ANCHORAGE, Alaska, Aug. 16, 2013 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors increased its regular quarterly cash dividend to $0.17 per share from $0.15 per share. The dividend will be paid September 13 to shareholders of record as of the close of business on September 5, 2013.
"The increase in our earnings in both the second quarter and full year has allowed us to increase the dividend to our shareholders," said Marc Langland, Northrim's Chairman, President and Chief Executive Officer. "At the stock price of $25.80 per share at the close of the market on August 12, 2013, the current dividend equates to a yield of 2.64% on an annualized basis.
On July 23, Northrim reported net profits of $3.5 million, or $0.53 per diluted share in the second quarter of 2013, compared to $2.7 million, or $0.41 per diluted share in the first quarter of 2013 and $3.1 million, or $0.48 per diluted share in the second quarter of 2012. Growth in average loan balances, improvement in loan quality, and continued contributions from affiliated companies generated the growth in net profits in the second quarter and first six months of 2013 as compared to similar periods in 2012. In the first six months of 2013, Northrim earned $6.2 million, or $0.94 per diluted share, compared to $5.7 million, or $0.87 per diluted share in the first six months of 2012.
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.