Northrim News
September 16, 2011
Northrim BanCorp Named to Sandler O’Neill Bank and Thrift Sm-All Stars for 2011
ANCHORAGE, AK— September 15, 2011 __ Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its inclusion in the Sandler O’Neill and Partners Bank and Thrift Sm-All Stars - Class of 2011. Sandler O’Neill has identified Northrim as one of the 25 top performing, publicly traded small-cap banks and thrifts in the nation. Northrim is the only bank headquartered in the Pacific Northwest to earn this honor.
In its “Class of 2011 Bank and Thrift Sm-All Stars” report, Sandler O’Neill recognized Northrim among the top 25 best performing small capitalization institutions from a field of 486 publicly traded banks and thrifts in the U.S. with market capitalizations less than $2 billion. In making their selections, Sandler focused on growth, profitability, credit quality and capital strength. Commenting on this year’s selection, Sandler O’Neill said, “The performance metrics of the remaining 25 institutions are outstanding, with the Class of 2011 delivering bottom line results that are markedly better than the
industry as a whole, as shown below:”
| Performance Metrics: 2011 Sm-All Stars vs. Industry Medians | |||
|---|---|---|---|
| Last 12 Months | Sm-All Stars | All Banks & Thrifts | Northrim |
| NCOs/Avg. Loans | 0.35% | 0.95% | 0.43% |
| Reserves/NPAs | 97% | 55% | 106% |
| ROAE | 10.30% | 4.40% | 9.40% |
| NPAs/Loans & OREO | 1.40% | 3.29% | 2.31% |
| Deposit Growth | 7.40% | 1.80% | 3.80% |
| Loan Growth | 8.60% | -2.20% | 0.90% |
| EPS Growth | 35.70% | 18.00% | 33.60% |
Source: SNL DataSource and Sandler O'Neil calculations
“It is an honor to be recognized by Sandler O’Neill for our performance over the past year,” said Marc Langland, Northrim’s Chairman, President and Chief Executive Officer. “Sandler O’Neill is a well-respected source of research for community banks, and our placement on their Sm-All Star list reflects the hard work of all of our employees.”
Sandler O'Neill is a full-service investment banking firm to the financial industry. The firm is a market-maker in financial stocks and publishes equity and fixed income research focused on selected banks, thrifts and insurance companies, including equity research coverage on CASB. Additional information can be found on their website at www.sandleroneill.com.
Northrim Bancorp, with $1.05 billion in assets as of June 30, 2011, recently reported profits of $3.2 million, or $0.49 per diluted share in the second quarter of 2011, an increase of 49% from $2.1 million, or $0.33 per diluted share in the second quarter a year ago.
At June 30, 2011, Northrim maintained strong capital ratios with Tier 1 Capital/risk adjusted assets at 15.59%, up from 14.97% in the first quarter of 2011 and 14.77% in the second quarter a year ago.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, a commercial bank that provides personal and business banking services through locations in Anchorage, Eagle River, Wasilla, and Fairbanks, Alaska, and an asset based lending division in Washington. The bank differentiates itself with a “Customer First Service” philosophy. Affiliated companies include Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.
