Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.35 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.35 per share, to be paid on September 18, 2020, for shareholders of record by September 10, 2020. This represents an annualized yield of 5.38% based on a stock price of $26.01 as of August 27, 2020. The company reported a significant increase in earnings of $9.9 million or $1.52 per diluted share for Q2 2020, compared to $1.03 million in Q1 2020 and $4.26 million in Q2 2019, driven by a boost in Home Mortgage Lending and participation in the SBA Paycheck Protection Program.

Positive

• Quarterly cash dividend of $0.35 per share announced.
• Annualized yield of 5.38% enhances shareholder value.
• Q2 2020 earnings increased to $9.9 million from $1.03 million in Q1 2020.
• Earnings per diluted share rose significantly to $1.52.

Negative

• None.

ANCHORAGE, Alaska, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.35 per share.  The dividend will be payable on September 18, 2020, to shareholders of record at the close of business on September 10, 2020.

“We believe providing a consistent quarterly cash dividend is an excellent means of providing value to our shareholders, especially during these uncertain times,” said Joe Schierhorn, President and CEO.  At the stock price of $26.01 per share at the close of the market on August 27, 2020, the current dividend equates to a yield of 5.38% on an annualized basis.

On July 27, 2020, Northrim reported earnings of $9.9 million, or $1.52 per diluted share, in the second quarter of 2020, compared to $1.03 million, or $0.16 per diluted share, in the first quarter of 2020, and $4.26 million, or $0.62 per diluted share, in the second quarter a year ago.  Increased production in the Home Mortgage Lending segment, as well as significant participation in the Small Business Administration Paycheck Protection Program in the Community Banking segment, contributed to increased profitability.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 16 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka and Soldotna, and a loan production office in Kodiak, 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

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Contact:		Joe Schierhorn, President, CEO, and COO (907) 261-3308 Jed Ballard, Chief Financial Officer (907) 261-3539

FAQ

What is the dividend amount declared by Northrim BanCorp?

Northrim BanCorp declared a dividend of $0.35 per share.

When will Northrim BanCorp pay its dividend?

The dividend will be payable on September 18, 2020.

What is the yield of the dividend for Northrim BanCorp?

The current dividend yield is 5.38% annualized.

What were Northrim BanCorp's earnings for Q2 2020?

Northrim BanCorp reported earnings of $9.9 million, or $1.52 per diluted share, for Q2 2020.

How do Q2 earnings compare to previous quarters for Northrim BanCorp?

Q2 earnings increased from $1.03 million in Q1 2020 and $4.26 million in Q2 2019.