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ANCHORAGE - Northrim BanCorp, Inc. (NASDAQ:NRIM), a $515 million market cap financial institution with a strong track record of 15 consecutive years of dividend increases, announced Thursday that Chairman Joe Schierhorn will retire effective December 31, 2025, after more than three decades with the Alaska-based financial institution. InvestingPro data shows the company maintains a healthy 2.9% dividend yield with consistent growth.
According to a press release statement, current President and CEO Mike Huston will succeed Schierhorn as Chairman of the Board of both Northrim BanCorp and Northrim Bank on January 1, 2026, while maintaining his existing executive responsibilities. The transition comes as the company demonstrates strong financial performance, with InvestingPro analysis showing a P/E ratio of 11.4x and a year-to-date return of approximately 14%.
Schierhorn has been with Northrim since its founding in 1990, when he joined as Commercial Loan Officer and Regulatory Compliance Manager. Throughout his tenure, he held various leadership positions including Chief Financial Officer, Chief Operating Officer, President, and Chief Executive Officer before becoming Chairman in 2018.
"It has been an honor to be part of the Bank since its inception," Schierhorn said.
Huston, who joined Northrim in 2017, has served as President since 2022 and assumed the additional role of CEO in 2024.
Schierhorn’s career in Alaska’s financial sector spans over 40 years, beginning at Alaska Pacific Trust. His community involvement includes leadership roles with the Alaska Bankers Association, Federal Reserve Bank of San Francisco Twelfth District Community Deposit Institutions Advisory Council, and United Way of Anchorage. He was inducted into the Alaska Business Hall of Fame earlier this year.
Northrim BanCorp operates 20 branches throughout Alaska and owns two subsidiaries: Sallyport Commercial Finance, LLC and Residential Mortgage, LLC. The company maintains strong financial health, earning a "GOOD" overall rating from InvestingPro, with particularly robust scores in profitability and price momentum. Subscribers can access 8 additional exclusive ProTips and comprehensive financial metrics for deeper analysis.
In other recent news, Northrim BanCorp has announced a 4-for-1 stock split, a move aimed at enhancing liquidity and making its shares more accessible to retail investors. The Alaska-based bank will distribute three additional shares of common stock for each share held by shareholders of record as of September 18, 2025. These additional shares are expected to be distributed after market close on September 22, 2025, with post-split trading commencing on September 23, 2025. Additionally, Northrim BanCorp declared a regular quarterly cash dividend of $0.64 per share. This dividend is payable on September 12, 2025, to shareholders of record as of September 4, 2025. The dividend represents an annualized yield of 2.93% based on the closing price on August 21. These recent developments reflect the company’s ongoing efforts to enhance shareholder value and market presence.
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