Wells Fargo and Co. reported record numbers in net income and earnings per share in its 2004 year-end financial statements.

Net income increased 13 percent to $7 billion over last year's $6.2 billion. Revenues for the year totaled a record $30 billion, a 6 percent increase. Diluted earnings per share were at $4.09, up 12 percent, with a return on equity of nearly 20 percent. Company stock rose to a record-high of $63.25 in December.

The company also posted double-digit increases in year-end loans and retail core deposits.

Fourth-quarter results show net income was at a record $1.8 billion, or $1.04 per share, compared with $1.6 billion, or 95 cents per share, during the same time last year. Revenues for the quarter were $8.2 billion, a 10 percent increase.

Average loans for the quarter were $281.2 billion, a 19 percent jump, while year-end figures totaled $269.6 billion, or a 10 percent increase. For the fourth quarter, average commercial loans and commercial real estate loans were up 10 percent from 2003, while nonperforming assets were down 5 percent from the previous year.

Deposits increased 10 percent, to $230.2 billion, for the quarter.

The company mortgage departments reported a 37 percent decrease, to about $4.4 billion, as the refinance market declined.

Due to the company's continued success, Wells Fargo made a special contribution totaling $44 million of its stock to the 401(k) plan for employees, equaling 1 percent of an employee's pay.

Wells Fargo in 2004 added 177 new branches and more than 5,000 employees. Wells Fargo and its affiliates serve customers throughout Alaska with more than 65 branches and 120 ATMs.

By Melissa Campbell, Alaska Journal of Commerce

Northrim Bancorp Inc. reported that its 2004 net income increased 1 percent to $10.7 million, or $1.71 per share, compared to $10.5 million, or $1.69 per share, in 2003, according to financial statements released Jan. 19.

For the fourth quarter, which ended Dec. 31, net income increased 8 percent to $2.9 million, or 46 cents per share, from $2.6 million, or 42 cents per share, during the same period last year.

Northrim Bancorp, the parent company of Northrim Bank, on Jan. 19 filed documents with the Securities and Exchange Commission releasing unaudited preliminary year-end financial results. Northrim plans to release the full audited year-end document in mid-March, said CFO Joe Schierhorn.

In the preliminary document, Northrim said its total assets year-end were $801 million, an increase of 8 percent, from $739 million a year ago.

The company's loan portfolio grew 13 percent, to $678 million, compared to $600 million on Dec. 31, 2003.

Deposits increased 8 percent to $699 million, up from $646 million a year ago, while net interest income increased 5 percent to $41.3 million in 2004. Net interest income in the fourth quarter of 2004 was up 8 percent at $10.9 million from a year ago.

Total operating income from Northrim's subsidiaries and partner companies decreased 9 percent to $1.1 million in the fourth quarter of 2004, and dropped 38 percent to $3.8 million for the year. Earnings from Northrim's mortgage affiliate, Residential Mortgage, decreased 39 percent to $256,000 in the fourth quarter of 2004, and fell 84 percent to $438,000 for the year.

Shareholders' equity increased 11 percent to $83 million on Dec. 31, 2004.

By Melissa Campbell, Alaska Journal of Commerce

CLEVELAND - Banking company KeyCorp reported a 9 percent decline in fourth-quarter profits Jan. 21, reflecting a $46 million cost to account for the sale of a home equity loan portfolio and plans to sell a car loan portfolio.

KeyCorp earned $213 million, or 51 cents per share, in the fourth quarter, down from profits of $234 million, or 55 cents per share, in the same a quarter in 2003.

Excluding one-time items, KeyCorp earnings were $290 million, or 70 cents per share. Analysts surveyed by Thomson First Call had estimated earnings of 62 cents per share.

For the year, KeyCorp earned $954 million, or $2.30 per share, compared with 2003 earnings of $903 million, or $2.12 per share.

Interest income for the quarter rose from $680 million to $708 million.

By The Associated Press