Employee benefit plan income grew to $530,000 for the second quarter of 2010 compared to $447,000 for the second quarter of 2009 due to the addition of more customers to this product line. Year-to-date employee benefit plan income totaled $951,000 up from $813,000 a year ago. "This product offering is attractive to the small to medium sized business in our market and gives us just one more competitive advantage in attracting and retaining commercial accounts in our market," noted Langland. "We also benefit from the two wealth management affiliates in which we have an ownership interest, Elliott Cove Capital and Pacific Wealth Management. Both of these firms add diversification to our income stream and to our customers' financial choices and they also help us gain a larger share of customer assets."Income from Northrim's mortgage affiliate contributed $182,000 to second quarter revenues, down from $764,000 in the second quarter a year ago, which was boosted by the strong refinance activity resulting from the drop in mortgage rates last year. "While this part of our business is highly interest rate sensitive, it also contributes to revenues and helps build customer relationships," Langland continued.
Northrim BanCorp Profits Increased 14% To $2.1 Million, Or $0.33 Per Share, In 2Q10
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