ANCHORAGE, Alaska, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared a regular quarterly cash dividend of $0.17 per share The dividend will be paid March 21, 2014 to shareholders of record as of the close of business on March 13, 2014.
"We are continuing to build our core business and believe that our franchise value will benefit from the initiatives we launched in 2013. We are happy to be able to share our success with our shareholders by paying regular quarterly cash dividends," said Marc Langland, Northrim's Chairman, President and Chief Executive Officer. "At the stock price of $24.34 per share at the close of the market on February 20, 2014, the current dividend equates to a yield of 2.79% on an annualized basis."
On January 21, Northrim reported net profits of $12.3 million, or $1.87 per diluted share, for the full year 2013 compared to $12.9 million, or $1.97 per share, for the full year 2012. A 9% increase in portfolio loans helped to generate a 4% increase in net interest income, which was offset by higher expenses associated with the launch of the Enroll Alaska initiative (a division of Northrim Benefits Group, which is an affiliate of Northrim), costs associated with the previously announced proposed merger with Alaska Pacific Bancshares, Inc., and lower revenues from its Residential Mortgage Lending affiliate.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with ten branches in Anchorage, the Matanuska Valley, and Fairbanks serving 70% 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.
CONTACT: Joe Schierhorn, Chief Financial Officer
Source: Northrim BanCorp, Inc.