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

Rhea-AI Summary

Northrim BanCorp (NASDAQ: NRIM) has declared a quarterly cash dividend of $0.62 per share, payable on September 13, 2024, to shareholders of record as of September 5, 2024. At the closing stock price of $64.30 on August 22, 2024, this dividend represents an annualized yield of 3.86%. The company's President and CEO, Mike Huston, expressed satisfaction with the continued shareholder returns. Northrim recently reported strong financial results for Q2 2024, with net income of $9.0 million, or $1.62 per diluted share, showing significant growth compared to both the previous quarter and the same period last year.

Positive

• Declared quarterly cash dividend of $0.62 per share
• Annualized dividend yield of 3.86% at current stock price
• Q2 2024 net income increased to $9.0 million from $8.2 million in Q1 2024
• Earnings per diluted share grew to $1.62 in Q2 2024 from $1.48 in Q1 2024
• Significant year-over-year growth with Q2 2024 net income up from $5.6 million in Q2 2023

Negative

• None.

ANCHORAGE, Alaska, Aug. 23, 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 September 13, 2024, to shareholders of record at the close of business on September 5, 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 $64.30 per share at the close of the market on August 22, 2024, the current dividend equates to a yield of 3.86% on an annualized basis.

On July 24, 2024, Northrim reported net income of $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, compared to $8.2 million, or $1.48 per diluted share, in the first quarter of 2024, and $5.6 million, or $0.98 per diluted share, in the second quarter a year ago.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches in Anchorage, Eagle River, the Matanuska Valley, the Kenai Peninsula, Juneau, Fairbanks, Nome, Kodiak, Ketchikan, and Sitka, serving 90% of Alaska’s population; an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Transmitted on Globe Newswire on August 23, 2024, at 5:00 a.m. Alaska Time.

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

FAQ

What is Northrim BanCorp's (NRIM) latest quarterly dividend amount?

Northrim BanCorp (NRIM) has declared a quarterly cash dividend of $0.62 per share.

When will Northrim BanCorp (NRIM) pay its next dividend?

Northrim BanCorp (NRIM) will pay its next dividend on September 13, 2024, to shareholders of record as of September 5, 2024.

What is the current dividend yield for Northrim BanCorp (NRIM)?

Based on the stock price of $64.30 on August 22, 2024, Northrim BanCorp's (NRIM) current dividend equates to an annualized yield of 3.86%.

How did Northrim BanCorp's (NRIM) Q2 2024 earnings compare to the previous year?

Northrim BanCorp's (NRIM) Q2 2024 net income was $9.0 million or $1.62 per diluted share, compared to $5.6 million or $0.98 per diluted share in Q2 2023, showing significant year-over-year growth.