Northrim BanCorp Inc (NRIM) filed Quarterly Report for the period ended 2009-09-30.
Northrim Bancorp Inc has a market cap of $100.01 million; its shares were traded at around $15.78 with a P/E ratio of 15.17 and P/S ratio of 1.42. The dividend yield of Northrim Bancorp Inc stocks is 2.53%. Northrim Bancorp Inc had an annual average earning growth of 5.5% over the past 5 years.
Highlight of Business Operations:
Interest-earning assets averaged $868.5 million and $872.5 million for the three-month periods ending September 30, 2009 and 2008, respectively, a decrease of $4 million, or less than 1%. The tax equivalent yield on interest-earning assets averaged 6.13% and 6.77%, respectively, for the three-month periods ending September 30, 2009 and 2008, respectively, a decrease of 64 basis points. Interest-earning assets averaged $868.5 million and $881.1 million for the nine-month periods ending September 30, 2009 and 2008, respectively, a decrease of $12.6 million, or 1%. The tax equivalent yield on interest-earning assets averaged 6.21% and 7%, respectively, for the nine-month periods ending September 30, 2009 and 2008, respectively, a decrease of 79 basis points.
Average loans, the largest category of interest-earning assets, decreased by $31.8 million, or 4%, to an average of $674.9 million in the third quarter of 2009 from $706.7 million in the third quarter of 2008. During the nine-month period ending September 30, 2009, loans decreased by $13.1 million, or 2%, to an average of $692.8 million from an average of $705.9 million for the nine-month period ending September 30, 2008. Commercial, construction and home equity lines and other consumer loans decreased by $32.1 million, $35.6 million and $5.2 on average, respectively, between the third quarters of 2009 and 2008. Commercial real estate loans increased by $41.4 million on average between the third quarters of 2009 and 2008. During the nine-month period ending September 30, 2009, commercial, construction and home equity lines and other consumer loans decreased by $12.9 million, $37.6 million, and $3.2 million, respectively, on average as compared to the nine-month period ending September 30, 2008. Commercial real estate loans increased $34.7 million on average between the nine-month periods ending September 30, 2009 and September 30, 2008. Additionally, the Company had $6.3 million in real estate loans for sale on average in the nine month period ended September 30, 2009 and no real estate loans for sale during the same period in 2008. The decline in the loan portfolio resulted from a combination of refinance and loan payoff activity and a decrease in construction loan originations. The yield on the loan portfolio averaged 7.19% for the third quarter of 2009, a decrease of 33 basis points from 7.52% over the same quarter a year ago. During the nine-month period ending September 30, 2009, the yield on the loan portfolio averaged 7.08%, a decrease of 69 basis points from 7.77% over the same nine-month period in 2008. See the Loan and Lending Activities section for discussion about the Company’s expectations for future activity in the loan portfolio.
Average investments increased $27.8 million, or 17%, to $193.6 million for the third quarter of 2009 from $165.8 million in the third quarter of 2008. For the nine-month period ending September 30, 2009, average investments increased $567,000, or less than 1%, to $175.7 million from $175.2 million in the same period in 2008.
Interest-bearing liabilities averaged $606.2 million for the third quarter of 2009, a decrease of $42.9 million, or 7%, compared to $649 million for the same period in 2008. For the nine-month period ending September 30, 2009, interest-bearing liabilities averaged $625.7 million, a decrease of $38.9 million, or 6%, compared to $664.5 million for the same period in 2008. The average cost of interest-bearing liabilities decreased 104 basis points to 1.08% for the third quarter of 2009 compared to 2.12% for the third quarter of 2008. The average cost of interest-bearing liabilities decreased 103 basis points to 1.19% for the nine-month period ending September 30, 2009 as compared to 2.22% for the same period in 2008. The decrease in the average cost of funds in 2009 as compared to 2008 is largely due to the interest rate cuts by the Federal Reserve that were made throughout 2008. As a result, many other interest rates declined during the year, which contributed to a decline in deposit rates.
Service charges on the Company’s deposit accounts decreased by $50,000 and $322,000, respectively, or 6% and 12%, to $791,000 and $2.3 million for the three and nine-month periods ending September 30, 2009, as compared to $841,000 and $2.6 million for the same periods in 2008. The decrease in service charges was primarily the result of a decrease in fees collected on nonsufficient funds transactions due to a decrease in the number of overdraft transactions processed during the three and nine-month periods ending September 30, 2009.
Income from the Company’s purchased receivable products decreased by $238,000, or 33%, to $474,000 for the three-month period ending September 30, 2009 as compared to $712,000 for the same period ending in September 30, 2008. Income from the Company’s purchased receivable products decreased by $57,000, or 3%, to $1.7 million for the nine-month period ending September 30, 2009 as compared to $1.8 million for the same period in 2008. The Company uses these products to purchase accounts receivable from its customers and provide them with working capital for their businesses. While the customers are responsible for collecting these receivables, the Company mitigates this risk with extensive monitoring of the cust
Rate This Article: |
  |