ANCHORAGE, Alaska, Aug. 1, 2014 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors is raising its regular quarterly cash dividend 6% to $0.18 per share from the $0.17 per share paid last quarter. The dividend will be paid September 19, 2014 to shareholders of record as of the close of business on September 11, 2014.
"With the successful acquisition of Alaska Pacific Bancorp and the continued profitability of our financial businesses in Alaska, we are able to increase our dividend payments to our shareholders this quarter," said Marc Langland, Northrim's Chairman, President and Chief Executive Officer. At the stock price of $24.50 per share at the close of the market on July 31, 2014, the current dividend equates to a yield of 2.94% on an annualized basis.
On July 22, 2014, Northrim reported net profits of $4.4 million, or $0.63 per diluted share, for the second quarter of 2014, up 64% from the first quarter of 2014 and up 25% from the year ago quarter, reflecting a negative loan loss provision of $1.1 million as a result of net recoveries of previously charged off loans and contributions from the acquisition of Alaska Pacific Bancshares, Inc. at the beginning of the second quarter. For the first half of 2014, net profits increased 14% to $7.0 million, or $1.04 per diluted share, compared to $6.2 million, or $0.94 per diluted share in the first six months of 2013.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 15 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka serving 75% 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.