Northrim BanCorp, Inc. Declares Cash Dividend of $0.19 per Share

ANCHORAGE, Alaska, Feb. 26, 2016 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors declared its regular quarterly cash dividend of $0.19 per share. The dividend will be payable on March 18, 2016, to shareholders of record as of the close of business on March 10, 2016.

“Our Alaska franchise continues to generate solid profitability. Building value for our shareholders by steadily increasing book value per share, paying a regular dividend, and generating earnings growth continues to be our goal,” said Joseph Beedle, President and CEO. At the stock price of $23.66 per share at the close of the market on February 25, 2016, the current dividend equates to a yield of 3.2% on an annualized basis.

On January 29, 2016, Northrim reported net profits in 2015 increased 2% to $17.8 million, or $2.56 per diluted share, compared to $17.4 million, or $2.54 per diluted share in 2014. Total revenues, which include net interest income, plus other operating income, increased 38% to $101.5 million in 2015 from $73.4 million in 2014, reflecting the significant contribution from home mortgage lending operations in 2015.

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; 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. Affiliated companies include Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.

Latosha Frye, Chief Financial Officer (907) 261-8763

Source:Northrim BanCorp, Inc.