Northrim BanCorp Inc. said that fourth-quarter net income totaled $3.7 million, an increase of 19 percent compared to a year ago. Net income for the year saw an increase of 16 percent, to $13 million.

Diluted earnings per share were 59 cents for the quarter and $2.09 for the year.

Northrim BanCorp, the parent company for Northrim Bank, announced a dividend of 12.5 cents per share for shareholders of record as of the close of business on Jan. 29. The dividend will be paid Feb. 9.

Total assets at Dec. 31, 2006, were $926 million, up 3 percent from a year ago, while total loans were up 2 percent, to $717 million at yearend. Growth was seen through construction and consumer loans, with construction loans increasing 16 percent, to $153 million, and consumer loans increasing or 15 percent, to $42 million. Commercial real estate loans saw a 6 percent drop, to $14.8 million.

Total deposits saw a slight increase, to $795 million, while total average deposits for the year-end increased slightly to $766 million.

Other operating income jumped 46 percent, to $2.1 million, for the quarter. Other income grew 31 percent, to $598,000, in the fourth quarter due to increases in revenues from electronic banking and merchant services, and decreased losses from the company's affiliate, Elliott Cove Capital Management. Employee benefit plan income from an affiliate, Northrim Benefits Group, also contributed $284,000 to other operating income for the quarter.

Other operating expense increased 9 percent for the quarter, primarily driven by increases in salaries and other personnel expenses. The efficiency ratio improved to 53 percent.

For the fourth quarter of 2006, the company's return on average assets was 1.6 percent, compared to 1.36 percent in the same quarter a year ago. ROA was 1.46 percent for the year, compared to 1.33 percent in 2005.

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, and an accounts receivable financing division in Washington. Affiliated companies include Elliott Cove Capital Management LLC, Residential Mortgage LLC, Northrim Benefits Group LLC and Pacific Wealth Advisors LLC.