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Northrim BanCorp Earns $4.1 Million, Or $0.62 Per Diluted Share, In Third Quarter Of 2012

Stocks in this article: NRIM

“Our mix of deposits continues to improve with balances in transaction accounts at September 30, 2012 representing 89% of total deposits, up from 86% a year ago,” said Joe Schierhorn, Chief Financial Officer. At the end of September 2012, total deposits were $944.9 million, compared to $894.8 million at June 30, 2012, and $893.6 million a year ago.

Noninterest-bearing demand deposits at September 30, 2012, were up 15% from a year ago and interest-bearing demand deposits grew 3%. Money market and savings account balances at September 30, 2012 were up 11% from year ago levels, Alaska CD (a flexible certificate of deposit program) balances were up 3% at the end of September while time deposit balances fell 21% compared to the third quarter a year ago. At the end of the third quarter of 2012, noninterest-bearing demand deposits accounted for 37% of total deposits, interest-bearing demand accounts were 15%, savings deposits were 9%, money market balances accounted for 18%, the Alaska CD accounted for 10% and time certificates were 11% of total deposits.

Shareholders’ equity totaled $134.1 million, or $20.70 per share, at September 30, 2012, compared to $130.4 million, or $20.14 per share, at June 30, 2012, and $123.3 million, or $19.14 per share, a year ago. Tangible book value per share was $19.43 at September 30, 2012, compared to $18.86 per share at June 30, 2012, and $17.82 per share a year ago. Northrim remains well-capitalized with Tier 1 Capital to Risk Adjusted Assets of 15.36% at September 30, 2012.

Asset Quality

The ratio of Nonperforming Assets (NPAs) to total assets dropped to 0.94% at September 30, 2012, down from 1.16% three months earlier and 1.29% a year ago. NPAs were $10.7 million at September 30, 2012, compared to $12.5 million in the preceding quarter and $13.8 million a year ago. “We have continued to improve our asset quality with a concerted effort from our staff throughout our organization,” said Chris Knudson, Chief Operating Officer. “In the third quarter of 2012, we recognized net recoveries of $1.4 million that included a $1 million recovery on a commercial loan that had been previously charged off to our reserve account.”

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