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Northrim BanCorp Inc

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Northrim BanCorp Inc AI Insights

Informational only. Not investment advice.
As of 2025-12-26

Snapshot

  • ROIC of 19.8% TTM vs industry median 1.5% - 13x capital efficiency advantage signals exceptional franchise value[Return on Invested Capital]
  • FCF of 138.5M TTM on 190.8M revenue = 73% FCF margin; cash flow 2.2x net income indicates earnings quality[Free Cash Flow]
  • Debt/Equity of 9.4% with 212.7M cash vs 29.8M total debt - net cash position provides optionality[Debt to Equity]

Watch Triggers

  • Net Margin: Falls below 25% TTM — Current 33% margin appears elevated; compression signals credit deterioration or NIM pressure
  • EPS Growth 3Y: Remains negative for 2+ quarters — Persistent EPS decline despite revenue growth invalidates quality thesis
  • Goodwill: Impairment charge announced — 78.6M goodwill impairment would reduce book value 25%, pressuring P/B

Bull Case

ROE 21.9% and ROIC 19.8% TTM vastly exceed industry (median ROE 1.7%) with minimal leverage (9.4% D/E), indicating durable competitive moat

ROEROICDebt to Equity

P/E 11.4x below industry median 12.0x while generating 73% FCF margins; P/CF 4.4x vs median 12.1x suggests undervaluation

P/E RatioP/CF RatioFree Cash Flow

Bear Case

EPS declined -25.5% 3Y and -17% 5Y despite revenue growth - margin compression or credit costs eroding profitability

EPS Growth 3YEPS Growth 5Y

Goodwill 78.6M is 25% of equity (315.7M) and 33% of tangible book - acquisition integration risk

GoodwillTangible Book Value

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

BearBull
60%

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Forward Thesis

Earnings normalization likely as 29.5% 1Y revenue growth moderates toward 14% 3Y trend

1-3ymed
  • Revenue growth 29.5% 1Y vs 14.4% 3Y CAGR suggests peak cycle
  • Net margin 33% TTM elevated vs regional bank norms
  • EPS declining -25.5% 3Y despite revenue growth
1Y revenue growth 29.5% vs 3Y CAGR 14.4%EPS 3Y growth -25.5% despite revenue gainsSpecial charges 13.6M impacting comparability

Valuation Context

Caveats

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Fundamental company data provided by Morningstar, updated daily.

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