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

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.50 per share, payable on December 23, 2022, to shareholders on record by December 15, 2022. This decision reflects the company’s commitment to delivering returns to shareholders, bringing the annualized yield to 3.58% based on the recent stock price of $55.85. Northrim reported a net income of $10.1 million in Q3 2022, marking an increase from previous quarters, attributed to rising interest rates, core loan growth, and increased earning assets.

Positive

• Quarterly cash dividend maintained at $0.50 per share.
• Annualized yield of 3.58% based on recent stock price.
• Net income increased to $10.1 million in Q3 2022 from $4.8 million in Q2 2022.

Negative

• None.

ANCHORAGE, Alaska, Dec. 02, 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 December 23, 2022, to shareholders of record at the close of business on December 15, 2022.

“We are pleased to maintain our quarterly dividend at $0.50 per share, as we continue to be committed to providing returns to our shareholders,” said Joe Schierhorn, President and CEO. At the stock price of $55.85 per share at the close of the market on December 1, 2022, the current dividend equates to a yield of 3.58% on an annualized basis.

On October 26, 2022, Northrim reported net income of $10.1 million, or $1.76 per diluted share, in the third quarter of 2022, compared to $4.8 million, or $0.83 per diluted share, in the second quarter of 2022, and $8.9 million, or $1.42 per diluted share, in the third quarter a year ago. Third quarter 2022 profitability was fueled by rising interest rates, core loan growth, fee and interest income, 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 December 2, 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 the dividend be paid to shareholders of NRIM?

The dividend will be payable on December 23, 2022.

What is the record date for the dividend payment by NRIM?

The record date for the dividend payment is December 15, 2022.

What was the net income for Northrim BanCorp in Q3 2022?

Northrim BanCorp reported a net income of $10.1 million in Q3 2022.

What factors contributed to Northrim's Q3 2022 profitability?

Northrim's Q3 2022 profitability was driven by rising interest rates, core loan growth, fee and interest income, and growth in earning assets.