ANCHORAGE, Alaska--(BUSINESS WIRE)--Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that it has been added to the U.S. small-cap Russell 2000® Index after the Russell Investment Group reconstituted its comprehensive set of U.S. and global equity indexes on June 25, 2012. Membership in the Russell 2000, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index.
“Our addition to the Russell 2000 Index has generated some unusual trading volumes over the past few weeks as index oriented investors rebalance their portfolios with the new index companies,” said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc.
Annual reconstitution of Russell’s U.S. Indexes captures the 4,000 largest U.S. stocks ranked by total market capitalization as of the end of May. Russell determines membership for its equity indexes primarily by objective market-capitalization rankings and style attributes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.
Northrim Bancorp recently reported net profits increased 5% to $2.6 million, or $0.39 per diluted share, in the first quarter of 2012, compared to $2.5 million, or $0.37 per diluted share in the first quarter a year ago. Loan growth, increasing contributions from other operating income, and continued improvements in loan quality generated an increase in profitability in the first quarter of 2012 compared to a year ago. In 2011, net profits increased 26% to $11.4 million or $1.74 per diluted share, compared to $9.1 million, or $1.40 per diluted share in 2010.
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; Elliott Cove Insurance Agency, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.