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Northrim BanCorp Updates 2010 Income Statement



ANCHORAGE, Ala., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp,
Inc. (Nasdaq:NRIM) (Northrim), the bank holding company for Northrim
Bank, today updated its reported full year income statement to include
the line items for salaries and other personnel expenses, other
expenses and average basic shares outstanding. The full table follows:




Income Statement
-------------------------------
(Dollars in thousands, except
per share data) Year Ended December 31,
----------------------------
One
(Unaudited) Year

%
2010 2009 Change
--------- --------- ------
Interest Income:
Interest and fees on loans $44,926 $48,830 -8%
Interest on portfolio
investments 4,594 4,499 2%
Interest on overnight
investments 178 161 11%
--------- --------- ------
Total interest income 49,698 53,490 -7%
Interest Expense:
Interest expense on deposits 4,673 5,801 -19%

Interest expense on borrowings 812 1,268 -36%
--------- --------- ------

Total interest expense 5,485 7,069 -22%
--------- --------- ------
Net interest income 44,213 46,421 -5%


Provision for loan losses 5,583 7,066 -21%
--------- --------- ------
Net interest income after
provision for loan losses 38,630 39,355 -2%

Other Operating Income:
Service charges on deposit
accounts 2,636 2,983 -12%
Purchased receivable income 1,839 2,106 -13%
Employee benefit plan income 1,900 1,739 9%
Electronic banking Income 1,758 1,542 14%
Equity in earnings from
mortgage affiliate 1,401 2,349 -40%
Gain on sale of securities 649 220 195%

Other income 2,194 2,145 2%
--------- --------- ------
Total other operating income 12,377 13,084 -5%

Other Operating Expense:
Salaries and other personnel
expense 21,637 22,174 -2%
Occupancy expense 3,704 3,687 0%
Insurance expense 1,902 2,715 -30%
Marketing expense 1,782 1,317 35%
Professional and outside
services 1,315 1,798 -27%
Equipment expense 1,116 1,218 -8%
Impairment on purchased
receivables, net 402 -- NA
Intangible asset amortization
expense 299 323 -7%
OREO expense, net rental
income and gains on sale (1,145) 1,119 -202%
Prepayment penalty on FHLB
advance repayment -- 718 -100%

Other expense 6,612 6,288 5%
--------- --------- ------
Total other operating
expense 37,624 41,357 -9%

Income before provision for
income taxes 13,383 11,082 21%
--------- --------- ------

Provision for income taxes 3,918 2,967 32%
--------- --------- ------

Net income 9,465 8,115 17%
--------- --------- ------
Less: Net income
attributable to the
noncontrolling interest 399 388 3%
--------- --------- ------
Net income attributable to
Northrim BanCorp $9,066 $7,727 17%
--------- --------- ------

Basic EPS $1.42 $1.22 16%
Diluted EPS $1.40 $1.20 17%
Average basic shares 6,398,329 6,345,948 1%
Average diluted shares 6,480,905 6,417,057 1%

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