ANCHORAGE, Alaska, May 17, 2013 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors approved its regular quarterly cash dividend of $0.15 per share. The dividend will be paid on June 14, 2013, to shareholders of record as of the close of business on June 6, 2013.
"Northrim has paid a cash dividend each quarter since 1995. At the same time we have invested in growing our franchise and building our bank to provide better products and services to our customers," said Marc Langland, Northrim's Chairman, President and CEO.
On April 23, Northrim reported first quarter 2013 net profits rose 4% to $2.7 million, or $0.41 per diluted share, from $2.6 million, or $0.39 per diluted share in the first quarter of 2012. Because Northrim increased lending, its loan portfolio grew 9% over the preceding 12 months to $721.6 million. In total, the increase in loans, improving asset quality and an increase in net interest income contributed to first quarter earnings.
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.
CONTACT: Joe Schierhorn, Chief Financial Officer (907) 261-3308
Source:Northrim BanCorp, Inc.