Northrim BanCorp Profits Increased 14% To $2.1 Million, Or $0.33 Per Share, In 2Q10
Shareholders' equity increased 6% to $114.0 million, or $17.85 per share, at quarter end, compared to $108.0 million, or $17.04 per share, at June 30, 2009. Tangible book value per share was $16.46 up from $15.60 a year earlier. Northrim remains well capitalized with Tier 1 Capital to Risk Adjusted Assets of 14.77% at June 30, 2010.
Review of Operations
Reflecting increased contributions from affiliates, revenue (net interest income plus other operating income) was $14.7 million, up from $14.2 million in the preceding quarter and down from $15.3 million in the second quarter of 2009. Year-to-date revenue totaled $28.9 million compared to $30.1 million in the first half of 2009.
Second quarter 2010 net interest income, before the provision for loan losses, was $11.1 million compared to $11.3 million in the preceding quarter and $11.7 million in the second quarter of 2009. In the first half of 2010, net interest income before provision for loan losses was down 2% to $22.4 million from $22.8 million in the first half of 2009.Northrim's net interest margin (net interest income as a percentage of average earning assets on a tax equivalent basis) was 5.06% in the second quarter of 2010, compared to 5.34% in the first quarter of 2010 and 5.48% in the second quarter a year ago. For the first six months of 2010, Northrim's net interest margin was 5.20% compared to 5.34% in the like period a year ago. "While our second quarter net interest margin was down over the last year, it remains one of the highest margins in the nation according to the Uniform Bank Performance Report," said Beedle. The strong margin reflects a number of factors including the strength of our core deposits and recoveries of interest from nonaccrual loans offset by lower loan volume and the increase in lower-yielding overnight and portfolio investments.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV