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Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.20 per Share

ANCHORAGE, Alaska, Nov. 18, 2016 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors declared its regular quarterly cash dividend of $0.20 per share. The dividend will be payable on December 16, 2016, to shareholders of record at the close of business on December 8, 2016. At the stock price of $28.35 per share at the close of the market on November 17, 2016, the current dividend equates to a yield of 2.8% on an annualized basis.

On October 31, 2016, Northrim reported third quarter net income declined to $3.1 million, or $0.44 per diluted share, compared to $4.4 million, or $0.63 per diluted share, in the second quarter of 2016, and $5.3 million, or $0.77 per diluted share, in the third quarter of 2015. For the first nine months of 2016 net income decreased to $10.8 million, or $1.55 per diluted share, compared to $13.7 million, or $1.97 per diluted share in the first nine months of 2015. Excluding the non-cash accounting correction described in the release, third quarter net income would have been $4.7 million, or $0.67 per diluted share, and $12.4 million, or $1.78 per diluted share, for the first nine months of 2016.

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.

www.northrim.com

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

Source:Northrim BanCorp, Inc.