(MENAFN- GlobeNewsWire - Nasdaq) itemprop="articleBody">ANCHORAGE, Alaska, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.27 per share. The dividend will be payable on December 21, 2018, to shareholders of record at the close of business on December 13, 2018.
'We view regular quarterly cash dividends as an excellent means of building shareholder value and rewarding our loyal shareholders,' said Joe Schierhorn, President and CEO. At the stock price of $36.55 per share at the close of the market on November 29, 2018, the current dividend equates to a yield of 2.95% on an annualized basis.
On September 30, 2018, Northrim reported earnings of $5.3 million, or $0.75 per diluted share, for the third quarter of 2018 and $15.2 million, or $2.17 per diluted share, for the first nine months of 2018. Strong contributions from the community banking franchise, with slightly decreased volumes in its mortgage banking division, contributed to solid third quarter and year-to-date profits.
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. 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
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