Northrim BanCorp Earns $14.4 Million, or $0.63 Per Diluted Share, in Third Quarter 2026
Key Highlights
- ➤Net income $14.4M, or $0.63 diluted share, down from $27.1M year over year
- ➤Credit-loss provision rose to $7.7M, primarily tied to one Specialty Finance relationship
- ➤Nonperforming assets reached $42.9M, up from $23.0M in the prior quarter
- ➤Net interest income increased 10% year over year to $38.9M
- ➤PBCO acquisition expected to close in Q1 2027, pending shareholder and regulatory approvals
Expert Statements
Mike Huston, President and Chief Executive Officer of Northrim
“Record net interest income, strong deposit growth and a net interest margin above 5% drove a 21% increase in pre-provision net revenue in the third quarter”
Mike Huston, President and Chief Executive Officer of Northrim
“Our earnings this quarter were reduced by a higher provision for credit losses tied to a single relationship in our Specialty Finance segment. Credit quality across our Community Banking portfolio remains solid, and we continue to see the benefits of our diversified business model, including a strong quarter from our Home Mortgage Lending segment.”
Mike Huston, President and Chief Executive Officer of Northrim
“We continue to make progress toward completing our acquisition of PBCO Financial Corporation, which we announced in July”
Mike Huston, President and Chief Executive Officer of Northrim
“The combination is intended to extend our relationship-driven banking model into attractive markets in Southern Oregon and the Willamette Valley and create a company with more than $4 billion in assets. We look forward to welcoming the customers and employees of People’s Bank of Commerce to Northrim.”
ANCHORAGE, Alaska, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $14.4 million, or $0.63 per diluted share, in the third quarter of 2026, compared to $15.3 million, or $0.68 per diluted share, in the second quarter of 2026, and $27.1 million, or $1.20 per diluted share, in the third quarter a year ago. The decrease in the third quarter 2026 profitability as compared to the third quarter a year ago was mostly due to an increase in provision for credit losses in the third quarter of 2026, as well as the gain on sale of certain assets by Pacific Wealth Advisors in the third quarter of 2025.
Dividends per share in the third quarter of 2026 increased to $0.17 per share as compared to $0.16 per share in the second quarter of 2026 and the third quarter of 2025.
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