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ANCHORAGE, Alaska, May 26, 2017 -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.21 per share. The dividend will be payable on June 16, 2017, to shareholders of record at the close of business on June 8, 2017.
“With solid capital and stable profitability, we are able to pay cash dividends to our shareholders on a consistent basis. We remain committed to providing returns to our shareholders through earnings growth and dividends,” said Joseph Beedle, President and CEO. At the stock price of $29.65 per share at the close of the market on May 24, 2017, the current dividend equates to a yield of 2.83% on an annualized basis.
On May 1, 2017, Northrim reported net income increased 13% to $3.8 million, or $0.55 per diluted share in the first quarter of 2017, compared to $3.4 million, or $0.48 per diluted share in the first quarter of 2016, and increased 7% from $3.6 million, or $0.51 per diluted share in the fourth quarter of 2016. A higher net interest margin as well as lower other operating expenses, some of which are one-time items, and an increase in the Company's mortgage servicing business more than offset contractions in both loans and deposits, as well as a decline in the origination of mortgage loans resulting from both normal seasonality and the slowing Alaska economy.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 14 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. Affiliated companies include Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.
Contact: Latosha Frye, Chief Financial Officer (907) 261-8763
