This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Northrim BanCorp Profits Increased 14% To $2.1 Million, Or $0.33 Per Share, In 2Q10

ANCHORAGE, Alaska, July 21, 2010 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today reported net income in the second quarter of 2010 increased 14% to $2.1 million, or $0.33 per diluted share, compared to $1.9 million, or $0.29 per diluted share, in both the first quarter of 2010 and the second quarter a year ago. For the first half of 2010, profits grew 5% to $4.0 million, or $0.62 per diluted share, from $3.8 million, or $0.60 per diluted share, in the first half of 2009.

Financial Highlights (at or for the quarter ended June 30, 2010, compared to March 31, 2010, and June 30, 2009)
  • Northrim continued to strengthen its capital ratios with Tier 1 Capital/risk adjusted assets of 14.77% as compared to 14.31% in the immediate prior quarter and 13.50% a year ago. These ratios do not reflect any government investment in Northrim as the company elected not to participate in the Capital Purchase Program sponsored by the U. S. Treasury in 2008.
  • Northrim's tangible common equity to tangible assets at quarter end was 10.53%, up from 10.23% a year earlier.
  • Book value was $17.85 per share and tangible book value was $16.46 per share, up from $17.04 and $15.60 respectively a year earlier.
  • Nonperforming assets declined in the quarter to $28.4 million or 2.82% of total assets, compared to $31.6 million, or 3.20% of total assets at the end of the first quarter 2010.
  • The allowance for loan losses continued to increase, now totaling 2.30% of gross loans at June 30, 2010, compared to 2.17% at March 31, 2010, and 1.93% a year ago. The allowance for loan losses to nonperforming loans also increased to 93.6% from 90.25% at March 31, 2010 and 65.92% a year ago.
  • Residential construction loans declined to $49.1 million or 8% of portfolio loans, from $79.5 million, or 12% of portfolio loans, a year ago.
  • Other operating income that includes revenues from service charges, electronic banking, and financial services affiliates contributed 25% of total second quarter revenues and 22% of year-to-date revenues.

"Our second quarter results showed improvement over those generated in the first quarter of the year and in the like quarter a year ago," said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc. "The earnings power of the bank and our strong balance sheet, along with the stability of the Alaska market, have helped us in our efforts to build shareholder value over the long-term."

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
NRIM $25.30 -1.30%
AAPL $121.55 -0.67%
FB $94.01 -1.26%
GOOG $626.43 -0.97%
TSLA $266.15 -0.24%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs