Northrim BanCorp, Inc. (NASDAQ: NRIM)
today announced its Board of Directors declared its regular quarterly cash dividend of $0.15 per share up from $0.13 per share in the year ago quarter. The dividend will be paid December 14, 2012, to shareholders of record at the close of business December 6, 2012. Northrim has paid a regular quarterly cash dividend since 1995, and offers a current annualized dividend yield of 2.89% at current market share prices.
“With good profitability and continued growth in both shareholders’ equity and regular dividends, we continue to build value for our shareholders,” said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc. “
Northrim BanCorp recently reported net profits of $4.1 million, or $0.62 per diluted share, in the third quarter of 2012, compared to $3.1 million, or $0.48 per diluted share in the preceding quarter and $2.5 million or $0.38 per diluted share in the third quarter a year ago. Third quarter earnings were positively impacted by net recoveries of previously charged-off loans totaling $1.4 million and continuing strong revenue from Northrim’s residential mortgage affiliate. For the first nine months of 2012, Northrim earned $9.8 million, or $1.49 per diluted share, up from $8.1 million, or $1.24 per diluted share in the like period a year ago.
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.