Northrim BanCorp Profits Increased 14% To $2.1 Million, Or $0.33 Per Share, In 2Q10
The allowance for loan losses was $14.4 million, or 2.30% of portfolio loans at the end of the second quarter of 2010, compared to $14.0 million, or 2.17% of total loans at March 31, 2010, and $13.2 million, or 1.93% of total loans a year ago. The provision for loan losses in the current quarter and the first half of 2010 continue to exceed net charge-offs for the year.
Portfolio investments grew to $177.1 million at the end of the second quarter of 2010, from $136.7 million a year ago. At June 30, 2010, the portfolio was comprised of 72% U.S. Agency securities, 13% securities of Alaskan municipalities, utilities, or state agencies, 14% corporate bonds, and 1%, or $2 million of stock in the Federal Home Loan Bank of Seattle. "We continue to manage our investments for credit quality and liquidity and have not extended maturities to boost yield. In the current low rate environment, we prefer to hold high quality, liquid investments," said Joe Schierhorn, Chief Financial Officer. "When loan demand picks up, we will be able to deploy these investments into higher yielding assets."
Total deposits grew 2% in the quarter and 4% year-over-year to $851.5 million at June 30, 2010, compared to $835.1 million at March 31, 2010 and $819.1 million a year earlier. "All of our deposits are in-market and time deposits continue to be heavily weighted to shorter-term maturities," Knudson added. Noninterest-bearing demand deposits at June 30, 2010, increased 8% from a year ago and account for 32% of total deposits. Interest-bearing demand deposits at the end of June 2010 also grew 8% year-over-year and account for 14% of total deposits. The Alaska CD (a flexible certificate of deposit program) grew 8% and accounts for 13% of total deposits. Savings account balances were up 16% from a year ago and represent 8% of total deposits. Money market balances were up 6% to 15% of all deposits and time deposit balances fell 13% year-over year and now account for 17% of total deposits.
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