Northrim BanCorp, Inc. Increases Quarterly Cash Dividend to $0.34 per Share
ANCHORAGE, Alaska, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.34 per share. The dividend will be payable on March 20, 2020, to shareholders of record at the close of business on March 12, 2020.
“We continue to generate profitable operations, which sustains our ability to steadily increase cash dividends for the eleventh consecutive year,” said Joe Schierhorn, President and CEO. At the stock price of $36.75 per share at the close of the market on February 27, 2020, the current dividend equates to a yield of 3.70% on an annualized basis.
On January 27, 2020, Northrim reported earnings of $4.6 million, or $0.69 per diluted share, for the fourth quarter of 2019. Return on average assets was 1.11%, return on average equity was 8.74%, and net interest margin on a tax equivalent basis was 4.52% for the fourth quarter of 2019.
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, 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 |
