Northrim BanCorp (NASDAQ:NRIM) Full Year 2024 Results

Key Financial Results

• Revenue: US$151.9m (up 21% from FY 2023).
• Net income: US$37.0m (up 46% from FY 2023).
• Profit margin: 24% (up from 20% in FY 2023). The increase in margin was driven by higher revenue.
• EPS: US$6.72 (up from US$4.53 in FY 2023).

NRIM Banking Performance Indicators

• Net interest margin (NIM): 4.33% (up from 4.21% in FY 2023).
• Cost-to-income ratio: 67.6% (down from 72.6% in FY 2023).
• Non-performing loans: 0.53% (up from 0.38% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Northrim BanCorp Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%.

The primary driver behind last 12 months revenue was the Community Banking segment contributing a total revenue of US$110.8m (73% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$90.8m (79% of total expenses). Explore how NRIM's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US.

The company's shares are down 9.1% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We have a graphic representation of Northrim BanCorp's balance sheet and an in-depth analysis of the company's financial position.

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