Northrim Bancorp Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 30, 2016 at 06:51 am IST
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Northrim BanCorp Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest income was $14,400,000 compared to $13,924,000 a year ago. Total interest income was $15,063,000 compared to $14,566,000 for the same period a year ago. Income before provision for income taxes was $5,899,000 compared to $9,129,000 a year ago. Net income attributable to the company was $4,106,000 or $0.59 per diluted share compared to $6,674,000 or $0.97 per diluted share a year ago. Tangible book value per share was $22.77 at December 31, 2015, compared to $23.99 per share as on December 31, 2014. Book value per share was $25.77 as on December 31, 2015 compared to $23.99 as on December 31, 2014. Return on average assets was 1.05% compared to 1.84% a year ago. Return on average equity was 9.37% compared to 16.40% a year ago. Excluding gains from acquisitions, securities and other asset sales, and merger related expenses, operating net income totaled $4,640,000 in the fourth quarter of 2015, or $0.67 per operating diluted share, compared to $5,390,000, or $0.78 per operating diluted share in the preceding quarter and $3,297,000 or $0.47 per operating diluted share in the fourth quarter of 2014. Total revenues were $24.5 million, up from $23.3 million reported for the same period last year.
For the year, the company reported net interest income was $56,909,000 compared to $52,293,000 a year ago. Total interest income was $59,780,000 compared to $54,346,000 for the same period a year ago. Income before provision for income taxes was $27,118,000 compared to $26,040,000 a year ago. Net income attributable to the company was $17,783,000 or $2.56 per diluted share compared to $17,408,000 or $2.54 per diluted share a year ago. Return on average assets was 1.20% compared to 1.30% a year ago. Return on average equity was 10.47% compared to 11.19% a year ago. In 2015, excluding gains from acquisitions, securities and other asset sales, and merger related expenses, operating net income increased 39% to $19,312,000, or $2.78 per operating diluted share, compared to $13,846,000, or $2.02 per operating diluted share in 2014.
For the fourth quarter, the company's net loan charge-offs for the 2015 fourth quarter were $72,000 compared to $20,000 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 Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015