This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.   

5 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
NRIM $29.43 0.00%
AAPL $118.30 0.00%
FB $104.24 0.00%
GOOG $742.60 0.00%
TSLA $230.26 0.00%


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs