ANCHORAGE, Alaska, Feb. 27, 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 paid March 20, 2015, to shareholders of record as of the close of business on March 12, 2015.
"The two acquisitions we made last year, Alaska Pacific Bancshares, Inc. ("Alaska Pacific") and Residential Mortgage Holding Company, LLC ("Residential Mortgage"), are contributing to revenues and profits as we continue to build our franchise in Alaska. Increasing earnings capacity, building shareholder equity, and cash dividend payments are the cornerstones of our efforts to create shareholder value," said Marc Langland, Chairman. At the stock price of $23.36 per share at the close of the market on February 26, 2015, the current dividend equates to a yield of 3.1% on an annualized basis.
On January 27, 2015, Northrim reported net profits for 2014 totaled $17.4 million, or $2.54 per diluted share, compared to $12.3 million, or $1.87 per diluted share, for 2013. Contributions from the second quarter acquisition of Alaska Pacific and the fourth quarter acquisition of Residential Mortgage, the parent company of Residential Mortgage, LLC increased revenues and operating costs in 2014. For the fourth quarter of 2014, net income was $6.7 million, or $0.97 per diluted share, compared to $3.7 million, or $0.53 per diluted share, in the third quarter of 2014 and $2.7 million, or $0.40 per diluted share, in the fourth quarter a year ago. Fair value adjustments in connection with our step up in basis on our existing 23.5% equity interest in Residential Mortgage resulted in a non-operating gain of $3 million, or $0.43 per diluted share, in the fourth quarter.
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.
Latosha Frye, Chief Financial Officer (907) 261-8763
