Northrim BanCorp Inc (OQ:NRIM)
Business Focus: Commercial Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 3111 C Street ANCHORAGE AK 99503 |
| Tel: | N/A |
| Website: | https://ir.northrim.com/corporate-information/investor-information/default.aspx |
| IR: | See website |
| Key People | ||
| Joseph M. Schierhorn Chairman of the Board | Michael G. Huston President, Chief Executive Officer, Chief Operating Officer | Jed W. Ballard Chief Financial Officer, Executive Vice President of the Company and the Bank | Mike Baldwin President and Chief Operating Officer of Residential Mortgage |
| Business Overview |
| Northrim BanCorp, Inc. is a bank holding company. The Company is primarily engaged in the delivery of business and personal banking services through its wholly owned banking subsidiary, Northrim Bank (the Bank). It operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage Lending segment's principal business focus is the origination and sale of mortgage loans for one-to-four family residential properties. The Bank also engages in retail mortgage origination services through its wholly owned subsidiary, Residential Mortgage Holding Company, LLC. Additionally, the Bank, through its wholly owned subsidiary, Northrim Funding Services (NFS), operates a factoring division in Bellevue, Washington. The Bank has about 19 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, and others. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Northrim BanCorp Inc interest income increased 32% to $132M. Net interest income after loan loss provision increased 7% to $99.4M. Net income decreased 17% to $25.4M. Net interest income after loan loss provision reflects Home Mortgage Lending segment increase from $2.2M to $7.3M, Community Banking segment increase of 1% to $92.1M, Net Interest Margin -% increase of 8% to 4.21%. |
| Employees: | 472 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $236.82M as of Dec 31, 2023 |
| Annual revenue (TTM): | $131.95M as of Dec 31, 2023 |
| EBITDA (TTM): | $38.26M as of Dec 31, 2023 |
| Net annual income (TTM): | $25.39M as of Dec 31, 2023 |
| Free cash flow (TTM): | $19.00M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | N/A |
| Shares outstanding: | 5,499,578 as of Mar 8, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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