Northrim BanCorp, Inc (NRIM) has reported a 41.99 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $3.10 million, or $0.44 a share in the quarter, compared with $5.34 million, or $0.77 a share for the same period last year.
Revenue during the quarter dropped 3.47 percent to $25.50 million from $26.41 million in the previous year period. Net interest income for the quarter dropped 3.19 percent over the prior year period to $14.21 million. Non-interest income for the quarter fell 3.80 percent over the last year period to $11.94 million.
Northrim BanCorp, Inc has made provision of $0.65 million for loan losses during the quarter, down 3.55 percent from $0.68 million in the same period last year.
Net interest margin contracted 21 basis points to 4.11 percent in the quarter from 4.32 percent in the last year period. Efficiency ratio for the quarter deteriorated to 80.89 percent from 66.93 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
References to tax equivalent NIM, tangible book value per share, tangible common equity and tangible assets (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these measures to GAAP financial measures. at the time of purchase due to higher than anticipated pretax income from RML's operations.” said Joseph Beedle, chairman, president and chief executive officer of Northrim Bancorp. “The cash paid to the sellers of RML for the earn-out payments does not change under this new reporting method, only the way the Company is accounting for it in its financial statements.”
Assets, liabilities remain almost stable
Total assets were almost flat at $1,540.12 million as on Sep. 30, 2016, when compared with the last year period. On the other hand, total liabilities stood at $1,354.36 million as on Sep. 30, 2016, down 0.70 percent from $1,363.92 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $977.60 million as on Sep. 30, 2016, up 2.28 percent compared with $955.83 million on Sep. 30, 2015. Deposits stood at $1,278.37 million as on Sep. 30, 2016, up 1.06 percent compared with $1,264.92 million on Sep. 30, 2015.
Investments stood at $303.22 million as on Sep. 30, 2016, up 27.95 percent or $66.23 million from year-ago. Shareholders equity stood at $185.76 million as on Sep. 30, 2016, up 5.94 percent or $10.42 million from year-ago.
Return on average assets moved down 61 basis points to 0.81 percent in the quarter from 1.42 percent in the last year period. At the same time, return on average equity decreased 564 basis points to 6.73 percent in the quarter from 12.37 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, up from 0.37 percent in the last year period.
Book value per share was $26.99 for the quarter, up 5.59 percent or $1.43 compared to $25.56 for the same period last year.
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