Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.50 per Share
26 August 2022 - 11:00PM
Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the
Board of Directors declared a regular quarterly cash dividend of
$0.50 per share. The dividend will be payable on September 16,
2022, to shareholders of record at the close of business on
September 8, 2022.
“We are pleased to increase our quarterly
dividend as we continue to be committed to providing returns to our
shareholders,” said Joe Schierhorn, President and CEO. At the stock
price of $40.50 per share at the close of the market on August 25,
2022, the current dividend equates to a yield of 4.94% on an
annualized basis.
On July 28, 2022, Northrim reported net income
of $4.8 million, or $0.83 per diluted share, in the second quarter
of 2022, compared to $7.2 million, or $1.20 per diluted share, in
the first quarter of 2022, and $8.3 million, or $1.33 per diluted
share, in the second quarter a year ago. Second quarter 2022
profitability was fueled by core loan growth, rising interest
rates, fee and interest income from the Small Business
Administration's ("SBA") Paycheck Protection Program ("PPP") loans,
and the overall growth in earning 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
Transmitted on Globe Newswire on August 26, 2022, at 5:00 a.m.
Alaska Time.
Contact: |
Joe Schierhorn, President, CEO, and COO |
|
(907) 261-3308 |
|
Jed Ballard, Chief Financial
Officer |
|
(907) 261-3539 |
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