Northrim BanCorp, Inc. Raises Quarterly Cash Dividend 5% to $0.21 per Share

ANCHORAGE, Alaska, Feb. 24, 2017 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors increased the regular quarterly cash dividend by $0.01, or 5%, to $0.21 per share. The dividend will be payable on March 17, 2017, to shareholders of record at the close of business on March 9, 2017.

“Our Northrim franchise remains strong and is generating solid profitability, despite the slowing economy in Alaska. We are committed to providing returns to our shareholders through earnings growth and dividends,” said Joseph Beedle, President and CEO. At the stock price of $30.75 per share at the close of the market on February 23, 2017, the current dividend equates to a yield of 2.73% on an annualized basis.

On January 30, 2017, Northrim reported net income in the fourth quarter of 2016 totaled $3.6 million, or $0.51 per diluted share, compared to $3.1 million, or $0.44 per diluted share, in the third quarter of 2016, and $4.1 million, or $0.59 per diluted share, in the fourth quarter of 2015. In 2016, net income decreased to $14.4 million, or $2.06 per diluted share, compared to $17.8 million, or $2.56 per diluted share in 2015. Approximately half of the decline in earnings in 2016, or $0.26 per diluted share, was due to a previously disclosed non-cash accounting correction and the related change in accounting treatment for the earn-out payments associated with the Company's 2014 acquisition of Residential Mortgage Holding Company, LLC. The remainder of the decline in earnings in 2016 compared to 2015 was mostly the result of a decrease in net interest income primarily due to reduced loan growth, an increase in the provision for loan losses in part due to increased nonperforming assets and the continued softening in the Alaskan economy, a decrease in other operating income primarily due to lower gains recognized on the disposition of previously acquired loans, and an increase in operating expenses.

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.