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 June 15, 2012, to shareholders of record at the close of business June 7, 2012. Northrim has paid a regular quarterly cash dividend since 1995, and has a current annualized dividend yield of 2.4% at current market share prices.
“The steady growth in shareholders’ equity combined with regular dividend payments has delivered continuing value to our shareholders over the long term,” said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc. “These two components of our franchise value are derived from the solid balance sheet we maintain and the deep relationships we are building with Alaska businesses and consumers.”
Northrim BanCorp recently reported net profits increased 5% to $2.6 million, or $0.39 per diluted share, in the first quarter of 2012, compared to $2.5 million, or $0.37 per diluted share in the first quarter a year ago. Loan growth, increasing contributions from other operating income, and continued improvements in loan quality generated an increase in profitability in the first quarter of 2012 compared to a year ago.
About Northrim BanCorpNorthrim 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. www.northrim.com