ANCHORAGE, Alaska, Feb. 22, 2013 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NRIM) today announced its Board of Directors approved a quarterly cash dividend of $0.15 per share. The dividend will be distributed on March 22, 2013, to shareholders of record as of the close of business on March 14, 2013.
"We view regular cash dividends as an excellent means of building shareholder value and rewarding our loyal shareholders," said Marc Langland, President and CEO.
On January 23, Northrim reported 2012 net profits rose 14% to $12.9 million, or $1.97 per diluted share from $11.4 million, or $1.74 per diluted share in 2011. Profitability was supported by improving asset quality, coupled with a stable local economy and an increase in loan volume.
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.
The Northrim BanCorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3818
Joe Schierhorn, Chief Financial Officer