Northrim BanCorp, Inc. Increases Quarterly Cash Dividend to $0.37 per Share
02/26/2021 - 09:00 AM
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
NRIM Rankings
#3229 Ranked by Stock Gains
NRIM Stock Data
Industry
Savings Institutions
Sector
Finance and Insurance
Tags
Finance, Regional Banks, Finance and Insurance, Savings Institutions
Country
US
City
Anchorage
About NRIM
northrim bank is a commercial bank, headquartered in anchorage, alaska, committed to providing customer first service. we specialize in serving businesses, professionals, and individual alaskans who are looking for personal service and value. our mission is to be alaska’s most trusted financial institution and we are committed to adding value for our customers, communities, and shareholders. member fdic - equal housing lender