Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.41 per Share
27 May 2022 - 11:00PM
Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the
Board of Directors declared a regular quarterly cash dividend of
$0.41 per share. The dividend will be payable on June 17, 2022, to
shareholders of record at the close of business on June 9, 2022.
“We are committed to providing returns to our
shareholders through earnings growth and paying regular quarterly
cash dividends,” said Joe Schierhorn, President and CEO. At the
stock price of $41.63 per share at the close of the market on May
26, 2022, the current dividend equates to a yield of 3.94% on an
annualized basis.
On April 28, 2022, Northrim reported net income
of $7.2 million, or $1.20 per diluted share, in the first quarter
of 2022, compared to $8.1 million, or $1.31 per diluted share, in
the fourth quarter of 2021, and $12.2 million, or $1.94 per diluted
share, in the first quarter a year ago. First quarter 2022
profitability was fueled by core loan growth, fee and interest
income from the Small Business Administration's ("SBA") Paycheck
Protection Program ("PPP") loans, and the overall growth in
earnings assets.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of
Northrim Bank, an Alaska-based community bank with 17 branches in
Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan,
Sitka and Soldotna, and loan production offices in Kodiak and Nome,
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. Pacific Wealth
Advisors, LLC is an affiliated company of Northrim BanCorp.
www.northrim.com
Contact: Joe Schierhorn, President, CEO, and
COO(907) 261-3308Jed Ballard, Chief Financial Officer(907)
261-3539
Northrim BanCorp (NASDAQ:NRIM)
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