Northrim BanCorp, Inc. Increases Quarterly Cash Dividend to $0.38 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) declared a quarterly cash dividend increase to $0.38 per share, payable on September 17, 2021, to shareholders on record as of September 9, 2021. This dividend reflects Northrim's growth and strong capital position, with a current yield of 3.69% based on the closing stock price of $41.17 on August 25, 2021. In Q2 2021, the company reported earnings of $8.35 million, or $1.33 per diluted share, down from $12.18 million or $1.94 per share in Q1 2021, influenced by SBA Paycheck Protection loans and increased mortgage lending.

Positive

• Increased quarterly cash dividend to $0.38 per share.
• Dividend yield of 3.69% based on recent stock price.
• Reported Q2 2021 earnings of $8.35 million ($1.33 per diluted share).
• Strong capital position and growth demonstrated.

Negative

• Q2 2021 earnings decreased from $12.18 million in Q1 2021.
• Earnings decline compared to $9.90 million in Q2 2020.

ANCHORAGE, Alaska, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.38 per share. The dividend will be payable on September 17, 2021, to shareholders of record at the close of business on September 9, 2021.

“The increased cash dividend highlights Northrim’s continued growth and solid capital position,” said Joe Schierhorn, President and CEO. At the stock price of $41.17 per share at the close of the market on August 25, 2021, the current dividend equates to a yield of 3.69% on an annualized basis.

On July 26, 2021, Northrim reported earnings of $8.35 million, or $1.33 per diluted share, in the second quarter of 2021, compared to $12.18 million, or $1.94 per diluted share, in the first quarter of 2021, and $9.90 million, or $1.52 per diluted share, in the second quarter a year ago. Fee and interest income from the Small Business Administration's Paycheck Protection Program loans and high levels of production in the Home Mortgage Lending segment contributed to profitability for the quarter.

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 dividend amount for NRIM?

Northrim BanCorp increased its dividend to $0.38 per share.

When will NRIM pay the dividend?

The dividend will be payable on September 17, 2021.

What is the yield of NRIM's dividend?

The current dividend yield is 3.69%.

What were NRIM's earnings in Q2 2021?

Northrim reported earnings of $8.35 million or $1.33 per diluted share in Q2 2021.

How do NRIM's Q2 earnings compare to Q1 2021?

Q2 2021 earnings decreased from $12.18 million or $1.94 per diluted share in Q1 2021.