Northrim Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013
January 21, 2014 at 04:43 pm
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Northrim Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest income was $12,018,000 compared to $11,349,000 a year ago. Net interest income was $11,521,000 compared to $10,780,000 a year ago. Net interest income after provision for loan losses was $11,521,000 compared to $11,080,000 a year ago. Income before provision for income taxes was $3,621,000 compared to $4,868,000 a year ago. Net income was $2,579,000 compared to $3,280,000 a year ago. Net income attributable to the company was $2,681,000 or $0.40 per diluted share compared to $3,162,000 or $0.48 per diluted share a year ago. Book value per share was $22.05 compared to $20.93 a year ago. Tangible book value per share was $20.83 compared to $19.67 a year ago. Return on average assets was 0.89% compared to 1.11% a year ago. Return on average equity was 7.36% compared to 9.25% a year ago. Total revenues, which include net interest income plus other operating income, were flat at $14.3 million in the fourth quarter of 2013 as compared to the third quarter of 2013 but decreased by 5% from $15.1 million in the fourth quarter of 2012, in part due to a decline in mortgage originations at the company's residential mortgage affiliate.
For the year, the company's total interest income was $46,074,000 compared to $44,728,000 a year ago. Net interest income was $44,034,000 compared to $42,223,000 a year ago. Net interest income after provision for loan losses was $44,669,000 compared to $43,782,000 a year ago. Income before provision for income taxes was $17,689,000 compared to $19,614,000 a year ago. Net income was $12,412,000 compared to $13,458,000 a year ago. Net income attributable to the company was $12,325,000 or $1.87 per diluted share compared to $12,946,000 or $1.97 per diluted share a year ago. Return on average assets was 1.07% compared to 1.19% a year ago. Return on average equity was 8.75% compared to 9.85% a year ago. Total revenues, which include net interest income plus other operating income, declined 1% to $56.9 million for the full year 2013, compared to $57.7 million in 2012.
Loans measured for impairment totaled $8.8 million at December 31, 2013, compared to $11.0 million at September 30, 2013, and $13.1 million in the fourth quarter 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 Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013