Northrim BanCorp, Inc. (NASDAQ:NRIM)
today announced its Board of Directors increased its regular quarterly cash dividend 15% to $0.15 per share from $0.13 per share in the preceding quarter. The dividend will be paid September 14, 2012, to shareholders of record at the close of business September 6, 2012. Northrim has paid a regular quarterly cash dividend since 1995, and offers a current annualized dividend yield of 2.86% at current market share prices.
“Our Alaska franchise continues to generate solid profitability, providing for steady growth in shareholders’ equity and regular dividend payments,” said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc. “
Northrim BanCorp recently reported net profits of $3.1 million, or $0.48 per diluted share, in the second quarter of 2012, compared to $2.6 million, or $0.39 per diluted share, in the preceding quarter and $3.2 million, or $0.49 per diluted share, in the second quarter a year ago. Loan growth, increasing contributions from affiliated businesses, and continued improvements in loan quality generated solid profitability in the second quarter and in the first six months of 2012, compared to similar periods in 2011. For the first six months of 2012, Northrim earned $5.7 million, or $0.87 per diluted share, up from $5.6 million, or $0.86 per diluted share, in the first half of 2011.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with ten branches in Anchorage, the Matanuska Valley, and Fairbanks serving 70% of Alaska’s population, and an asset-based lending division in Washington. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Affiliated companies include Elliott Cove Insurance Agency, LLC; Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.