Northrim BanCorp, Inc. Increases Quarterly Cash Dividend to $0.37 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced an increase in its quarterly cash dividend to $0.37 per share, payable on March 19, 2021. Shareholders of record as of March 11, 2021 will qualify for this dividend, reflecting the bank's commitment to returning value to investors. The stock price was $36.55 as of February 25, 2021, resulting in a 4.05% dividend yield. Northrim reported a net income of $10.1 million for Q4 2020, up from $4.58 million in Q4 2019, contributing to a 59% increase in annual net income for 2020.

Positive

• Quarterly dividend increased to $0.37 per share, enhancing shareholder returns.
• Reported net income of $10.1 million for Q4 2020, a significant increase from $4.58 million in Q4 2019.
• Annual net income for 2020 increased 59% to $32.89 million, showcasing strong performance.

Negative

• Q4 2020 net income decreased from $11.86 million in Q3, indicating sequential decline.

ANCHORAGE, Alaska, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.37 per share. The dividend will be payable on March 19, 2021, to shareholders of record at the close of business on March 11, 2021.

“We continue to generate profitable operations, which sustains our ability to steadily increase cash dividends for the twelfth consecutive year,” said Joe Schierhorn, President and CEO. At the stock price of $36.55 per share at the close of the market on February 25, 2021, the current dividend equates to a yield of 4.05% on an annualized basis.

On February 1, 2021, Northrim reported earnings of $10.1 million, or $1.59 per diluted share, in the fourth quarter of 2020, compared to $11.86 million, or $1.84 per diluted share, in the third quarter of 2020, and $4.58 million, or $0.69 per diluted share, in the fourth quarter a year ago. Net income for the full year 2020 increased 59% to $32.89 million, or $5.11 per diluted share, compared to $20.69 million, or $3.04 per diluted share, for the full year 2019. Increased production in the Home Mortgage Lending segment, continued loan and core deposit growth, and fee and interest income from the Small Business Administration's Paycheck Protection Program loans contributed to profitability for the fourth quarter and the year.

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 new dividend amount for Northrim BanCorp (NRIM)?

Northrim BanCorp has increased its quarterly cash dividend to $0.37 per share.

When is the dividend payment date for NRIM?

The dividend will be payable on March 19, 2021.

What was Northrim BanCorp's net income for Q4 2020?

Northrim reported a net income of $10.1 million for Q4 2020.

How much did Northrim BanCorp's annual net income increase in 2020?

The annual net income for 2020 increased by 59% to $32.89 million.

What is the dividend yield for Northrim BanCorp at the current stock price?

At a stock price of $36.55, the dividend yield is 4.05% on an annualized basis.