Northrim Bancorp Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Off for the Fourth Quarter of 2012
January 23, 2013 at 04:00 pm EST
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Northrim Bancorp Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, net interest income was $10,780,000 against $10,753,000 a year ago. Income before provision for income taxes was $4,868,000 against $4,872,000 a year ago. Net income attributable to Northrim BanCorp was $3,162,000 against $3,255,000 a year ago. Diluted EPS was $0.48 against $0.50 a year ago. Return on average assets was 1.11% against 1.21% a year ago. Return on average equity was 9.25% against 10.32% a year ago.
For the full year, net interest income was $42,223,000 against $42,364,000 a year ago. Income before provision for income taxes was $19,614,000 against $16,700,000 a year ago. Net income attributable to Northrim BanCorp was $12,946,000 against $11,398,000 a year ago. Diluted EPS was $1.97 against $1.74 a year ago. Return on average assets was 1.19% against 1.09% a year ago. Return on average equity was 9.85% against 9.34% a year ago. Tangible book value was $19.67 per share at December 31, 2012, an increase of 9% from $18.09 per share a year ago.
Fourth quarter 2012 earnings were positively impacted by net recoveries of previously charged-off loans totaling $218,000, respectively, which led to negative provisions for loan losses for these periods.
Northrim BanCorp, Inc. is a bank holding company. The Company is primarily engaged in the delivery of business and personal banking services through its wholly owned banking subsidiary, Northrim Bank (the Bank). It operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage Lending segment's principal business focus is the origination and sale of mortgage loans for one-to-four family residential properties. The Bank also engages in retail mortgage origination services through its wholly owned subsidiary, Residential Mortgage Holding Company, LLC. Additionally, the Bank, through its wholly owned subsidiary, Northrim Funding Services (NFS), operates a factoring division in Bellevue, Washington. The Bank has about 19 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, and others.
Northrim Bancorp Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Off for the Fourth Quarter of 2012