Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share
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.
| Contact: | Joe Schierhorn, President, CEO, and COO |
| (907) 261-3308 | |
| Jed Ballard, Chief Financial Officer | |
| (907) 261-3539 |
