Northrim Bancorp director sells $201,454 in stock

ANCHORAGE, AK—Linda C. Thomas, a director at Northrim Bancorp Inc. (NASDAQ:NRIM), has sold 2,550 shares of the company's common stock. The transaction, which took place on November 13, 2024, was executed at an average price of $79.0016 per share, resulting in a total sale value of $201,454.

Following this transaction, Thomas now holds 1,172 shares of Northrim Bancorp. The sale was reported in a Form 4 filing with the Securities and Exchange Commission, highlighting Thomas's direct ownership of the shares. Northrim Bancorp, headquartered in Anchorage, Alaska, continues to operate within the savings institution sector.

In other recent news, Northrim BanCorp has successfully completed its acquisition of Sallyport Commercial Finance. The all-cash deal, valued at approximately $53.9 million, is expected to boost Northrim's earnings by about 15% for the fiscal year 2025. Sallyport, known for its financial services to small and medium-sized businesses, will operate as a wholly-owned subsidiary under Northrim, bolstering its existing factoring division.

The acquisition aligns with Northrim's growth and diversification strategy, with the company's advisory team from Janney Montgomery Scott LLC and Accretive Legal, PLLC, projecting a strengthening of Northrim's service offerings and market position. Sallyport's executive management team, holding over a century of combined industry experience, will continue in their current roles.

These are the recent developments as Northrim continues to expand its financial enterprise interests. Please note that these forward-looking statements are subject to risks and uncertainties, including those related to the integration and expected benefits of the acquisition.

InvestingPro Insights

While Linda C. Thomas's recent sale of Northrim Bancorp Inc. (NASDAQ:NRIM) shares has caught attention, it's worth examining the company's current financial position and market performance to provide a broader context for investors.

According to InvestingPro data, Northrim Bancorp boasts a market capitalization of $454.13 million, reflecting its position as a significant player in the Alaska banking sector. The company's P/E ratio stands at 13.94, suggesting a relatively attractive valuation compared to its earnings. This is further supported by an InvestingPro Tip indicating that NRIM is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.62 for the last twelve months as of Q3 2024.

Northrim's financial performance has been robust, with revenue growth of 12.7% over the last twelve months and an impressive 15.69% growth in the most recent quarter. The company's profitability is also noteworthy, with an operating income margin of 31.34% for the same period.

Investors may find Northrim's dividend policy particularly appealing. An InvestingPro Tip highlights that the company has maintained dividend payments for 30 consecutive years and has raised its dividend for 14 consecutive years. With a current dividend yield of 2.99%, NRIM offers a steady income stream for shareholders.

The stock's recent performance has been exceptionally strong, with a one-year price total return of 81.6% and a six-month return of 50.45%. This aligns with another InvestingPro Tip noting that NRIM is trading near its 52-week high, currently at 97.4% of that peak.

For investors seeking more comprehensive analysis, InvestingPro offers 15 additional tips for Northrim Bancorp, providing a deeper dive into the company's financial health and market position.

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