Dividend Releases
Northrim BanCorp Declares Quarterly Cash Dividend of $0.13 per Share
Date: November 18, 2011
Contact: Joe Schierhorn
Phone: 907-261-3308
ANCHORAGE, AK— November 18, 2011 - 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. The dividend will be paid December 16, 2011, to shareholders of record at the close of business December 8, 2011. Northrim has paid a regular quarterly cash dividend since 1995, and has a current annualized dividend yield of 2.7% at current market share prices.
“We are pleased to continue with the $0.13 per share cash dividend, reflecting the strength of our capital and continued strength of our earnings,” said Marc Langland, Northrim’s President and Chief Executive Officer. Northrim Bancorp, recently reported profits of $8.1 million for the nine month period ending September 30, 2011, or $1.24 per diluted share, an increase of 13% from the like period a year ago.
Northrim BanCorp Increases Quarterly Cash Dividend to $0.13 per Share
Date: August 19, 2011
Contact: Joe Schierhorn
Phone: 907-261-3308
ANCHORAGE, AK— August 19, 2011— 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.
Northrim BanCorp Declares Quarterly Cash Dividend of $0.12 per Share
Date: May 20, 2011
Contact: Joe Schierhorn
Phone: 907-261-3308
ANCHORAGE, AK— May 20, 2011— 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 June 17, 2011, to shareholders of record at the close of business June 9, 2011. Northrim has paid a regular quarterly cash dividend since 1995.
“We are pleased with the increased earnings of our Alaska franchise which have enabled us to continue 16 years of uninterrupted dividend payment to our shareholders,” said Marc Langland, Northrim’s President and Chief Executive Officer. At this quarterly dividend rate, the current annualized yield is 2.45%.
Northrim’s profits for the first quarter of 2011 increased to $2.5 million, or $0.37 per diluted share, compared to $1.8 million, or $0.28 per diluted share in the fourth quarter of 2010, and $1.9 million, or $0.29 per diluted share in the first quarter a year ago.
At March 31, 2011, Northrim maintained strong capital ratios with Tier 1 Capital/risk adjusted assets at 14.97%, up from 14.08% in the fourth quarter of 2010 and 14.31% in the first quarter a year ago.
Northrim BanCorp Declares Quarterly Cash Dividend of $0.12 per Share
Date: February 18, 2011
Contact: Joe Schierhorn
Phone: 907-261-3308
ANCHORAGE, AK— February 18, 2011— 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 March 18, 2011 to shareholders of record at the close of business March 10, 2011. Northrim has paid a regular quarterly cash dividend since 1995.
“We are aware of the importance of paying dividends to our shareholders, and we are happy to have achieved another profitable year and to share these results with our shareholders,” said Marc Langland, Northrim’s President and Chief Executive Officer. At this quarterly dividend rate the current annualized yield is 2.59%.
Northrim’s profits for the full year 2010 increased 17% to $9.1 million, or $1.40 per share, reflecting continued improvement in credit quality, increased gains from sales of other real estate owned, and lower expenses. In 2009, Northrim earned $7.7 million, or $1.20 per share. Net income in the fourth quarter of 2010 was $1.8 million, or $0.28 per diluted share, compared to $1.9 million, or $0.30 per diluted share in the fourth quarter of 2009. At December 31, 2010, Northrim maintained strong capital ratios with Tier 1 Capital/risk adjusted assets at 14.08% as compared to 14.46% in the immediate prior quarter and 13.98% a year ago. Northrim’s tangible common equity to tangible assets at December 31, 2010 was 10.36%, up from 10.26% a year earlier.
Northrim BanCorp Declares Quarterly Cash Dividend of $0.12 per Share
Date: November 18, 2010
Contact: Joe Schierhorn
Phone: 907-261-3308
ANCHORAGE, AK— November 18, 2010— 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.
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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