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olivLaw · US equity research

Northrim BanCorp, Inc. NRIM

Savings Institution, Federally Chartered · SIC 6035 · Vertical: Savings Institution, Federally Chartered (SIC 6035)

24.50USD+2.08% · 1 dayClose 04 Nov 2026

Northrim BanCorp is the Anchorage, Alaska bank holding company and the third largest commercial bank in the state by deposits, with assets of about 3.3 billion USD at the end of 2025. It is now widening its reach through the all-stock acquisition of PBCO Financial Corporation, which would take the group to roughly 4.2 billion USD in assets and open markets in Oregon.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Northrim BanCorp, Inc. (NRIM) stock was 24.50 USD (+2.08% on the day), with market capitalisation 545.0 m USD, P/E 9.9 on diluted EPS of 2.47 USD over the last 12 months, dividend yield 2.65%, beta 0.80, 52-week range 22.19–29.76 USD. Latest reported quarter (Q3 2026): revenue of 69.9 m USD (−9.4% YoY), net income of 14.4 m USD (−46.8% YoY), diluted EPS 0.63 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
545.0 m USD
shares as of 30 Oct 2026
P/E (TTM)
9.9
Diluted EPS TTM 2.47 · TTM to 30 Sept 2026
E/P (TTM)
10.09%
TTM to 30 Sept 2026
Dividend yield
2.65%
DPS 12m 0.65
Beta (2y)
0.80
Volatility (1y) 32%
52-week range
22.1929.76

Price history

Loading chart…

Technical reading

RSI (14)
52.9
neutral
Bollinger (20, 2)
23.34 – 24.73
in the upper half of the band · %B 0.84 · band width 5.8%
SMA 50 / 200
24.80 / 25.06
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.29
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.7%−1.1%+0.4 pp—
3 months−9.2%−0.5%−8.8 pp—
6 months−0.6%+4.4%−5.0 pp—
Year to date−7.9%+12.3%−20.2 pp—
1 year+10.1%+13.5%−3.5 pp+26.3%
3 years+123.3%+76.4%+46.9 pp+63.0%
5 years+107.5%+63.7%+43.8 pp—
Max drawdown (1y)
−25.4%
21 Jan 2026 → 18 Mar 2026
Max drawdown (5y)
−38.5%
25 Nov 2022 → 28 Apr 2023
Compound annual growth (5y)
+15.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
69.9 m USD
−9.4% YoY
Net income
14.4 m USD
−46.8% YoY
Diluted EPS
0.63
−47.5% YoY
net / operating
20.6% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue54.8 m54.6 m61.4 m77.2 m62.3 m59.8 m63.9 m69.9 m
Gross profit42.7 m45.7 m48.3 m64.9 m50.0 m48.6 m52.2 m51.9 m
Pre-tax income13.3 m17.6 m15.8 m34.6 m16.6 m18.0 m20.2 m18.7 m
Income tax2.4 m4.3 m4.0 m7.5 m4.2 m4.3 m4.9 m4.3 m
Net income10.9 m13.3 m11.8 m27.1 m12.4 m13.7 m15.3 m14.4 m
Diluted EPS0.49 ≈0.600.521.200.55 ≈0.610.680.63
Operating cash flow35.5 m16.5 m-4.4 m ≈92.5 m ≈34.7 m27.2 m40.1 m ≈-13.8 m ≈
Capex-1.4 m208.0 k316.0 k ≈2.7 m ≈2.2 m2.9 m583.0 k ≈560.0 k ≈
Dividends paid3.6 m3.5 m3.5 m ≈3.5 m ≈3.9 m3.6 m3.6 m ≈3.8 m ≈
Share repurchases1.0 k00 ≈0 ≈0———

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 98 percentile of its own 40-quarter history (min 1.5, median 3.2, max 11.7; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue5.9 munavailableunavailableunavailable134.4 m158.3 m196.0 m255.6 m
Revenue YoY+1.5%unavailableunavailableunavailableunavailable+17.8%+23.8%+30.4%
Net income20.0 m20.7 m32.9 m37.5 m30.7 m25.4 m37.0 m64.6 m
Net income YoY+52.1%+3.4%+58.9%+14.1%−18.1%−17.4%+45.6%+74.8%
Diluted EPS2.863.045.116.005.271.121.662.87
Diluted EPS YoY+52.1%+6.3%+68.1%+17.4%−12.2%−78.7%+48.2%+72.9%
net %338.4%unavailableunavailableunavailable22.9%16.0%18.9%25.3%
Free cash flow21.6 m-3.1 m-39.3 m109.7 m74.3 m32.6 m-9.3 m133.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
145.9 m USD
Financial debt
81.7 m USD
Net debt
-64.2 m USD
Equity
326.5 m USD
Total assets
3.3 bn USD
Debt / equity
0.25x
Current ratio
unavailable
ROE
21.8%
ROA
2.0%
FCF margin
52.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
103.3 m
2024
113.2 m
2025
135.6 m

SEC (XBRL)· 06 Mar 2026verified

Net fee income
2023
26.4 m
2024
42.0 m
2025
77.2 m

SEC (XBRL)· 06 Mar 2026verified

Non-interest expense
2023
94.2 m
2024
104.9 m
2025
124.4 m

SEC (XBRL)· 06 Mar 2026verified

Pre-tax income
2023
31.6 m
2024
47.0 m
2025
84.5 m

SEC (XBRL)· 06 Mar 2026verified

Net income
2023
25.4 m
2024
37.0 m
2025
64.6 m

SEC (XBRL)· 06 Mar 2026verified

Diluted EPS
2023
1.12
2024
1.66
2025
2.87

SEC (XBRL)· 06 Mar 2026verified

Dividend per share
2023
0.60
2024
0.62
2025
0.64

SEC (XBRL)· 06 Mar 2026verified

Balance sheet · USD

Cash
2023
118.5 m
2024
62.7 m
2025
145.9 m

SEC (XBRL)· 06 Mar 2026verified

Loans
2023
1.8 bn
2024
2.1 bn
2025
2.3 bn

SEC (XBRL)· 06 Mar 2026verified

Total assets
2023
2.8 bn
2024
3.0 bn
2025
3.3 bn

SEC (XBRL)· 06 Mar 2026verified

Deposits
2023
2.5 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 06 Mar 2026verified

Long-term debt
2023
13.7 m
2024
23.0 m
2025
81.7 m

SEC (XBRL)· 01 May 2026verified

Total liabilities
2023
2.6 bn
2024
2.8 bn
2025
3.0 bn

SEC (XBRL)· 06 Mar 2026verified

Equity
2023
234.7 m †
2024
267.1 m †
2025
326.5 m †

SEC (XBRL)· 06 Mar 2026verified

Cash flow · USD

Dividends paid
2023
13.6 m
2024
13.8 m
2025
14.5 m

SEC (XBRL)· 06 Mar 2026verified

Share repurchases
2023
9.0 m
2024
789.0 k
2025
0

SEC (XBRL)· 06 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
30.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
23.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
Net income growth (YoY)
74.8%
computed by olivLawFY 2025
Net income CAGR 3Y
28.1%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
14.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
72.9%
computed by olivLawFY 2025
EPS CAGR 3Y
-18.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-10.9%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
21.8%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
16.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
26.3%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
545.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
9.8x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
9.9x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
10.1%
computed by olivLawTTM to 30 Sept 2026
P/B
1.5x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
2.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2.7%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
2.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Banking

Net interest margin
4.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cost-to-income
60.2%
computed by olivLawTTM to 30 Sept 2026
Loan-to-deposit
77.6%
computed by olivLawbalance sheet at 30 Sept 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 61 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

24.50 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 545.0 m USD

Key indicators

Market capitalisation
545.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
9.9x
computed by olivLawTTM to 30 Sept 2026
P/B
1.5x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
16.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
21.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
30.4%
computed by olivLawFY 2025
Dividend yield
2.7%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

16/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Oct 2026
Source: SEC (XBRL)published 30 Oct 2026
verified 2409derived 145

Score by group

  • Balance sheet56
  • Valuation54
  • Quality74
  • Growth43
  • Returns55

Estimated value range

Low
18.34
USD per share
Mid
18.75
USD per share
High
20.25
USD per share
Price: 24.50 USD
The price is above the range
Potential to the central value: -23.5% (value / price − 1)
Margin of safety: -30.7% (1 − price / value)
Agreement between methods: low · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.41 – 39.01 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income18.34 – 19.18 (Mid 18.75)
  • Justified P/B29.01 – 39.01 (Mid 33.27)
  • Dividend discount (DDM)8.41 – 11.31 (Mid 9.65)
  • Peers: P/E27.71 – 33.08 (Mid 30.69)
    10 companies used · median multiple 12.4x · quartiles 11.2x – 13.4x
    AX, BKU, CFFN, EBC, FCAP, HFBL, HTB, KRNY, PFS, WNEB
  • Peers: P/B16.24 – 20.25 (Mid 17.73)
    12 companies used · median multiple 1.1x · quartiles 1.0x – 1.3x
    AX, BKU, CFFN, EBC, FCAP, FDSB, HFBL, HTB, KFFB, KRNY, PFS, WNEB
Multiple comparisons use the SIC vertical: Savings Institution, Federally Chartered (SIC 6035)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 61/100

FactorValueScoreWeight used
ROE · Quality16.6%93 (vs peers)19%
ROA · Quality1.6%87 (on a fixed band)7%
Cost-to-income · Quality60.2%19 (on a fixed band)12%
Net interest margin · Quality4.2%100 (on a fixed band)7%
EPS CAGR 3Y · Growth-18.3%0 (on a fixed band)10%
Revenue CAGR 3Y · Growth23.9%100 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet77.6%56 (on a fixed band)5%
P/B · Valuation1.5x15 (vs peers)12%
P/E (TTM) · Valuation9.9x92 (vs peers)12%
Dividend yield · Returns2.7%55 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial56/100 · 1/3 factors with a value
  • Growth43/100 · 2/2 factors with a value
  • Quality74/100 · 4/4 factors with a value
  • Returns55/100 · 1/1 factors with a value
  • Valuation54/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NORTHRIM BANCORP, INC. (NRIM). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: net interest income 135.6 m USD in 2025; YoY growth 30.4%; net margin 21.8%; ROE 16.6%.

The estimated value range is 18.34–20.25 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 18.75 USD, the price of 24.50 USD leaves a potential of -23.5% (value / price − 1) and a margin of safety of -30.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 16.6%
  • ROA: 1.6%
  • Net interest margin: 4.2%
  • Revenue CAGR 3Y: 23.9%
  • P/E (TTM): 9.9x

What contradicts it

  • Cost-to-income: 60.2%
  • EPS CAGR 3Y: -18.3%
  • P/B: 1.5x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

Savings Institution, Federally Chartered (SIC 6035) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
9.9x
vertical median 13.3x
below median (−25.5%)
EV/EBITDA
—
vertical median —
P/S
2.1x
vertical median 53.2x
below median (−96.0%)
P/B
1.5x
vertical median 1.1x
above median (+34.9%)
ROE
16.6%
vertical median 8.6%
above median (+93.4%)
Net margin
21.8%
vertical median 364.5%
below median (−94.0%)
EBIT margin
—
vertical median —
Revenue YoY
30.4%
vertical median 7.1%
above median (+331.0%)
Net debt/EBITDA
—
vertical median —
Dividend yield
2.7%
vertical median 2.5%
above median (+8.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXAxos Financial, Inc.5.4 bn10.716.7%624.8%+23.5%+15% / +147%
EBCEastern Bankshares, Inc.5.3 bn13.39.4%257.2%+19.1%+24% / +95%
TFSLTfs Financial Corporation4.7 bn46.05.3%—unavailable+17% / +26%
BKUBankUnited, Inc.3.2 bn12.39.2%1,154.5%+7.4%+4% / +63%
PFSProvident Financial Services Inc3.1 bn9.811.1%411.6%+7.1%+23% / +55%
CFFNCapitol Federal Financial, Inc.1.1 bn13.48.0%508.2%+6.5%+33% / +63%
HTBHomeTrust Bancshares, Inc.798.6 m12.511.0%—−1.9%+17% / +107%
KRNYKearny Financial Corp.605.1 m16.44.8%—+36.0%+36% / +18%
NRIMNorthrim Bancorp, Inc.545.0 m9.916.6%21.8%+30.4%+10% / +123%
WNEBWestern New England Bancorp, Inc.281.6 m16.76.9%—−34.3%+15% / +79%
FCAPFirst Capital, Inc.215.3 m11.613.9%252.8%+1.6%+29% / +145%
FDSBFifth District Bancorp, Inc.92.5 m52.41.3%273.6%−2.3%+29% / unavailable
HFBLHome Federal Bancorp, Inc. of Louisiana67.7 m11.110.8%364.5%+30.0%+40% / +72%
KFFBKentucky First Federal Bancorp44.4 m32.02.9%—−11.8%+31% / +18%
BYFCBroadway Financial Corporation——-7.6%-11,027.1%+18.7%+86% / +54%

1- and 3-year price returns: for NRIM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
16.27
Total return -31% · Per year -31%
28.63
Total return 20% · Per year 20%
42.94
Total return 79% · Per year 79%
3 years
19.29
Total return -14% · Per year -5%
37.86
Total return 65% · Per year 18%
61.83
Total return 166% · Per year 39%
5 years
22.89
Total return 7% · Per year 1%
50.07
Total return 125% · Per year 18%
89.04
Total return 291% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 9.46
  • Net margin± 6.62
  • Annual revenue growth± 4.94
  • Annual dilution± 0.56

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026).

In brief

Northrim BanCorp is the Anchorage, Alaska bank holding company and the third largest commercial bank in the state by deposits, with assets of about 3.3 billion USD at the end of 2025 1. It is now widening its reach through the all-stock acquisition of PBCO Financial Corporation, which would take the group to roughly 4.2 billion USD in assets and open markets in Oregon 2.

SWOT

Strengths

  • Leading regional deposit franchise and a stable base of commercial clients in Alaska.
  • High net interest margin and rising return on equity in 2025 and 2026.
  • Diversified model with mortgage and factoring segments that add complementary revenue.

Weaknesses

  • Tight geographic concentration in Alaska makes results sensitive to the state economy.
  • Higher loss provisions in the third quarter of 2026 show the vulnerability of concentrated credits.
  • Reliance on asset sales and one-off gains affected the 2025 results.

Opportunities

  • The PBCO integration could open new markets in Oregon and the Willamette Valley.
  • Higher oil prices could stimulate the Alaska economy and loan demand.
  • Expanding commercial lending and factoring finance could bring in new clients.

Threats

  • A recession or stagnant economy could weaken loan quality in Alaska.
  • Changes in interest rates could reduce net interest margin and interest income.
  • Merger execution risks and competitive pressure could erode the expected benefits.

Risks

  • Commercial credit riskhigh

    Concentrations in commercial real estate and other sensitive sectors could lead to larger losses if the economy deteriorates 1.

  • Interest rate riskhigh

    Sudden rate changes could affect net interest income and the value of securities holdings 12.

  • PBCO integration riskmedium

    The merger could face delays, regulatory conditions, or loss of customers and employees 2.

  • Geographic concentrationmedium

    Dependence on Alaska exposes the group to local shocks in the oil and tourism economy 1.

  • Cyber and technology riskmedium

    Disruptions or breaches of information systems, including cyber-attacks, could cause losses and loss of customers 1.

Investment thesis

What would need to be true (bull case)

  • Strong profit growth in 2025 and a high net interest margin in 2026 point to a solid revenue base and good ability to turn growth into earnings 13.
  • The PBCO acquisition could turn the group into a regional bank with more than 4 billion USD in assets and a footprint beyond Alaska 2.
  • Rising loans and deposits, together with falling deposit costs, could support profitable balance sheet expansion 3.

What would break the thesis

  • Higher provisions in the third quarter of 2026 show that a single credit can cut profit, and credit risk could rise if the economy cools 3.
  • Dependence on the Alaska economy and the oil sector leaves the group exposed to commodity price swings 12.
  • The PBCO merger carries execution, regulatory approval and client retention risks that could reduce the expected benefits 2.

What to watch

  • Completion of the PBCO acquisition and regulatory approvalsQ1 2027
  • Trend in net interest margin and deposit costsQ4 2026
  • Level of loss provisions and nonperforming loansnext 10-K
  • Integration of PBCO operations and effect on deposits and clients2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026).

The business

Northrim BanCorp, Inc. is a holding company listed on Nasdaq under the symbol NRIM and regulated by the Federal Reserve 1. Its core business runs through Northrim Bank, a state-chartered commercial bank with 20 branches in Alaska that offers commercial loans, deposits and treasury management services to small and medium businesses and individuals 1. The group also includes Sallyport Commercial Finance, acquired in October 2024, which provides factoring and asset-based lending in the United States, Canada and the United Kingdom 1.

The stated strategy aims at value-added growth through organic and acquired market share, asset quality, a stable core deposit base and operating efficiency 1. The company emphasises direct relationships with commercial customers, with credit decisions made in Alaska, which it says lets it compete with larger banks 1. Sustaining this approach in 2026 depends on managing credit concentrations and keeping portfolio quality as volumes grow 1.

On July 22, 2026, Northrim signed a merger agreement with PBCO Financial Corporation, the parent of People’s Bank of Commerce, in an all-stock transaction 2. Closing is expected in the fourth quarter of 2026 or early in 2027, subject to regulatory and shareholder approvals 23.

Segments

Community Banking

The Community Banking segment earned 49.5 million USD of net income in 2025, up 63% from 2024, helped by higher net interest income and the gain on the sale of PWA operating assets 1. This segment holds the group's deposit franchise and commercial lending 1.

Home Mortgage Lending

Through Residential Mortgage, LLC the group originates residential mortgages, most of which are sold to the secondary market, with servicing retained on loans sold to AHFC 1. Segment profit was broadly flat in 2025 against 2024 1, and the segment had a strong quarter in the third quarter of 2026 3.

Specialty Finance

The Specialty Finance segment, which includes SCF and NFS, earned 10.3 million USD in 2025, reflecting a full year of SCF operations 1. Third-quarter 2026 results in this segment were weighed down by a higher loss provision tied to a single relationship 3.

Market context

Higher oil prices support the Alaska economy, but the group warns that stagnation or recession could strain borrowers in construction and real estate 12. Because oil accounts for a large share of the state economy, bank results are sensitive to commodity cycles 1.

Trends

  • Interest rates and net interest marginmixed

    The net interest margin rose to 4.69% in 2025 and reached 5.02% on a tax-equivalent basis in the third quarter of 2026 13. If rates fall faster than loan yields, net interest income could come under pressure 1.

  • Loan and deposit growthtailwind

    Portfolio loans grew 8% year over year in the third quarter of 2026, and deposits rose 5% over the same period 3. If this continues, it could support interest income.

  • Inflation and customer costsheadwind

    Alaska inflation is close to the national rate, which could raise customer costs and make loan repayment harder 12. A tighter rate cycle could support margins but would add credit risk.

  • Consolidation through acquisitionmixed

    The PBCO deal could extend the geographic footprint into Oregon and create a bank above 4 billion USD in assets, but integration carries execution risk and customer retention risk 23.

Competitive position

Northrim operates in a market with a few large regional and national banks, and it says it can defend commercial clients through local decisions and personalised service, though it competes with bigger institutions that have greater technology resources 1. Price and product competition is a permanent factor in results 2.

Competition for deposits and rate pressure could influence deposit costs, which nonetheless fell to 1.69% at September 30, 2026 3. Expansion into Oregon would bring the group into contact with new regional rivals 2.

  • First National Bank Alaska

    Largest bank in Alaska by deposits, cited as a local rival in the sources; ticker not confirmed in the sources provided.

  • Alaska USA Federal Credit Union

    Important local competitor for deposits and consumer lending, organised as a credit union.

  • People’s Bank of Commerce

    Oregon bank whose parent PBCO Financial is being acquired by Northrim.

  • Regional banks in the Pacific Northwest

    Group of commercial banks active in Oregon and Washington, competing for clients in the expansion area.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Northrim BanCorp, Inc. · 06 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Northrim BanCorp, Inc. · 31 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Northrim BanCorp, Inc. · 15 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.