 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.90 21.22 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.11 0.10 0.12
Long-Term Debt to Equity		 0.05 0.04 0.04
Financial Leverage		 0.11 0.11 0.11
Leverage Ratio		 11.83 12.09 11.66
Compound Leverage Factor		 11.83 12.09 11.66
Debt to Total Capital		 10.04% 9.27% 11.10%
Short-Term Debt to Total Capital		 5.80% 5.29% 7.67%
Long-Term Debt to Total Capital		 4.24% 3.99% 3.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.96% 90.73% 88.90%
Debt to EBITDA		 0.62 0.68 0.65
Net Debt to EBITDA		 -5.97 -2.67 -0.58
Long-Term Debt to EBITDA		 0.26 0.29 0.20
Debt to NOPAT		 0.79 0.94 0.90
Net Debt to NOPAT		 -7.64 -3.72 -0.79
Long-Term Debt to NOPAT		 0.34 0.41 0.28
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 50 9.73 -4.80
Operating Cash Flow to CapEx		 2,056.69% 628.85% -1,407.58%
Free Cash Flow to Firm to Interest Expense		 9.66 0.34 -0.12
Operating Cash Flow to Interest Expense		 14.98 1.35 -0.21
Operating Cash Flow Less CapEx to Interest Expense		 14.25 1.14 -0.23
Efficiency Ratios		 - - -
Asset Turnover		 0.05 0.05 0.05
Fixed Asset Turnover		 3.45 3.30 3.96
Capital & Investment Metrics		 - - -
Invested Capital		 243 259 300
Invested Capital Turnover		 0.51 0.52 0.56
Increase / (Decrease) in Invested Capital		 -20 16 42
Enterprise Value (EV)		 46 206 396
Market Capitalization		 280 301 425
Book Value per Share		 $38.46 $42.48 $48.55
Tangible Book Value per Share		 $35.65 $39.59 $39.29
Total Capital		 243 259 300
Total Debt		 24 24 33
Total Long-Term Debt		 10 10 10
Net Debt		 -235 -95 -29
Capital Expenditures (CapEx)		 3.80 6.17 0.62
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 24 24 33
Total Depreciation and Amortization (D&A)		 0.86 3.79 3.98
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $5.33 $4.53 $6.72
Adjusted Weighted Average Basic Shares Outstanding		 5.77M 5.60M 5.50M
Adjusted Diluted Earnings per Share		 $5.27 $4.49 $6.62
Adjusted Weighted Average Diluted Shares Outstanding		 5.83M 5.66M 5.58M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.70M 5.50M 5.52M
Normalized Net Operating Profit after Tax (NOPAT)		 31 25 37
Normalized NOPAT Margin		 24.10% 19.10% 23.62%
Pre Tax Income Margin		 29.80% 24.38% 30.28%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 7.38 1.10 1.15
NOPAT to Interest Expense		 5.90 0.89 0.91
EBIT Less CapEx to Interest Expense		 6.66 0.89 1.14
NOPAT Less CapEx to Interest Expense		 5.17 0.67 0.89
Payout Ratios		 - - -
Dividend Payout Ratio		 34.39% 53.59% 37.19%
Augmented Payout Ratio		 80.44% 89.21% 39.33%

Quarterly Metrics And Ratios for Northrim BanCorp

This table displays calculated financial ratios and metrics derived from Northrim BanCorp's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.72% 8.87% -0.62% 7.01% -1.80% -2.48% 14.53% 14.03% 17.69% 32.08% 32.68%
EBITDA Growth		 10.24% -33.67% -30.31% 7.38% -21.48% 24.38% 62.07% 56.57% 13.20% 56.62% 65.24%
EBIT Growth		 11.90% 6.24% -33.84% 9.73% -21.33% -16.20% 73.02% 66.68% 13.36% 59.46% 67.32%
NOPAT Growth		 14.06% 5.93% -33.16% 16.31% -17.29% -23.06% 69.75% 61.74% 5.39% 65.24% 62.51%
Net Income Growth		 14.06% 5.93% -33.16% 16.31% -17.29% -23.06% 69.75% 61.74% 5.39% 65.24% 62.51%
EPS Growth		 23.94% 12.98% -30.00% 18.07% -15.91% -19.59% 76.19% 65.31% 6.08% 63.87% 60.81%
Operating Cash Flow Growth		 366.68% -2.20% -78.09% -492.33% -55.32% 33.99% -227.50% -43.29% -101.76% -28.80% 398.29%
Free Cash Flow Firm Growth		 313.14% 460.61% -49.59% -288.38% -231.82% -132.12% -194.45% 108.00% 143.86% -240.56% -324.65%
Invested Capital Growth		 -12.04% -7.46% -0.73% 23.61% 27.27% 6.45% 5.82% 1.67% -5.22% 16.15% 15.20%
Revenue Q/Q Growth		 16.54% -2.63% -12.10% 7.29% 6.94% -3.30% 3.23% 6.82% 10.37% 8.52% 3.70%
EBITDA Q/Q Growth		 88.39% -50.59% 3.22% 11.76% 37.77% -21.73% 34.49% 7.97% -0.39% 8.29% 38.42%
EBIT Q/Q Growth		 106.55% -23.75% -38.98% 14.20% 48.07% -18.78% 25.98% 10.02% 0.71% 14.25% 32.18%
NOPAT Q/Q Growth		 111.16% -15.11% -43.80% 15.47% 50.15% -21.03% 23.98% 10.01% -2.16% 23.82% 21.94%
Net Income Q/Q Growth		 111.16% -15.11% -43.80% 15.47% 50.15% -21.03% 23.98% 10.01% -2.16% 23.82% 21.94%
EPS Q/Q Growth		 112.05% -15.91% -43.24% 16.67% 51.02% -19.59% 24.37% 9.46% -3.09% 24.20% 22.05%
Operating Cash Flow Q/Q Growth		 662.87% 45.82% -88.32% -717.80% 142.46% 337.29% -111.12% -594.30% 99.48% 17,770.65% -53.43%
Free Cash Flow Firm Q/Q Growth		 56.10% -33.35% -76.42% -867.74% -9.23% 83.76% 30.64% 164.99% 499.24% -226.08% 13.52%
Invested Capital Q/Q Growth		 -1.96% 3.33% 2.34% 19.22% 0.95% -13.58% 1.74% 14.54% -5.89% 5.91% 0.91%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 40.81% 20.71% 24.32% 25.33% 32.63% 26.41% 34.41% 34.78% 31.39% 31.32% 41.81%
EBIT Margin		 37.30% 29.21% 20.28% 21.58% 29.88% 25.10% 30.63% 31.55% 28.79% 30.31% 38.63%
Profit (Net Income) Margin		 28.94% 25.23% 16.13% 17.36% 24.38% 19.91% 23.91% 24.62% 21.83% 24.91% 29.29%
Tax Burden Percent		 77.59% 86.38% 79.56% 80.44% 81.57% 79.31% 78.06% 78.05% 75.83% 82.18% 75.81%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 22.41% 13.62% 20.44% 19.56% 18.43% 20.69% 21.94% 21.95% 24.17% 17.82% 24.19%
Return on Invested Capital (ROIC)		 14.56% 12.89% 8.34% 8.49% 11.90% 10.29% 12.52% 11.41% 10.82% 13.83% 17.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.56% 12.89% 8.34% 8.49% 11.90% 10.29% 12.52% 11.41% 10.82% 13.83% 17.21%
Return on Net Nonoperating Assets (RNNOA)		 1.59% 1.39% 0.91% 1.94% 2.69% 1.10% 1.30% 3.15% 2.18% 1.58% 1.57%
Return on Equity (ROE)		 16.15% 14.28% 9.24% 10.43% 14.59% 11.39% 13.82% 14.56% 13.00% 15.41% 18.78%
Cash Return on Invested Capital (CROIC)		 24.85% 19.91% 12.08% -10.25% -13.76% 3.88% 5.58% 9.12% 16.57% -1.72% 0.74%
Operating Return on Assets (OROA)		 1.77% 1.40% 1.00% 1.08% 1.42% 1.19% 1.54% 1.60% 1.45% 1.61% 2.18%
Return on Assets (ROA)		 1.37% 1.21% 0.80% 0.87% 1.16% 0.94% 1.20% 1.25% 1.10% 1.32% 1.65%
Return on Common Equity (ROCE)		 16.15% 14.28% 9.24% 10.43% 14.59% 11.39% 13.82% 14.56% 13.00% 15.41% 18.78%
Return on Equity Simple (ROE_SIMPLE)		 14.36% 0.00% 12.63% 13.16% 12.15% 0.00% 12.02% 13.03% 12.56% 0.00% 15.05%
Net Operating Profit after Tax (NOPAT)		 10 8.60 4.83 5.58 8.37 6.61 8.20 9.02 8.83 11 13
NOPAT Margin		 28.94% 25.23% 16.13% 17.36% 24.38% 19.91% 23.91% 24.62% 21.83% 24.91% 29.29%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 54.48% 56.30% 67.96% 63.21% 59.97% 62.12% 59.93% 59.41% 56.74% 55.20% 51.63%
Operating Expenses to Revenue		 63.71% 65.25% 78.52% 74.04% 66.65% 72.23% 68.93% 68.78% 66.11% 66.96% 64.47%
Earnings before Interest and Taxes (EBIT)		 13 9.95 6.07 6.93 10 8.34 11 12 12 13 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 7.05 7.28 8.14 11 8.77 12 13 13 14 19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.00 1.28 1.10 0.93 0.93 1.28 1.12 1.25 1.48 1.59 1.45
Price to Tangible Book Value (P/TBV)		 1.09 1.38 1.18 1.00 1.00 1.38 1.20 1.34 1.58 1.97 1.77
Price to Revenue (P/Rev)		 1.67 2.17 1.91 1.57 1.60 2.32 2.00 2.23 2.67 2.74 2.43
Price to Earnings (P/E)		 6.99 9.12 8.68 7.08 7.62 11.85 9.31 9.59 11.81 11.50 9.60
Dividend Yield		 4.57% 3.69% 4.66% 6.03% 6.17% 4.41% 4.95% 4.31% 3.48% 3.18% 3.40%
Earnings Yield		 14.30% 10.96% 11.52% 14.12% 13.13% 8.44% 10.74% 10.42% 8.47% 8.69% 10.41%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.19 0.53 0.83 0.57 0.80 0.80 1.02 1.08 1.32 1.19
Enterprise Value to Revenue (EV/Rev)		 0.00 0.35 1.02 1.87 1.31 1.59 1.58 2.23 2.12 2.55 2.18
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 1.16 3.62 6.66 5.09 5.83 5.29 6.94 6.66 7.77 6.19
Enterprise Value to EBIT (EV/EBIT)		 0.00 1.18 3.70 6.80 5.16 6.53 5.86 7.60 7.29 8.42 6.70
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 1.48 4.63 8.40 6.26 8.13 7.35 9.59 9.38 10.71 8.60
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.58 2.10 6.08 6.56 5.32 7.32 17.90 54.30 0.00 27.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.90 4.35 0.00 0.00 21.22 14.79 11.33 6.34 0.00 172.46
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.12 0.11 0.11 0.34 0.33 0.10 0.10 0.22 0.09 0.12 0.08
Long-Term Debt to Equity		 0.05 0.05 0.11 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04
Financial Leverage		 0.11 0.11 0.11 0.23 0.23 0.11 0.10 0.28 0.20 0.11 0.09
Leverage Ratio		 11.76 11.83 11.56 12.02 12.63 12.09 11.51 11.65 11.86 11.66 11.37
Compound Leverage Factor		 11.76 11.83 11.56 12.02 12.63 12.09 11.51 11.65 11.86 11.66 11.37
Debt to Total Capital		 10.42% 10.04% 9.77% 25.36% 24.75% 9.27% 9.07% 18.00% 8.34% 11.10% 7.73%
Short-Term Debt to Total Capital		 6.04% 5.80% 0.00% 21.88% 21.31% 5.29% 5.16% 14.58% 4.71% 7.67% 4.33%
Long-Term Debt to Total Capital		 4.38% 4.24% 9.77% 3.48% 3.44% 3.99% 3.92% 3.42% 3.63% 3.43% 3.40%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.58% 89.96% 90.23% 74.64% 75.25% 90.73% 90.93% 82.00% 91.66% 88.90% 92.27%
Debt to EBITDA		 0.57 0.62 0.67 2.05 2.20 0.68 0.60 1.22 0.51 0.65 0.40
Net Debt to EBITDA		 -8.91 -5.97 -3.18 1.05 -1.10 -2.67 -1.41 0.00 -1.72 -0.58 -0.72
Long-Term Debt to EBITDA		 0.24 0.26 0.67 0.28 0.31 0.29 0.26 0.23 0.22 0.20 0.18
Debt to NOPAT		 0.81 0.79 0.86 2.58 2.71 0.94 0.83 1.69 0.72 0.90 0.56
Net Debt to NOPAT		 -12.64 -7.64 -4.05 1.32 -1.36 -3.72 -1.96 0.00 -2.43 -0.79 -1.00
Long-Term Debt to NOPAT		 0.34 0.34 0.86 0.35 0.38 0.41 0.36 0.32 0.32 0.28 0.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 42 28 6.65 -51 -56 -9.06 -6.28 4.08 24 -31 -27
Operating Cash Flow to CapEx		 4,248.25% 2,250.97% 356.18% -1,222.94% 515.03% 9,359.47% -533.17% -4,306.38% -155.81% 0.00% 7,951.92%
Free Cash Flow to Firm to Interest Expense		 33.90 11.60 1.40 -7.65 -6.92 -0.98 -0.67 0.41 2.31 -2.82 -2.60
Operating Cash Flow to Interest Expense		 20.46 15.32 0.91 -4.02 1.42 5.42 -0.59 -3.91 -0.02 3.25 1.61
Operating Cash Flow Less CapEx to Interest Expense		 19.98 14.63 0.66 -4.35 1.14 5.37 -0.70 -4.00 -0.03 3.38 1.59
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.06
Fixed Asset Turnover		 3.39 3.45 3.41 3.42 3.35 3.30 3.39 3.46 3.59 3.96 4.27
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 235 243 249 297 299 259 263 301 284 300 303
Invested Capital Turnover		 0.50 0.51 0.52 0.49 0.49 0.52 0.52 0.46 0.50 0.56 0.59
Increase / (Decrease) in Invested Capital		 -32 -20 -1.82 57 64 16 14 4.94 -16 42 40
Enterprise Value (EV)		 -171 46 131 245 171 206 211 309 306 396 362
Market Capitalization		 212 280 246 206 209 301 268 309 386 425 404
Book Value per Share		 $37.09 $38.46 $39.37 $39.18 $40.31 $42.48 $43.52 $44.95 $47.27 $48.55 $50.67
Tangible Book Value per Share		 $34.27 $35.65 $36.56 $36.35 $37.45 $39.59 $40.61 $42.05 $44.36 $39.29 $41.47
Total Capital		 235 243 249 297 299 259 263 301 284 300 303
Total Debt		 25 24 24 75 74 24 24 54 24 33 23
Total Long-Term Debt		 10 10 24 10 10 10 10 10 10 10 10
Net Debt		 -382 -235 -115 38 -37 -95 -56 -0.15 -79 -29 -42
Capital Expenditures (CapEx)		 0.60 1.65 1.22 2.20 2.22 0.53 1.04 0.89 0.13 -1.44 0.21
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 25 24 24 75 74 24 24 54 24 33 23
Total Depreciation and Amortization (D&A)		 1.23 -2.90 1.21 1.20 0.94 0.44 1.30 1.18 1.05 0.45 1.45
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.77 $1.51 $0.85 $0.99 $1.50 $1.19 $1.49 $1.64 $1.60 $1.99 $2.41
Adjusted Weighted Average Basic Shares Outstanding		 5.68M 5.77M 5.69M 5.63M 5.57M 5.60M 5.50M 5.50M 5.50M 5.50M 5.52M
Adjusted Diluted Earnings per Share		 $1.76 $1.48 $0.84 $0.98 $1.48 $1.19 $1.48 $1.62 $1.57 $1.95 $2.38
Adjusted Weighted Average Diluted Shares Outstanding		 5.74M 5.83M 5.76M 5.68M 5.62M 5.66M 5.55M 5.56M 5.58M 5.58M 5.61M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.68M 5.70M 5.65M 5.59M 5.53M 5.50M 5.50M 5.50M 5.50M 5.52M 5.52M
Normalized Net Operating Profit after Tax (NOPAT)		 10 8.93 4.85 5.57 7.73 6.59 7.89 9.02 8.83 11 13
Normalized NOPAT Margin		 29.18% 26.21% 16.20% 17.34% 22.52% 19.84% 23.02% 24.63% 21.83% 24.91% 29.29%
Pre Tax Income Margin		 37.30% 29.21% 20.28% 21.58% 29.88% 25.10% 30.63% 31.55% 28.79% 30.31% 38.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.46 4.09 1.27 1.04 1.27 0.91 1.12 1.17 1.10 1.21 1.71
NOPAT to Interest Expense		 8.11 3.54 1.01 0.84 1.04 0.72 0.88 0.92 0.83 1.00 1.30
EBIT Less CapEx to Interest Expense		 9.98 3.41 1.02 0.71 1.00 0.85 1.01 1.08 1.09 1.35 1.69
NOPAT Less CapEx to Interest Expense		 7.63 2.86 0.76 0.51 0.76 0.66 0.76 0.82 0.82 1.13 1.28
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 33.25% 34.39% 40.73% 43.25% 47.88% 53.59% 47.08% 41.93% 41.57% 37.19% 33.09%
Augmented Payout Ratio		 106.86% 80.44% 74.46% 56.39% 71.76% 89.21% 76.65% 60.57% 51.65% 39.33% 33.09%

Key Financial Trends

Northrim BanCorp (NASDAQ: NRIM) has demonstrated a strong financial performance over the past four years, with consistent growth in net interest income, total revenue, and net income. The most recent quarter, Q1 2025, continues this positive trend with a solid quarter.

Key positive trends:

  • Net interest income increased slightly from $30.8 million in Q4 2024 to $31.3 million in Q1 2025, reflecting effective asset yield management.
  • Total revenue rose to $45.5 million in Q1 2025 from $43.9 million in Q4 2024, driven by improved non-interest income and net interest income.
  • Net income attributable to common shareholders increased from $10.9 million in Q4 2024 to $13.3 million in Q1 2025, boosting earnings per share from $1.99 to $2.41 (basic EPS).
  • Loans and leases, net of allowance, grew steadily to $2.1 billion by Q1 2025 from about $1.79 billion in Q1 2024, indicating expanding core lending activity.
  • Allowance for loan and lease losses increased moderately, suggesting proactive credit risk management as loan balances grew.
  • Common equity increased over time, reaching nearly $280 million in Q1 2025, supporting the balance sheet's solidity and growth.
  • Net cash provided by operating activities remains strong, with $16.5 million generated in Q1 2025, reflecting ongoing operational efficiency.
  • The company continues to pay consistent dividends, with quarterly dividend per share increasing slightly to $0.64 in Q1 2025 from $0.62 previously, indicating steady shareholder returns.
  • Salaries and employee benefits expense remains well-controlled relative to revenue, showing disciplined expense management.

Neutral observations:

  • Provision for credit losses was a negative $1.41 million in Q1 2025 (benefit), compared to a positive provision in previous quarters—this could reflect recovering loan performance or changes in reserve methodology.
  • Investment securities interest income declined slightly in the most recent quarter, possibly signaling a shift in investment allocations or yields.
  • Long-term debt remains stable at ~$10 million, with low interest expense, indicating manageable leverage.
  • The balance of deposits grew significantly, supporting asset growth but increasing interest expense on deposits as rates rise.

Potential concerns:

  • Significant cash outflows for investment securities occurred in Q1 2025 with purchases of approximately $140 million against sales/maturities of $42 million, which may pressure liquidity if continued.
  • Non-interest expenses remain substantial at about $29.3 million in Q1 2025, requiring ongoing focus to maintain operating leverage.
  • Net realized and unrealized capital losses were recorded in Q1 2025 (-$50,000) indicating some market risk impacts on investment portfolio valuation.
  • Cash interest paid increased to $10.3 million in Q1 2025 from $9.1 million in Q1 2024, reflecting rising funding costs that could impact margin if not offset by asset yield gains.
  • The accumulated other comprehensive loss (AOCI) remains negative at -$4.35 million in Q1 2025, which can affect total equity and shareholders’ equity ratios.

Summary:

Northrim BanCorp has shown solid growth in lending, revenue, and profitability over the last several years, culminating in strong Q1 2025 results with record earnings per share. The company demonstrates disciplined expense control and prudent credit loss provisioning. However, rising interest expenses and significant investing activities require monitoring as they could impact future margins and liquidity. Overall, the financials reflect an institution with steady organic growth and stable capital base, delivering increasing value for shareholders.

08/25/25 09:53 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Northrim BanCorp's Financials

When does Northrim BanCorp's fiscal year end?

According to the most recent income statement we have on file, Northrim BanCorp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Northrim BanCorp's net income changed over the last 2 years?

Northrim BanCorp's net income appears to be on an upward trend, with a most recent value of $36.97 million in 2024, rising from $30.74 million in 2022. The previous period was $25.39 million in 2023. Find out what analysts predict for Northrim BanCorp in the coming months.

How has Northrim BanCorp's revenue changed over the last 2 years?

Over the last 2 years, Northrim BanCorp's total revenue changed from $129.19 million in 2022 to $155.22 million in 2024, a change of 20.1%.

How much debt does Northrim BanCorp have?

Northrim BanCorp's total liabilities were at $2.77 billion at the end of 2024, a 7.9% increase from 2023, and a 13.0% increase since 2022.

How much cash does Northrim BanCorp have?

In the past 2 years, Northrim BanCorp's cash and equivalents has ranged from $27.46 million in 2023 to $42.10 million in 2024, and is currently $42.10 million as of their latest financial filing in 2024.

How has Northrim BanCorp's book value per share changed over the last 2 years?

Over the last 2 years, Northrim BanCorp's book value per share changed from 38.46 in 2022 to 48.55 in 2024, a change of 26.2%.


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This page (NASDAQ:NRIM) was last updated on 8/25/2025 by MarketBeat.com Staff
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