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Northrim BanCorp, Inc. Increases Quarterly Cash Dividend 9% to $0.24 per Share

ANCHORAGE, Alaska, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend 9% to $0.24 per share. The dividend will be payable on March 16, 2018, to shareholders of record at the close of business on March 8, 2018.

“We continue to generate good profitability, which sustains our ability to steadily increase cash dividends,” said Joe Schierhorn, President and CEO. At the stock price of $33.60 per share at the close of the market on February 15, 2018, the current dividend equates to a yield of 2.86% on an annualized basis.

On January 29, 2018, Northrim reported net income of $13.2 million, or $1.88 per diluted share, in 2017, compared to $14.4 million, or $2.06 per diluted share, in 2016. In the fourth quarter of 2017, Northrim's net income was $214,000, or $0.03 per diluted share compared to $5.5 million, of $0.79 per diluted share in the preceding quarter and $3.6 million, or $0.51 per diluted share, in the fourth quarter of 2016. Net income was reduced by $0.16 per share in 2017 and by $0.41 per share in 2016 due to a number of one-time or non-operating items, detailed in the earnings news release available at www.northrim.com.

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 Pacific Wealth Advisors, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy.

www.northrim.com

Contact: Jed Ballard, Executive Vice President and Chief Financial Officer
(907) 261-3539

Source:Northrim BanCorp Inc