Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.34 per Share

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a quarterly cash dividend of $0.34 per share, payable on June 19, 2020, to shareholders of record by June 11, 2020. The dividend yield stands at 5.33% based on the closing stock price of $25.52 on May 28, 2020. The company reported first-quarter earnings of $1.0 million, or $0.16 per diluted share, with growth in loans and deposits but an increased provision for loan losses.

Positive

• Quarterly cash dividend of $0.34 per share boosts shareholder income.
• Dividend yield of 5.33% indicates strong returns.

Negative

• Increased provision for loan losses may impact future profitability.

ANCHORAGE, Alaska, May 29, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.34 per share.  The dividend will be payable on June 19, 2020, to shareholders of record at the close of business on June 11, 2020.

“Our Northrim franchise remains strong.  We are committed to providing returns to our shareholders through dividends,” said Joe Schierhorn, President and CEO.  At the stock price of $25.52 per share at the close of the market on May 28, 2020, the current dividend equates to a yield of 5.33% on an annualized basis.

On April 27, 2020, Northrim reported earnings of $1.0 million, or $0.16 per diluted share, for the first quarter of 2020, highlighted by loan and deposit growth in the community banking segment but partially off-set by an increase in the provision for loan losses. 

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 16 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 Northrim BanCorp (NRIM)?

Northrim BanCorp declared a dividend of $0.34 per share.

When will the dividend for NRIM be paid?

The dividend will be paid on June 19, 2020.

What is the dividend yield for Northrim BanCorp?

The current dividend yield is 5.33% based on a stock price of $25.52.

What were Northrim's earnings for the first quarter of 2020?

Northrim reported earnings of $1.0 million, or $0.16 per diluted share, for Q1 2020.

What factors influenced Northrim's first-quarter earnings?

Earnings were affected by loan and deposit growth, but were partially offset by an increase in the provision for loan losses.