ANCHORAGE, Alaska, Aug. 23, 2019 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend by 10% to $0.33 per share. The dividend will be payable on September 13, 2019, to shareholders of record at the close of business on September 5, 2019.
“Our growing franchise is generating solid profitability, and we are pleased that our financial results allowed us to increase our quarterly cash dividend,” said Joe Schierhorn, President and CEO. At the stock price of $36.34 per share at the close of the market on August 22, 2019, the current dividend equates to a yield of 3.63% on an annualized basis.
On July 29, 2019, Northrim reported earnings of $4.3 million, or $0.62 per diluted share, for the second quarter of 2019. Return on average assets was 1.12%, return on average equity was 8.13%, and net interest margin was 4.71% for the second 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 |