Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.62 per Share

Rhea-AI Summary

Northrim BanCorp (NASDAQ: NRIM) announced a regular quarterly cash dividend of $0.62 per share, payable on December 27, 2024, to shareholders of record as of December 19, 2024. At the stock price of $86.03 per share on December 5, 2024, the dividend represents an annualized yield of 2.88%.

The company reported Q3 2024 net income of $8.8 million, or $1.57 per diluted share, compared to $9.0 million ($1.62 per share) in Q2 2024 and $8.4 million ($1.48 per share) in Q3 2023.

Positive

• Maintained quarterly dividend of $0.62 per share
• Q3 2024 net income increased 4.8% year-over-year to $8.8 million
• Attractive dividend yield of 2.88% at current stock price

Negative

• Q3 2024 net income decreased 2.2% quarter-over-quarter from $9.0 million
• Q3 2024 EPS declined to $1.57 from $1.62 in Q2 2024

News Market Reaction – NRIM

+0.56%

+0.56% Session move

In the trading session that priced this news, NRIM gained 0.56%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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ANCHORAGE, Alaska, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.62 per share. The dividend will be payable on December 27, 2024, to shareholders of record at the close of business on December 19, 2024.

“We are pleased to announce a quarterly dividend of $0.62 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $86.03 per share at the close of the market on December 5, 2024, the current dividend equates to a yield of 2.88% on an annualized basis.

On October 23, 2024, Northrim reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago.

About Northrim BanCorp

Northrim BanCorp, Inc. is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com 

 

Contact:

Mike Huston, President, CEO, and COO (907) 261-8750 Jed Ballard, Chief Financial Officer (907) 261-3539

FAQ

What is Northrim BanCorp's quarterly dividend for December 2024?

Northrim BanCorp declared a quarterly cash dividend of $0.62 per share for December 2024.

When is NRIM's December 2024 dividend payable?

The dividend is payable on December 27, 2024, to shareholders of record as of December 19, 2024.

What was Northrim BanCorp's (NRIM) Q3 2024 net income?

Northrim BanCorp reported net income of $8.8 million, or $1.57 per diluted share, in Q3 2024.

What is NRIM's current dividend yield?

Based on the stock price of $86.03 on December 5, 2024, the dividend yield is 2.88% on an annualized basis.