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

Nonperforming loans declined to $4.9 million at September 30, 2012, as compared to $6 million at June 30, 2012, and $7.9 million a year ago. Other real estate owned (OREO) was $5.8 million at September 30, 2012, compared to $6.4 million in the preceding quarter and $5.8 million in the third quarter of 2011.

Loans measured for impairment totaled $13.1 million at September 30, 2012, as compared to $14.2 million at the end of June 30, 2012, and $10.9 million in the third quarter a year ago.

At September 30, 2012, there were $3.7 million of restructured loans included in nonaccrual loans, as compared to $4.0 million at June 30, 2012, and $2.6 million at September 30, 2011. At September 30, 2012, there were $7.9 million in performing restructured loans that were not included in nonaccrual loans, as compared to $8.1 million at June 30, 2012, and $2.6 million at September 30, 2011. “Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as restructured loans,” said Schierhorn. “We present restructured loans that are performing separately from those that are in nonaccrual to provide more information on this category of loans and to differentiate between accruing performing and nonperforming restructured loans.”

The coverage ratio of the allowance for loan losses to nonperforming loans increased to 337.43% at September 30, 2012, compared to 274.2% only three months earlier, and to 204.6% a year ago. The allowance for loan losses was $16.5 million, or 2.46% of portfolio loans at the end of the third quarter, compared to $16.5 million, or 2.51% of portfolio loans at the end of the preceding quarter and $16.1 million, or 2.56% of portfolio loans a year ago.

Review of Operations:

Revenue and Net Interest Income

Northrim’s strategy of augmenting net interest income with complementary financial business services continues to build total revenues. Total revenues increased 8% to $14.8 million in the third quarter of 2012 compared to $13.7 million in the third quarter a year ago and 4% compared to $14.2 million in the second quarter of 2012.

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