Northrim BanCorp, Inc. Increases Quarterly Cash Dividend by 11% to $0.30 per Share
ANCHORAGE, Alaska, March 01, 2019 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.30 per share, from $0.27 per share paid on December 13, 2018. The dividend will be payable on March 22, 2019, to shareholders of record at the close of business on March 14, 2019.
“This dividend reflects a 42% pay-out ratio based on our 2018 profits of $2.86 per share and is the tenth consecutive year of increasing dividend payments. We believe regular and increasing dividends are an important component of building shareholder value,” said Joe Schierhorn, President and CEO. At the stock price of $39.01 per share at the close of the market on February 27, 2019, the current dividend equates to a yield of 3.08% on an annualized basis.
On January 28, 2019, Northrim reported earnings of $20.0 million, or $2.86 per diluted share, for 2018. Northrim continues to benefit from rising interest rates with the short duration of both its loan and investment portfolios repricing into higher yields.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 15 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka 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 |
