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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,  D.C. 20549 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
 
April 29, 2019
Northrim BanCorp, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Alaska 
0-33501
92-0175752
________________________
(State or other jurisdiction
_____________
(Commission
_________________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
  
 
 
3111 C Street,  Anchorage,  Alaska 
 
99503
___________________________________
(Address of principal executive offices)
 
___________
(Zip Code)
Registrant’s telephone number, including area code:
 
907-562-0062
Not Applicable
___________________________________________________
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company     ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨







Item 2.02 Results from Operations and Financial Condition.

On April 29, 2019, Northrim BanCorp, Inc. announced by press release its earnings for the first quarter ended March 31, 2019.

A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements – not applicable
(b) Proforma financial information – not applicable
(c) Shell company transactions – not applicable
(d) Exhibit No.
 
Description
 
 
 
99.1
 
Press Release dated April 29, 2019










SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Northrim BanCorp, Inc.
  
 
 
 
 
April 29, 2019
 
By:
 
/s/ Jed W. Ballard
 
 
 
 
Name: Jed W. Ballard
 
 
 
 
Title: EVP, Chief Financial Officer







Exhibit Index

 
 
 
Exhibit No.
 
Description
 
 
 
 



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1


397707542_nrimpra06.jpg
Contact:
Joe Schierhorn, President, CEO, and COO
 
(907) 261-3308
 
Jed Ballard, Chief Financial Officer
 
(907) 261-3539
NEWS RELEASE

Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share, in 1Q19
Reflects Solid Contribution from Its Core Community Banking Franchise

ANCHORAGE, Alaska - April 29, 2019 - Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the "Company") today reported profits grew 6% to $4.3 million, or $0.62 per diluted share, in the first quarter of 2019 compared to $4.1 million, or $0.58 per diluted share, in the first quarter of 2018. The increase in profits was supported by an increase in the net interest margin ("NIM"), which was boosted by the repricing of short-term investments at higher interest rates and the increase in the yield and average balances of portfolio loans.

“Profitability in the first quarter of 2019 as compared to the first quarter of 2018 reflects an expanding net interest margin and moderate growth in loans and operating expenses,” said Joe Schierhorn, President and CEO. “While new loan originations were offset by payoffs and maturities in the first quarter, our pipeline of loans remains healthy.”


First Quarter 2019 Highlights:

Total revenue, which includes net interest income plus other operating income, decreased 2% to $23.3 million in the first quarter of 2019, compared to $23.9 million in the fourth quarter of 2018, and grew 7% from $21.7 million in the first quarter a year ago.
Community Banking provided 80% of total revenues and 100% of earnings in the first quarter of 2019.
Net interest income in the first quarter of 2019 increased 11% to $15.8 million from $14.3 million in the first quarter a year ago, mainly due to the higher yields on the loan and investment portfolios.
Net interest margin on a tax equivalent basis ("NIMTE”)* expanded to 4.89% in the first quarter of 2019, a 13-basis-point improvement, compared to the preceding quarter and a 56-basis-point improvement compared to the first quarter a year ago.
Return on average assets was 1.18% and return on average equity was 8.36% for the first quarter of 2019.
The Company repurchased 6,110 shares of its common stock in the first quarter of 2019 at an average price of $33.58, leaving 147,323 shares available under the previously announced repurchase authorization.






Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Financial Highlights
Three Months Ended
(Dollars in thousands, except per share data)
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
March 31, 2018
Total assets

$1,520,051


$1,502,988


$1,502,673


$1,470,440


$1,524,741

Total portfolio loans

$982,341


$984,346


$982,007


$967,702


$967,575

Average portfolio loans

$988,920


$981,407


$984,914


$963,724


$955,718

Total deposits

$1,228,018


$1,228,088


$1,233,268


$1,205,521


$1,260,790

Average deposits

$1,194,512


$1,233,479


$1,223,997


$1,217,903


$1,233,745

Total shareholders' equity

$208,838


$205,947


$203,242


$199,456


$194,973

Net income

$4,312


$4,848


$5,264


$5,830


$4,062

Diluted earnings per share

$0.62


$0.69


$0.75


$0.84


$0.58

Return on average assets
1.18
%
1.27
%
1.40
%
1.58
%
1.10
%
Return on average shareholders' equity
8.36
%
9.30
%
10.27
%
11.79
%
8.43
%
NIM
4.83
%
4.71
%
4.69
%
4.50
%
4.28
%
NIMTE*
4.89
%
4.76
%
4.74
%
4.56
%
4.33
%
Efficiency ratio
73.23
%
76.64
%
73.82
%
71.19
%
77.22
%
Total shareholders' equity/total assets
13.74
%
13.70
%
13.53
%
13.56
%
12.79
%
Tangible common equity/tangible assets*
12.81
%
12.76
%
12.58
%
12.60
%
11.85
%
Book value per share

$30.36


$29.92


$29.52


$29.02


$28.37

Tangible book value per share*

$28.01


$27.57


$27.17


$26.66


$26.01

Dividends per share

$0.30


$0.27


$0.27


$0.24


$0.24


* References to NIMTE, 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 non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 8.)

Alaska’s economy continues to show gradual signs of improvement with modest job gains, improving income growth and rising gross state product ("GSP"). According to the State Department of Labor, Alaska has registered year-over-year job gains for the first two months of 2019 after losing jobs for the prior 39 months. Average seasonally adjusted unemployment rates in Alaska through February of 2019 have been stable at 6.5%. “While job growth is modest, improving employment may signal the end of a three year recession in Alaska. In addition, per capita income and GSP figures began to rise in the second quarter of 2018,” stated Mark Edwards, Chief Credit Officer and Bank Economist.

“Alaska’s leading economic drivers in 2019 are expected to be tourism, military, and oil & gas activity,” Edwards continued. According to a State Department of Commerce report released in November of 2018, the Alaska tourism industry generated $4.5 billion in economic output in 2017. The number of visitors has grown for five consecutive years. The cruise industry is predicting 175,000 more passengers in 2019, for a growth rate of 16% from larger ships and more ports of call. 

“Alaska is also expected to benefit from increased levels of federal military and infrastructure spending,” Edwards noted.  Fairbanks has been positively impacted by the announced transfer of two F-35 squadrons to the local Eielson base between 2020 and 2022.  They expect an increase of approximately 50% in base population, adding 3,300 people to the current 6,800 (including families).  This is projected to require over $550 million in base construction and significant residential construction, both on and off base, according to presentations by officials at Eielson Air Force Base. 

Oil production generated $1.9 billion in unrestricted revenue for the State of Alaska in fiscal year ("FY") 2018. According to the State Department of Revenue, in FY 2019 the oil industry is expected to generate over $2.1 billion in unrestricted state revenue. North Slope production averaged 518,400 barrels per day in 2018, up from 508,446 barrels per day in 2015, but a decline of 1.5% from 2017. North Slope production is projected to average 511,500 barrels per day in FY 2019 and 529,500 barrels per day in FY 2020. Exploration and development activity in new fields



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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in the National Petroleum Reserve - Alaska is creating construction jobs and permanent positions as a result of the increase in direct investment.  

“We are encouraged by the improvements in several sectors of our economy. However, we are concerned about the potential impacts on the economy from the current state budget proposals,” said Schierhorn.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com
and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.


Review of Income Statement

Consolidated Income Statement

In the first quarter of 2019, Northrim generated a return on average assets ("ROAA") of 1.18% and a return on average equity ("ROAE") of 8.36%, compared to 1.27% and 9.30%, respectively in the fourth quarter of 2018 and 1.10% and 8.43%, respectively, in the first quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income, before the provision for loan losses, increased 11% to $15.8 million in the first quarter of 2019 compared to $14.3 million in the first quarter of 2018 and decreased slightly compared to $16.1 million in the fourth quarter of 2018.

NIMTE* was 4.89% in the first quarter of 2019 compared to 4.76% in the preceding quarter and 4.33% in the first quarter a year ago. The deployment of lower-yielding investments into more productive loans and higher-yielding securities and the repricing of variable rate loans and investments contributed to the increases in net interest income and NIMTE* in the first quarter of 2019 compared to prior quarters. The yield on interest earning assets in the first quarter improved to 5.23%, up 15 basis points from the fourth quarter of 2018 and 74 basis points year-over-year. The cost of funds increased in the first quarter of 2019 to 53 basis points, up three basis points from the preceding quarter and 28 basis points compared to the same quarter last year.

We are continuing to see some benefits of our relatively short duration loan and investment portfolios from the rising interest rates over the past two years,” said Jed Ballard, Chief Financial Officer. We also continue to closely monitor our cost of funds in our current interest rate environment.”

Provision for Loan Losses

Northrim recorded a $750,000 provision for loan losses in the first quarter of 2019, largely due to an increase in nonperforming loans and large borrower concentration. In the fourth quarter of 2018, Northrim recorded a benefit for loan losses of $200,000, and in the first quarter a year ago Northrim recorded no provision for loan losses. Nonperforming loans, net of government guarantees, increased during the quarter to $18.5 million at March 31, 2019, compared to $14.7 million at December 31, 2018, and decreased slightly from $18.6 million at March 31, 2018. The allowance for loan losses was 109% of nonperforming loans, net of government guarantees at March 31, 2019.





Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $7.5 million, or 32% of total first quarter 2019 revenues, as compared to $7.7 million, or 32% of revenues in the fourth quarter of 2018, and $7.5 million, or 34% of revenues in the first quarter of 2018. The primary drivers of changes in other operating income are variability in the mortgage market, which is seasonal and cyclical, and gains from the fair value changes of marketable equity securities. The fair value mark-to-market of the marketable equity securities portfolio increased other income by $534,000 in the first quarter of 2019, compared to a $490,000 reduction to other income in the fourth quarter of 2018. In the fourth quarter of 2018, the Company recorded for the first time in other operating income the fair value of its commercial loan servicing portfolio of $1.0 million. Going forward only the changes in the fair value of the Company's commercial loan servicing portfolio will be reflected in other operating income and are not expected to be significant.

Other Operating Expenses

Other operating expenses decreased 7% to $17.1 million in the first quarter of 2019, compared to $18.3 million in the fourth quarter of 2018 and increased modestly compared to $16.8 million in the first quarter of 2018. Reducing other operating expense during the first quarter of 2019 was a $316,000 net gain on the sale of an OREO property.

Income Tax Provision

For the first quarter of 2019, Northrim recorded $1.2 million in state and federal income tax expense for an effective tax rate of 21.2% compared to $868,000, or 17.6% in the year-ago quarter.


Community Banking

Net interest income in the Community Banking segment increased 10% to $15.5 million in the first quarter of 2019 from $14.0 million in the first quarter of 2018.

The following table provides highlights of the Community Banking segment of Northrim:
 
Three Months Ended
(Dollars in thousands, except per share data)
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
March 31, 2018
Net interest income

$15,488


$15,719


$15,358


$14,614


$14,036

Provision (benefit) for loan losses
750

(200
)

(300
)

Other operating income
3,235

3,199

2,770

2,836

2,518

Other operating expense
12,518

13,637

12,204

11,748

12,367

   Income before provision for income taxes
5,455

5,481

5,924

6,002

4,187

Provision for income taxes
1,155

824

996

882

659

   Net income

$4,300


$4,657


$4,928


$5,120


$3,528

Average diluted shares
6,981,951

6,990,319

6,990,633

6,976,985

6,968,082

Diluted earnings per share

$0.62


$0.66


$0.70


$0.74


$0.50



Home Mortgage Lending

“The Alaska housing market continues to show price stability throughout the state, and we experienced normal seasonality in the mortgage market with higher demand in the spring and summer and lower demand in autumn and winter,” said Jed Ballard, Chief Financial Officer. “Loan fundings have been trending down due to a variety of factors



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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including rising interest rates and low housing inventory levels. Loans funded in the first quarter of 2019 were $92.4 million, of which 84% were for new home purchases, compared to $109.1 million of which 82% were for new home purchases in the first quarter of 2018.

“Our mortgage servicing business, which was initiated in the fourth quarter of 2015 to service loans for the Alaska Housing Finance Corporation, continues to grow,” Ballard noted. As of March 31, 2019, Northrim serviced 2,339 loans in its $586.6 million home-mortgage-servicing portfolio, which is a 33% increase from the $439.6 million serviced a year ago. Mortgage servicing revenue increased to $1.7 million in the first quarter of 2019 compared to $1.2 million in the first quarter of 2018. Total mortgage servicing income fluctuates based on the amount of mortgage servicing rights originated during the period and changes in the fair value of mortgage servicing rights, which are driven by interest rate volatility and fluctuations in estimated prepayment speeds based on published industry metrics.

The following table provides highlights of the Home Mortgage Lending segment of Northrim:

 
Three Months Ended
(Dollars in thousands, except per share data)
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
March 31, 2018
Mortgage commitments

$66,319


$44,999


$69,026


$84,092


$64,819

Mortgage loans funded for sale

$92,447


$113,963


$156,301


$148,183


$109,069

Mortgage loan refinances to total fundings
16
%
10
%
9
%
8
%
18
%
Mortgage loans serviced for others

$586,595


$557,583


$516,008


$472,190


$439,561

 
 
 
 
 
 
Net realized gains on mortgage loans sold

$2,927


$3,156


$4,268


$4,052


$3,346

Change in fair value of mortgage loan commitments, net
356

(442
)
(66
)
32

316

Total production revenue
3,283

2,714

4,202

4,084

3,662

Mortgage servicing revenue
1,668

1,526

1,578

1,254

1,183

Change in fair value of mortgage servicing rights, net1
(674
)
145

(128
)
(118
)
(26
)
Total mortgage servicing revenue, net
994

1,671

1,450

1,136

1,157

Other mortgage banking revenue
21

134

251

258

125

   Total mortgage banking income

$4,298


$4,519


$5,903


$5,478


$4,944

 
 
 
 
 
 
Net interest income

$281


$418


$461


$375


$227

Mortgage banking income
4,298

4,519

5,903

5,478

4,944

Other operating expense
4,562

4,663

5,895

4,858

4,428

   Income before provision for income taxes
17

274

469

995

743

Provision for income taxes
5

83

133

285

209

   Net income

$12


$191


$336


$710


$534

 
 
 
 
 
 
Average diluted shares
6,981,951

6,990,319

6,990,633

6,976,985

6,968,082

Diluted earnings per share

$—


$0.03


$0.05


$0.10


$0.08

1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates, net of collection/realization of expected cash flows over time.


Balance Sheet Review

Northrim’s total assets were $1.52 billion at March 31, 2019, up marginally from the preceding quarter and nearly unchanged from a year ago. Northrim’s loan-to-deposit ratio remains at 80% at March 31, 2019, unchanged from December 31, 2018, and up from 77% at March 31, 2018.




Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Average interest-earning assets were $1.32 billion in the first quarter of 2019, down 3% from $1.36 billion at the end of the fourth quarter of 2018 and down 2% from the first quarter a year ago. The average yield on interest-earning assets was 5.23% in the first quarter of 2019, up from 5.08% in the preceding quarter and 4.49% in the like quarter a year ago.

Average investment securities totaled $280.4 million at March 31, 2019, unchanged from the fourth quarter of 2018 and a decrease of 11% from the first quarter a year ago. The average net tax equivalent yield on the securities portfolio improved to 2.65% for the first quarter of 2019, from 2.51% in the preceding quarter and 1.85% a year ago. The average estimated duration of the investment portfolio was 22 months, at March 31, 2019. “The benefits of higher yields from the rising interest rate environment the past few years is likely to moderate in the near term, although strong demand for short-to moderate term interest bearing instruments is providing some support for yields,” noted Ballard.

“During the first quarter of 2019, loan originations were more than offset by the rate of repayments that results from the short duration of the loan portfolio. In addition, a majority of the loan portfolio is adjustable rate, which has benefited yields as interest rates rise,” said Schierhorn. Portfolio loans were $982.3 million at March 31, 2019, down slightly from the preceding quarter and up 2% from a year ago. Average portfolio loans in the first quarter of 2019 were $988.9 million, up slightly from the preceding quarter and up 3% from a year ago. Yields on average portfolio loans in the first quarter of 2019 improved to 6.04% from 5.98% in the fourth quarter of 2018 and 5.52% in the first quarter of 2018.

Alaskans account for substantially all of Northrim’s deposit base, which is primarily made up of low-cost transaction accounts. Balances in transaction accounts at March 31, 2019, represented 90% of total deposits. At March 31, 2019, total deposits were $1.23 billion, level with balances at December 31, 2018, and down from $1.26 billion a year ago. Average interest-bearing deposits were up slightly to $800.5 million with an average cost of 0.48% in the first quarter of 2019, compared to $796.4 million and an average cost of 0.45% in the fourth quarter of 2018, and down 4% from $829.6 million and an average cost of 0.18% in the first quarter of 2018.

Shareholders’ equity increased 7% to $208.8 million, or $30.36 per share, at March 31, 2019, compared to $195.0 million, or $28.37 per share, a year ago. Tangible book value per share* was $28.01 at March 31, 2019, up from $26.01 per share a year ago. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” under the Basel III and Dodd Frank regulatory standards with Tier 1 Capital to Risk Adjusted Assets of 15.60% at March 31, 2019.


Asset Quality

Nonperforming assets ("NPAs") net of government guarantees increased to $25.5 million at March 31, 2019, compared to $22.6 million at the end of the preceding quarter, and improved slightly when compared to $26.1 million at March 31, 2018. Of the NPAs, $15.4 million or 61% are nonaccrual loans related to six commercial relationships. Two of these relationships, which totaled $6.6 million at the end of the first quarter of 2019, are businesses in the medical industry.

Net adversely classified loans improved to $27.1 million at the end of the first quarter of 2019 as compared to $27.2 million at the end of the fourth quarter of 2018 and $34.9 million one year ago. Net loan charge-offs in the first quarter of 2019 were $60,000 compared to $441,000 in the preceding quarter and $1.0 million in charge-offs in the year ago quarter. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. As of March 31, 2019, $19.9 million, or 74% of net adversely classified loans are attributable to seven relationships with four loans to commercial businesses, two loans to medical businesses, and one loan to an oilfield services commercial business.

Performing restructured loans that were not included in nonaccrual loans at the end of the first quarter of 2019 were $3.4 million, unchanged from the preceding quarter and down from $9.2 million a year ago. The decrease in the first quarter of 2019 compared to the year ago quarter is primarily due to the repayment of two commercial relationships.



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as restructured loans. The Company presents restructured loans that are performing separately from those that are classified as nonaccrual to provide more information on this category of loans and to differentiate between accruing performing and nonperforming restructured loans.

Northrim estimates that $67.6 million, or approximately 7% of portfolio loans as of March 31, 2019, had direct exposure to the oil and gas industry in Alaska, and $1.7 million of these loans are adversely classified. As of March 31, 2019, Northrim has an additional $29.1 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be adversely classified loans. “We are encouraged by recent oil and gas activity in Alaska. We continue to define direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that we have identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry,” added Ballard.


About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 15 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. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements.  When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements.  Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct.  Forward looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements.  These risks and uncertainties include: our ability to maintain strong asset quality and to maintain or expand our market share or net interest margins; and our ability to execute our business plan.  Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy as those factors relate to our cost of funds and return on assets.  In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates.  Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and from time to time are disclosed in our other filings with the Securities and Exchange Commission.  However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.


References:

https://www.alaskanomics.com/alaskas-economy/

http://labor.alaska.gov/trends/apr19.pdf

http://www.tax.alaska.gov/programs/oil/dailyoil/dailyoil.aspx

https://www.akrdc.org/oil-and-gas

http://live.laborstats.alaska.gov/qcew/

https://www.adn.com/politics/2019/02/13/gov-dunleavy-launches-massive-budget-cut-plan/







Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
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Income Statement
 
 
 
(Dollars in thousands, except per share data)
Three Months Ended
(Unaudited)
March 31,
December 31,
March 31,
 
2019
2018
2018
Interest Income:
 
 
 
     Interest and fees on loans

$14,977


$15,251


$13,263

     Interest on portfolio investments
1,758

1,662

1,348

     Interest on deposits in banks
143

294

184

          Total interest income
16,878

17,207

14,795

Interest Expense:
 
 
 
     Interest expense on deposits
938

894

372

     Interest expense on borrowings
171

176

160

          Total interest expense
1,109

1,070

532

          Net interest income
15,769

16,137

14,263

 
 
 
 
Provision (benefit) for loan losses
750

(200
)

          Net interest income after provision for loan losses
15,019

16,337

14,263

 
 
 
 
Other Operating Income:
 
 
 
     Mortgage banking income
4,298

4,519

4,944

     Purchased receivable income
809

781

840

     Bankcard fees
650

755

625

     Service charges on deposit accounts
413

371

354

     Gain (loss) on marketable equity securities
534

(490
)

     Commercial servicing revenue
122

1,135

87

     Gain on sale of securities
23



     Other income
684

647

612

          Total other operating income
7,533

7,718

7,462

 
 
 
 
Other Operating Expense:
 
 
 
     Salaries and other personnel expense
11,302

11,442

10,585

     Occupancy expense
1,771

1,729

1,700

     Data processing expense
1,679

1,661

1,548

     Professional and outside services
556

673

499

     Marketing expense
419

857

632

     Insurance expense
258

217

296

     Intangible asset amortization expense
15

17

18

     OREO expense, net rental income and gains on sale
(320
)
101

103

     Other operating expense
1,400

1,603

1,414

          Total other operating expense
17,080

18,300

16,795

 
 
 
 
          Income before provision for income taxes
5,472

5,755

4,930

     Provision for income taxes
1,160

907

868

          Net income

$4,312


$4,848


$4,062

 
 
 
 
          Basic EPS

$0.63


$0.70


$0.59

          Diluted EPS

$0.62


$0.69


$0.58

          Average basic shares
6,879,619

6,888,762

6,871,963

          Average diluted shares
6,981,951

6,990,319

6,968,082











Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
10 of 16


Balance Sheet
 
 
 
(Dollars in thousands)
 
 
 
(Unaudited)
March 31,
December 31,
March 31,
 
2019
2018
2018
 
 
 
 
Assets:
 
 
 
     Cash and due from banks

$30,266


$26,771


$15,170

     Interest bearing deposits in other banks
48,667

50,767

68,792

     Investment securities available for sale
274,441

271,610

297,573

     Marketable equity securities
7,798

7,265

5,527

     Investment in Federal Home Loan Bank stock
2,071

2,101

2,105

     Loans held for sale
30,211

34,710

41,216

     Portfolio loans
982,341

984,346

967,575

     Allowance for loan losses
(20,209
)
(19,519
)
(20,449
)
          Net portfolio loans
962,132

964,827

947,126

     Purchased receivables, net
21,286

14,406

19,412

     Mortgage servicing rights
11,254

10,821

8,039

     Other real estate owned, net
7,043

7,962

8,815

     Premises and equipment, net
38,978

39,090

37,331

     Lease right of use asset
15,485



     Goodwill and intangible assets
16,139

16,154

16,207

     Other assets
54,280

56,504

57,428

          Total assets
$1,520,051
$1,502,988
$1,524,741
 
 
 
 
Liabilities:
 
 
 
     Demand deposits

$417,068


$420,988


$433,046

     Interest-bearing demand
247,630

248,056

244,601

     Savings deposits
237,510

239,054

246,981

     Money market deposits
204,567

206,717

239,242

     Time deposits
121,243

113,273

96,920

          Total deposits
1,228,018

1,228,088

1,260,790

     Securities sold under repurchase agreements
34,621

34,278

31,018

     Other borrowings
7,200

7,241

7,338

     Junior subordinated debentures
10,310

10,310

10,310

     Lease liability
15,358



     Other liabilities
15,706

17,124

20,312

          Total liabilities
1,311,213

1,297,041

1,329,768

 
 
 
 
Shareholders' Equity:
 
 
 
          Total shareholders' equity
208,838

205,947

194,973

          Total liabilities and shareholders' equity

$1,520,051


$1,502,988


$1,524,741

 
 
 
 



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
11 of 16


Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Investments
 
 
 
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
March 31, 2018
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
U.S. Treasury securities

$55,037

19.5
%
 

$54,863

19.7
%
 

$49,603

16.4
%
U.S. Agency securities
157,260

55.7
%
 
153,997

55.1
%
 
193,715

63.9
%
Corporate securities
40,337

14.3
%
 
39,780

14.3
%
 
34,469

11.4
%
Marketable equity securities
7,798

2.8
%
 
7,265

2.6
%
 
5,527

1.8
%
Collateralized loan obligations
17,909

6.3
%
 
13,886

5.0
%
 
6,010

2.0
%
Alaska municipality, utility, or state bonds
3,748

1.3
%
 
4,710

1.7
%
 
9,160

3.0
%
Other municipality, utility, or state bonds
150

0.1
%
 
4,374

1.6
%
 
4,616

1.5
%
   Total portfolio investments

$282,239

 
 

$278,875

 
 

$303,100

 
 
 
 
 
 
 
 
 
 

Composition of Portfolio Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
Commercial loans

$344,164

35
%
 

$342,420

35
%
 

$333,132

34
%
 

$327,733

34
%
 

$316,081

33
%
CRE owner occupied loans
130,141

13
%
 
126,414

13
%
 
130,166

13
%
 
127,384

13
%
 
132,589

14
%
CRE nonowner occupied loans
360,071

37
%
 
367,759

37
%
 
382,313

39
%
 
385,648

40
%
 
395,915

40
%
Construction loans
109,404

11
%
 
109,367

11
%
 
97,976

10
%
 
89,433

9
%
 
85,257

9
%
Consumer loans
42,861

4
%
 
42,873

4
%
 
42,775

4
%
 
41,711

4
%
 
41,841

4
%
   Subtotal
986,641

 
 
988,833

 
 
986,362

 
 
971,909

 
 
971,683

 
Unearned loan fees, net
(4,300
)
 
 
(4,487
)
 
 
(4,355
)
 
 
(4,207
)
 
 
(4,108
)
 
     Total portfolio loans

$982,341

 
 

$984,346

 
 

$982,007

 
 

$967,702

 
 

$967,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Composition of Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
 
Balance
% of total
Demand deposits

$417,068

34
%
 

$420,988

35
%
 

$450,409

36
%
 

$401,925

33
%
 

$433,046

34
%
Interest-bearing demand
247,630

20
%
 
248,056

20
%
 
240,974

20
%
 
246,628

20
%
 
244,601

19
%
Savings deposits
237,510

19
%
 
239,054

19
%
 
233,611

19
%
 
237,978

20
%
 
246,981

20
%
Money market deposits
204,567

17
%
 
206,717

17
%
 
208,614

17
%
 
223,189

19
%
 
239,242

19
%
Time deposits
121,243

10
%
 
113,273

9
%
 
99,660

8
%
 
95,801

8
%
 
96,920

8
%
   Total deposits

$1,228,018

 
 

$1,228,088

 
 

$1,233,268

 
 

$1,205,521

 
 

$1,260,790

 



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
12 of 16


Additional Financial Information
(Dollars in thousands)
(Unaudited)
Asset Quality
 
 
 
 
 
 
 
March 31,
 
December 31,
 
March 31,
 
 
2019
 
2018
 
2018
 
     Nonaccrual loans

$19,516

 

$15,210

 

$18,895

 
     Loans 90 days past due and accruing

 

 
84

 
          Total nonperforming loans
19,516

 
15,210

 
18,979

 
             Nonperforming loans guaranteed by government
(1,038
)
 
(516
)
 
(412
)
 
                Net nonperforming loans
18,478

 
14,694

 
18,567

 
     Other real estate owned
7,043

 
7,962

 
8,815

 
     Repossessed assets
1,242

 
1,242

 

 
             Other real estate owned guaranteed by government
(1,279
)
 
(1,279
)
 
(1,280
)
 
                Net nonperforming assets

$25,484

 

$22,619

 

$26,102

 
     Nonperforming loans / portfolio loans, net of government guarantees
1.88

%
1.49

%
1.92

%
     Nonperforming assets / total assets, net of government guarantees
1.68

%
1.50

%
1.71

%
 
 
 
 
 
 
 
     Performing restructured loans

$3,368

 

$3,413

 

$9,162

 
     Nonperforming loans plus performing restructured loans, net of government
 
 
 
 
 
 
     guarantees

$21,846

 

$18,107

 

$27,729

 
     Nonperforming loans plus performing restructured loans / portfolio loans, net of
 
 
 
 
 
 
     government guarantees
2.22

%
1.84

%
2.87

%
     Nonperforming assets plus performing restructured loans / total assets, net of
 
 
 
 
 
 
     government guarantees
1.90

%
1.73

%
2.31

%
 
 
 
 
 
 
 
     Adversely classified loans, net of government guarantees

$27,080

 

$27,217

 

$34,934

 
     Loans 30-89 days past due and accruing, net of government guarantees /
 
 
 
 
 
 
     portfolio loans
0.36

%
0.36

%
0.92

%
 
 
 
 
 
 
 
     Allowance for loan losses / portfolio loans
2.06

%
1.98

%
2.11

%
     Allowance for loan losses / nonperforming loans, net of government guarantees
109

%
133

%
110

%
 
 
 
 
 
 
 
     Gross loan charge-offs for the quarter

$109

 

$713

 

$1,104

 
     Gross loan recoveries for the quarter

($49
)
 

($272
)
 

($92
)
 
     Net loan (recoveries) charge-offs for the quarter

$60

 

$441

 

$1,012

 
     Net loan (recoveries) charge-offs for the quarter / average loans, for the quarter
0.01

%
0.04

%
0.11

%




Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
13 of 16


Additional Financial Information
(Dollars in thousands)
(Unaudited)
Nonperforming Assets Rollforward
 
 
 
 
 
 
 
 
 
 
 
Writedowns
Transfers to
Transfers to
 
 
 
Balance at December 31, 2018
Additions this quarter
Payments this quarter
/Charge-offs
 this quarter
OREO/ REPO
Performing Status
this quarter
Sales this quarter
Balance at March 31, 2019
Commercial loans

$12,671


$2,029


($1,765
)

($109
)

$—


$—


($1,400
)

$11,426

Commercial real estate
2,273

2,990






5,263

Construction loans

2,423






2,423

Consumer loans
266

152

(14
)




404

Non-performing loans guaranteed by government
(516
)
(694
)
172





(1,038
)
   Total non-performing loans
14,694

6,900

(1,607
)
(109
)


(1,400
)
18,478

Other real estate owned
7,962






(919
)
7,043

Repossessed assets
1,242







1,242

Other real estate owned guaranteed
 
 
 
 
 
 
 
 
by government
(1,279
)






(1,279
)
   Total non-performing assets,
 
 
 
 
 
 
 
 
   net of government guarantees

$22,619


$6,900


($1,607
)

($109
)

$—


$—


($2,319
)

$25,484



The following table details loan charge-offs, by industry:
Loan Charge-offs by Industry
 
 
 
 
 
Three Months Ended
 
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
March 31, 2018
Charge-offs:
 
 
 
 
 
Remediation services

$89


$—


$—


$—


$—

Transportation and warehousing

362




Other services



78


Excavation and construction
20

320




Health care and social assistance




965

Consumer

31

9

22

139

   Total charge-offs

$109


$713


$9


$100


$1,104








Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
14 of 16


Additional Financial Information
(Dollars in thousands)
(Unaudited)
Average Balances, Yields, and Rates
 
 
 
 
 
 
 
 
 
Three Months Ended
 
March 31, 2019
 
December 31, 2018
 
March 31, 2018
 
 
Average
 
 
Average
 
 
Average
 
Average
Tax Equivalent
 
Average
Tax Equivalent
 
Average
Tax Equivalent
 
Balance
Yield/Rate
 
Balance
Yield/Rate
 
Balance
Yield/Rate
Assets
 
 
 
 
 
 
 
 
Interest bearing deposits in other banks

$24,199

2.36
%
 

$51,441

2.23
%
 

$48,177

1.53
%
Portfolio investments
280,419

2.65
%
 
280,831

2.51
%
 
314,099

1.85
%
Loans held for sale
31,203

4.52
%
 
46,230

4.59
%
 
34,503

3.73
%
Portfolio loans
988,920

6.04
%
 
981,407

5.98
%
 
955,718

5.52
%
   Total interest-earning assets
1,324,741

5.23
%
 
1,359,909

5.08
%
 
1,352,497

4.49
%
Nonearning assets
162,241

 
 
149,695

 
 
141,588

 
   Total assets

$1,486,982

 
 

$1,509,604

 
 

$1,494,085

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
Interest-bearing deposits

$800,488

0.48
%
 

$796,362

0.45
%
 

$829,545

0.18
%
Borrowings
51,515

1.32
%
 
52,400

1.32
%
 
46,263

1.38
%
   Total interest-bearing liabilities
852,003

0.53
%
 
848,762

0.50
%
 
875,808

0.25
%
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand deposits
394,024

 
 
437,116

 
 
404,200

 
Other liabilities
31,710

 
 
16,886

 
 
18,581

 
Shareholders' equity
209,245

 
 
206,840

 
 
195,496

 
   Total liabilities and shareholders' equity

$1,486,982

 
 

$1,509,604

 
 

$1,494,085

 
   Net spread
 
4.70
%
 
 
4.58
%
 
 
4.24
%
   NIM
 
4.83
%
 
 
4.71
%
 
 
4.28
%
   NIMTE*
 
4.89
%
 
 
4.76
%
 
 
4.33
%
   Average portfolio loans to average
 
 
 
 
 
 
 
 
        interest-earning assets
74.65
%
 
 
72.17
%
 
 
70.66
%
 
   Average portfolio loans to average total deposits
82.79
%
 
 
79.56
%
 
 
77.46
%
 
   Average non-interest deposits to average
 
 
 
 
 
 
 
 
         total deposits
32.99
%
 
 
35.44
%
 
 
32.76
%
 
   Average interest-earning assets to average
 
 
 
 
 
 
 
 
         interest-bearing liabilities
155.49
%
 
 
160.22
%
 
 
154.43
%
 

The components of the change in NIMTE* are detailed in the table below:

 
1Q19 vs. 4Q18
1Q19 vs. 1Q18
Nonaccrual interest adjustments
(0.03
)%
(0.01
)%
Interest rates and loan fees
0.09
 %
0.45
 %
Volume and mix of interest-earning assets
0.07
 %
0.12
 %
Change in NIMTE*
0.13
 %
0.56
 %






Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
15 of 16


Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)
Capital Data (At quarter end)
 
 
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
March 31, 2018
 
Book value per share

$30.36

 

$29.92

 

$28.37

 
Tangible book value per share*

$28.01

 

$27.57

 

$26.01

 
Total shareholders' equity/total assets
13.74

%
13.70

%
12.79

%
Tangible Common Equity/Tangible Assets*
12.81

%
12.76

%
11.85

%
Tier 1 Capital / Risk Adjusted Assets
15.60

%
15.47

%
14.88

%
Total Capital / Risk Adjusted Assets
16.86

%
16.73

%
16.14

%
Tier 1 Capital / Average Assets
13.86

%
13.40

%
12.82

%
Shares outstanding
6,878,829

 
6,883,216

 
6,871,963

 
Unrealized loss on AFS debt securities, net of income taxes

($59
)
 

($1,127
)
 

($1,530
)
 
Unrealized gain on derivatives and hedging activities

$214

 

$607

 

$651

 

Profitability Ratios
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
For the quarter:
 
 
 
 
 
 
 
 
 
 
     NIM
4.83
%
4.71
%
4.69
%
4.50
%
4.28
%
     NIMTE*
4.89
%
4.76
%
4.74
%
4.56
%
4.33
%
     Efficiency ratio
73.23
%
76.64
%
73.82
%
71.19
%
77.22
%
     Return on average assets
1.18
%
1.27
%
1.40
%
1.58
%
1.10
%
     Return on average equity
8.36
%
9.30
%
10.27
%
11.79
%
8.43
%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis ("NIMTE") is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in 2019 and 2018, respectively. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin.

 
Three Months Ended
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
Net interest income

$15,769

 

$16,137

 

$15,819

 

$14,989

 

$14,263

Divided by average interest-bearing assets
1,324,741

 
1,359,909

 
1,338,219

 
1,335,181

 
1,352,497

Net interest margin ("NIM")2
4.83
%
 
4.71
%
 
4.69
%
 
4.50
%
 
4.28
%
 
 
 
 
 
 
 
 
 
 
Net interest income

$15,769

 

$16,137

 

$15,819

 

$14,989

 

$14,263

Plus: reduction in tax expense related to
 

 
 

 
 

 
 

 
 

     tax-exempt interest income
188

 
196

 
182

 
175

 
173

 

$15,957

 

$16,333

 

$16,001

 

$15,164

 

$14,436

Divided by average interest-bearing assets
1,324,741

 
1,359,909

 
1,338,219

 
1,335,181

 
1,352,497

NIMTE2
4.89
%
 
4.76
%
 
4.74
%
 
4.56
%
 
4.33
%

2Calculated using actual days in the quarter divided by 365 for quarters ended in 2019 and 2018.



Northrim BanCorp Earns $4.3 Million, or $0.62 per Diluted Share in 1Q19
April 29, 2019
16 of 16


*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value

Tangible book value is a non-GAAP measure defined as shareholders' equity, less intangible assets, divided by shares outstanding. The following table sets forth the reconciliation of tangible book value per share and book value per share.
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
Total shareholders' equity

$208,838

 

$205,947

 

$203,242

 

$199,456

 

$194,973

Divided by shares outstanding
6,879

 
6,883

 
6,884

 
6,873

 
6,872

Book value per share

$30.36

 

$29.92

 

$29.52

 

$29.02

 
$28.37

 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
Total shareholders' equity

$208,838

 

$205,947

 

$203,242

 

$199,456

 

$194,973

Less: goodwill and intangible assets
16,139

 
16,154

 
16,171

 
16,189

 
16,207

 

$192,699

 

$189,793

 

$187,071

 

$183,267

 

$178,766

Divided by shares outstanding
6,879

 
6,883

 
6,884

 
6,873

 
6,872

Tangible book value per share

$28.01

 

$27.57

 

$27.17

 

$26.66

 
$26.01


Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. This ratio has received more attention over the past several years from stock analysts and regulators. The most comparable GAAP measure of shareholders' equity to total assets is calculated by dividing total shareholders' equity by total assets.

Northrim BanCorp, Inc.

March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
Total shareholders' equity

$208,838

 

$205,947

 

$203,242

 

$199,456

 

$194,973

Total assets
1,520,051

 
1,502,988

 
1,502,673

 
1,470,440

 
1,524,741

Total shareholders' equity to total assets
13.74
%
 
13.70
%
 
13.53
%
 
13.56
%
 
12.79
%

Northrim BanCorp, Inc.

March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
Total shareholders' equity

$208,838

 

$205,947

 

$203,242

 

$199,456

 

$194,973

Less: goodwill and other intangible assets, net
16,139

 
16,154

 
16,171

 
16,189

 
16,207

Tangible common shareholders' equity

$192,699

 

$189,793

 

$187,071

 

$183,267

 

$178,766

 
 
 
 
 
 
 
 
 
 
Total assets

$1,520,051

 

$1,502,988

 

$1,502,673

 

$1,470,440

 

$1,524,741

Less: goodwill and other intangible assets, net
16,139

 
16,154

 
16,171

 
16,189

 
16,207

Tangible assets

$1,503,912

 

$1,486,834

 

$1,486,502

 

$1,454,251

 

$1,508,534

Tangible common equity ratio
12.81
%
 
12.76
%
 
12.58
%
 
12.60
%
 
11.85
%


-0-
Note Transmitted on GlobeNewswire on April 29, 2019, at 12:15 pm Alaska Standard Time.


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