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ANCHORAGE, Alaska, Aug. 26, 2016 -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors increased its regular quarterly cash dividend by $0.01, or 5.3%, to $0.20 per share. The dividend will be payable on September 23, 2016, to shareholders of record at the close of business on September 15, 2016.
“As we continue to build the Northrim franchise, we are committed to providing returns to our shareholders,” said Joseph Beedle, President and CEO. At the stock price of $25.62 per share at the close of the market on August 25, 2016, the current dividend equates to a yield of 3.12% on an annualized basis.
On August 1, 2016, Northrim reported net income in the second quarter of 2016 totaled $4.4 million, or $0.63 per diluted share, compared to $4.8 million, or $0.69 per diluted share, in the second quarter of 2015, and $3.4 million, or $0.48 per diluted share, in the first quarter of 2016. In the first half of 2016, net income decreased to $7.7 million, or $1.11 per diluted share, compared to $8.3 million, or $1.20 per diluted share in the first half of 2015 mainly due to higher refinancing activity in the home mortgage lending segment in 2015.
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
