ANCHORAGE, Alaska, May 29, 2015 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced that the Board of Directors declared its regular quarterly cash dividend of $0.18 per share. The dividend will be payable June 19, 2015, to shareholders of record as of the close of business on June 11, 2015.
"As our franchise continues to deliver strong performance, we are happy to be able to pay our quarterly cash dividend," said Joseph Beedle, President and CEO. "Cash dividends are one way to create shareholder value, and we appreciate the loyalty of our shareholder base." At the stock price of $24.45 per share at the close of the market on May 28, 2015, the current dividend equates to a yield of 2.9% on an annualized basis.
On April 28, 2015, Northrim reported that loan and deposit growth coupled with contributions from the two acquisitions completed in 2014 generated increased profitability in the first quarter of 2015 as compared to the same period a year ago. Net income in the first quarter of 2015 improved to $3.6 million, or $0.51 per diluted share, compared to $2.7 million, or $0.40 per diluted share, in the first quarter of 2014.
Contributions from the second quarter 2014 acquisition of Alaska Pacific Bancshares, Inc. and the fourth quarter 2014 acquisition of Residential Mortgage, LLC, contributed to higher revenues and operating costs in the first quarter of 2015. For the fourth quarter of 2014, net income was $6.7 million, or $0.97 per diluted share, which included a one-time fair value adjustment in connection with the acquisition of the remaining equity interest in Residential Mortgage that resulted in a $3.0 million non-operating gain, or $0.43 per diluted share.
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 90% 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 Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.