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. www.northrim.com The Northrim BanCorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3818 This release may contain "forward-looking statements" that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management's plans and objectives for future operations are forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect," and "intend" and words or phrases of similar meaning, as they relate to Northrim or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management's expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in our other filings with the SEC. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations.
CONTACT: Northrim BanCorp, Inc. Joe Schierhorn, Chief Financial Officer (907) 261-3308