Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.50 per Share

Rhea-AI Summary

Northrim BanCorp (NASDAQ: NRIM) declared a regular quarterly cash dividend of $0.50 per share, payable on September 16, 2022, to shareholders of record by September 8, 2022. This dividend yields 4.94% annually based on the stock price of $40.50 on August 25, 2022. The company reported a net income of $4.8 million or $0.83 per diluted share for Q2 2022, down from $7.2 million in Q1 2022 and $8.3 million in Q2 2021. The decrease in income is attributed to various factors including loan growth and rising interest rates.

Positive

• Regular quarterly cash dividend of $0.50 per share enhances shareholder returns.
• Annualized dividend yield of 4.94% indicates strong income for shareholders.

Negative

• Net income declined to $4.8 million from $7.2 million in the previous quarter.
• Q2 2022 earnings per diluted share dropped to $0.83, down from $1.33 a year ago.

ANCHORAGE, Alaska, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.50 per share. The dividend will be payable on September 16, 2022, to shareholders of record at the close of business on September 8, 2022.

“We are pleased to increase our quarterly dividend as we continue to be committed to providing returns to our shareholders,” said Joe Schierhorn, President and CEO. At the stock price of $40.50 per share at the close of the market on August 25, 2022, the current dividend equates to a yield of 4.94% on an annualized basis.

On July 28, 2022, Northrim reported net income of $4.8 million, or $0.83 per diluted share, in the second quarter of 2022, compared to $7.2 million, or $1.20 per diluted share, in the first quarter of 2022, and $8.3 million, or $1.33 per diluted share, in the second quarter a year ago. Second quarter 2022 profitability was fueled by core loan growth, rising interest rates, fee and interest income from the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") loans, and the overall growth in earning 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  

Transmitted on Globe Newswire on August 26, 2022, at 5:00 a.m. Alaska Time.

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)?

Northrim BanCorp declared a quarterly cash dividend of $0.50 per share.

When will Northrim BanCorp's dividend be paid?

The dividend will be payable on September 16, 2022.

What is the dividend yield for Northrim BanCorp (NRIM)?

The annualized dividend yield is 4.94% based on a stock price of $40.50.

What was Northrim BanCorp's net income for Q2 2022?

Northrim BanCorp reported a net income of $4.8 million for Q2 2022.

How does Northrim BanCorp's Q2 2022 income compare to previous quarters?

In Q1 2022, net income was $7.2 million, and in Q2 2021, it was $8.3 million.