- Diluted earnings per share in the fourth quarter of 2011 increased to $0.50, up 32% from the preceding quarter and 79% from the fourth quarter of 2010. For 2011, diluted earnings per share increased 24% to $1.74 from $1.40 in 2010.
- Northrim paid a quarterly cash dividend of $0.13 per share in the fourth quarter of 2011, compared to a quarterly cash dividend of $0.12 per share in the fourth quarter of 2010, which provides a yield of approximately 2.7% at current market share prices.
- At year end 2011, tangible book value grew 7% to $18.09 per share from a year ago.
- Average loans increased 6% during the fourth quarter of 2011 and 2% year-over-year, reflecting improving loan demand from Alaskan businesses.
- Other operating income, which includes revenues from financial services affiliates, service charges, and electronic banking contributed 26.5% to fourth quarter 2011 total revenues and 23.6% to annual 2011 revenues, compared to contributions of 23.6% to fourth quarter 2010 total revenue and 21.9% to annual 2010 revenues.
- Northrim remains well-capitalized with Tier 1 Capital to Risk Adjusted Assets at December 31, 2011 of 15.20%, compared to 15.39% at the end of the prior quarter and 14.08% a year ago. Tangible common equity to tangible assets was 10.86% at December 31, 2011, unchanged from the preceding quarter and up from 10.36% a year ago.
- Asset quality continued to improve with nonperforming assets declining to $12.5 million, or 1.16% of total assets at December 31, 2011, compared to $13.8 million, or 1.29% of total assets at the end of September 2011, and $21.8 million, or 2.07% of total assets a year ago.
- The allowance for loan losses totaled 2.56% of gross loans at December 31, 2011, unchanged from the preceding quarter, and up from 2.14% a year ago. The allowance for loan losses to nonperforming loans also increased to 224.2% at December 31, 2011, from 204.6% in the preceding quarter and 126.2% a year ago.
- Fourth quarter 2011 net interest margin (NIM) was 4.55% up 10 basis points from the third quarter of 2011 and down 2 basis points from the year ago quarter. Year-to-date 2011 NIM was 4.59% compared to 4.92% in 2010.
Northrim BanCorp 2011 Net Profits Increase 26% To $11.4 Million, Or $1.74 Per Diluted Share
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.