ANCHORAGE, Alaska, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors increased its regular quarterly cash dividend to $0.38 per share. The dividend will be payable on September 17, 2021, to shareholders of record at the close of business on September 9, 2021.

"The increased cash dividend highlights Northrim's continued growth and solid capital position," said Joe Schierhorn, President and CEO. At the stock price of $41.17 per share at the close of the market on August 25, 2021, the current dividend equates to a yield of 3.69% on an annualized basis.

On July 26, 2021, Northrim reported earnings of $8.35 million, or $1.33 per diluted share, in the second quarter of 2021, compared to $12.18 million, or $1.94 per diluted share, in the first quarter of 2021, and $9.90 million, or $1.52 per diluted share, in the second quarter a year ago. Fee and interest income from the Small Business Administration's Paycheck Protection Program loans and high levels of production in the Home Mortgage Lending segment contributed to profitability for the quarter.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 17 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka and Soldotna, and a loan production office in Kodiak, 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. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Contact:

Joe Schierhorn, President, CEO, and COO

(907) 261-3308

Jed Ballard, Chief Financial Officer

(907) 261-3539

Northrim BanCorp, Inc. Increases Quarterly Cash Dividend to $0.38 per Share