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Northrim BanCorp Profits Increased 14% To $12.9 Million, Or $1.97 Per Diluted Share, In 2012

Stocks in this article: NRIM

Other Operating Income

Northrim has a number of complementary businesses that provide a comprehensive suite of financial services to businesses and individuals, including purchased receivables financing, health insurance plans, mortgages, and wealth management. "Residential Mortgage, our mortgage affiliate in which we have a 23.5% ownership interest, has generated record breaking volumes in mortgage lending in the past two years as mortgage rates have dropped to historically affordable levels," said Beedle. "We believe that mortgages will continue to be an integral part of the financing needs of our customers and that Residential Mortgage will continue to provide contributions to revenues in the coming years."

Total other operating income increased 18% to $15.4 million in 2012, compared to $13.1 million in 2011. In the fourth quarter of 2012, total operating income grew 4% to $4.3 million from $4.2 million in the preceding quarter and 12% compared to $3.9 million in the fourth quarter a year ago. 

Purchased receivable income contributed $776,000 to fourth quarter 2012 revenues, compared to $826,000 in the preceding quarter and $817,000 in the fourth quarter a year ago. For 2012, purchased receivable income increased 12% to $3.0 million, compared to $2.7 million a year ago. The purchased receivable income varies from quarter to quarter depending upon the financing needs of our customers.

Income from Northrim's employee benefit plan affiliate increased 9% to $2.4 million in 2012, compared to $2.2 million in 2011. Employee benefit plan income contributed $604,000 to fourth quarter 2012 revenues, compared to $609,000 in the preceding quarter and $538,000 in the fourth quarter of 2011.  

Service charges on deposit accounts continue to shrink due to declines in overdraft fees. In 2012, services charges on deposit accounts fell 4% to $2.2 million. In the fourth quarter of 2012, service charges were down 1% to $528,000 from $536,000 in the preceding quarter and fell 7% from $569,000 in the year ago quarter. Electronic banking income increased 8% in the fourth quarter of 2012, compared to the third quarter of this year and the year ago quarter. For 2012, electronic banking income grew 6% to $2.1 million from $1.9 million a year ago.  Gain on sale of securities contributed $336,000 to revenues in 2012, compared to $419,000 in 2011.

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