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ANCHORAGE, Alaska, Aug. 24, 2018 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend 12.5% to $0.27 per share. The dividend will be payable on September 14, 2018, to shareholders of record at the close of business on September 6, 2018.
“We are positioned to benefit from rising interest rates and lower tax costs, which is contributing to our profitability and our ability to increase our dividend to shareholders. In addition, the improved price stability for natural resources bodes well for the Alaska economy and the Northrim banking franchise,” said Joe Schierhorn, President and CEO. At the stock price of $44.25 per share at the close of the market on August 23, 2018, the current dividend equates to a yield of 2.44% on an annualized basis.
On July 30, 2018 - Northrim reported profits increased 62% to $5.8 million, or $0.84 per diluted share, in the second quarter of 2018, compared to $3.6 million, or $0.51 per diluted share, in the second quarter of 2017, and increased 44% from $4.1 million, or $0.58 per diluted share in the first quarter of 2018. Rising short-term interest rates contributed to profitability with net interest margin ("NIM") expanding to 4.50% and on a tax equivalent basis* ("NIMTE") expanding to 4.56%, as short-term investments repriced or matured and were reinvested at higher interest rates during the second quarter. In addition, earnings reflect a benefit from lower tax rates effective for 2018. Pretax, pre-provision profits increased 22% to $6.7 million in the second quarter of 2018 from $5.5 million in the second quarter a year ago and grew 36% from $4.9 million in the preceding quarter.
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.
Joe Schierhorn, President, CEO, and COO
Jed Ballard, Chief Financial Officer