On Monday, Northrim BanCorp, Inc. (NASDAQ: NRIM) shares price traded between $43.00 and $43.40 during the last trading session upbeat with +1.05% at $43.35 . The shares recorded a trading volume 20,870 million shares as compared to its average volume of 22,907 shares. The company has 6.87M shares outstanding and market value of 297.943M. Over the one year trading period, the stock has a peak price of $44.03 and its down is recorded at $27.20. The short ratio in the (Ticker) stock is 2.59 and the short float is around of 0.90%.
Northrim BanCorp, Inc. (NASDAQ: NRIM) recently stated profits grew 62% to $5.8M, or $0.84 per diluted share, in the second quarter of 2018 contrast to $3.6M, or $0.51 per diluted share, in the second quarter of 2017, and increased 44% from $4.1M, or $0.58 per diluted share in the first quarter of 2018. Rising short-term interest rates contributed to profitability with net interest margin (“NIM”) expanding to 4.50% and on a tax equivalent basis* (“NIMTE”) expanding to 4.56%, as short-term investments repriced or matured and were reinvested at higher interest rates during the second quarter. In addition, earnings reflect a benefit from lower tax rates effective for 2018. Pretax, pre-provision profits increased 22% to $6.7M in the second quarter of 2018 from $5.5M in the second quarter a year ago and grew 36% from $4.9M in the preceding quarter.
Earnings for the first six months of 2018 increased 33% to $9.9M, or $1.42 per diluted share, contrast to $7.4M, or $1.06 per diluted share, in the first six months of 2017. Pretax, pre-provision income was level at $11.6M for both the first six months of 2018 and 2017. Improving political and economic conditions and improving loan portfolio quality provided for a $300,000 recovery of loan loss provisions in the first half of 2018 contrast to a $700,000 charge in the first half a year ago.
Total revenue, which includes net interest income plus other operating income, was $23.3M in the second quarter of 2018, contrast to $21.7M in the first quarter of 2018, and $24.0M in the second quarter a year ago.
Community Banking provided 75% of total revenues and 88% of earnings in the second quarter of 2018.
Home Mortgage Lending provided 25% of total revenues and 12% of earnings in the second quarter of 2018.
Net interest income in the second quarter of 2018 increased 5% to $15.0M from $14.2M in the second quarter a year ago, mainly Because of the higher yield on the loan and investment portfolios, and was also up 5% contrast to $14.3M in the preceding quarter.
Operating net income* increased 44% to $5.8M from $4.1M in the preceding quarter and grew 47% from $4.0M in the year ago quarter. Operating net income excludes one-time or non-operating items as detailed below.
NIMTE* expanded to 4.56% in the second quarter of 2018, a 23-basis-point improvement, contrast to the preceding quarter and a 30-basis-point improvement contrast to the second quarter a year ago.
Total portfolio loans were relatively unchanged in the second quarter of 2018 at $967.7M contrast to $967.6M in the preceding quarter and contracted from $990.4M a year ago. Growth in commercial loans, which account for 34% of the portfolio, and construction loans, which account for 9% of the portfolio, was offset by contraction in commercial real estate loans, of which 13% of the portfolio was owner occupied and 40% was non-owner occupied.
Total deposits declined during the second quarter of 2018 and year-over-year with demand deposits comprising 33% of the portfolio, interest bearing transaction accounts totaling 59% of the portfolio and time deposits comprising 8% of total deposits.
Northrim paid a quarterly cash dividend of $0.24 per share in June 2018, up from the $0.21 per share dividend paid in June 2017. The dividend provides a yearly yield of about 2.40% at current market share prices.
Book value per share increased 5% to $29.02 at the end of the second quarter of 2018 from $27.75 a year ago, while tangible book value per share* increased 5% to $26.66 at the end of the second quarter of 2018 from $25.40 a year ago.
At quarter end, total non-performing assets, net of government guarantees, reduced to $24.0M, or 1.63% of assets contrast to $26.1M, or 1.71% of assets, at March 31, 2018, and from $25.8M, or 1.73% of assets a year ago. Total adversely classified loans also declined to $33.2M at quarter end, contrast to $34.9M at March 31, 2018, and increased from $32.4M a year ago.
Following net charge-offs of $41,000 in the second quarter of 2018, the allowance for loan losses to portfolio loans grew to 2.08% at June 30, 2018, contrast to 2.03% a year ago.
Northrim remains well-capitalized with Tier 1 Capital to Risk Adjusted Assets of 15.10%, total shareholders’ equity to total assets of 13.56%, and tangible ordinary equity to tangible assets* of 12.60% at June 30, 2018.
Northrim BanCorp, Inc.’s (NRIM) EPS growth ratio for the past five years was 2.90% while Sales growth for the past five years was 6.10%. Return on equity (ROE) was noted as 8.00% while return on investment (ROI) was 19.60%. The stock’s institutional ownership stands at 71.80%.