ANCHORAGE, Alaska, Aug. 19, 2011 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.13 per share on its common stock, which is an 8.3% increase from the $.12 per share quarterly dividend that was paid to shareholders in the second quarter of this year. The dividend will be paid September 16, 2011, to shareholders of record at the close of business September 8, 2011. Northrim has paid a regular quarterly cash dividend since 1995, and has a current annualized dividend yield of 2.7%.
"We are happy to continue with over 16 years of uninterrupted dividend payments to our shareholders," said Marc Langland, Northrim's President and Chief Executive Officer. Northrim Bancorp, with $1.05 billion in assets as of June 30, 2011, continues to perform well and recently reported profits of $3.2 million, or $0.49 per diluted share in the second quarter of 2011, an increase of 49% from $2.1 million, or $0.33 per diluted share in the second quarter a year ago.
At June 30, 2011, Northrim maintained strong capital ratios with Tier 1 Capital/risk adjusted assets at 15.59%, up from 14.97% in the first quarter of 2011 and 14.77% in the second quarter 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.
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