Filing Flows › Northrim Bancorp (NRIM) › Q1 2025
Northrim Bancorp (NRIM) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 28, 2025
Northrim Bancorp (NRIM) reported revenue of $54.6M for the first quarter 2025 (Q1 2025), +25% from a year earlier and -0.4% from the quarter before. Operating margin was 32.2%, net earnings $13.3M (24.4% of revenue).
Northrim Bancorp, Q1 2025: revenue $54.6M (+25% year over year), operating margin 32.2%, net earnings $13.3M, operating cash flow $16.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.6M | -0.4% | +25% |
| Gross profit | $45.7M | +7% | +34% |
| Operating profit | $17.6M | +32% | +67% |
| Net earnings | $13.3M | +22% | +63% |
| Operating cash flow | $16.5M | -53% | — |
| Free cash flow | $16.3M | -55% | — |
What changed
Revenue was $54.6M in Q1 2025, up 25% year over year and roughly flat from the previous quarter.
Gross margin was 83.8%, up 5.6 points from a year earlier. Operating profit was $17.6M, a 32.2% margin (up 8.1 points year over year). Of the extra revenue versus a year earlier, 65% reached operating profit, above the 24% margin then. Operating expenses grew 19% against revenue growth of 25%. Net earnings were $13.3M, up 63% year over year. The effective tax rate was 24.2%.
Operating cash flow was $16.5M, 124% of net earnings. Non-cash charges added back $232K of share-based compensation. Working capital and other items added $3.0M. Capital expenditures of $208K left free cash flow of $16.3M.
Questions
What was Northrim Bancorp's revenue in the first quarter 2025?
Northrim Bancorp (NRIM) reported revenue of $54.6M for the first quarter 2025 (Q1 2025), +25% from a year earlier and -0.4% from the quarter before.
Was Northrim Bancorp profitable in the first quarter 2025?
Operating profit was $17.6M (32.2% of revenue) and net earnings $13.3M.
Source: Northrim Bancorp 10-Q on SEC EDGAR.