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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV