Overview
Northrim Q2 net income rises to $11.8 mln, up from $9.0 mln a year ago
Net interest income grows 24% yr/yr to $33.6 mln, driven by loan growth
Acquisition of Sallyport boosts purchased receivable income
Outlook
Northrim aims to increase market share over the next few years
Result Drivers
NET INTEREST INCOME - Driven by strong loan growth and increasing asset yields, per CEO Mike Huston
PURCHASED RECEIVABLES - Boosted by acquisition of Sallyport Commercial Finance, enhancing income
MORTGAGE BANKING - Increased mortgage activity contributes to higher income
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | $2.09 | ||
Q2 Net Income | $11.80 mln | ||
Q2 Net Interest Income | $33.60 mln | ||
Q2 Net Interest Margin | 4.7% | ||
Q2 Operating Expenses | $32.50 mln |
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "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 $104.00, about 6.6% above its July 22 closing price of $97.11
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nGNX6P080K
(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.)
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