Northrim BanCorp Q2 net income rises on loan growth

Northrim Bancorp

23/07/2026 01:02

    

    Overview
  
Alaska community bank's Q2 net income and EPS rose yr/yr and sequentially
Net interest income and margin increased, supported by loan and deposit growth
Company opened new Palmer branch, expanding Alaska footprint

    

    Outlook
  
Company did not provide specific financial guidance for future quarters or the full year

    

    Result Drivers
  
HIGHER NET INTEREST INCOME - Net interest income rose 11% yr/yr and 7% sequentially, driven by higher loan balances and a lower average cost of deposits, per CFO Jed Ballard
MORTGAGE BANKING ACTIVITY - Higher mortgage banking income due to increased mortgage production contributed to revenue growth
BRANCH EXPANSION - Opening of Palmer branch supported growth in loans and deposits

    
Company press release: ID:nGNX6Tv8h1

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 EPS
 
$0.68
 
Q2 Net Income
 
$15.3 mln
 
Q2 Net Interest Income
 
$37.1 mln
 
Q2 Net Interest Margin
 
5.01%
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Northrim BanCorp Inc is $30.00, about 8.9% above its July 22 closing price of $27.55
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

    

    Reuters Recommended Reads
  
July 21 - Northpointe Bancshares Q2 profit rises on loan growth
July 22 - Juniata Valley Q2 profit rises 32% on loan growth, higher interest income
July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

    
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)