Northrim BanCorp Inc (NRIM, Financial) filed Quarterly Report for the period ended 2010-03-31.
Northrim Bancorp Inc has a market cap of $106.7 million; its shares were traded at around $16.72 with a P/E ratio of 14.2 and P/S ratio of 1.7. The dividend yield of Northrim Bancorp Inc stocks is 2.3%.
At the end of the first quarter, nonperforming loans totaled $15.6 million, or 2.41% of total loans, compared to $17.5 million, or 2.67% of total loans at December 31, 2009, and $21.6 million, or 3.18% of total loans a year ago. Total nonperforming assets were $31.6 million, or 3.20% of total assets at March 31, 2010, compared to $34.8 million, or 3.47% of total assets three months earlier, and $35.3 million, or 3.56% of total assets a year ago. The decrease in nonperforming loans at March 31, 2010 as compared to December 31, 2009 is due to a $3.8 million decrease in troubled debt restructurings, offset by a $1.2 million increase in nonaccrual loans and a $614,000 increase in accruing loans past due 90 days or more.
At March 31, 2010, management had identified potential problem loans of $16.4 million as compared to potential problem loans of $17 million at December 31, 2009 and $16.3 million at March 31, 2009. Potential problem loans are loans which are currently performing and are not included in nonaccrual loans, accruing loans 90 days or more past due, or troubled debt restructurings (TDRs)_that have developed negative indications that the borrower may not be able to comply with present payment terms and which may later be included in nonaccrual, past due, or TDRs. The $557,000 decrease in potential problem loans at March 31, 2010 from December 31, 2009 is primarily due to the transfer of one $3.3 million residential land development loan to nonaccrual status. This decrease was partially offset by the addition of three commercial loans.
At March 31, 2010, December 31, 2009 and March 31, 2009 the Company held OREO of $16.1 million, $17.4 million and $13.7 million, respectively. As of March 31, 2010, OREO consists of $11 million in condominiums, $4.3 million in residential lots in various stages of development, $322,000 in commercial property and $471,000 in single family residences. During the first quarter of 2010, additions to OREO totaled $1 million and included $751,000 in residential lots and $248,000 in single family residences. During the first quarter of 2010, the Company received approximately $2.0 million in proceeds for the sale of OREO which included $1.6 million from the sale of condominiums and $369,000 from the sale of residential lots.
Net income attributable to Northrim Bancorp for the quarter ended March 31, 2010, was $1.9 million or $0.29 per diluted share, or a decrease of $55,000 and $0.02 or 3% and 6%, respectively, as compared to the same period in 2009. For the quarter ended March 31, 2010, the Companys net interest income increased by $128,000, or 1%; its other operating income decreased $727,000, or 20%, primarily due to a decrease in the Companys earnings from RML; its other operating expenses decreased by $364,000, or 3%, due to decreases in insurance and audit expenses; and its provision for income taxes decreased by $125,000, or 15%, due to lower pretax income and increased tax exempt income as compared to the first quarter a year ago. The provision for loan losses was consistent for the three months ending March 31, 2010 and 2009. See further discussion of these individual items in the sections below.
Net interest income for the first quarter of 2010 increased $128,000, or 1%, to $11.3 million from $11.2 million in the first quarter of 2009 because of larger reductions in interest expense, accompanied by a smaller decrease in the yields on the Companys interest-earning assets. The Companys net interest income as a percentage of average interest-earning assets on a tax equivalent basis was 5.34% and 5.20%, respectively, for the three-month periods ending March 31, 2010 and 2009. The decrease in funding costs coupled with smaller decreases in the yields on its earning assets for the three-month period ending March 31, 2010 as compared to the same period in 2009 resulted in an increase in the net tax-equivalent margin.
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Northrim Bancorp Inc has a market cap of $106.7 million; its shares were traded at around $16.72 with a P/E ratio of 14.2 and P/S ratio of 1.7. The dividend yield of Northrim Bancorp Inc stocks is 2.3%.
Highlight of Business Operations:
The Company reported net income and diluted earnings per share of $1.9 million and $0.29, respectively, for the first quarter of 2010 compared to net income and diluted earnings per share of $2.0 million and $0.31, respectively, for the first quarter of 2009. The slight decline in net income from the prior year was primarily attributable to a large decrease in the other operating income, net of a slight increase in net interest income and decreases in other operating expenses and the provision for income taxes.At the end of the first quarter, nonperforming loans totaled $15.6 million, or 2.41% of total loans, compared to $17.5 million, or 2.67% of total loans at December 31, 2009, and $21.6 million, or 3.18% of total loans a year ago. Total nonperforming assets were $31.6 million, or 3.20% of total assets at March 31, 2010, compared to $34.8 million, or 3.47% of total assets three months earlier, and $35.3 million, or 3.56% of total assets a year ago. The decrease in nonperforming loans at March 31, 2010 as compared to December 31, 2009 is due to a $3.8 million decrease in troubled debt restructurings, offset by a $1.2 million increase in nonaccrual loans and a $614,000 increase in accruing loans past due 90 days or more.
At March 31, 2010, management had identified potential problem loans of $16.4 million as compared to potential problem loans of $17 million at December 31, 2009 and $16.3 million at March 31, 2009. Potential problem loans are loans which are currently performing and are not included in nonaccrual loans, accruing loans 90 days or more past due, or troubled debt restructurings (TDRs)_that have developed negative indications that the borrower may not be able to comply with present payment terms and which may later be included in nonaccrual, past due, or TDRs. The $557,000 decrease in potential problem loans at March 31, 2010 from December 31, 2009 is primarily due to the transfer of one $3.3 million residential land development loan to nonaccrual status. This decrease was partially offset by the addition of three commercial loans.
At March 31, 2010, December 31, 2009 and March 31, 2009 the Company held OREO of $16.1 million, $17.4 million and $13.7 million, respectively. As of March 31, 2010, OREO consists of $11 million in condominiums, $4.3 million in residential lots in various stages of development, $322,000 in commercial property and $471,000 in single family residences. During the first quarter of 2010, additions to OREO totaled $1 million and included $751,000 in residential lots and $248,000 in single family residences. During the first quarter of 2010, the Company received approximately $2.0 million in proceeds for the sale of OREO which included $1.6 million from the sale of condominiums and $369,000 from the sale of residential lots.
Net income attributable to Northrim Bancorp for the quarter ended March 31, 2010, was $1.9 million or $0.29 per diluted share, or a decrease of $55,000 and $0.02 or 3% and 6%, respectively, as compared to the same period in 2009. For the quarter ended March 31, 2010, the Companys net interest income increased by $128,000, or 1%; its other operating income decreased $727,000, or 20%, primarily due to a decrease in the Companys earnings from RML; its other operating expenses decreased by $364,000, or 3%, due to decreases in insurance and audit expenses; and its provision for income taxes decreased by $125,000, or 15%, due to lower pretax income and increased tax exempt income as compared to the first quarter a year ago. The provision for loan losses was consistent for the three months ending March 31, 2010 and 2009. See further discussion of these individual items in the sections below.
Net interest income for the first quarter of 2010 increased $128,000, or 1%, to $11.3 million from $11.2 million in the first quarter of 2009 because of larger reductions in interest expense, accompanied by a smaller decrease in the yields on the Companys interest-earning assets. The Companys net interest income as a percentage of average interest-earning assets on a tax equivalent basis was 5.34% and 5.20%, respectively, for the three-month periods ending March 31, 2010 and 2009. The decrease in funding costs coupled with smaller decreases in the yields on its earning assets for the three-month period ending March 31, 2010 as compared to the same period in 2009 resulted in an increase in the net tax-equivalent margin.
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