Northrim reports strong third quarter

Posted: Wednesday, October 11, 2000

ANCHORAGE (AP) -- Northrim Bank reported third-quarter profits of $1.5 million, or up 6 percent from the same three months of a year ago.

Profits totaled $4.1 million for the first nine months of the year, up 20 percent.

Anchorage-based Northrim bought most Alaska assets, including eight branches, of Bank of America in June of last year, which has helped boost this year's results.

Nine-month profits per share were 74 cents, up 1 percent. Operating expenses were $5.2 million for the quarter, or down 7 percent.

''Since more than tripling the branch network last year, we have looked for ways to improve operations,'' said Marc Langland, Northrim's chief executive officer. ''Our focus on streamlining operations has paid off. This was the fourth consecutive quarter that operating expenses declined.''

As of Sept. 30, Northrim assets were $553 million, up 8 percent from a year earlier. Loans, a key asset, were $417 million, or up 4 percent.

Deposits were $493 million, up 10 percent, Northrim said.

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