Dividend Releases
Northrim BanCorp Increases Quarterly Cash Dividend 20% to $0.12 per Share
Date: August 20, 2010
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK— August 20, 2010 Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors increased its regular quarterly cash dividend 20% to $0.12 per share on its common stock. The dividend is payable September 17, 2010, to shareholders of record at the close of business September 9, 2010. Northrim has paid a regular quarterly cash dividend since 1995.
“We are happy to be able to raise our dividend to our shareholders this quarter,” said Marc Langland, Northrim’s President and Chief Executive Officer. “The increase in our dividend is a reflection of the strength of our operations and our capital.” At the stock price of $16.61 per share as of August 18, 2010, the current dividend equates to a yield of 2.9% on an annualized basis.
On July 21, 2010, Northrim reported net income in the second quarter of 2010 increased 14% to $2.1 million, or $0.33 per diluted share, compared to $1.9 million, or $0.29 per diluted share, in both the first quarter of 2010 and the second quarter a year ago. For the first half of 2010, profits grew 5% to $4.0 million, or $0.62 per diluted share, from $3.8 million, or $0.60 per diluted share, in the first half of 2009. Northrim’s tangible common equity to tangible assets at quarter end was 10.53%, up from 10.23% a year earlier.
Northrim BanCorp Declares Quarterly Cash Dividend of $0.10 per Share
Date: May 24, 2010
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK— May 24, 2010 __ Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.10 per share on its common stock. The dividend will be paid on June 25, 2010, to shareholders of record at the close of business June 11, 2010. Northrim has paid a regular quarterly cash dividend since 1995.
“It is a tribute to our employees that Northrim has been able to maintain its financial strength and sustain its commitment to shareholders for 61 consecutive quarters,” said Marc Langland, Northrim’s President and Chief Executive Officer. At the stock price of $17.10 per share as of May 21, 2010, the current dividend equates to a yield of 2.30% on an annualized basis.
At March 31, 2010, Northrim remained well-capitalized with Tier 1 Capital/risk adjusted assets at 14.31%, and total tangible common equity to total tangible assets at 10.56%, up from 13.60% and 9.85% respectively in the first quarter a year ago. Northrim, which has not accepted money from the U.S. Treasury’s Troubled Asset Relief Program, reported a profit of $1.90 million, or $0.29 per diluted share in the first quarter ended March 31, 2010.
Northrim BanCorp Declares Cash Dividend of $0.10 per Share
Date: February 19, 2010
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK— February 19, 2010 __ Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.10 per share on its common stock. The dividend will be paid on March 19, 2010, to shareholders of record at the close of business March 9, 2010. Northrim has paid a regular quarterly cash dividend since 1995.
“Our strong balance sheet and growing profits have allowed us to maintain our cash dividend this quarter at $0.10 per share,” said Marc Langland, Northrim’s President and Chief Executive Officer. At the stock price of $16.15 per share as of February 18, 2010, the current dividend equates to a yield of 2.48% on an annualized basis.
Northrim recently reported a 27% growth in profits to $7.7 million, or $1.20 per diluted share, for the full year ending December 31, 2009. Northrim, which has not accepted money from the U.S. Treasury’s Troubled Asset Relief Program, remains well capitalized with Tier 1 Capital/risk adjusted assets of 13.98% at December 31, 2009, compared to 12.65% a year ago.
Northrim BanCorp Declares Cash Dividend of $0.10 per Share
Date: November 23, 2009
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK— November 23, 2009, Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per common share. The dividend will be paid on December 18, 2009, to shareholders of record at the close of business December 10, 2009. Northrim has consistently paid a regular quarterly cash dividend since 1995.
“With growing profits and a solid balance sheet, we are maintaining our cash dividend this quarter at $0.10 per share,” said Marc Langland, Northrim’s President and Chief Executive Officer
Northrim recently reported 2009 profits for the nine month period ending September 30, 2009 grew 13% to $5.8 million, or $0.90 per diluted share, compared to $5.1 million, or $0.78 per diluted share, in the first nine months of 2008. Northrim, which has not accepted money from the U.S. Treasury’s Troubled Asset Relief Program, remains well capitalized with Tier 1 Capital/risk adjusted assets of 13.96% compared to 12.81% a year ago.
Northrim BanCorp Declares Cash Dividend of $0.10 per Share
Date: August 24, 2009
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK- August 24, 2009 Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per common share. The dividend will be paid on September 18, 2009, to shareholders of record at the close of business September 10, 2009. Northrim has consistently paid a regular quarterly cash dividend since 1995.
"We continue to be a profitable and well capitalized bank, allowing us to maintain a solid payout ratio for our shareholders," said Marc Langland, Northrim's President and Chief Executive Officer. "According to Dan Robinson, an economist with the State of Alaska Department of Labor, the national recession is having a negative effect on Alaska's economy, mainly in the areas of tourism, retail trade and construction. However, as Mr. Robinson notes, the impact has been mild compared to what the rest of the nation is experiencing."
Northrim recently reported year-to-date 2009 profits of $3.8 million, or $0.60 per diluted share, compared to $3.6 million, or $0.55 per diluted share, in first six months of 2008. Northrim remains well capitalized with Tier 1 Capital/risk adjusted assets of 13.50% as compared to 12.73% a year ago.
Northrim BanCorp Declares Cash Dividend of $0.10 per Share
Date: May 19, 2009
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK, May 19, 2009—Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per share. The dividend will be paid on June 19, 2009, to shareholders of record at the close of business June 11, 2009. Northrim has consistently paid a regular quarterly cash dividend since 1995.
"We continue to balance our capital management goals with the needs of our shareholders," said Marc Langland, Northrim's President and Chief Executive Officer. "This quarterly cash dividend reflects our long-term plan to provide a good total return to our shareholders while maintaining strong capital levels in this challenging operating environment."
Northrim recently reported first quarter 2009 profits of $2.0 million, or $0.31 per diluted share, compared to $946,000, or $0.14 per diluted share, in the fourth quarter of 2008 and $2.1 million, or $0.34 per diluted share, in the first quarter a year ago. Tier 1 Capital/risk adjusted assets increased to 13.60% at March 31, 2009.
Northrim BanCorp, Inc. Declares Cash Dividend of $0.10 per Share
Date: February 6, 2009
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK, February 6, 2009—Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per share. The dividend will be paid on February 27, 2009 to shareholders of record at the close of business February 19, 2009. Northrim paid a $0.17 per share regular quarterly cash dividend on October 31, 2008, and has consistently paid a regular quarterly cash dividend since 1995.
"We have reduced our cash dividend to reflect a payout level more consistent with the Company's 2008 earnings," said Marc Langland, Northrim's President and Chief Executive Officer. "While we are reluctant to decrease the dividend, we feel it is the prudent course of action considering the uncertain economic and regulatory environment."
Northrim recently reported net income of $6.1 million for 2008, or $0.93 per diluted share, earnings of $946,000, or $0.14 per diluted share for the fourth quarter of 2008, and Tier 1 Capital/risk adjusted assets of 12.65% at December 31, 2008.
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. In June 2009, Northrim Bancorp was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.
Investor information is provided in the event that you are interested in considering Northrim BanCorp, Inc. stock as an investment. Northrim does not sell its own stock and this is not a solicitation for you to purchase stock. It is simply an informational service. It is important that you understand that Northrim BanCorp, Inc. stock is not FDIC insured and should not be confused with Northrim Bank deposit products.
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Date: November 23, 2009
Contact: Joe Schierhorn, Chief Financial Officer
Phone: (907) 261-3308
ANCHORAGE, AK— November 23, 2009, Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per common share. The dividend will be paid on December 18, 2009, to shareholders of record at the close of business December 10, 2009. Northrim has consistently paid a regular quarterly cash dividend since 1995.
“With growing profits and a solid balance sheet, we are maintaining our cash dividend this quarter at $0.10 per share,” said Marc Langland, Northrim’s President and Chief Executive Officer
Northrim recently reported 2009 profits for the nine month period ending September 30, 2009 grew 13% to $5.8 million, or $0.90 per diluted share, compared to $5.1 million, or $0.78 per diluted share, in the first nine months of 2008. Northrim, which has not accepted money from the U.S. Treasury’s Troubled Asset Relief Program, remains well capitalized with Tier 1 Capital/risk adjusted assets of 13.96% compared to 12.81% a year ago.
