ANCHORAGE, Ark., May 15, 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 June 13, 2014 to shareholders of record as of the close of business on June 5, 2014.
"With the completion of our acquisition of Alaska Pacific Bancorp last month, we are expanding into new markets and building our franchise value. With the increase in our franchise, we continue to reward shareholders with regular quarterly cash dividends," said Marc Langland, Northrim's Chairman, President and Chief Executive Officer. At the stock price of $24.27 per share at the close of the market on May 9, 2014, the current dividend equates to a yield of 2.80% on an annualized basis.
On April 22, 2014, Northrim reported net profits of $2.7 million, or $0.40 per diluted share, for the first quarter of 2014, consistent with earnings in both the fourth and first quarters 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.
CONTACT: Joe Schierhorn, Chief Financial Officer (907) 261-3308
Source:Northrim BanCorp, Inc.