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Northrim BanCorp Updates 2010 Income Statement

ANCHORAGE, Ala., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) (Northrim), the bank holding company for Northrim Bank, today updated its reported full year income statement to include the line items for salaries and other personnel expenses, other expenses and average basic shares outstanding. The full table follows:

   
Income Statement  
(Dollars in thousands, except per share data) Year Ended December 31,
(Unaudited)     One Year
  2010 2009 % Change
Interest Income:      
Interest and fees on loans $44,926 $48,830 -8%
Interest on portfolio investments  4,594  4,499 2%
Interest on overnight investments  178  161 11%
Total interest income  49,698  53,490 -7%
Interest Expense:      
Interest expense on deposits 4,673 5,801 -19%
Interest expense on borrowings 812 1,268 -36%
Total interest expense 5,485 7,069 -22%
Net interest income 44,213 46,421 -5%
       
Provision for loan losses 5,583 7,066 -21%
Net interest income after provision for loan losses 38,630 39,355 -2%
       
Other Operating Income:      
Service charges on deposit accounts 2,636 2,983 -12%
Purchased receivable income 1,839 2,106 -13%
Employee benefit plan income 1,900 1,739 9%
Electronic banking Income 1,758 1,542 14%
Equity in earnings from mortgage affiliate 1,401 2,349 -40%
Gain on sale of securities 649 220 195%
Other income 2,194 2,145 2%
Total other operating income 12,377 13,084 -5%
       
Other Operating Expense:      
Salaries and other personnel expense   21,637  22,174 -2%
Occupancy expense  3,704  3,687 0%
Insurance expense  1,902  2,715 -30%
Marketing expense  1,782  1,317 35%
Professional and outside services  1,315  1,798 -27%
Equipment expense  1,116  1,218 -8%
Impairment on purchased receivables, net  402  -- NA
Intangible asset amortization expense  299  323 -7%
OREO expense, net rental income and gains on sale  (1,145)  1,119 -202%
Prepayment penalty on FHLB advance repayment  --  718 -100%
Other expense  6,612  6,288 5%
Total other operating expense  37,624  41,357 -9%
       
Income before provision for income taxes   13,383  11,082 21%
Provision for income taxes  3,918  2,967 32%
Net income  9,465  8,115 17%
Less: Net income attributable to the noncontrolling interest  399  388 3%
Net income attributable to Northrim BanCorp $9,066 $7,727 17%
       
Basic EPS $1.42 $1.22 16%
Diluted EPS $1.40 $1.20 17%
Average basic shares 6,398,329 6,345,948 1%
Average diluted shares 6,480,905 6,417,057 1%
CONTACT: Joe Schierhorn, Chief Financial Officer
         (907) 261-3308

Northrim BanCorp, Inc. Logo

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