Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.64 per Share

Rhea-AI Summary

Northrim BanCorp (NASDAQ: NRIM) has declared a regular quarterly cash dividend of $0.64 per share, payable on March 14, 2025, to shareholders of record as of March 6, 2025. At the stock price of $78.80 per share on January 23, 2025, this dividend represents an annualized yield of 3.25%.

The company reported strong financial performance with net income of $10.9 million ($1.95 per diluted share) in Q4 2024, showing significant improvement from $8.8 million ($1.57 per diluted share) in Q3 2024 and $6.6 million ($1.19 per diluted share) in Q4 2023.

Positive

• Net income increased 65% YoY to $10.9M in Q4 2024
• Earnings per share grew 64% YoY to $1.95
• Quarter-over-quarter net income improved 24% from $8.8M to $10.9M
• Maintaining stable dividend with 3.25% annualized yield

Negative

• None.

News Market Reaction – NRIM

+3.84%

+3.84% Session move

In the trading session that priced this news, NRIM gained 3.84%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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ANCHORAGE, Alaska, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.64 per share. The dividend will be payable on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

“We are pleased to announce a quarterly dividend of $0.64 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $78.80 per share at the close of the market on January 23, 2025, the current dividend equates to a yield of 3.25% on an annualized basis.

On January 24, 2025, Northrim reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth 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 Q4 2024 dividend amount and payment date?

Northrim BanCorp declared a quarterly dividend of $0.64 per share, payable on March 14, 2025, to shareholders of record as of March 6, 2025.

What is NRIM's current dividend yield based on recent stock price?

Based on the stock price of $78.80 per share on January 23, 2025, NRIM's dividend represents a 3.25% yield on an annualized basis.

How did Northrim BanCorp's Q4 2024 earnings compare to previous quarters?

NRIM reported Q4 2024 net income of $10.9 million ($1.95 per share), up from $8.8 million ($1.57 per share) in Q3 2024 and $6.6 million ($1.19 per share) in Q4 2023.

What was NRIM's earnings per share growth from Q4 2023 to Q4 2024?

NRIM's earnings per diluted share grew from $1.19 in Q4 2023 to $1.95 in Q4 2024, representing a 64% increase year-over-year.