ANCHORAGE, Alaska, Aug. 31, 2015 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.19 per share. The dividend will be payable September 18, 2015, to shareholders of record as of the close of business on September 10, 2015. Year-to-date 2015 profits increased 19% to $8.3 million, or $1.20 per diluted share, from $7.0 million, or $1.04 per diluted share, in the first half of 2014.
"Solid franchise growth contributes to our ability to steadily increase dividends and to further build shareholder value," said Joseph Beedle, President and CEO. At the stock price of $26.90 per share at the close of the market on August 27, 2015, the current dividend equates to a yield of 2.8% on an annualized basis.
On July 28, 2015, Northrim reported that that loan and deposit growth coupled with contributions from the two acquisitions completed in 2014 generated a 9% increase in second quarter profits and a 19% increase in profits year-to-date compared to the same periods a year ago. Net income in the second quarter of 2015 improved to $4.8 million, or $0.69 per diluted share, compared to $4.4 million, or $0.63 per diluted share, in the second quarter of 2014, and increased 34% from $3.6 million, or $0.51 per diluted share, in the first quarter of 2015.
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.
CONTACT: Latosha Frye, Chief Financial Officer (907) 261-8763
Source:Northrim BanCorp, Inc.