ANCHORAGE, Alaska, Nov. 20, 2015 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors declared its regular quarterly cash dividend of $0.19 per share. The dividend will be payable on December 18, 2015, to shareholders of record as of the close of business on December 10, 2015.
"As we celebrate our 25th anniversary, we are grateful to our shareholders for their investment in our Alaska franchise and their continued support of our successful business model and our people. We remain dedicated to building value for our shareholders by delivering superior banking services to Alaskans," said Joseph Beedle, President and CEO. At the stock price of $28.28 per share at the close of the market on November 16, 2015, the current dividend equates to a yield of 2.7% on an annualized basis.
On October 27, 2015, Northrim reported that continued demand for home mortgages from new purchasers and portfolio loan and deposit growth generated a 44% increase in third quarter profits and a 27% increase in profits year-to-date compared to the same periods a year ago. Net income in the third quarter of 2015 was $5.3 million, or $0.77 per diluted share, compared to $4.8 million, or $0.69 per diluted share, in the second quarter of 2015, and $3.7 million, or $0.53 per diluted share, in the third quarter of 2014. For the first nine months of 2015, net income was $13.7 million, or $1.97 per diluted share, compared to $10.7 million, or $1.57 per diluted share in the first nine months of 2014.
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; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy. Affiliated companies include Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.