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