Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.50 per Share

ANCHORAGE, Alaska, Dec. 02, 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 December 23, 2022, to shareholders of record at the close of business on December 15, 2022.

“We are pleased to maintain our quarterly dividend at $0.50 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 $55.85 per share at the close of the market on December 1, 2022, the current dividend equates to a yield of 3.58% on an annualized basis.

On October 26, 2022, Northrim reported net income of $10.1 million, or $1.76 per diluted share, in the third quarter of 2022, compared to $4.8 million, or $0.83 per diluted share, in the second quarter of 2022, and $8.9 million, or $1.42 per diluted share, in the third quarter a year ago. Third 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 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 December 2, 2022, at 5:00 a.m. Alaska Time.