GlobeNewswire Inc | May 28, 2021 09:00AM EDT

May 28, 2021

ANCHORAGE, Alaska, May 28, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend to $0.37 per share. The dividend will be payable on June 18, 2021, to shareholders of record at the close of business on June 10, 2021.

Our Northrim franchise is generating solid profitability, and we are committed to providing returns to our shareholders through dividends, said Joe Schierhorn, President and CEO. At the stock price of $43.12 per share at the close of the market on May 27, 2021, the current dividend equates to a yield of 3.43% on an annualized basis.

On April 26, 2021, Northrim reported earnings of $12.2 million, or $1.94 per diluted share, in the first quarter of 2021, compared to $10.1 million, or $1.59 per diluted share, in the fourth quarter of 2020, and $1.03 million, or $0.16 per diluted share, in the first quarter a year ago. Continued high levels of production in the Home Mortgage Lending segment, continued loan and core deposit growth, and fee and interest income from the Small Business Administration's Paycheck Protection Program loans contributed to profitability for the quarter.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 17 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka and Soldotna, and a loan production office in Kodiak, serving 90% of Alaskas 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 Alaskas economy and its Customer First Service philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Contact: Joe Schierhorn, President, CEO, and COO (907) 261-3308 Jed Ballard, Chief Financial Officer (907) 261-3539