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

ANCHORAGE, Alaska, May 27, 2016 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors declared its regular quarterly cash dividend of $0.19 per share. The dividend will be payable on June 24, 2016, to shareholders of record at the close of business on June 16, 2016.

“Northrim has paid regular quarterly cash dividends to its shareholders without interruption since 1995. Our franchise continues to generate profits for our shareholders and provide a broad range of financial services to Alaskans,” said Joseph Beedle, President and CEO. At the stock price of $26.80 per share at the close of the market on May 26, 2016, the current dividend equates to a yield of 2.8% on an annualized basis.

On May 3, 2016, Northrim reported net income in the first quarter of 2016 was $3.4 million, or $0.48 per diluted share, compared to $4.1 million, or $0.59 per diluted share in the fourth quarter of 2015 and $3.6 million, or $0.51 per diluted share, in the first quarter of 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.

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

Source:Northrim BanCorp, Inc.