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."