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Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.13 per share. The dividend will be paid March 16, 2012, to shareholders of record at the close of business March 8, 2012. Northrim has paid a regular quarterly cash dividend since 1995, and has a current annualized dividend yield of 2.6% at current market share prices.
“Cash dividends continue to be an important part of our value proposition for shareholders,” said Marc Langland, Northrim’s President and Chief Executive Officer. “With solid capital, improving earnings power and a good Alaska franchise, we believe Northrim is well positioned to reward long-term shareholders.”
Northrim BanCorp recently reported net profits increased 26% to $11.4 million, or $1.74 per diluted share, in 2011, compared to $9.1 million, or $1.40 per diluted share a year ago. Improving asset quality, growing other operating income, improving operating efficiencies and continuing growth in transaction deposit balances generated an increase in profitability in 2011.
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; Elliott Cove Insurance Agency, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.