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ANCHORAGE, Alaska, Aug. 25, 2017 -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors increased the regular quarterly cash dividend by $0.01, or 5%, to $0.22 per share. The dividend will be payable on September 15, 2017, to shareholders of record at the close of business on September 7, 2017.
In the past five years, the Northrim franchise has increased both its common dividend and shareholder equity at an 8% compounded annual growth rate. “We are committed to providing returns to our shareholders through earnings growth, building equity, and paying reliable dividends,” said Joseph Schierhorn, President and CEO. At the stock price of $27.30 per share at the close of the market on August 24, 2017, the current dividend equates to a yield of 3.22% on an annualized basis.
On July 31, 2017, Northrim reported that net income attributable to the Company was $3.6 million, or $0.51 per diluted share, in the second quarter of 2017, compared to $4.4 million, or $0.63 per diluted share, in the second quarter of 2016, and $3.8 million, or $0.55 per diluted share, in the first quarter of 2017. The decline in profitability compared to the second quarter of 2016 was in large part due to lower mortgage banking income principally resulting from normal seasonality combined with a slowing Alaska economy this year as compared to 2016. For the first six months of 2017, net income attributable to the Company was $7.4 million, or $1.06 per diluted share, compared to $7.7 million, or $1.11 per diluted share, in the first six months of 2016.
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; an asset based lending division in Washington; a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC; and a minority ownership interest in with Pacific Wealth Advisors, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy.
Contact: Latosha Frye, Chief Financial Officer (907) 261-8763
