NRIM

Northrim BanCorp, Inc.

$90.17

3.55

(4.1%)

Exchange:	NASDAQ
Market Cap:	497.819M
Shares Outstanding:	2.257M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Northrim BanCorp, Inc. operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. 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, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts. It also provides short and medium-term commercial loans, commercial credit lines, construction and real estate loans, and consumer loans, as well as short-term working capital. In addition, the company offers other services comprising consumer and business online banking, mobile app, and mobile deposits; and debit and credit cards. Further, it provides mobile web and text banking, consumer online account opening, personal finance, online documents, consumer debit cards, business debit cards, my rewards for consumer debit cards, retail lockbox, card control, business employee purchase cards, home equity advantage access cards, telebanking, and automated teller services. Additionally, the company offers personalized checks at account opening, overdraft protection from a savings account, commercial drive-up banking, automatic transfer and payment, People Pay, external transfer, Bill Pay, wire transfer, direct payroll deposit, electronic tax payment, Automated Clearing House origination and receipt, remote deposit capture, account reconciliation and positive pay, merchant, cash management, annuity, and long term investment portfolio products and services. It also provides investment advisory, trust, wealth management, factoring, and mortgage brokerage services. As of January 28, 2022, the company operated 17 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan, and Sitka. Northrim BanCorp, Inc. was founded in 1990 and is headquartered in Anchorage, Alaska.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	101,517	99,620	93,707	93,375	101,788	133,993	133,090	129,192	125,789	155,224
? Cost Of Revenue	909	0	0	0	0	0	0	0	0	0
? Gross Profit	100,608	99,620	93,707	93,375	101,788	133,993	133,090	129,192	125,789	155,224
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	45,270	52,341	51,431	51,547	59,002	70,033	70,572	60,226	64,260	70,808
? Selling And Marketing Expenses	2,728	2,449	2,566	2,318	2,373	2,320	2,741	2,747	2,929	3,028
? Operating Expenses	43,904	-74,000	-64,263	-66,331	-75,663	-91,546	-85,097	-81,182	129,631	155,224
? Net Interest Income	0	0	0	0	0	0	0	0	0	111,993
? Interest Income	59,780	58,918	60,108	64,177	70,083	76,716	84,606	100,328	130,982	152,729
? Interest Expense	2,871	2,561	2,430	2,969	5,641	6,051	3,779	5,213	28,695	40,736
? Depreciation And Amortization	258	2,731	3,642	3,264	4,065	4,299	4,474	4,328	4,464	3,610
? EBITDA	0	23,773	27,441	27,339	30,190	46,746	52,467	42,822	0	0
? EBIT										-3,610
? Operating Income	31,881	25,620	29,444	27,044	26,125	42,447	47,993	48,010	26,375	42,041
? Income Before Tax	27,118	21,042	23,799	24,075	26,125	42,447	47,993	38,494	31,608	46,994
? Income Tax Expense	8,784	6,052	10,321	4,071	5,434	9,559	10,476	7,753	6,214	10,023
? Net Income From Continuing Operations										36,971
? Net Income	17,783	14,411	13,151	20,004	20,691	32,888	37,517	30,741	25,394	36,971
? EPS (Earnings Per Share)	2.590	2.090	1.910	2.910	3.080	5.180	6.070	5.330	4.530	6.720
? EPS Diluted	2.560	2.060	1.880	2.870	3.040	5.110	6	5.270	4.490	6.610
? Weighted Average Shares Outstanding	6,859.209	6,883.663	6,889.621	6,877.573	6,708.622	6,354.687	6,180.801	5,765.088	5,601.471	5,505.511
? Weighted Average Shares Outstanding Diluted	6,948.474	6,974.864	6,977.910	6,981.557	6,808.209	6,431.367	6,249.313	5,829.412	5,661.460	5,590.472
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	58,673	50,551	77,841	77,538	95,424	115,965	645,827	259,350	118,130	42,101
? Short Term Investments	291,113	331,219	312,750	271,610	276,138	247,633	426,684	677,029	637,936	478,617
? Cash And Short Term Investments	349,786	381,770	390,591	349,148	371,562	363,598	1,072,511	936,379	118,130	520,718
? Net Receivables	17,824	20,491	22,231	27,411	24,373	13,922	6,987	0	0	74,078
? Accounts Receivables										11,502
? Inventory	4,498	5,489	0	13,005	-134,661	-151,873	-669,502	-279,425	0	0
? Total Current Assets	1,117,023	1,105,889	1,144,963	1,130,628	395,935	377,520	1,079,498	968,059	118,130	594,796
? Property Plant Equipment Net	40,217	39,318	37,867	39,090	52,728	50,542	48,165	47,689	49,785	45,212
? Goodwill	22,334	15,017	16,224	16,154	16,094	16,046	16,009	15,984	15,017	50,018
? Intangible Assets	3,096	5,464	7,305	10,821	11,920	11,218	13,724	18,635	23,454	950
? Long Term Investments	291,207	332,116	312,750	278,875	284,083	266,685	455,104	724,519	717,091	0
? Total Non Current Assets	382,469	420,651	374,146	372,360	364,825	344,491	533,002	829,911	2,635,814	96,180
? Total Assets	1,499,492	1,526,540	1,519,109	1,502,988	1,643,996	2,121,798	2,724,719	2,672,041	2,807,497	3,041,869
? Account Payables	0	0	0	0	0	0	0	0	0	0
? Short Term Debt	0	0	0	0	0	12,378	0	0	0	7,487
? Deferred Revenue	0	0	0	0	0	0	0	0	0	0
? Total Current Liabilities	0	922,595	938,189	910,228	14,229	12,378	10,965	9,865	0	7,487
? Long Term Debt	20,678	22,896	17,672	17,551	30,765	37,505	0	0	32,646	0
? Deferred Revenue Non Current	0	-25,981	-25,450	-23,266	22,598	26,015	24,697	-12,800	0	0
? Deferred Tax Liabilities Non Current	0	4,309	3,357	6,142	10,832	11,490	11,086	12,800	0	0
? Total Non Current Liabilities	20,678	22,896	17,672	17,551	33,430	37,505	35,783	2,445,824	2,572,779	2,767,266
? Total Liabilities	1,322,278	1,339,828	1,326,307	1,297,041	33,430	37,505	35,783	2,453,412	2,572,779	2,774,753
? Treasury Stock										0
? Preferred Stock	0	0	0	0	0	0	0	0	0	0
? Common Stock	6,877	6,898	6,872	6,883	6,559	6,251	6,015	5,701	5,513	5,518
? Retained Earnings	108,150	117,141	124,407	137,452	149,615	173,498	204,046	224,225	236,037	259,311
? Additional Paid In Capital										0
? Total Stockholders Equity	177,035	186,594	192,802	205,947	207,117	221,575	237,817	218,629	234,718	267,116
? Total Equity	177,214	186,712	192,802	205,947	207,117	221,575	237,817	218,629	234,718	267,116
? Minority Interest	179	118	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	1,499,492	1,526,540	1,519,109	1,502,988	1,643,996	2,121,798	2,724,719	2,672,041	2,807,497	3,041,869
? Total Investments	607,935	692,071	625,500	571,987	560,221	514,318	881,788	1,420,762	1,355,027	478,617
? Total Debt	20,678	22,896	17,672	17,551	33,430	37,505	35,783	34,270	33,077	7,487
? Net Debt	-37,995	-27,655	-60,169	-59,987	-61,994	-78,460	-610,044	-225,080	-85,453	-34,614
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	18,334	14,990	13,478	20,004	20,691	32,888	37,517	30,741	25,394	36,971
? Depreciation And Amortization	2,701	2,731	3,642	3,264	4,065	4,299	4,474	4,328	4,464	3,610
? Deferred Income Tax	148	-325	4,004	3,014	711	555	-1,298	2,110	580	-152
? Stock Based Compensation	608	778	665	816	832	943	1,073	742	937	913
? Change In Working Capital	-5,779	-7,463	776	-8,177	9,111	-6,148	4,177	-1,266	9,508	-18,586
? Accounts Receivables	-247	-114	-651	-432	305	-3,467	1,133	-3,091	-2,021	0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Accounts Payables	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Operating Activities	10,519	20,123	19,284	25,150	-821	-36,454	111,989	78,123	38,925	-8,727
? Investments In Property Plant And Equipment	-6,838	-3,293	-7,235	-4,028	-3,039	-3,265	-2,508	-3,847	-6,166	0
? Acquisitions Net	219	2,561	4,625	517	-59,600	-408,781	28,805	0	0	0
? Purchases Of Investments	-210,308	-145,707	-84,339	-91,131	-132,104	-171,975	-330,994	-323,352	-28,327	-51,428
? Sales Maturities Of Investments	201,628	105,621	103,550	123,427	130,711	189,924	136,449	13,905	82,398	228,132
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	-197,625
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	-30,837
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	-30,837
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	12
? Net Dividends Paid	-5,117	-5,372	-5,965	-7,064	-8,512	-8,844	-9,388	-10,571	-13,609	-13,751
? Common Dividends Paid										-13,751
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	42,937	19,254	-22,372	-31,099	90,627	439,820	576,962	-58,975	75,326	150,558
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-9,883	-8,122	27,290	-303	17,886	20,541	529,862	-386,477	-140,820	-55,794
? Cash At End Of Period	58,673	50,551	77,841	77,538	95,424	115,965	645,827	259,350	118,530	62,736
? Cash At Beginning Of Period	68,556	58,673	50,551	77,841	77,538	95,424	115,965	645,827	259,350	118,530
? Operating Cash Flow	10,519	20,123	19,284	25,150	-821	-36,454	111,989	78,123	38,925	-8,727
? Capital Expenditure	-6,838	-3,293	-7,235	-4,028	-3,039	-3,265	-2,508	-3,847	-6,316	0
? Free Cash Flow	3,681	16,830	12,049	21,122	-3,860	-39,719	109,481	74,276	32,609	-8,727
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2016	2017	2018	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	77,554.958	78,133.205	66,738.240	106,880.770	65,920	70,215.552	132,199.999	155,100	184,800	196,700
Estimated Revenue (High)	116,332.438	117,199.807	100,107.362	160,321.155	98,880	105,323.328	132,199.999	155,100	184,800	196,700
Estimated Revenue (Avg)	96,943.699	97,666.507	83,422.801	133,600.963	82,400	87,769.440	132,199.999	155,100	184,800	196,700
Estimated Ebitda (Low)	20,015.932	23,140.624	20,616.946	39,926.338	40,964.223	50,981.341	57,208.279	42,533.008	50,677.627	53,940.959
Estimated Ebitda (High)	30,023.899	34,710.938	30,925.420	59,889.508	61,446.334	76,472.014	85,812.421	42,533.008	50,677.627	53,940.959
Estimated Ebitda (Avg)	25,019.916	28,925.781	25,771.183	49,907.923	51,205.279	63,726.678	71,510.350	42,533.008	50,677.627	53,940.959
Estimated Net Income (Low)	11,218.291	10,255.592	13,456.330	24,171.712	27,192.759	39,586.143	44,284.461	36,176.735	45,235.922	48,886.715
Estimated Net Income (High)	16,827.437	15,383.389	20,184.495	36,257.567	40,789.139	59,379.215	66,426.694	36,176.735	45,235.922	48,886.715
Estimated Net Income (Avg)	14,022.864	12,819.491	16,820.413	30,214.640	33,990.949	49,482.679	55,355.578	36,176.735	45,235.922	48,886.715
Estimated SGA Expense (Low)	42,442.619	41,457.698	36,363.465	59,118.574	55,339.742	45,579.908	51,887.253	84,230.947	100,360.278	106,822.872
Estimated SGA Expense (High)	63,663.930	62,186.548	54,545.199	88,677.863	83,009.616	68,369.865	77,830.884	84,230.947	100,360.278	106,822.872
Estimated SGA Expense (Avg)	53,053.275	51,822.123	45,454.332	73,898.219	69,174.679	56,974.887	64,859.069	84,230.947	100,360.278	106,822.872
Estimated EPS (Avg)	2.090	2	2.950	4.970	6.410	5.210	4.700	6.390	7.990	8.630
Estimated EPS (High)	2.090	2	2.950	4.970	6.410	5.210	4.700	6.390	7.990	8.630
Estimated EPS (Low)	2.090	2	2.950	4.970	6.410	5.210	4.700	6.390	7.990	8.630
Number of Analysts (Estimated Revenue)	7	16	19	15	12	13	1	1	1	1
Number of Analysts (Estimated EPS)	6	9	5	1	1	1	1	1	1	1

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Current Key Metrics

?	Revenue (TTM) :	195.592M	?	P/S (TTM) :	2.3
?	Net Income (TTM) :	36.971M	?	P/E (TTM) :	11.36
?	Enterprise Value (TTM) :	443.824M	?	EV/FCF (TTM) :	33.75
?	Dividend Yield (TTM) :	0.03	?	Payout Ratio (TTM) :	0.33
?	ROE (TTM) :	0.16	?	ROIC (TTM) :	0.12
?	Net Debt (TTM) :	-1259000	?	Debt/Equity (TTM) :	0.11
?	P/B (TTM) :	1.71	?	Current Ratio (TTM) :	0.22