GlobeNewswire Inc | Aug 27, 2021 09:00AM EDT

August 27, 2021

ANCHORAGE, Alaska, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.38 per share. The dividend will be payable on September 17, 2021, to shareholders of record at the close of business on September 9, 2021.

The increased cash dividend highlights Northrims continued growth and solid capital position, said Joe Schierhorn, President and CEO. At the stock price of $41.17 per share at the close of the market on August 25, 2021, the current dividend equates to a yield of 3.69% on an annualized basis.

On July 26, 2021, Northrim reported earnings of $8.35 million, or $1.33 per diluted share, in the second quarter of 2021, compared to $12.18 million, or $1.94 per diluted share, in the first quarter of 2021, and $9.90 million, or $1.52 per diluted share, in the second quarter a year ago. Fee and interest income from the Small Business Administration's Paycheck Protection Program loans and high levels of production in the Home Mortgage Lending segment 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

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