company background image
NRIM

Northrim BanCorp NasdaqGS:NRIM Stock Report

Last Price

US$41.60

Market Cap

US$236.3m

7D

-1.5%

1Y

-3.6%

Updated

28 Sep, 2022

Data

Company Financials +
NRIM fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance2/6
Financial Health6/6
Dividends5/6

NRIM Stock Overview

Northrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals.

Northrim BanCorp Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Northrim BanCorp
Historical stock prices
Current Share PriceUS$41.60
52 Week HighUS$47.34
52 Week LowUS$38.42
Beta0.68
1 Month Change3.18%
3 Month Change3.33%
1 Year Change-3.64%
3 Year Change7.08%
5 Year Change20.23%
Change since IPO1,152.01%

Recent News & Updates

Aug 29
Northrim BanCorp's (NASDAQ:NRIM) Upcoming Dividend Will Be Larger Than Last Year's

Northrim BanCorp's (NASDAQ:NRIM) Upcoming Dividend Will Be Larger Than Last Year's

The board of Northrim BanCorp, Inc. ( NASDAQ:NRIM ) has announced that it will be paying its dividend of $0.50 on the...

Aug 26

Northrim BanCorp raises dividend by 22% to $0.50

Northrim BanCorp (NASDAQ:NRIM) declares $0.50/share quarterly dividend, 22% increase from prior dividend of $0.41. Forward yield 4.94% Payable Sept. 16; for shareholders of record Sept. 8; ex-div Sept. 7. See NRIM Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

NRIMUS BanksUS Market
7D-1.5%-4.5%-2.0%
1Y-3.6%-23.8%-20.3%

Return vs Industry: NRIM exceeded the US Banks industry which returned -24.8% over the past year.

Return vs Market: NRIM exceeded the US Market which returned -22.1% over the past year.

Price Volatility

Is NRIM's price volatile compared to industry and market?
NRIM volatility
NRIM Average Weekly Movement2.6%
Banks Industry Average Movement3.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: NRIM is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: NRIM's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1990451Joe Schierhornhttps://www.northrim.com

Northrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.

Northrim BanCorp Fundamentals Summary

How do Northrim BanCorp's earnings and revenue compare to its market cap?
NRIM fundamental statistics
Market CapUS$236.33m
Earnings (TTM)US$29.01m
Revenue (TTM)US$124.39m

8.1x

P/E Ratio

1.1x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NRIM income statement (TTM)
RevenueUS$124.39m
Cost of RevenueUS$0
Gross ProfitUS$124.39m
Other ExpensesUS$95.38m
EarningsUS$29.01m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)5.11
Gross Margin100.00%
Net Profit Margin23.32%
Debt/Equity Ratio15.5%

How did NRIM perform over the long term?

See historical performance and comparison

Dividends

4.8%

Current Dividend Yield

35%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is NRIM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NRIM?

Other financial metrics that can be useful for relative valuation.

NRIM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does NRIM's PE Ratio compare to its peers?

NRIM PE Ratio vs Peers
The above table shows the PE ratio for NRIM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.6x
BWFG Bankwell Financial Group
6.6x-13.0%US$225.9m
BCML BayCom
10.6x16.4%US$240.1m
PKBK Parke Bancorp
6.2xn/aUS$254.6m
FVCB FVCBankcorp
11.1x8.2%US$268.5m
NRIM Northrim BanCorp
8.1x19.7%US$236.3m

Price-To-Earnings vs Peers: NRIM is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (8.6x).


Price to Earnings Ratio vs Industry

How does NRIM's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: NRIM is good value based on its Price-To-Earnings Ratio (8.1x) compared to the US Banks industry average (9.5x)


Price to Earnings Ratio vs Fair Ratio

What is NRIM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NRIM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.1x
Fair PE Ratio14.5x

Price-To-Earnings vs Fair Ratio: NRIM is good value based on its Price-To-Earnings Ratio (8.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.5x).


Share Price vs Fair Value

What is the Fair Price of NRIM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NRIM ($41.6) is trading below our estimate of fair value ($120.54)

Significantly Below Fair Value: NRIM is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


Discover undervalued companies

Future Growth

How is Northrim BanCorp forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


19.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NRIM's forecast earnings growth (19.7% per year) is above the savings rate (1.9%).

Earnings vs Market: NRIM's earnings (19.7% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: NRIM's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if NRIM's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if NRIM's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if NRIM's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Northrim BanCorp performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


22.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NRIM has high quality earnings.

Growing Profit Margin: NRIM's current net profit margins (23.3%) are lower than last year (28.8%).


Past Earnings Growth Analysis

Earnings Trend: NRIM's earnings have grown significantly by 22.3% per year over the past 5 years.

Accelerating Growth: NRIM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NRIM had negative earnings growth (-31.7%) over the past year, making it difficult to compare to the Banks industry average (8.7%).


Return on Equity

High ROE: NRIM's Return on Equity (13.5%) is considered low.


Discover strong past performing companies

Financial Health

How is Northrim BanCorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: NRIM's Assets to Equity ratio (12.1x) is moderate.

Allowance for Bad Loans: NRIM has a sufficient allowance for bad loans (144%).

Low Risk Liabilities: 97% of NRIM's liabilities are made up of primarily low risk sources of funding.

Loan Level: NRIM has an appropriate level of Loans to Assets ratio (53%).

Low Risk Deposits: NRIM's Loans to Deposits ratio (60%) is appropriate.

Level of Bad Loans: NRIM has an appropriate level of bad loans (0.6%).


Discover healthy companies

Dividend

What is Northrim BanCorp current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


4.81%

Current Dividend Yield

Dividend Yield vs Market

Northrim BanCorp Dividend Yield vs Market
How does Northrim BanCorp dividend yield compare to the market?
SegmentDividend Yield
Company (Northrim BanCorp)4.8%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Banks)3.4%
Analyst forecast in 3 Years (Northrim BanCorp)4.7%

Notable Dividend: NRIM's dividend (4.81%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: NRIM's dividend (4.81%) is in the top 25% of dividend payers in the US market (4.69%)


Stability and Growth of Payments

Stable Dividend: NRIM's dividends per share have been stable in the past 10 years.

Growing Dividend: NRIM's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (35.1%), NRIM's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

8.0yrs

Average management tenure


CEO

Joe Schierhorn (64 yo)

6.67yrs

Tenure

US$1,011,431

Compensation

Mr. Joseph M. Schierhorn, also known as Joe, has been the Chief Executive Officer of Northrim Bank since January 1, 2016 and served as its President since March 30, 2015 until March 26, 2022 and as its Cha...


CEO Compensation Analysis

Joe Schierhorn's Compensation vs Northrim BanCorp Earnings
How has Joe Schierhorn's remuneration changed compared to Northrim BanCorp's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$29m

Mar 31 2022n/an/a

US$33m

Dec 31 2021US$1mUS$459k

US$38m

Sep 30 2021n/an/a

US$40m

Jun 30 2021n/an/a

US$42m

Mar 31 2021n/an/a

US$44m

Dec 31 2020US$942kUS$435k

US$33m

Sep 30 2020n/an/a

US$27m

Jun 30 2020n/an/a

US$23m

Mar 31 2020n/an/a

US$17m

Dec 31 2019US$811kUS$411k

US$21m

Sep 30 2019n/an/a

US$21m

Jun 30 2019n/an/a

US$19m

Mar 31 2019n/an/a

US$20m

Dec 31 2018US$771kUS$389k

US$20m

Sep 30 2018n/an/a

US$15m

Jun 30 2018n/an/a

US$16m

Mar 31 2018n/an/a

US$13m

Dec 31 2017US$660kUS$334k

US$13m

Sep 30 2017n/an/a

US$17m

Jun 30 2017n/an/a

US$14m

Mar 31 2017n/an/a

US$15m

Dec 31 2016US$557kUS$291k

US$14m

Sep 30 2016n/an/a

US$15m

Jun 30 2016n/an/a

US$17m

Mar 31 2016n/an/a

US$18m

Dec 31 2015US$550kUS$293k

US$18m

Compensation vs Market: Joe's total compensation ($USD1.01M) is below average for companies of similar size in the US market ($USD1.69M).

Compensation vs Earnings: Joe's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: NRIM's management team is seasoned and experienced (8 years average tenure).


Board Members

Experienced Board: NRIM's board of directors are considered experienced (8.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: NRIM insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:NRIM Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
06 Sep 22BuyUS$50,544Karl M. HannemanIndividual1,248US$40.50
15 Jun 22BuyUS$25,739Krystal NelsonIndividual650US$39.60
13 Jun 22BuyUS$19,940Aaron SchuttIndividual498US$40.04
02 Jun 22BuyUS$33,136David McCambridgeIndividual800US$41.42
31 May 22BuyUS$25,214Joseph MarushackIndividual605US$41.89
27 May 22BuyUS$25,200John SwallingIndividual600US$42.00
10 May 22BuyUS$82,060David KarpIndividual2,000US$41.03
05 May 22BuyUS$10,338Linda ThomasIndividual260US$39.76
16 Mar 22BuyUS$44,990Karl M. HannemanIndividual1,000US$44.99
03 Mar 22BuyUS$6,750Linda ThomasIndividual150US$45.00
01 Mar 22BuyUS$860Linda ThomasIndividual20US$43.00
28 Feb 22BuyUS$108,375David KarpIndividual2,500US$43.35
16 Dec 21SellUS$57,165Jed BallardIndividual1,319US$43.39
09 Nov 21BuyUS$25,424Aaron SchuttIndividual556US$45.73

Ownership Breakdown

What is the ownership structure of NRIM?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders151,4962.7%
Hedge Funds371,9996.5%
General Public1,712,98730.2%
Institutions3,444,60760.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 58.7% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.24%
BlackRock, Inc.
524,695$21.8m-32.7%no data
8.91%
Dimensional Fund Advisors LP
506,218$21.1m-0.68%0.01%
6.55%
AltraVue Capital, LLC
371,999$15.5m-0.45%2.23%
4.96%
Manulife Asset Management
281,885$11.7m-2.4%0.01%
4.86%
The Vanguard Group, Inc.
276,362$11.5m-8.14%no data
4.42%
Columbia Management Investment Advisers, LLC
251,326$10.5m-5.99%no data
2.21%
LSV Asset Management
125,832$5.2m-2.63%0.01%
2.2%
Acadian Asset Management LLC
124,931$5.2m12.6%0.02%
1.43%
Millennium Management LLC
81,509$3.4m214.11%no data
1.41%
Legato Capital Management, LLC
79,959$3.3m0%0.81%
1.27%
Renaissance Technologies LLC
72,400$3.0m0.84%no data
1.08%
Hotchkis and Wiley Capital Management, LLC
61,282$2.5m5.15%0.01%
1.07%
Franklin Resources, Inc.
60,900$2.5m-7.16%no data
1.05%
New York State Common Retirement Fund
59,710$2.5m-8.07%no data
1%
Geode Capital Management, LLC
56,703$2.4m-47.49%no data
0.93%
Ancora Advisors LLC
52,924$2.2m345.34%0.01%
0.83%
Jacobs Levy Equity Management Inc
46,967$2.0m61.68%0.02%
0.82%
BNY Mellon Asset Management
46,321$1.9m-26.94%no data
0.8%
Bridgeway Capital Management, LLC
45,668$1.9m0%0.04%
0.8%
Joseph Schierhorn
45,326$1.9m0.08%no data
0.68%
Citadel Advisors LLC
38,862$1.6m183.56%no data
0.58%
American Century Investment Management Inc
32,740$1.4m26.64%no data
0.56%
Two Sigma Investments, LP
32,044$1.3m99.69%no data
0.53%
Two Sigma Advisers, LP
29,900$1.2m86.88%no data
0.5%
Assenagon Asset Management S.A.
28,331$1.2m0%no data

Company Information

Northrim BanCorp, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Northrim BanCorp, Inc.
  • Ticker: NRIM
  • Exchange: NasdaqGS
  • Founded: 1990
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$236.333m
  • Shares outstanding: 5.68m
  • Website: https://www.northrim.com

Number of Employees


Location

  • Northrim BanCorp, Inc.
  • 3111 C Street
  • Anchorage
  • Alaska
  • 99503
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NRIMNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDNov 1990

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.