Northrim BanCorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 29, 2018 at 04:50 pm
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Northrim BanCorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $14,684,000 compared to $13,891,000 a year ago. Total interest income was $15,519,000 compared to $14,522,000 a year ago. Income before provision for income taxes was $4,299,000 compared to $5,153,000 a year ago. Net income attributable to the company was $214,000 or $0.03 per diluted share compared to $3,590,000 or $0.51 per diluted share a year ago. Return on average assets was 0.06% compared to 0.94% a year ago. Return on average shareholder's equity was 0.43% compared to 7.96% a year ago. Tangible book value per share as at December 31, 2016 was $25.70 compared to $24.70 per share a year ago. Book value per share as at December 31, 2016 was $28.06 compared to $27.07 a year ago.
For the year, the company reported net interest income was $57,678,000 compared to $56,357,000 a year ago. Total interest income was $60,108,000 compared to $58,918,000 a year ago. Income before provision for income taxes was $23,799,000 compared to $21,042,000 a year ago. Net income attributable to the company was $13,151,000 or $1.88 per diluted share compared to $14,411,000 or $2.06 per diluted share a year ago. Return on average assets was 0.87% compared to 0.96% a year ago. Return on average equity was 6.81% compared to 7.93% a year ago.
For the quarter, the company reported net loan charge-offs of $2,000 compared to $525,000 a year ago.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017