Northrim BanCorp Increases Quarterly Cash Dividend 20% to $0.12 per Share
ANCHORAGE, Alaska, Aug. 20, 2010 (GLOBE NEWSWIRE) -- Northrim BanCorp,
Inc. (Nasdaq:NRIM) today announced its Board of Directors increased its
regular quarterly cash dividend 20% to $0.12 per share on its common
stock. The dividend is payable September 17, 2010, to shareholders of
record at the close of business September 9, 2010. Northrim has paid a
regular quarterly cash dividend since 1995.
"We are happy to be able to raise our dividend to our shareholders this
quarter," said Marc Langland, Northrim's President and Chief Executive
Officer. "The increase in our dividend is a reflection of the strength
of our operations and our capital." At the stock price of $16.61 per
share as of August 18, 2010, the current dividend equates to a yield of
2.9% on an annualized basis.
On July 21, 2010, Northrim reported net income in the second quarter of
2010 increased 14% to $2.1 million, or $0.33 per diluted share,
compared to $1.9 million, or $0.29 per diluted share, in both the first
quarter of 2010 and the second quarter a year ago. For the first half
of 2010, profits grew 5% to $4.0 million, or $0.62 per diluted share,
from $3.8 million, or $0.60 per diluted share, in the first half of
2009. Northrim's tangible common equity to tangible assets at quarter
end was 10.53%, up from 10.23% a year earlier.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, a
commercial bank that provides personal and business banking services
through locations in Anchorage, Eagle River, Wasilla, and Fairbanks,
Alaska, and a factoring/asset based lending division in Washington. The
bank differentiates itself with a "Customer First Service" philosophy.
Affiliated companies include Elliott Cove Capital Management, LLC;
Residential Mortgage, LLC; Northrim Benefits Group, LLC, and Pacific
Wealth Advisors, LLC.