Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.41 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.41 per share, payable on March 18, 2022, to shareholders of record by the close of business on March 10, 2022. The dividend yield based on the stock price of $41.52 as of February 24, 2022, is approximately 3.95%. The company reported a net income of $8.11 million, or $1.31 per diluted share for Q4 2021, a decrease from $8.88 million in Q3 2021 and $10.10 million in Q4 2020, impacted by fluctuating loan growth and income from SBA PPP loans.

Positive

• Quarterly cash dividend of $0.41 per share signals commitment to shareholder returns.
• Dividend yield of 3.95% presents attractive income for shareholders.
• Net income of $8.11 million indicates profitability despite previous quarter decline.

Negative

• Net income decreased from $10.10 million in Q4 2020 to $8.11 million in Q4 2021.
• Quarterly earnings per share declined from $1.42 in Q3 2021 to $1.31.

ANCHORAGE, Alaska, Feb. 25, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.41 per share. The dividend will be payable on March 18, 2022, to shareholders of record at the close of business on March 10, 2022.

“We are committed to providing returns to our shareholders through earnings growth and paying regular quarterly cash dividends,” said Joe Schierhorn, President and CEO. At the stock price of $41.52 per share at the close of the market on February 24, 2022, the current dividend equates to a yield of 3.95% on an annualized basis.

On January 28, 2022, Northrim reported net income of $8.11 million, or $1.31 per diluted share, in the fourth quarter of 2021, compared to $8.88 million, or $1.42 per diluted share, in the third quarter of 2021, and $10.10 million, or $1.59 per diluted share, in the fourth quarter a year ago. Fourth quarter 2021 profitability was fueled by core loan growth, fee and interest income from the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") loans, and the overall growth in earnings 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 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 for March 2022?

Northrim BanCorp declared a dividend of $0.41 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on March 18, 2022.

What is the dividend yield for Northrim BanCorp?

The dividend yield is approximately 3.95% based on a stock price of $41.52.

What was Northrim BanCorp's net income for the fourth quarter of 2021?

Northrim BanCorp reported a net income of $8.11 million for Q4 2021.

How does the net income for Q4 2021 compare to previous quarters?

Net income decreased from $10.10 million in Q4 2020 and $8.88 million in Q3 2021.