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.
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