Quarterly ResultOct 15, 2026, 05:36 PM
Northrim BanCorp Q3 Earnings $14.4M; Records $8.8M Impairment Charge
AI Summary
Northrim BanCorp announced its third quarter 2026 results, reporting net income of $14.4 million, or $0.63 per diluted share. This represents a decrease compared to both the previous quarter and the prior year, largely due to an $8.8 million impairment charge on a single relationship within its Specialty Finance segment. Despite this, net interest income saw a year-over-year increase, and the company continues to progress towards its acquisition of PBCO Financial Corporation, expected to close in the first quarter of 2027.
Key Highlights
- Northrim BanCorp reported Q3 2026 net income of $14.4 million, or $0.63 per diluted share, down from $0.68 in Q2 2026 and $1.20 in Q3 2025.
- Recorded an $8.8 million impairment charge related to a single relationship in the Specialty Finance segment.
- Net interest income increased 5% to $38.9 million compared to Q2 2026 and 10% compared to Q3 2025.
- Net interest margin (NIMTE) was 5.02% for Q3 2026, up from 5.01% in Q2 2026 and 4.88% in Q3 2025.
- Total assets were $3.58 billion at September 30, 2026, up 8% from a year ago.
- Total deposits were $3.05 billion at September 30, 2026, up 5% from a year ago.
- Merger agreement with PBCO Financial Corporation remains on track for expected Q1 2027 closing.
Price Impact
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