ANCHORAGE, Alaska, Nov. 24, 2014 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared its regular quarterly cash dividend of $0.18 per share. The dividend will be paid December 19, 2014, to shareholders of record as of the close of business on December 11, 2014.
"With the successful acquisition of Alaska Pacific Bancorp and the pending acquisition of Residential Mortgage, we are growing our business franchise in Alaska. This dividend represents our continued commitment to provide returns to our shareholders, as we continue to increase the reach of our franchise," said Marc Langland, Northrim's Chairman, President and Chief Executive Officer. At the stock price of $27.40 per share at the close of the market on November 20, 2014, the current dividend equates to a yield of 2.6% on an annualized basis.
On October 21, 2014, Northrim reported net profits of $3.7 million, or $0.53 per diluted share, for the third quarter of 2014, compared to $4.4 million, or $0.63 per diluted share, in the second quarter of 2014 and $3.5 million, or $0.53 per diluted share, in the third quarter a year ago. Contributions from the acquisition of Alaska Pacific Bancshares, Inc. ("Alaska Pacific") increased revenues and helped provide a stable net interest margin, while costs associated with the acquisition of Alaska Pacific and the pending acquisition of Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC ("Residential Mortgage") increased third quarter 2014 operating costs. Year-to-date 2014, net profits increased 11% to $10.7 million, or $1.57 per diluted share, compared to $9.6 million, or $1.46 per diluted share, in the first nine months of 2013.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 14 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.