Thursday, May 8, 2008

Northrim Bank Annual Meeting I went to Northrim's annual meeting the other morning---sweet rolls, bagels, orange juice, several very good presentations, and record attendance. The bulleted items below are some of the highlights from my notes. The Bank Their net income was down on higher provisions for loan losses Their stock price has undergone a 34% decline They acquired Alaska First Bank and Trust They have a new branch in Fairbanks Deposits are slowly increasing Loans are down---construction, consumer, and real estate Item Lower 48 States Alaska Home values down 3% up 4% Subprime Mortgages 2004-06 21% of loans 10% of loan Average Delinquency Rate 6.3% 3.3% Loans in Foreclosure 2% 0.6% The Economy Securitized home mortgages ended the connection between the lender and the borrower. Recession fears (I have inflation-stagnation fears) In the past year the price of crude oil has gone from $65 to $120. If the dollar had stayed put---not declined---the price of oil would be $70. Alaska The natural gas line--AGEA won't work; the Denali gas line outside the AGEA process looks quite hopeful Mining---$3.4B in production in 2007---$550M invested in additional exploration Anchorage Building permits for single family units---in 2006 there were 672 permits; 2007 there were 525 permits; 2008 there are 310 permits (by this time of year most of the permitting is completed) Housing units listed for sale---930 last year---1,114 currently 8:31:46 AM    comment []

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