Northrim BanCorp Reports Second Quarter Profits of $1.4 Million, or $0.23 Per Share

ANCHORAGE, Alaska, July 24, 2008 (PRIME NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today reported a decline in its earnings due to lower net interest income and higher loan loss provisions and expenses that were offset in part by an increase in other operating income. After a $2.0 million provision for loan loss reserves and a $977,000 write down associated with other real estate owned ("OREO") projects, second quarter net income was $1.4 million, or $0.23 per diluted share, compared to net income of $3.1 million, or $.48 per diluted share, after a $1.3 million provision for loan loss reserves in the second quarter of 2007. For the first half of 2008, Northrim earned $3.6 million after booking a $3.7 million provision for loan loss reserves, or $0.56 per diluted share, compared to net income of $5.9 million after... [read full story]