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News Article | January 30, 2017
Site: globenewswire.com

ANCHORAGE, Alaska, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today announced that Joseph Beedle, Chairman, President and CEO of Northrim Bancorp, Joe Schierhorn, Northrim Bank’s President and CEO, and Michael Martin, EVP and COO, will attend the FIG Partners’ 8th Annual West Coast Bank CEO Forum at the Omni Hotel in Los Angeles on February 1 and 2, 2017.  Beedle is scheduled to participate on the Pacific Northwest Banks panel Thursday, February 2, 2017, at 12:45 p.m. PST. For more information on the conference, or to schedule a one-on-one meeting, please contact your FIG representative, or Cathy Jeff at 404-601-7200. Today, Northrim reported that net income attributable to the Company declined to $14.4 million, or $2.06 per diluted share in 2016 compared to $17.8 million, or $2.56 per diluted share in 2015.  Approximately half of the decline in  earnings in 2016, or $0.26 per diluted share, was due to a previously disclosed non-cash accounting correction and the related change in accounting treatment that was discussed in the third quarter results for the earn-out payments associated with the Company's 2014 acquisition of Residential Mortgage Holding Company, LLC ("RML").  The remainder of the decline in earnings in 2016 compared to 2015 was mostly the result of a decrease in net interest income in 2016 primarily due to reduced loan growth, an increase in the provision for loan losses in part due to increased nonperforming assets and the continued softening in the Alaskan economy, a decrease in other operating income primarily due to lower gains recognized on the disposition of previously acquired loans, and an increase in operating expenses. FIG Partners LLC is an employee-owned broker/dealer specializing in financial institutions. Its expertise includes independent research on more than 120 public bank stocks and the industry at large.  FIG has advised on more than $2.6 billion of M&A transaction value since 2007 and provides OTC market-making for 750 banks nationwide. Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 14 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka serving 90% of Alaska’s population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Affiliated companies include Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.


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