ANCHORAGE, Alaska, Feb. 18, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.12 per share on its common stock. The dividend will be paid March 18, 2011 to shareholders of record at the close of business March 10, 2011. Northrim has paid a regular quarterly cash dividend since 1995.
"We are aware of the importance of paying dividends to our shareholders, and we are happy to have achieved another profitable year and to share these results with our shareholders," said Marc Langland, Northrim's President and Chief Executive Officer. At this quarterly dividend rate the current annualized yield is 2.59%.
Northrim's profits for the full year 2010 increased 17% to $9.1 million, or $1.40 per share, reflecting continued improvement in credit quality, increased gains from sales of other real estate owned, and lower expenses. In 2009, Northrim earned $7.7 million, or $1.20 per share. Net income in the fourth quarter of 2010 was $1.8 million, or $0.28 per diluted share, compared to $1.9 million, or $0.30 per diluted share in the fourth quarter of 2009. At December 31, 2010, Northrim maintained strong capital ratios with Tier 1 Capital/risk adjusted assets at 14.08% as compared to 14.46% in the immediate prior quarter and 13.98% a year ago. Northrim's tangible common equity to tangible assets at December 31, 2010 was 10.36%, up from 10.26% 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 an 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.