- 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
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