Northrim BanCorp, Inc. Declares Quarterly Cash Dividend
Northrim BanCorp, Inc. Declares Quarterly Cash Dividend
Northrim BanCorp, Inc. (NASDAQ: NRIM) has announced that its Board of Directors has approved a regular quarterly cash dividend of $0.62 per share. The company aims to maintain financial returns for its shareholders consistently.
Details of the Cash Dividend
The upcoming dividend will be payable to shareholders of record at the close of business on the predetermined date. This ongoing support indicates Northrim BanCorp's commitment to providing shareholder value.
Dividend Yield Analysis
With the stock price reported at $64.30 per share at market close, the upcoming dividend represents an annualized yield of approximately 3.86%. This reflects the company's strong financial performance and reinforces confidence among investors.
Recent Financial Performance
In its recent earnings announcement, Northrim BanCorp reported an impressive net income of $9.0 million, translating to $1.62 per diluted share for the second quarter of the year. This marks a significant increase from the $8.2 million or $1.48 per diluted share reported in the previous quarter.
Year-over-Year Performance Comparison
Analyzing year-over-year data, the second quarter's performance shows a substantial improvement compared to the same period last year, where the company recorded a net income of $5.6 million or $0.98 per diluted share. This growth highlights Northrim's ability to effectively navigate market conditions and enhance profitability.
About Northrim BanCorp
Northrim BanCorp, Inc. serves as the parent company of Northrim Bank, a community bank situated in Alaska. With 20 branches strategically positioned across various regions, the bank serves a large portion of Alaska’s population. It stands out in the industry due to its deep understanding of the local economy and its commitment to a 'Customer First Service' philosophy.
Affiliated Companies and Services
In addition to its banking operations, Northrim operates an asset-based lending division in Washington and owns Residential Mortgage Holding Company, LLC, a mortgage brokerage. The company's diverse service offerings are designed to meet the financial needs of its clientele while ensuring robust growth and stability.
For more information, please contact:
Mike Huston, President, CEO, and COO
(907) 261-8750
Jed Ballard, Chief Financial Officer
(907) 261-3539
Frequently Asked Questions
What is the amount of the quarterly cash dividend declared by Northrim BanCorp?
The Board of Directors declared a quarterly cash dividend of $0.62 per share.
When will the dividend payment be made?
The dividend will be payable on a specified date to shareholders of record at the close of business on a designated date.
What was Northrim BanCorp's net income for the second quarter?
Northrim BanCorp reported a net income of $9.0 million, or $1.62 per diluted share, for the second quarter of the year.
How does the current dividend yield compare to previous periods?
The current yield is approximately 3.86% based on the stock price, indicating a competitive return for shareholders.
What services does Northrim BanCorp offer?
Northrim BanCorp provides a range of financial services including community banking, asset-based lending, and mortgage brokerage services through its affiliated companies.
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