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Northrim BanCorp Profits Increased 63% To $3.2 Million, Or $0.49 Per Share, In 3Q10

ANCHORAGE, Alaska, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) ("Northrim"), the bank holding company for Northrim Bank, today reported net income in the third quarter increased 63% to $3.2 million, or $0.49 per diluted share, boosted by $1.2 million in gains on sale of other real estate owned and a $1 million reduction in the provision for loan losses. In the second quarter of 2010, net income was $2.1 million, or $0.33 per diluted share, and in the third quarter a year ago it was $1.9 million, or $0.30 per diluted share. For the first nine months of 2010, profits grew 25% to $7.2 million, or $1.11 per diluted share, from $5.8 million, or $0.90 per diluted share, in the like period a year ago.  

Financial Highlights (at or for the quarter ended September 30, 2010, compared to June 30, 2010, and September 30, 2009)

  • Northrim continued to maintain strong capital ratios with Tier 1 Capital/risk adjusted assets of 14.46% as compared to 14.77% in the immediate prior quarter and 13.96% a year ago. Because the company elected not to participate in the Capital Purchase Program sponsored by the U. S. Treasury in 2008, these ratios do not reflect any government investment in Northrim.
  • Northrim's tangible common equity to tangible assets at quarter end was 10.50%, up from 10.32% a year earlier. 
  • Nonperforming assets declined in the quarter to $25.0 million or 2.41% of total assets, compared to $28.4 million, or 2.82% of total assets at the end of the second quarter 2010 and $39.0 million or 3.95% at September 30, 2009.
  • Book value was $18.22 per share and tangible book value was $16.86 per share, up from $17.28 and $15.85 respectively a year earlier.
  • The allowance for loan losses continued to increase, now totaling 2.31% of total portfolio loans at September 30, 2010, compared to 2.00% at September 30, 2009. The allowance for loan losses to nonperforming loans also increased to 105.93% from 46.62% a year ago.
  • Other operating income, which includes revenues from service charges, electronic banking, and financial services affiliates, contributed 29% of total third quarter revenues and 25% of year-to-date revenues.  
  • The cash dividend paid on September 17, 2010, rose 20% to $0.12 per diluted share from $0.10 per diluted share paid in the prior quarter.

"The improvement in our credit quality has helped us to increase our earnings this year," said Marc Langland, Chairman, President and CEO. "In addition, we are generating good revenues from our financial services affiliates, where we provide mortgages, wealth management, employee benefits and receivables financing in both the Alaska and the greater Seattle market. These affiliated businesses help us to strengthen our relationship with our customers."

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