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

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a regular quarterly cash dividend of $0.35 per share, payable on December 24, 2020, to shareholders of record by the close of business on December 17, 2020. This dividend yields 4.34% based on the stock price of $32.24 as of December 3, 2020. Additionally, Northrim reported third-quarter earnings of $11.9 million or $1.84 per diluted share, up from $9.9 million in Q2 2020. Growth in mortgage lending and SBA loan fees boosted profitability.

Positive

• Declared a quarterly cash dividend of $0.35 per share, enhancing shareholder value.
• Dividend yield of 4.34% based on stock price, indicating solid returns for investors.
• Third-quarter earnings increased to $11.9 million, reflecting strong performance in mortgage lending and SBA loans.

Negative

• None.

ANCHORAGE, Alaska, Dec. 04, 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 December 24, 2020, to shareholders of record at the close of business on December 17, 2020.

“We continue to provide value to our shareholders through consistent quarterly cash dividends,” said Joe Schierhorn, President and CEO. At the stock price of $32.24 per share at the close of the market on December 3, 2020, the current dividend equates to a yield of 4.34% on an annualized basis.

On October 26, 2020, Northrim reported earnings of $11.9 million, or $1.84 per diluted share, in the third quarter of 2020, compared to $9.9 million, or $1.52 per diluted share, in the second quarter of 2020, and $7.5 million, or $1.11 per diluted share, in the third quarter a year ago. Increased production in the Home Mortgage Lending segment and fee and interest income from the Small Business Administration's Paycheck Protection Program loans, as well as loan and deposit growth contributed to profitability for the quarter.

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

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 (NRIM) in December 2020?

Northrim BanCorp declared a dividend of $0.35 per share in December 2020.

When will the dividend for Northrim BanCorp (NRIM) be paid?

The dividend will be payable on December 24, 2020.

What is the annualized dividend yield of Northrim BanCorp (NRIM)?

The annualized dividend yield is 4.34% based on the stock price of $32.24.

What were Northrim BanCorp's earnings for the third quarter of 2020?

Northrim reported earnings of $11.9 million, or $1.84 per diluted share, for the third quarter of 2020.