| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 63.89 | 6.9% | 4.0% |
| Total Income | 63.89 | 6.9% | 4.0% |
| Expenditure | 43.67 | 4.4% | 4.4% |
| PBT | 20.22 | 12.6% | 28.2% |
| Net Profit | 15.34 | 12.1% | 30.2% |
| OPM | — | ||
| NPM | 24.01% | 1.14pp | 4.84pp |
| EPS | 0.69 | 11.3% | 67.6% |
Northrim BanCorp Reports $15.3 Million Net Income for Q2 2026
23 Jul 2026 · 23 Jul, 3:37 pm
Summary
Northrim BanCorp announced second quarter 2026 net income of $15.3 million, or $0.68 per diluted share, a significant increase from $11.8 million ($0.52 per share) in the same quarter last year, driven primarily by higher net interest income. The net interest margin on a tax equivalent basis improved to 5.01%, reflecting a favorable shift in earning assets and lower funding costs. Loan and deposit growth also contributed positively, with portfolio loans up 8% and total deposits up 4% year-over-year. Management highlighted the strength of their relationship-driven banking model and disciplined execution, noting the expansion of their footprint with a new branch opening.
Key Highlights
- 1
Northrim BanCorp reported net income of $15.3 million, or $0.68 per diluted share, in the second quarter of 2026.
- 2
Net interest income increased 11% year-over-year to $37.1 million in the second quarter of 2026.
- 3
Net interest margin on a tax equivalent basis (NIMTE) was 5.01% for the second quarter of 2026, up 29 basis points from the prior year.
- 4
Portfolio loans grew 8% year-over-year to $2.39 billion at June 30, 2026.
- 5
Total deposits increased 4% year-over-year to $2.92 billion at June 30, 2026.
- 6
The company opened a new branch in Palmer, Alaska, its 21st branch, during the second quarter of 2026.
Management Comments
Mike Huston
Another quarter of record net interest income and continued loan and deposit growth reflects the strength of our relationship-driven banking model and our disciplined execution. Our investments in people, technology and customer relationships continue to drive profitable growth, expand our market presence, and create long-term value for our shareholders. We were also pleased to expand our footprint during the quarter with the opening of our Palmer branch, further strengthening our ability to serve communities across Alaska.
Jed Ballard
We saw a slight increase in our loan yields as a result of loan repricing and investment yields from new higher yield purchases. We are also continuing to see impacts from the decrease in our deposit costs from maturing of higher priced time deposits.
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