Investment securities totaled $177.1 million at the end of September 2012, compared to $194.9 million at the end of June and $218.2 million a year ago. At September 30, 2012, the investment portfolio was comprised of 51% U.S. Agency securities (primarily Federal Home Loan Bank and Federal Farm Credit Bank debt), 12% Alaskan municipality, utility, or state agency securities, 30% corporate securities, 6% U.S. Treasury Notes, and 1% stock in the Federal Home Loan Bank of Seattle. The average estimated duration of the investment portfolio is less than two years.Loans held for sale increased to $37.3 million at the end of the third quarter, up from $22.6 million at June 30, 2012 and zero a year ago, as a result of continued strength in mortgage refinancing activity. Northrim purchases these loans from its mortgage affiliate and sells them into the secondary market on pre-arranged commitments.
Northrim BanCorp Earns $4.1 Million, Or $0.62 Per Diluted Share, In Third Quarter Of 2012
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