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NORTHRIM BANK PROFITABLE IN FOURTH QUARTER

 NORTHRIM BANK PROFITABLE IN FOURTH QUARTER
 ANCHORAGE, Alaska, Jan. 17 /PRNewswire/ -- Northrim Bank


(NASDAQ: NRIM) did what few banks manage to do in their first year -- it became a profitable business, according to Chairman Arnold Espe. "We are pleased to announce that Northrim made a profit during the fourth quarter of 1991," he said.
 Assets exceeded the bank's goal of $50 million by year-end. Total assets increased from $44.2 million at the end of the third quarter of 1991 to $52.1 million at Dec. 31, 1991; total assets increased $38.9 million from Dec. 31, 1990.
 Deposits increased from $37.8 million at the end of the third quarter to $45.4 million at the end of the fourth quarter of 1991. This represents an increase of 20 percent during the last quarter of the year and a $39.8 million increase since December 31, 1990.
 Loans grew from $23.8 million at the end of the third quarter to $36.8 million at the end of the fourth quarter, a growth of 55 percent. This increase can be attributed to strong loan demand as well as the acquisition of $5 million in performing mortgage loans purchased from the FDIC early in the quarter. Loans totaled $413 thousand at Dec. 31, 1990.
 Northrim experienced a steady decline in operating losses during the first, second and third quarters, with a profit attained for the fourth quarter. The loss for the third quarter of 1991 was $282,000 compared to a profit of $19,000 during the fourth quarter.
 The profitable fourth quarter helped mitigate the bank's year-to- date loss of $1,301,000, or $1.12 per share, for 1991. This compares with a loss of $746,000, or 65 cents per share in 1990. The bank did not commence banking operations until Dec. 4, 1990, and the 1990 loss contained $405,000 of pre-opening expenses net of pre-opening revenues.
 "While we had hoped to attain profitability, we knew that the odds were against it during the first year," Espe said. "It just doesn't happen that often. We knew there was a need for a special kind of bank in Anchorage, and the great support we have received has certainly proven it. We especially appreciate the support of the thousands of people and businesses who were willing to give us a try this first year, both customers and shareholders.
 "With this first report of profitability, we have reached an important milestone, and it will mean significant new growth for us. There are a substantial number of people and businesses who have been waiting for us to become profitable before moving their banking relationship. They were understandably cautious considering the bank failures of the 1980s and they now have the security they need with Northrim. We are very positive about the future," Espe concluded.
 Northrim Bank is a full-service, commercial bank, emphasizing service to the business and professional community. It is owned and managed by Alaskans and differentiates itself with a "customer first" philosophy. Northrim is located at 3111 C Street in Anchorage.
 -0- 1/17/92
 /CONTACT: Cherrill Mears of Northrim Bank, 907-261-3302/
 (NRIM) CO: Northrim Bank ST: Alaska IN: FIN SU: ERN


LM-JH -- SE006 -- 1059 01/17/92 14:49 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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