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what it is
Northrim is an Alaska bank that takes deposits, makes loans, and sells insurance brokerage services.
how it gets paid
Last year Northrim Bancorp made $256M in revenue.
why it's growing
Revenue grew 30.4% last year. Revenue was up 150% from a year ago.
what just happened
Northrim's latest quarter hit $193M in revenue, and EPS rose to $2.32.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
10.3x trailing p/e — the market's not buying it — or you found a deal
2.9% dividend yield — cash in your pocket every quarter
$1.66 fy2024 eps est
xvary composite: 57/100 — below average
What they do
Northrim is an Alaska bank that takes deposits, makes loans, and sells insurance brokerage services.
You are buying a local bank, not a national machine. Northrim has 503 employees, a B+ balance sheet grade, and just $33M of long-term debt, which is 6% of capital. Your checking, loans, and insurance sit in one Alaska shop, so leaving means moving three relationships instead of one.
How they make money
$256M
annual revenue · their business grew +30.4% last year
total revenue
$256M
+30.4%
The products that matter
commercial loans and relationship banking
Commercial Banking
15% core loan growth in 2022
This is the center of gravity. The core loan portfolio grew 15% in 2022 after 14% growth the year before, which tells you local lending demand was strong when credit was still expanding.
loan-driven
home loan origination and sale
Mortgage Banking
$25.3M annual revenue
Mortgage banking generated $25.3M in annual revenue, and management said it produced $6.3M in income last quarter. Useful contributor, but not big enough to change the whole thesis.
rate-sensitive
fees, service charges, and other banking income
Other Operating Income
$73.9M annual revenue
At $73.9M, this line matters because it softens the bank's dependence on pure lending spreads. It is still smaller than net interest income by $61.1M, so you should not mistake diversification for transformation.
margin support
Key numbers
$256M
annual revenue
You are looking at a bank that cleared $256M in sales. That is 52% of a $497M market cap.
10.3x
trailing p/e
You pay 10.3 times past earnings. That is cheap for a dividend payer, but it is not a fire sale.
2.9%
dividend yield
You get 2.9% in cash yield. That pays you while you wait.
$33M
long-term debt
Long-term debt is only 6% of capital. Borrowed money is present, but it is not the whole story.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $33M (6% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NRIM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Northrim's latest quarter hit $193M in revenue, and EPS rose to $2.32.
Revenue was up 150% from a year ago. Gross margin stayed at 82.2%, which means the bank kept a lot of each dollar after costs.
$64M
revenue
$2.32
eps
82.2%
gross margin
the number that mattered
Revenue was the number that mattered because $193M is 150% above last year.
source: company earnings report, 2026
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What could go wrong
the #1 risk is alaska economic concentration. You are not diversified across regions here. You are underwriting one local economy through one bank.
med
Alaska concentration
The bank's lending and deposit franchise is concentrated in Alaska, which leaves results exposed to local oil activity, hiring conditions, and project spending.
Impact: this touches essentially 100% of the loan book and revenue base described on this page.
med
Net interest margin pressure
Net interest income is the largest revenue line at $135.0M. If deposit costs rise faster than loan yields, the earnings engine slows fast because this is still mostly a spread business.
Impact: management's own sensitivity framing suggests a 100-basis-point move could change annual net income by about $3–$5M.
med
Dividend durability if earnings fade
A 4.6% yield looks attractive at $28.94. It looks less comfortable if earnings drift back toward the older $1.66 level instead of holding near $2.87.
Impact: the current $0.61 quarterly dividend asks you to believe 2025 earnings were not a one-year spike.
med
Expense creep from management changes
New executive agreements took effect on jan 1, 2026 and included salary increases. Alone, this is not the thesis breaker.
Impact: added annual cost of roughly $0.5–$1M is manageable, but small banks feel cost drift faster than big ones.
The risk picture is concentrated, not complicated: one state, one rate-sensitive earnings engine, and one dividend that only feels easy if 2025 profit holds up.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net interest income
This line runs at $135.0M annually, or about $33.7M per quarter. If it starts slipping for two straight quarters, the cheap-multiple argument gets weaker fast.
risk
alaska credit conditions
Watch for any change in management commentary around oil-linked activity, hiring, or loan demand. This bank does not have another geography to hide in.
calendar
annual general meeting
Scheduled for may 28, 2026. For a small bank, strategy updates and tone on local demand often matter more than polished slide decks.
trend
dividend versus earnings
The current payout is $0.61 a quarter. If EPS holds near $2.87, the yield looks supported. If earnings slide back toward $1.66, income investors will start doing harder math.
Analyst rankings
earnings predictability
65 / 100
in human-speak, analysts see a bank with decent consistency, but not one where every quarter reads like a formality.
balance sheet posture
B+
Good enough to trust, not strong enough to ignore local risk. That's the trade-off.
source: institutional data
Institutional activity
institutional ownership data for NRIM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$29
current price
n/a
target midpoint · n/a from current
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