Is Northrim BanCorp, Inc. overvalued or undervalued?

As of 28 November 2025, the valuation grade for Northrim BanCorp, Inc. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 11, a Price to Book Value of 1.75, and an EV to EBITDA of 4.97. In comparison to peers, Orrstown Financial Services, Inc. has a P/E of 10.63, while Unity Bancorp, Inc. shows a P/E of 11.21, suggesting that Northrim is positioned competitively within its industry.
While Northrim's recent stock performance has outpaced the S&P 500 with a year-to-date return of 26.05% compared to the S&P's 16.45%, its longer-term performance has been less favorable, particularly over three and five years, where it has underperformed significantly. This mixed performance reinforces the conclusion that the stock is fairly valued at this time.