Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.37 per Share

Rhea-AI Summary

Northrim BanCorp (NASDAQ: NRIM) declared a quarterly cash dividend of $0.37 per share, payable on June 18, 2021, to shareholders on record by June 10, 2021. This reflects a 3.43% annualized yield based on the stock price of $43.12 as of May 27, 2021. In the first quarter of 2021, Northrim reported earnings of $12.2 million or $1.94 per diluted share, showing an increase from $10.1 million in Q4 2020. Factors contributing to profitability included strong performance in Home Mortgage Lending and SBA Paycheck Protection Program loans.

Positive

• Quarterly dividend of $0.37 per share enhances shareholder returns.
• Earnings of $12.2 million in Q1 2021, up from $10.1 million in Q4 2020.
• Continued growth in Home Mortgage Lending and loans.

Negative

• None.

ANCHORAGE, Alaska, May 28, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend to $0.37 per share. The dividend will be payable on June 18, 2021, to shareholders of record at the close of business on June 10, 2021.

“Our Northrim franchise is generating solid profitability, and we are committed to providing returns to our shareholders through dividends,” said Joe Schierhorn, President and CEO. At the stock price of $43.12 per share at the close of the market on May 27, 2021, the current dividend equates to a yield of 3.43% on an annualized basis.

On April 26, 2021, Northrim reported earnings of $12.2 million, or $1.94 per diluted share, in the first quarter of 2021, compared to $10.1 million, or $1.59 per diluted share, in the fourth quarter of 2020, and $1.03 million, or $0.16 per diluted share, in the first quarter a year ago. Continued high levels of production in the Home Mortgage Lending segment, continued loan and core deposit growth, and fee and interest income from the Small Business Administration's Paycheck Protection Program loans 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 17 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?

Northrim BanCorp declared a quarterly cash dividend of $0.37 per share.

When will the dividend be paid for NRIM?

The dividend will be paid on June 18, 2021.

What is the record date for NRIM's dividend?

The record date for the dividend is June 10, 2021.

What was Northrim BanCorp's earnings in Q1 2021?

Northrim reported earnings of $12.2 million, or $1.94 per diluted share, in Q1 2021.

How does the dividend yield for NRIM compare to its stock price?

The dividend yield is 3.43%, based on the stock price of $43.12 as of May 27, 2021.