ANCHORAGE, Ala., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) (Northrim), the bank holding company for Northrim Bank, today updated its reported full year income statement to include the line items for salaries and other personnel expenses, other expenses and average basic shares outstanding. The full table follows:
| Income Statement | |||
| (Dollars in thousands, except per share data) | Year Ended December 31, | ||
| (Unaudited) | One Year | ||
| 2010 | 2009 | % Change | |
| Interest Income: | |||
| Interest and fees on loans | $44,926 | $48,830 | -8% |
| Interest on portfolio investments | 4,594 | 4,499 | 2% |
| Interest on overnight investments | 178 | 161 | 11% |
| Total interest income | 49,698 | 53,490 | -7% |
| Interest Expense: | |||
| Interest expense on deposits | 4,673 | 5,801 | -19% |
| Interest expense on borrowings | 812 | 1,268 | -36% |
| Total interest expense | 5,485 | 7,069 | -22% |
| Net interest income | 44,213 | 46,421 | -5% |
| Provision for loan losses | 5,583 | 7,066 | -21% |
| Net interest income after provision for loan losses | 38,630 | 39,355 | -2% |
| Other Operating Income: | |||
| Service charges on deposit accounts | 2,636 | 2,983 | -12% |
| Purchased receivable income | 1,839 | 2,106 | -13% |
| Employee benefit plan income | 1,900 | 1,739 | 9% |
| Electronic banking Income | 1,758 | 1,542 | 14% |
| Equity in earnings from mortgage affiliate | 1,401 | 2,349 | -40% |
| Gain on sale of securities | 649 | 220 | 195% |
| Other income | 2,194 | 2,145 | 2% |
| Total other operating income | 12,377 | 13,084 | -5% |
| Other Operating Expense: | |||
| Salaries and other personnel expense | 21,637 | 22,174 | -2% |
| Occupancy expense | 3,704 | 3,687 | 0% |
| Insurance expense | 1,902 | 2,715 | -30% |
| Marketing expense | 1,782 | 1,317 | 35% |
| Professional and outside services | 1,315 | 1,798 | -27% |
| Equipment expense | 1,116 | 1,218 | -8% |
| Impairment on purchased receivables, net | 402 | -- | NA |
| Intangible asset amortization expense | 299 | 323 | -7% |
| OREO expense, net rental income and gains on sale | (1,145) | 1,119 | -202% |
| Prepayment penalty on FHLB advance repayment | -- | 718 | -100% |
| Other expense | 6,612 | 6,288 | 5% |
| Total other operating expense | 37,624 | 41,357 | -9% |
| Income before provision for income taxes | 13,383 | 11,082 | 21% |
| Provision for income taxes | 3,918 | 2,967 | 32% |
| Net income | 9,465 | 8,115 | 17% |
| Less: Net income attributable to the noncontrolling interest | 399 | 388 | 3% |
| Net income attributable to Northrim BanCorp | $9,066 | $7,727 | 17% |
| Basic EPS | $1.42 | $1.22 | 16% |
| Diluted EPS | $1.40 | $1.20 | 17% |
| Average basic shares | 6,398,329 | 6,345,948 | 1% |
| Average diluted shares | 6,480,905 | 6,417,057 | 1% |