Northrim BanCorp, Inc. (NRIM) PT Lowered to $29 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Kelly Motta lowered the price target on Northrim BanCorp, Inc. (NASDAQ: NRIM) to $29.00 (from $30.00) while maintaining a Market Perform rating.

The analyst commented: "3Q26 results were in-line with KBWe and +2c/shr on PPNR. With credit spreads tightening, SFNC executed on balance sheet optimization initiatives with SFNC running off low-relationship loans and higher cost deposits. While the balance sheet shrank, the NIM increased 8 bps q/q. This trend could continue in 4Q, though likely not to the same magnitude. TBVPS declined ~6% q/q on AOCI and non-recurring expenses. Despite the smaller balance, estimates are relatively stable as a better NIM, lower provisioning and buybacks are able to help offset. We are adjusting our price target to $25. Rating is Outperform with the stock trading at 9.5x '27E, 9.1x '28E and 1.6x TBV."

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