ANCHORAGE, Alaska, Nov. 18, 2010 (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 December 17, 2010 to shareholders of record at the close of business December 9, 2010. Northrim has paid a regular quarterly cash dividend since 1995. "We are happy to achieve another solidly profitable quarter and to share our success with our shareholders by paying this cash dividend," said Marc Langland, Northrim's President and Chief Executive Officer. At the stock price of $18.10 per share as of November 11, 2010, the current dividend equates to a yield of 2.65% on an annualized basis. Northrim's third quarter earnings increased 63% to $3.2 million, or $0.49 per diluted share, boosted by $1.2 million in gains on sale of other real estate owned and a $1 million reduction in the provision for loan losses. In the second quarter of 2010, net income was $2.1 million, or $0.33 per diluted share, and in the third quarter a year ago it was $1.9 million, or $0.30 per diluted share. For the first nine months of 2010, profits grew 25% to $7.2 million, or $1.11 per diluted share, from $5.8 million, or $0.90 per diluted share, in the like period a year ago. At September 30, 2010, Northrim continued to maintain strong capital ratios with Tier 1 Capital/risk adjusted assets of 14.46% as compared to 14.77% in the immediate prior quarter and 13.96% a year ago. 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.
CONTACT: Northrim BanCorp, Inc. Joe Schierhorn, Chief Financial Officer (907) 261-3308