Northrim BanCorp (NRIM) announces second dividend hike for 2024

Northrim BanCorp (NRIM) will raise its quarterly dividend to $0.62 per share. This is the second increase in 2024 by NRIM for a total dividend hike of 3.3%. This marks 15 consecutive years of increased dividends.

Shareholders will now receive $0.62 per share every quarter, bringing the annual dividend per share to $2.48. This latest adjustment raises the company's dividend yield to a solid 3.7%, based on the current stock price of $67.83 as of August 26, 2024.

The ex-dividend date is fast approaching, set for September 5, 2024, so investors looking to benefit from this payout should ensure they own NRIM stock before this date.

What's particularly noteworthy is NRIM's impressive year-to-date (YTD) total return of 21.4%. 

The combination of a growing dividend and strong YTD performance reflects NRIM's commitment to delivering value to its shareholders. This incremental increase may seem modest, but it aligns with the company's sustainable and steady approach to rewarding its investors, particularly in a market where consistency can often outweigh higher short-term gains.

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with  branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka and Soldotna, serving  Alaska’s population; and 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.