{"id":899008,"date":"2025-10-22T19:58:18","date_gmt":"2025-10-22T23:58:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/northrim-bancorp-earns-27-1-million-or-1-20-per-diluted-share-in-third-quarter-2025\/"},"modified":"2025-10-22T19:58:18","modified_gmt":"2025-10-22T23:58:18","slug":"northrim-bancorp-earns-27-1-million-or-1-20-per-diluted-share-in-third-quarter-2025","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/northrim-bancorp-earns-27-1-million-or-1-20-per-diluted-share-in-third-quarter-2025\/","title":{"rendered":"Northrim BanCorp Earns $27.1 Million, or $1.20 Per Diluted Share, in Third Quarter 2025"},"content":{"rendered":"
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ANCHORAGE, Alaska, Oct. 22, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (\u201cNorthrim\u201d or the \u201cCompany\u201d) today reported net income of $27.1 million, or $1.20 per diluted share, in the third quarter of 2025, compared to $11.8 million, or $0.52 per diluted share, in the second quarter of 2025, and $8.8 million, or $0.39 per diluted share, in the third quarter a year ago. The increase in third quarter 2025 profitability as compared to the third quarter a year ago was primarily the result of the gain from the sale of certain assets by Pacific Wealth Advisors of $14.2 million, as well as an increase in net interest income, and higher purchased receivable income, which were partially offset by a higher provision for income taxes and higher other operating expenses. Net interest income increased over the same periods primarily due to higher earning asset balances, lower interest-bearing liability balances, higher yields on earning assets, and a lower cost of funds. Purchased receivable income increased primarily due to the Company\u2019s acquisition of Sallyport Commercial Finance, LLC (\u201cSallyport or SCF\u201d), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.<\/p>\n

The Company’s Board of Directors approved a 4-for-1 forward stock split of its common stock that was effective after the close of business on September 22, 2025, for shareholders of record at the close of business on September 18, 2025 (the \u201cStock Split\u201d). The Stock Split is part of the Company’s ongoing review of optimal trading and spread levels. The intended purpose of the Stock Split is to enhance stock liquidity, make shares more accessible to a broader base of retail investors, and support increased trading activity. All per share ratios in this release have been adjusted to reflect the impact of the Stock Split.<\/p>\n

Dividends per share in the third quarter of 2025 remained consistent with the first and second quarter of 2025 at $0.16 per share as compared to $0.155 per share in the third quarter of 2024.<\/p>\n

\u201cWe achieved yet another quarter of record core earnings as loan yields continued to increase and deposit costs decreased. In addition, we recognized a $10.9 million after-tax gain from the sale of certain assets by Pacific Wealth Advisors where we have a minority interest,\u201d said Mike Huston, Northrim\u2019s President and Chief Executive Officer. \u201cNorthrim\u2019s Alaskan deposit market share increased by 187 basis points to 17.5% in 2025 and has increased by 531 basis points over the past five years. We are proud of this progress and believe these gains are the result of consistent investments in our people and banking infrastructure.\u201d<\/p>\n

\n Third Quarter 2025 Highlights: <\/strong>\n <\/p>\n