Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.38 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) declared a quarterly cash dividend of $0.38 per share, payable on December 23, 2021, to shareholders of record as of December 16, 2021.

The current dividend yields 3.43% annually based on the stock price of $44.30 as of December 2, 2021. In Q3 2021, Northrim reported a net income of $8.88 million or $1.42 per diluted share, a rise from $8.35 million in Q2 2021 but down from $11.86 million year-over-year, driven by SBA loan income and robust core loan growth.

Positive

• Quarterly cash dividend of $0.38 per share demonstrates commitment to shareholder returns.
• Current annual dividend yield of 3.43% at a stock price of $44.30.
• Q3 2021 net income increased to $8.88 million, showcasing growth in profitability.

Negative

• Q3 2021 net income decreased compared to $11.86 million in Q3 2020.

ANCHORAGE, Alaska, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.38 per share. The dividend will be payable on December 23, 2021, to shareholders of record at the close of business on December 16, 2021.

“We are committed to providing returns to our shareholders through consistent quarterly cash dividends,” said Joe Schierhorn, President and CEO. At the stock price of $44.30 per share at the close of the market on December 2, 2021, the current dividend equates to a yield of 3.43% on an annualized basis.

October 29, 2021, Northrim reported net income of $8.88 million, or $1.42 per diluted share, in the third quarter of 2021, compared to $8.35 million, or $1.33 per diluted share, in the second quarter of 2021, and $11.86 million, or $1.84 per diluted share, in the third quarter a year ago. Third quarter 2021 profitability was fueled by fee and interest income from the Small Business Administration's Paycheck Protection Program loans, continued high levels of production in the Home Mortgage Lending segment, and strong core loan growth.

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 dividend of $0.38 per share.

When will the dividend be payable?

The dividend will be payable on December 23, 2021.

What is the annual dividend yield for NRIM?

The annual dividend yield is 3.43% based on a stock price of $44.30.

What was Northrim BanCorp's net income in Q3 2021?

Northrim BanCorp reported a net income of $8.88 million in Q3 2021.

How does the Q3 2021 net income compare to previous quarters?

Q3 2021 net income increased from $8.35 million in Q2 2021 but decreased from $11.86 million in Q3 2020.