Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.60 per share, scheduled for payment on March 17, 2023. Shareholders of record as of March 9, 2023 will be eligible to receive this dividend, which translates to an annualized yield of 4.57% based on the stock price of $52.47 as of February 23, 2023. The Board's decision highlights the company's ongoing commitment to shareholder returns.

Furthermore, Northrim reported a net income of $8.6 million for Q4 2022, compared to $10.1 million in Q3 2022, with profitability driven by rising interest rates and core loan growth.

Positive

• Quarterly dividend of $0.60 per share demonstrates commitment to shareholder returns.
• Annualized dividend yield stands at 4.57%, indicating strong income potential for shareholders.
• Net income for Q4 2022 reported at $8.6 million, reflecting a solid financial position.

Negative

• Net income decreased from $10.1 million in Q3 2022 to $8.6 million in Q4 2022, indicating potential profitability challenges.

ANCHORAGE, Alaska, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.60 per share. The dividend will be payable on March 17, 2023, to shareholders of record at the close of business on March 9, 2023.

“We are pleased to announce a quarterly dividend of $0.60 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 $52.47 per share at the close of the market on February 23, 2023, the current dividend equates to a yield of 4.57% on an annualized basis.

On January 26, 2023, Northrim reported net income of $8.6 million, or $1.48 per diluted share, in the fourth quarter of 2022, compared to $10.1 million, or $1.76 per diluted share, in the third quarter of 2022, and $8.1 million, or $1.31 per diluted share, in the fourth quarter a year ago. Fourth 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 18 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka, Soldotna, and Nome, 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 (NRIM)?

Northrim BanCorp has declared a quarterly cash dividend of $0.60 per share.

When will Northrim BanCorp's dividend be paid?

The dividend will be payable on March 17, 2023.

What is the record date for Northrim BanCorp's dividend?

The record date for the dividend is March 9, 2023.

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

The annualized dividend yield is 4.57% based on a stock price of $52.47.

What was Northrim BanCorp's net income for Q4 2022?

Northrim reported a net income of $8.6 million for Q4 2022.