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Northrim BanCorp

Nasdaq:NRIM
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NRIM
Nasdaq
$236M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Northrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals in Alaska. The last earnings update was 17 days ago. More info.


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NRIM Share Price and Events
7 Day Returns
-1.9%
NasdaqGS:NRIM
-2.1%
US Banks
-2.1%
US Market
1 Year Returns
-13.2%
NasdaqGS:NRIM
-10.9%
US Banks
1.3%
US Market
NRIM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Northrim BanCorp (NRIM) -1.9% 1.2% -12.4% -13.2% 28.6% 39.4%
US Banks -2.1% -5.1% -3.8% -10.9% 35.9% 43.5%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • NRIM underperformed the Banks industry which returned -10.9% over the past year.
  • NRIM underperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
NRIM
Industry
5yr Volatility vs Market

Value

 Is Northrim BanCorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Northrim BanCorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Northrim BanCorp.

NasdaqGS:NRIM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $28.06 * 8.1%
$2.26
Book Value of Equity per Share Median Book Value from the past 5 years. $28.06
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:NRIM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.617 (1 + (1- 21%) (28.79%))
0.837
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.837 * 5.96%)
7.72%

Discounted Cash Flow Calculation for NasdaqGS:NRIM using Excess Returns Model Model

The calculations below outline how an intrinsic value for Northrim BanCorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:NRIM Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.1% – 7.72%) * $28.06)
$0.09
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.09 / (7.72% - 2.73%)
$1.86
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $28.06 + $1.86
$29.91
NasdaqGS:NRIM Discount to Share Price
Calculation Result
Value per share (USD) From above. $29.91
Current discount Discount to share price of $34.44
= -1 x ($34.44 - $29.91) / $29.91
-15.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Northrim BanCorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Northrim BanCorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Northrim BanCorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:NRIM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.94
NasdaqGS:NRIM Share Price ** NasdaqGS (2019-05-24) in USD $34.44
United States of America Banks Industry PE Ratio Median Figure of 596 Publicly-Listed Banks Companies 12.68x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Northrim BanCorp.

NasdaqGS:NRIM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:NRIM Share Price ÷ EPS (both in USD)

= 34.44 ÷ 2.94

11.7x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Northrim BanCorp is good value based on earnings compared to the US Banks industry average.
  • Northrim BanCorp is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Northrim BanCorp's expected growth come at a high price?
Raw Data
NasdaqGS:NRIM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.7x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-1.7%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.32x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NasdaqGS:NRIM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.7x ÷ -1.7%

-7.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Northrim BanCorp earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Northrim BanCorp's assets?
Raw Data
NasdaqGS:NRIM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $30.36
NasdaqGS:NRIM Share Price * NasdaqGS (2019-05-24) in USD $34.44
United States of America Banks Industry PB Ratio Median Figure of 601 Publicly-Listed Banks Companies 1.19x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NasdaqGS:NRIM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:NRIM Share Price ÷ Book Value per Share (both in USD)

= 34.44 ÷ 30.36

1.13x

* Primary Listing of Northrim BanCorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Northrim BanCorp is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Northrim BanCorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Northrim BanCorp has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Northrim BanCorp expected to grow at an attractive rate?
  • Northrim BanCorp's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Northrim BanCorp's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Northrim BanCorp's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:NRIM Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:NRIM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -1.7%
NasdaqGS:NRIM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -18.7%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 4%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:NRIM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:NRIM Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 69 20 1
2019-12-31 66 19 1
NasdaqGS:NRIM Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 95 29 20
2018-12-31 94 25 20
2018-09-30 87 22 15
2018-06-30 89 10 16
2018-03-31 90 3 13
2017-12-31 91 19 13
2017-09-30 96 33 17
2017-06-30 95 25 14
2017-03-31 97 33 15
2016-12-31 97 20 14
2016-09-30 98 1 15
2016-06-30 98 28 17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Northrim BanCorp's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Northrim BanCorp's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:NRIM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Northrim BanCorp Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:NRIM Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.95 2.95 2.95 1.00
2019-12-31 2.81 2.81 2.81 1.00
NasdaqGS:NRIM Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.94
2018-12-31 2.91
2018-09-30 2.24
2018-06-30 2.27
2018-03-31 1.95
2017-12-31 1.91
2017-09-30 2.40
2017-06-30 2.04
2017-03-31 2.16
2016-12-31 2.09
2016-09-30 2.17
2016-06-30 2.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Northrim BanCorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Northrim BanCorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Northrim BanCorp has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Northrim BanCorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Northrim BanCorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Northrim BanCorp's year on year earnings growth rate has been positive over the past 5 years.
  • Northrim BanCorp's 1-year earnings growth exceeds its 5-year average (51.3% vs 1.7%)
  • Northrim BanCorp's earnings growth has exceeded the US Banks industry average in the past year (51.3% vs 39.8%).
Earnings and Revenue History
Northrim BanCorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Northrim BanCorp Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:NRIM Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 95.33 20.25 61.69
2018-12-31 94.50 20.00 60.92
2018-09-30 86.52 15.37 60.59
2018-06-30 89.10 15.63 59.71
2018-03-31 89.89 13.39 62.08
2017-12-31 90.50 13.15 61.95
2017-09-30 95.84 16.53 62.18
2017-06-30 95.05 14.10 62.95
2017-03-31 96.73 14.86 62.79
2016-12-31 96.97 14.41 63.34
2016-09-30 97.67 14.93 62.95
2016-06-30 98.47 17.17 62.05
2016-03-31 98.46 17.60 61.05
2015-12-31 99.73 17.78 60.28
2015-09-30 98.30 20.35 56.11
2015-06-30 89.56 18.72 50.58
2015-03-31 82.67 18.31 44.68
2014-12-31 74.07 17.41 39.79
2014-09-30 64.08 13.42 35.96
2014-06-30 61.35 13.18 34.61
2014-03-31 57.25 12.31 33.02
2013-12-31 57.56 12.33 32.69
2013-09-30 57.70 12.81 32.24
2013-06-30 58.84 13.40 31.66
2013-03-31 58.36 13.04 31.28
2012-12-31 58.29 12.95 31.42
2012-09-30 57.15 13.04 30.78
2012-06-30 54.14 11.48 30.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Northrim BanCorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Northrim BanCorp used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Northrim BanCorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Northrim BanCorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Northrim BanCorp has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Northrim BanCorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Northrim BanCorp Company Filings, last reported 1 month ago.

NasdaqGS:NRIM Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 208.84 67.92 78.47
2018-12-31 205.95 52.34 77.24
2018-09-30 203.24 50.14 69.96
2018-06-30 199.46 45.60 36.04
2018-03-31 194.97 48.90 83.52
2017-12-31 192.80 45.50 78.90
2017-09-30 194.43 48.85 84.41
2017-06-30 191.78 47.34 26.20
2017-03-31 189.45 55.09 81.55
2016-12-31 186.71 50.65 51.69
2016-09-30 185.76 51.04 46.93
2016-06-30 183.97 49.92 76.70
2016-03-31 180.40 52.90 80.44
2015-12-31 177.21 52.31 60.19
2015-09-30 175.34 64.96 146.59
2015-06-30 171.08 58.89 105.64
2015-03-31 167.38 59.54 48.24
2014-12-31 164.44 64.86 72.98
2014-09-30 159.27 40.71 129.39
2014-06-30 156.90 40.54 97.90
2014-03-31 145.93 40.74 108.94
2013-12-31 144.32 46.41 99.28
2013-09-30 142.60 48.27 85.72
2013-06-30 140.05 45.65 107.62
2013-03-31 138.10 38.64 102.53
2012-12-31 136.35 42.08 154.81
2012-09-30 134.11 45.70 162.11
2012-06-30 130.43 38.38 110.70
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Northrim BanCorp has an acceptable proportion of non-loan assets held.
  • Northrim BanCorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at Northrim BanCorp are broadly funded by customer deposits.
  • Northrim BanCorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Northrim BanCorp has a sufficient allowance for bad loans.
  • Northrim BanCorp has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Northrim BanCorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Northrim BanCorp has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.48%
Current annual income from Northrim BanCorp dividends. Estimated to be 3.66% next year.
If you bought $2,000 of Northrim BanCorp shares you are expected to receive $70 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Northrim BanCorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Northrim BanCorp's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:NRIM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 477 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:NRIM Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.32 1.00
2019-12-31 1.20 1.00
NasdaqGS:NRIM Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-01 1.200 3.391
2018-11-30 1.080 3.102
2018-08-24 1.080 2.690
2018-05-25 0.960 2.360
2018-02-23 0.960 2.677
2017-11-17 0.880 2.549
2017-08-25 0.880 2.659
2017-05-26 0.840 2.837
2017-02-24 0.840 2.806
2016-11-18 0.800 2.666
2016-08-26 0.800 3.119
2016-05-27 0.760 2.849
2016-02-26 0.760 3.064
2015-11-20 0.760 2.988
2015-08-31 0.760 2.678
2015-02-27 0.720 2.865
2014-11-24 0.720 2.985
2014-08-01 0.720 2.727
2014-05-12 0.680 2.748
2014-02-21 0.680 2.725
2013-11-22 0.680 2.692
2013-08-16 0.680 2.828
2013-05-17 0.600 2.504
2013-02-22 0.600 2.728
2012-11-16 0.600 2.733
2012-08-17 0.600 2.868
2012-05-18 0.520 2.449
2012-02-17 0.520 2.434
2011-11-18 0.520 2.802
2011-08-19 0.520 2.723
2011-05-20 0.480 2.483
2011-02-18 0.480 2.515
2010-11-19 0.480 2.571
2010-08-20 0.480 2.857
2010-05-24 0.400 2.415
2010-02-19 0.400 2.361
2009-11-23 0.400 2.459
2009-08-24 0.400 2.590

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Northrim BanCorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Northrim BanCorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Northrim BanCorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Northrim BanCorp has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Northrim BanCorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Schierhorn
COMPENSATION $771,191
AGE 60
TENURE AS CEO 1.9 years
CEO Bio

Mr. Joseph M. Schierhorn, also known as Joe, has been the Chief Executive Officer of Northrim Bank since January 1, 2016 and its President since March 30, 2015 and as its Chairman of the Board since January 2, 2018. Mr. Schierhorn has been Chief Executive Officer and President of Northrim BanCorp, Inc. since June 26, 2017 and serves as its Chief Operating Officer since August 21, 2013. He serves as Chairman of the Board of Northrim BanCorp, Inc. since January 02, 2018. He served as Executive Vice President of Northrim BanCorp, Inc. since 2005. Mr. Schierhorn served as the Chief Operating Officer of Northrim Bank since May 15, 2015 until January 1, 2016. He served as an Executive Vice President of Northrim Bank from August 2013 to March 30, 2015 and Corporate Secretary from August 2013 to March 30, 2015. Mr. Schierhorn served as Chief Financial Officer of Northrim Bank since August 2013. He served as Senior Vice President and Compliance Manager at Northrim Bancorp Inc and Northrim Bank. Mr. Schierhorn served as the Chief Financial Officer of Northrim BanCorp Inc. since 2001 until May 2014. He has been Director of Northrim BanCorp Inc. and Northrim Bank since January 1, 2016. He is a Member of Community Depository Institutions Advisory Council at Federal Reserve Bank of San Francisco.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joe's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Northrim BanCorp management team in years:

3.2
Average Tenure
46.5
Average Age
  • The tenure for the Northrim BanCorp management team is about average.
Management Team

Joe Schierhorn

TITLE
Chairman
COMPENSATION
$771K
AGE
60
TENURE
1.9 yrs

Jed Ballard

TITLE
Executive VP & CFO
COMPENSATION
$360K
AGE
39
TENURE
1.3 yrs

Mike Martin

TITLE
Executive VP
COMPENSATION
$392K
AGE
51
TENURE
4.3 yrs

Ben Craig

TITLE
Executive VP & Chief Information Officer of Northrim Bank
COMPENSATION
$339K
AGE
43
TENURE
4.3 yrs

Mike Huston

TITLE
Executive VP & Chief Lending Officer of Northrim Bank
COMPENSATION
$383K
AGE
50
TENURE
2 yrs

Audrey Amundson

TITLE
Executive VP & Director of Accounting

Lynn Wolfe

TITLE
Executive VP & Chief Administrative Officer

Caroline Huntley

TITLE
Marketing Officer

Kari Skinner

TITLE
VP & Marketing and Communications Director

Latosha Frye

TITLE
Senior VP & Corporate Accounting Manager
COMPENSATION
$393K
AGE
39
TENURE
4.9 yrs
Board of Directors Tenure

Average tenure and age of the Northrim BanCorp board of directors in years:

6.5
Average Tenure
63
Average Age
  • The tenure for the Northrim BanCorp board of directors is about average.
Board of Directors

Joe Schierhorn

TITLE
Chairman
COMPENSATION
$771K
AGE
60
TENURE
1.3 yrs

Chris Swalling

TITLE
Lead Director
COMPENSATION
$63K
AGE
68
TENURE
7.8 yrs

David McCambridge

TITLE
Director
COMPENSATION
$65K
AGE
62
TENURE
7.8 yrs

Krystal Nelson

TITLE
Director
COMPENSATION
$55K
AGE
45
TENURE
4 yrs

Anthony Drabek

TITLE
Director
COMPENSATION
$49K
AGE
70
TENURE
28.3 yrs

Larry Cash

TITLE
Director
COMPENSATION
$48K
AGE
67
TENURE
24.3 yrs

David Wight

TITLE
Director
COMPENSATION
$60K
AGE
77
TENURE
12.7 yrs

Karl M. Hanneman

TITLE
Director
COMPENSATION
$51K
AGE
60
TENURE
5.2 yrs

Linda Thomas

TITLE
Director
COMPENSATION
$58K
AGE
64
TENURE
5.1 yrs

Dave Karp

TITLE
Director
COMPENSATION
$52K
AGE
51
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Northrim BanCorp insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. May 19 Buy Karl M. Hanneman Individual 02. May 19 02. May 19 500 $35.20 $17,600
11. Feb 19 Buy David Wight Individual 11. Feb 19 11. Feb 19 500 $37.09 $18,546
05. Feb 19 Buy Aaron Schutt Individual 04. Feb 19 04. Feb 19 400 $33.76 $13,504
10. Dec 18 Buy Linda Thomas Individual 06. Dec 18 07. Dec 18 370 $35.00 $12,650
06. Dec 18 Buy Linda Thomas Individual 04. Dec 18 04. Dec 18 700 $35.80 $25,060
02. Nov 18 Buy Karl M. Hanneman Individual 01. Nov 18 01. Nov 18 700 $37.80 $26,460
17. Sep 18 Buy Krystal Nelson Individual 13. Sep 18 13. Sep 18 460 $43.95 $20,217
23. Aug 18 Sell David Wight Individual 21. Aug 18 21. Aug 18 -2,000 $44.15 $-88,300
06. Aug 18 Buy John Swalling Individual 03. Aug 18 03. Aug 18 625 $41.40 $25,865
16. Aug 18 Buy David Karp Individual 01. Aug 18 01. Aug 18 620 $40.50 $25,110
14. Jun 18 Sell Larry Cash Individual 12. Jun 18 12. Jun 18 -1,545 $38.64 $-59,675
13. Jun 18 Sell Michael Martin Individual 13. Jun 18 13. Jun 18 -520 $38.60 $-20,072
11. Jun 18 Buy Anthony Drabek Individual 11. Jun 18 11. Jun 18 620 $39.75 $24,645
07. Jun 18 Buy David McCambridge Individual 06. Jun 18 06. Jun 18 625 $40.34 $25,214
X
Management checks
We assess Northrim BanCorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Northrim BanCorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Northrim BanCorp, Inc.'s (NASDAQ:NRIM) P/E Ratio Really That Good?

To keep it practical, we'll show how Northrim BanCorp, Inc.'s (NASDAQ:NRIM) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Northrim BanCorp's P/E ratio is 11.45. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What Type Of Shareholder Owns Northrim BanCorp, Inc.'s (NASDAQ:NRIM)?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that used to be publicly owned tend to have lower insider ownership. … institutional investors have bought into the company.

Simply Wall St -

How Much Are Northrim BanCorp, Inc. (NASDAQ:NRIM) Insiders Spending On Buying Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Northrim BanCorp, Inc. … The Last 12 Months Of Insider Transactions At Northrim BanCorp. … In total, Northrim BanCorp insiders bought more than they sold over the last year

Simply Wall St -

If You Had Bought Northrim BanCorp Shares Three Years Ago You'd Have Made 59%

By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During three years of share price growth, Northrim BanCorp achieved compound earnings per share growth of 3.9% per year. … In comparison, the 17% per year gain in the share price outpaces the EPS growth.

Simply Wall St -

Understated Factors To Consider Before Investing In Northrim BanCorp, Inc. (NASDAQ:NRIM)

Northrim BanCorp, Inc.’s (NASDAQ:NRIM) profitability and risk are largely affected by the underlying economic growth for the region it operates in US given it is a small-cap stock with a market capitalisation of US$231m. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Northrim BanCorp to vulnerabilities. … Strong management of leverage and liquidity could place the bank in a protected position at the face of macro headwinds.

Simply Wall St -

Why Northrim BanCorp, Inc.'s (NASDAQ:NRIM) High P/E Ratio Isn't Necessarily A Bad Thing

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Northrim BanCorp has a price to earnings ratio of 15.62, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Northrim BanCorp, Inc. (NASDAQ:NRIM) Over-Exposed To Risk?

As a small-cap bank with a market capitalisation of US$222m, Northrim BanCorp, Inc.’s (NASDAQ:NRIM) profit and value are directly affected by economic activity. … Risk associate with repayment is measured by the level of bad debt which is an expense written off Northrim BanCorp’s bottom line. … Today we will analyse Northrim BanCorp’s level of bad debt and liabilities in order to understand the risk involved with investing in the bank.

Simply Wall St -

Should You Be Worried About Insider Transactions At Northrim BanCorp Inc (NASDAQ:NRIM)?

We often see insiders buying up shares in companies that perform well over the long term. … So shareholders might well want to know whether insiders have been buying or selling shares in Northrim BanCorp Inc (NASDAQ:NRIM). … So we know that an insider sold shares at around the present share price of US$36.47.

Simply Wall St -

How Does Northrim BanCorp Inc (NASDAQ:NRIM) Fare As A Dividend Stock?

Historically, Northrim BanCorp Inc (NASDAQ:NRIM) has paid a dividend to shareholders. … Does Northrim BanCorp tick all the boxes of a great dividend stock? … View our latest analysis for Northrim BanCorp

Simply Wall St -

How Does Northrim BanCorp Inc (NASDAQ:NRIM)’s Prospect Stack Up To Its Financial Peers?

operates in the banking industry, … Many aspects of banking and capital markets are being attacked by new competitors, whose key advantage is a leaner and technology-enabled operating model, allowing them to scale at a faster rate and meet changing consumer needs … Financial services analysts are forecasting for the entire industry,

Simply Wall St -

Company Info

Description

Northrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals in Alaska. 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, money market deposit accounts, certificates of deposit, and courier noncash deposits. It also provides family residential mortgages; commercial loans, such as secured and unsecured loans for working capital and expansion; commercial real estate loans; construction loans for commercial real estate projects, and land development and residential subdivision construction loans; and loans for automobiles, recreational vehicles, boats, and other consumer purchases, as well as home equity and commercial credit lines, and factoring services. In addition, the company offers other services that include consumer online banking, mobile app and mobile deposit, mobile Web and text banking, business online banking, personal finance, online documents, consumer and business debit cards, home equity advantage access cards, and telebanking and automated teller services. Further, it provides personalized checks, overdraft protection for savings accounts, commercial drive-up banking services, automatic transfers and payments, People Pay services, external and wire transfers, bill pay services, direct payroll deposits, electronic tax payments, automated clearing house origination and receipt services, remote deposit capture services, account reconciliation and positive pay services, merchant and cash management programs, annuity products, and long term investment portfolios. As of January 28, 2019, the company operated 15 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka. Northrim BanCorp, Inc. was founded in 1990 and is headquartered in Anchorage, Alaska.

Details
Name: Northrim BanCorp, Inc.
NRIM
Exchange: NasdaqGS
Founded: 1990
$235,917,581
6,850,104
Website: http://www.northrim.com
Address: Northrim BanCorp, Inc.
3111 C Street,
Anchorage,
Alaska, 99503,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS NRIM Common Stock Nasdaq Global Select US USD 15. Nov 1990
Number of employees
Current staff
Staff numbers
430
Northrim BanCorp employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 23:43
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.