Northrim BanCorp, Inc. (NRIM) has reported a 12.57 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $3.59 million, or $0.51 a share in the quarter, compared with $4.11 million, or $0.59 a share for the same period last year.
Revenue during the quarter went down marginally by 2.57 percent to $23.51 million from $24.13 million in the previous year period. Net interest income for the quarter dropped 3.53 percent over the prior year period to $13.89 million. Non-interest income for the quarter rose 2.52 percent over the last year period to $10.36 million.
Northrim BanCorp, Inc. has made provision of $0.74 million for loan losses during the quarter, up 97.61 percent from $0.38 million in the same period last year.
Net interest margin contracted 4 basis points to 4.01 percent in the quarter from 4.05 percent in the last year period. Efficiency ratio for the quarter deteriorated to 75.57 percent from 74.23 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Our franchise remains strong despite the slowing Alaskan economy," said Joseph Beedle, Chairman, President and CEO of Northrim Bancorp. "We believe that our credit discipline combined with our understanding of our economy and our customers, will serve us well as we navigate through this period of contraction. Our loan loss reserves are 2.02% of portfolio loans, almost twice the 1.03% ratio maintained by banks of our size across the nation1."
Assets outpace liabilities growth
Total assets stood at $1,526.54 million as on Dec. 31, 2016, up 1.80 percent compared with $1,499.49 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,339.83 million as on Dec. 31, 2016, up 1.33 percent from $1,322.28 million on Dec. 31, 2015.
Deposits outpace loan growth
Net loans stood at $955.32 million as on Dec. 31, 2016, down 0.76 percent compared with $962.63 million on Dec. 31, 2015. Deposits stood at $1,267.65 million as on Dec. 31, 2016, up 2.16 percent compared with $1,240.79 million on Dec. 31, 2015.
Investments stood at $332.12 million as on Dec. 31, 2016, up 13.73 percent or $40.10 million from year-ago. Shareholders equity stood at $186.71 million as on Dec. 31, 2016, up 5.36 percent or $9.50 million from year-ago.
Return on average assets moved down 11 basis points to 0.94 percent in the quarter from 1.05 percent in the last year period. At the same time, return on average equity decreased 141 basis points to 7.96 percent in the quarter from 9.37 percent in the last year period.
Nonperforming assets moved up 273.02 percent or $14.14 million to $19.32 million on Dec. 31, 2016 from $5.18 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.27 percent in the quarter, up from 0.35 percent in the last year period.
Book value per share was $27.07 for the quarter, up 5.04 percent or $1.30 compared to $25.77 for the same period last year.
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