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ANCHORAGE, Alaska, Nov. 17, 2017 -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors declared its regular quarterly cash dividend of $0.22 per share. The dividend will be payable on December 15, 2017, to shareholders of record at the close of business on December 7, 2017.
“We continue to maintain strong levels of capital and liquidity while working to efficiently deploy our capital and resources,” said Joe Schierhorn, President and CEO. “In the third quarter, we repurchased 58,341 shares of common stock at an average price of $27.56, leaving 168,901 shares available under the previously announced repurchase authorization. While share repurchases have not been a frequent part of our capital management strategy in the past decade, we believe share repurchase programs provide an efficient means of returning capital to owners.”
At the stock price of $33.35 per share at the close of the market on November 15, 2017, the current dividend equates to a yield of 2.64% on an annualized basis.
On October 30, 2017, Northrim reported net income attributable to the Company was $5.5 million, or $0.79 per diluted share, in the third quarter of 2017, compared to $3.1 million, or $0.44 per diluted share, in the third quarter of 2016, and $3.6 million, or $0.51 per diluted share, in the second quarter of 2017. For the first nine months of 2017, net income was $12.9 million, or $1.85 per diluted share, compared to $10.8 million, or $1.55 per diluted share, for the first nine months of 2016. The increase in profitability for the quarter and year-to-date compared to prior periods was primarily due to the $4.4 million gain from the sale of the Company's interest in Northrim Benefits Group. This increase was partially offset by a higher provision for loan losses in the third quarter of 2017. In addition, mortgage banking income for the third quarter and year-to-date in 2017 decreased due to the slowing Alaska economy as compared to 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
