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.
Transmitted on Globe Newswire on August 26, 2022, at 5:00 a.m. Alaska Time.
Joe Schierhorn, President, CEO, and COO
Jed Ballard, Chief Financial Officer