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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.24 per Share


ANCHORAGE, Ala., May 25, 2018 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors declared its regular quarterly cash dividend of $0.24 per share.  The dividend will be payable on June 15, 2018, to shareholders of record at the close of business on June 7, 2018.

"The stability and strength of our Alaska banking franchise continues to generate solid profitability, and allows us to provide a steady stream of cash dividends to our shareholders," said Joe Schierhorn, President and CEO. At the stock price of $39.65 per share at the close of the market on May 24, 2018, the current dividend equates to a yield of 2.42% on an annualized basis.

On April 30, 2018, Northrim reported profits grew 6% to $4.1 million, or $0.58 per diluted share, in the first quarter of 2018 compared to $3.8 million, or $0.55 per diluted share, in the first quarter of 2017.  The increase in profits was supported by an increase in the net interest margin ("NIM"), which was boosted by the repricing of short-term investments at higher interest rates during the quarter, plus a significant benefit from lower tax rates effective for 2018.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 14 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, and Sitka serving 90% of Alaska's population; an asset based lending division in Washington; a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC; and a minority ownership interest in with Pacific Wealth Advisors, LLC.  The Bank differentiates itself with its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy.

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

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