TCBX - Northrim BanCorp: Still Marginally Attractive Despite Some Weak Spots

2024-05-13 14:39:21 ET

Summary

• Northrim BanCorp, Inc. has seen a modest increase in shares but has underperformed the S&P 500.
• The company has shown growth in profitability but a small decline in deposits.
• Despite some concerns, the company's high-quality asset base and share buyback program warrant a soft "buy" rating.

Over the past year or so, I've really immersed myself into the financial sector, focusing especially on small community banks and regional banks. One of the firms that I ended up diving into in August 2023 was Northrim BanCorp, Inc. ( NRIM ). By that point, the company had already covered most of the downside experienced during the banking crisis it began in March of that year. However, I still felt as though some additional upside was on the table. This led me to rate the company a "buy" to reflect my view at the time that the stock would be likely to outperform the broader market for the foreseeable future....

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