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

Rhea-AI Summary

Northrim BanCorp announced a quarterly cash dividend of $0.41 per share, payable on June 17, 2022, to shareholders of record on June 9, 2022. This dividend represents an annualized yield of 3.94% based on a stock price of $41.63 at the market close on May 26, 2022.

Additionally, the company reported a net income of $7.2 million for Q1 2022, down from $12.2 million a year earlier, attributed to core loan growth and SBA PPP loan income.

Positive

• Declared quarterly cash dividend of $0.41 per share.
• Annualized dividend yield of 3.94%.
• Core loan growth contributing to profitability.

Negative

• Net income decreased to $7.2 million from $12.2 million year-over-year.

ANCHORAGE, Alaska, May 27, 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 June 17, 2022, to shareholders of record at the close of business on June 9, 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 $41.63 per share at the close of the market on May 26, 2022, the current dividend equates to a yield of 3.94% on an annualized basis.

On April 28, 2022, Northrim reported net income of $7.2 million, or $1.20 per diluted share, in the first quarter of 2022, compared to $8.1 million, or $1.31 per diluted share, in the fourth quarter of 2021, and $12.2 million, or $1.94 per diluted share, in the first quarter a year ago. First quarter 2022 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 loan production offices in Kodiak and Nome, 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 $0.41 per share.

When will the dividend be paid to shareholders?

The dividend will be payable on June 17, 2022, to shareholders of record on June 9, 2022.

What is the annualized yield of the declared dividend?

The annualized yield is 3.94%, based on the stock price of $41.63.

What was Northrim BanCorp's net income for Q1 2022?

Northrim BanCorp reported a net income of $7.2 million for Q1 2022.

How does Q1 2022 net income compare to the previous year?

Q1 2022 net income decreased from $12.2 million in the first quarter a year prior.