GlobeNewswire Inc | Dec 3, 2021 09:00AM EST

December 03, 2021

ANCHORAGE, Alaska, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.38 per share. The dividend will be payable on December 23, 2021, to shareholders of record at the close of business on December 16, 2021.

We are committed to providing returns to our shareholders through consistent quarterly cash dividends, said Joe Schierhorn, President and CEO. At the stock price of $44.30 per share at the close of the market on December 2, 2021, the current dividend equates to a yield of 3.43% on an annualized basis.

October 29, 2021, Northrim reported net income of $8.88 million, or $1.42 per diluted share, in the third quarter of 2021, compared to $8.35 million, or $1.33 per diluted share, in the second quarter of 2021, and $11.86 million, or $1.84 per diluted share, in the third quarter a year ago. Third quarter 2021 profitability was fueled by fee and interest income from the Small Business Administration's Paycheck Protection Program loans, continued high levels of production in the Home Mortgage Lending segment, and strong core loan growth.

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