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NORTHRIM NEWS

Northrim BanCorp Earns $3.7 Million, or $0.53 Per Diluted Share, in Q314

ANCHORAGE, Alaska - October 21, 2014 - Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim”) today reported net profits of $3.7 million, or $0.53 per diluted share, for the third quarter of 2014, compared to $4.4 million, or $0.63 per diluted share, in the second quarter of 2014 and $3.5 million, or $0.53 per diluted share, in the third quarter a year ago. Contributions from the acquisition of Alaska Pacific Bancshares, Inc. ("Alaska Pacific") increased revenues and helped provide a stable net interest margin, while costs associated with the acquisition of Alaska Pacific and the pending acquisition of Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC (“Residential Mortgage”) increased third quarter 2014 operating costs. Year-to-date 2014, net profits increased 11% to $10.7 million, or $1.57 per diluted share, compared to $9.6 million, or $1.46 per diluted share, in the first nine months of 2013.

 

 

Investment and insurance products are:
Not insured by the FDIC or any other federal government agency.
Not a deposit of or guaranteed by Northrim Bank.
May lose value.


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