ANCHORAGE, Alaska, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) (Northrim), the bank holding company for Northrim Bank, today reported its full year net income increased 17% to $9.1 million, or $1.40 per diluted share, reflecting continuing improvement in credit quality, increased gains from sales of other real estate owned (OREO), and lower expenses. Northrim earned $7.7 million, or $1.20 per share in 2009. In the fourth quarter of 2010, net income was $1.8 million, or $0.28 per diluted share, and in the fourth quarter a year ago it was $1.9 million, or $0.30 per diluted share. Financial Highlights (at or for the periods ended December 31, 2010, compared to September 30, 2010, and December 31, 2009)
- Northrim continued to maintain strong capital ratios with Tier 1 Capital/risk adjusted assets of 14.08% as compared to 14.46% in the immediate prior quarter and 13.98% a year ago. Northrim's tangible common equity to tangible assets at year end was 10.36%, up from 10.26% a year earlier.
- Nonperforming assets were reduced 37% year-over-year to $21.8 million or 2.07% of total assets, compared to $34.8 million or 3.47% of total assets at December 31, 2009 and 12.8% compared to $25.0 million, or 2.41% of total assets at September 30, 2010.
- Book value was $18.21 per share and tangible book value was $16.86 per share, up from $17.42 and $16.01, respectively, a year earlier.
- The allowance for loan losses totaled 2.14% of total portfolio loans at December 31, 2010, compared to 2.00% at December 31, 2009. The allowance for loan losses to nonperforming loans also increased to 126.21% from 74.94% a year ago.
- Other operating income, which includes revenues from service charges, electronic banking, and financial services affiliates, accounted for approximately 24% and 22% of fourth quarter and full year total revenues, respectively.
- The cash dividend paid on December 17, 2010, rose 20% to $0.12 per diluted share from $0.10 per diluted share paid in the fourth quarter of 2009.