Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.22 per Share
November 17 2017 - 9:00AM
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.
www.northrim.com
Contact: Latosha Frye, Chief Financial
Officer
(907) 261-8763
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