Northrim BanCorp declares a quarterly cash dividend of $0.64 per share, payable March 14, 2025.
Quiver AI Summary
Northrim BanCorp, Inc. has declared a quarterly cash dividend of $0.64 per share, payable on March 14, 2025, to shareholders of record as of March 6, 2025. This announcement reflects the company’s commitment to returning value to its shareholders, with the current dividend yielding 3.25% annually based on a stock price of $78.80 per share as of January 23, 2025. In addition, Northrim reported a net income of $10.9 million, or $1.95 per diluted share, for the fourth quarter of 2024, showing an increase from the previous quarter and year. Northrim BanCorp operates as a holding company for Northrim Bank, which has 20 branches in Alaska and focuses on a customer-first service philosophy.
Potential Positives
- The declaration of a quarterly cash dividend of $0.64 per share demonstrates the company's commitment to returning value to its shareholders.
- The dividend yield of 3.25% at a stock price of $78.80 indicates a strong return on investment for shareholders.
- Northrim BanCorp's fourth quarter net income of $10.9 million represents significant year-over-year growth compared to previous quarters, reflecting improving financial performance.
- The company's solid performance highlights its effective strategy within the Alaska market, supported by its community-focused banking approach.
Potential Negatives
- The announcement of a quarterly dividend may indicate that the company is not reinvesting enough back into growth initiatives, which could concern investors looking for long-term value appreciation.
- The dividend yield of 3.25% could be perceived as low in comparison to other investment opportunities, potentially leading to decreased interest from dividend-focused investors.
- Despite reporting an increase in net income, the relative growth may not be seen as sufficiently robust, especially in an economic environment that may demand higher performance from financial institutions.
FAQ
What is the amount of the quarterly cash dividend declared by Northrim BanCorp?
Northrim BanCorp declared a quarterly cash dividend of $0.64 per share.
When will the dividend be payable to shareholders?
The dividend will be payable on March 14, 2025, to shareholders of record as of March 6, 2025.
What was Northrim BanCorp's net income for the fourth quarter of 2024?
Northrim BanCorp reported a net income of $10.9 million for the fourth quarter of 2024.
What is the annualized yield of the current dividend based on the stock price?
The current dividend equates to an annualized yield of 3.25% based on a stock price of $78.80.
How does Northrim Bank differentiate itself in Alaska's banking sector?
Northrim Bank differentiates itself with detailed knowledge of Alaska’s economy and a “Customer First Service” philosophy.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NRIM Insider Trading Activity
$NRIM insiders have traded $NRIM stock on the open market 14 times in the past 6 months. Of those trades, 13 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $NRIM stock by insiders over the last 6 months:
- LINDA C THOMAS sold 2,550 shares for an estimated $201,454
- JOSEPH MARUSHACK has made 13 purchases buying 493 shares for an estimated $29,686 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$NRIM Hedge Fund Activity
We have seen 48 institutional investors add shares of $NRIM stock to their portfolio, and 39 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- INVESCO LTD. added 46,678 shares (+285.5%) to their portfolio in Q3 2024, for an estimated $3,324,407
- BLACKROCK, INC. added 28,983 shares (+4.0%) to their portfolio in Q3 2024, for an estimated $2,064,169
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC removed 23,270 shares (-19.4%) from their portfolio in Q3 2024, for an estimated $1,657,289
- AMERICAN CENTURY COMPANIES INC added 20,203 shares (+23.8%) to their portfolio in Q3 2024, for an estimated $1,438,857
- NUVEEN ASSET MANAGEMENT, LLC added 18,210 shares (+191.9%) to their portfolio in Q3 2024, for an estimated $1,296,916
- LSV ASSET MANAGEMENT removed 15,589 shares (-10.3%) from their portfolio in Q3 2024, for an estimated $1,110,248
- EAM INVESTORS, LLC added 13,059 shares (+inf%) to their portfolio in Q3 2024, for an estimated $930,061
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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.
Contact: | Mike Huston, President, CEO, and COO |
(907) 261-8750 | |
Jed Ballard, Chief Financial Officer | |
(907) 261-3539 |