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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

Purchased receivable income contributed $826,000 to third quarter 2012 revenues, compared to $712,000 in the previous quarter and $695,000 in the third quarter a year ago. For the first nine months of 2012, purchased receivable financing increased 19% to $2.3 million, compared to $1.9 million a year ago.

Northrim’s employee benefit plan affiliate contributed $609,000 to third quarter 2012 revenues, compared to $616,000 in the preceding quarter and $536,000 in the third quarter of 2011. For the first nine months of 2012, employee benefit plan income increased 8% to $1.8 million, compared to $1.6 million in the first nine months of 2011.

Service charges on deposit accounts continue to shrink due to declines in overdraft fees. In the third quarter of 2012, services charges were down 6% to $536,000 from $569,000 in the preceding quarter and fell 12% from $609,000 in the year ago quarter. In the first nine months of 2012, services charges on deposit accounts fell 3% to $1.7 million. Electronic banking income increased 5% in the third quarter of 2012, compared to the second quarter of this year, and it increased 2% year-over-year. For the first nine months of 2012, electronic banking income grew 5% to $1.5 million from $1.4 million in the same period a year ago. Gain on sale of securities contributed $273,000 to revenues in the first nine months of 2012, compared to $296,000 in the first nine months of 2011.

Other Operating Expenses

Overhead costs increased 7% during the third quarter of 2012 as compared to the second quarter of this year and increased 6% compared to the third quarter of 2011. Overhead in the third quarter last year benefited from gains on sale and rental income from OREO properties that resulted in a net benefit of $14,000, compared to net expenses of $249,000 in the third quarter of 2012. For the first nine months of 2012, operating expenses increased 6% to $29.0 million, from $27.3 million in the first nine months of 2011. “During the third quarter of 2012, we established a $349,000 reserve for our purchased receivables,” said Knudson. “Our purchased receivables assets are listed on our balance sheet net of this reserve.”

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