Northrim reports lower third-quarter profit after credit-loss provision
On October 15, 2026, Northrim BanCorp reported third-quarter net income of $14.4 million, or $0.63 per diluted share, versus $15.3 million and $0.68 in the second quarter. A $7.7M credit-loss provision linked to Specialty Finance reduced the result, while net interest income reached $38.9 million and tax-equivalent net interest margin was 5.02%. Northrim also raised its dividend to $0.17 per share and said its all-stock PBCO Financial transaction remains expected to close in Q1 2027, subject to shareholder and regulatory approvals.
Why it matters
The quarter shows that stronger spread income did not prevent a credit charge from lowering reported earnings. Management said the charge involved a single Specialty Finance relationship and described credit quality in its Community Banking portfolio as solid.
Key facts
- 1Adjusted diluted earnings per share for the quarter were $0.60. quiverquant.com
- 2At September 30, 2026, total deposits stood at $3.05 billion and portfolio loans stood at $2.40 billion. quiverquant.com
- 3Under the PBCO agreement, each PBCO common share is to be exchanged for 1.16 Northrim common shares. stocktitan.net
- 4The PBCO transaction requires Northrim and PBCO shareholder approval as well as regulatory approval. stocktitan.net
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.